Market Insights Digital Digital Health Digital Fitness & Well-Being

Fitness Trackers - Thailand

Thailand

The Fitness-Tracker market in Thailand is expected to reach a revenue of €208.70m in 2024.
The market is projected to experience a steady annual growth rate (CAGR 2024-2029) of 6.14%, resulting in a projected market volume of €281.20m by 2029.
The user penetration in Thailand is anticipated to be 11.21% in 2024 and is expected to increase to 15.37% by 2029.
The average revenue per user (ARPU) is estimated to be €25.91.
In comparison to other countries, United States is projected to generate the highest revenue in the Fitness-Tracker market, with €10,080.00m in 2024.
Thailand's fitness tracker market is booming as health-conscious consumers embrace wearable technology for tracking their fitness goals.

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

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Analyst Opinion

The Fitness Trackers market in Thailand has been experiencing significant growth and development in recent years.

Customer preferences: Thai consumers are increasingly prioritizing their health and well-being, leading to a growing demand for digital fitness and well-being solutions. The convenience and accessibility of online doctor consultations are also becoming more appealing to customers seeking quick and efficient healthcare services. Additionally, the shift towards digital treatment and care options is gaining traction as people look for innovative ways to manage their health.

Trends in the market: In Thailand, there is a noticeable trend towards the adoption of digital fitness trackers to monitor physical activity and overall health. This trend is driven by the increasing awareness of the importance of leading a healthy lifestyle. Moreover, the rise of online doctor consultations is revolutionizing the healthcare industry by providing individuals with immediate access to medical professionals from the comfort of their homes. The digital treatment and care segment is also expanding in Thailand, offering personalized and convenient healthcare solutions to consumers.

Local special circumstances: One of the key factors influencing the Fitness Trackers market in Thailand is the growing tech-savvy population that is embracing digital solutions for health and wellness. The increasing availability of smartphones and internet connectivity has made it easier for Thai consumers to access digital fitness trackers, online doctor consultations, and digital treatment options. Furthermore, the government's support for digital healthcare initiatives is driving the adoption of these technologies across the country.

Underlying macroeconomic factors: The economic stability and steady growth of Thailand's economy are contributing to the expansion of the Fitness Trackers market. As disposable incomes rise and the middle class expands, more consumers are willing to invest in digital health and wellness solutions. Additionally, the increasing healthcare expenditures in the country are pushing individuals to seek cost-effective and convenient alternatives, thereby fueling the demand for fitness trackers and online healthcare services.

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.