GPS Fitness Device Market size is currently being propelled by the rising inclination towards making use of technological devices during fitness and training activities. Fitness trackers have been taking up a positive stance in the overall fitness industry as people are making intrinsic use of these devices on a daily basis.
GPS fitness devices are touted to hold a significant position in the fitness devices industry mainly due to their positive attributes like ease of use, durability, affordable prices, and better functionality. Various tech leaders and fitness companies have now been coming up with potential solutions to embed the fitness devices with cutting edge technologies like GPS, Wi-Fi, and others, thus influencing the growth statistics of GPS fitness device market over 2021-2027.
Quoting an instance, Fitbit had in 2020, revealed its Charge 4 tracker with GPS, heart activity tracking feature for workouts and other fitness activities. Meanwhile, the new standout feature, GPS tracking, would enable an exercise heat map, helping the users in reviewing the route where they have been working the hardest.
An increased cost of product development is expected to hinder market growth. Moreover, the entry of new players in the business field would pose growth challenges for existing players, thus challenging the market expansion.
Wearable GPS fitness device industry is touted to gain major impetus through 2027, mainly fueled by the rising adoption of such products. It would be essential to note that end-user spending on wearables worldwide is around $81.5 billion. Meanwhile, global wearable device shipments in 2020 reached 445 million, despite the coronavirus pandemic surge. In 2020, Amazon announced development of an Alexa powered wearable with GPS tracking for kids. This product is deemed to ease the communication between parents and the kid.
GPS fitness device market is diversified into different regions including North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. North America GPS fitness market is slated to record considerable gains over the coming years, subject to the growing awareness regarding health and fitness and escalating adoption of fitness technologies and wearable devices. As per a research study, it was revealed that 21% of Americans regularly wear a fitness tracker or a smart watch to keep track of their daily activities.
Meanwhile, Europe is also poised to garner appreciable returns across GPS fitness device industry. This can be ascribed to the expanding technological sphere and consciousness towards being healthy and fit. Besides, increasing sales of fitness trackers in various developed nations would also impel product adoption further.
Key players operating in GPS fitness device market are Bushnell Corporation (Vista Outdoor), Fitbit (Google LLC), Xiaomi Corporation, Samsung, Adidas, and Casio amongst others. These players have been relentlessly working towards building up novel innovations in the business space. Additionally, these vendors have been taking up strategic efforts like acquisitions, mergers, and collaboration, to gain a competitive edge in the overall market.
With health and fitness being the motto of people during the COVID-19 times, the sales of fitness trackers and devices rose multifold. It was revealed that wearable device sales were up by 30% worldwide during 2020, as more people were inclined towards buying these products to monitor their health. This upgradation has potentially supported the market growth during 2020 and in the near future.