The wearable fitness technology market is expected to reach USD 12.44 Billion by 2022, at a CAGR of 13.7% between 2016 and 2022. This market is primarily driven by consumer preference for sophisticated gadgets, increasing popularity of wearable fitness and medical devices, increasing awareness about fitness, and rise in disposable incomes in developing economies.

The wearable fitness technology market for smartwatches is expected to grow at the highest CAGR during the forecast period. Smartwatches held around the largest share of the total market in 2015, of many additional features 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 future.

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Display being the most expensive part of a wearable device, it has larger market size then than other components. Also, display technology is evolving day by day, and new technologies such as organic light-emitting diode (OLED), active-matrix organic light-emitting diode (AMOLED), tactile/haptic touch, and more are being incorporated in new products by companies.

The Americas accounted for the largest share of the wearable fitness technology market, in terms of value as well as 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. The increasing demands from consumers and medical applications have also led to the growth of wearable fitness technology in the Americas. Other factors promoting the growth of the market are increasing health consciousness due to incidences of chronic diseases and diabetes patients, ease of use, and interpretation of medical devices.

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Major players in the wearable fitness technology market are Adidas AG (Germany), Apple, Inc. (U.S.), Fitbit, Inc. (U.S.), Garmin, Ltd. (Switzerland), Jawbone, Inc. (U.S.), LG Electronics Inc. (South Korea), Nike, Inc. (U.S.), Pebble Technology Corp. (U.S.), Qualcomm, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), and Xiaomi Technology Co., Ltd. (China).

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