Portland, OR, June 30, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global wearable fitness tracker market was pegged at $38.68 billion in 2020, and is estimated to reach $124.32 billion by 2028, registering a CAGR of 17.3% from 2021 to 2028.
Rise in health awareness among the consumers, advent of a large number of players in the market, and increase in demand for wireless fitness & sports devices have boosted the growth of the global wearable fitness tracker market. However, high initial cost of wearable fitness devices hinders the market growth. On the contrary, increase in investment in building connected ecosystem is expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic severely affected the electronics and semiconductor sectors as manufacturing units across various countries were closed. Moreover, the prolonged lockdown disrupted the supply chain.
- The pandemic created uncertainty in the stock market, massive slowing of the supply chain, and resulted in falling business confidence and panic among consumers.
The global wearable fitness tracker market is classified on the basis of device type, component, connectivity, operating systems, distribution channel, application, and region.
Based on device type, the smartwatches…
