US: According to a new market research report published on Wearable Fitness Technology Market by marketsandmarkets, the market would grow to $12.44 billion by 2022, at a CAGR of 13.7% between 2016 and 2022. The report gives a global forecast on wearable fitness technology which includes smartwatch, wristband (bracelet), shoe, shirt, headband, handwear, torsowear, legwear, and headwear.
According to it, companies such as FitBit, Jawbone, Pebble Technology Corp., and many more are the major contributors in this market, in the Americas. However, technology giant, Apple is the new player in the segment that has recently launched its Apple Watch, which is the latest development in the wearable fitness technology market in the region.
In 2015, smartwatch was the largest product segment: Smartwatches held the largest share of the total wearable fitness technology market because of many additional features in them, other than fitness tracking such as text messaging, phone calls, social media, and music. A smartwatch provides all features of a wristband along with many additional ones, thus it is expected that more consumers would prefer smartwatches over wristbands in the future.
It is expected that wearable fitness technology companies would focus on the development of smartwatches focused on fitness applications. Handwear segment expected to lead the wearable fitness technology market during the forecast period: The headwear product category includes smartwatch, wristband, and others (smart glove, and smart rings).
More than half of the wearable fitness technology market is held by the handwear category, because it is easier to handle and monitor the devices which are worn on hand. The Americas accounted for the largest share of the wearable fitness technology market, in terms of value and volume in 2015 because of several factors. One of the most important factors is technological innovations and advancements, which led to the introduction of new products.
