According to the latest report by IMARC Group, titled “Smart Band Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the exhibited moderate growth during 2015-2020. Looking forward, the market expects to reach a volume of 62.8 Million Units by 2026.
Smart band, also known as an activity or fitness tracker, is a wireless device equipped with sensors which helps the wearer to track a number of physical and physiological parameters, such as heart rate, quality of sleep, step count, average speed, and distance covered while walking, jogging or cycling. It also provides access to social networking websites, such as Twitter, Facebook, etc., where the users can share their progress. The increasing number of tech-savvy consumers with greater technology awareness are majorly contributing to the growth of smart band market across the globe. Additionally, the lowering prices of smart bands and availability of innovative designs have escalated the demand for smart bands among the mass consumers.
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Market Trends:
Owing to sedentary lifestyles, and a consequent rise in the prevalence of non-communicable diseases, the consumers have become more focused towards their fitness and physical well-being. This has led to the uptake of devices such as fitness trackers which encourage physical activity through their game-like interface. Further, the advancements in technology and growing penetration of Internet of Things (IoT) have broadened the application areas of smart bands. For instance, these bands can be used to view notifications for incoming calls and messages on the connected smartphone. The manufacturers are also developing smart bands with improved water resistance that can be used during rains and for monitoring the pool performance of swimmers, which will drive their demand among professional athletes. In addition, collaborations between smart band and smartphone manufacturers have created a positive outlook for the market.
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Competitive Landscape
The competitive landscape of the market has also been examined with some of the key players being:
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- Garmin
- Fitbit
- Samsung Electronics
- Jawbone
- Xiaomi
- Apple
- LG
- Lenovo
- Razer
- Nike and Sony.
Market Breakup by Type:
- Screen
- Non-Screen Smart Bands
Amongst these, with screen smart bands represent the most popular product type in the global smart band market.
Market Breakup by Distribution Channel:
- Online Stores
- Convenience Stores
- Specialist Retailers
- Company Outlets
- Others
On the basis of distribution channels, online stores account for the majority of the smart band sales worldwide.
Market Region Summary:
Region-wise, North America is the leading smart band market, holding the largest share. The other major regions include Latin America, Asia Pacific, Europe, and Middle East and Africa.
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