Market Insights Digital Digital Health Digital Fitness & Well-Being

Fitness Trackers - India

India

In 2024, the projected revenue in the Fitness-Tracker market in India is expected to reach €1,456.00m.
It is anticipated that the revenue will show an annual growth rate (CAGR 2024-2029) of 9.80%, resulting in a projected market volume of €2,324.00m by 2029.
The user penetration rate is projected to be 7.84% in 2024 and is expected to increase to 11.00% by 2029.
The average revenue per user (ARPU) is expected to amount to €12.88.
In comparison to other countries, United States is projected to generate the most revenue in the Fitness-Tracker market, with €10,080.00m in 2024.
India's growing middle class and increasing awareness of health and fitness make it a promising market for fitness trackers.

Key regions: Canada, Asia, United Kingdom, Italy, Japan

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Analyst Opinion

The Fitness Trackers market in India has seen significant growth in recent years, driven by increasing health awareness and the adoption of digital technologies in the country.

Customer preferences: Consumers in India are increasingly prioritizing their health and well-being, leading to a growing demand for fitness trackers that can help them monitor their physical activity, sleep patterns, and overall health. The convenience and accessibility of digital fitness and well-being solutions have also contributed to the popularity of these devices among tech-savvy Indian consumers.

Trends in the market: In India, the Fitness Trackers market is witnessing a shift towards more advanced features and functionalities to meet the evolving needs of consumers. This includes the integration of online doctor consultation services and digital treatment and care options within fitness tracker platforms, allowing users to access healthcare services remotely. Additionally, there is a rising trend of personalized health and fitness recommendations based on user data collected by these devices, further enhancing the user experience.

Local special circumstances: One of the unique factors influencing the Fitness Trackers market in India is the country's diverse population and varying healthcare needs across different regions. As a result, companies operating in this market need to tailor their products and services to cater to the specific requirements of Indian consumers from urban and rural areas. Moreover, the affordability and value for money proposition of fitness trackers play a crucial role in driving adoption rates in a price-sensitive market like India.

Underlying macroeconomic factors: The rapid digitalization of India's economy, coupled with increasing smartphone penetration and internet connectivity, has created a conducive environment for the growth of the Fitness Trackers market in the country. Rising disposable incomes and a growing middle-class population further support the affordability and accessibility of these devices for a larger consumer base. Additionally, government initiatives promoting health and wellness are also contributing to the positive market outlook for fitness trackers in India.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.