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GPS Fitness Device Market today and how fast it is growing?

Author : Ronak Bora | Published Date : 2019-05-21 

GPS Fitness Device Market is estimated to experience the spur in demand owing to increasing number of corporate wellness programs. In addition, healthcare providers are likely to prescribe these devices to their patients as a part of treatment to monitor health conditions; this might positively impact the GPS fitness devices market over the forecast period. Since these dedicated devices are more suitable for various activities such as hiking, cycling, swimming, trekking, trail running and climbing, it is expected to drive the industry demand over the forecast period. 

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GPS Fitness Device Market can be categorized into wearable device, smart watch, handheld device and smart glass. Changing consumer preferences and increasing demand for fitness devices from diverse age groups is likely to fuel the industry demand. GPS vendors are likely to face high sustenance challenge owing to lower pricing prospects offered by the manufacturers. Entry of new industry participants might pose pricing challenges to the existing players. However, drop in prices is expected to aid in attracting wider consumer base and is likely provide huge growth avenues over the forecast period. Factors such as low battery life and ability of connecting to only one smartphone are estimated to hamper the growth of the industry. 

Key industry players in the GPS fitness device market share encapsulate Bushnell Corporation, Samsung, Polar, Citizen, Adidas, Casio, Fitbit, Bryton Incorporated, Samsung, Motorola, L.G, Sony, DeLorme Publishing Company, TomTom NV, Jawbone, Nike Inc., Microsoft, FitnessKeeper Inc., Moov, Misfit, Xiaomi Mi, Swarovski, Garmin International inc., Groundspeak Inc., Mondaine, HOLUX Technology Inc, Withings, Basis, Lowrance Electronics, Runtastic, MiTAC International Corporation, Magellan Navigation, Trimble Navigation Ltd. and Mio among others.

In addition, heart rate sensors are utilized to measure blood pressure as well as pulse rate during the workout and are mainly useful for recreational athletes as well as professionals. RPM and cadence are useful to retrieve precise biking speed and it is likely to benefit more to dedicated cyclists and tri-athletes. Pedal force sensor is used to measure the amount of force applied while pedalling the cycle and it furnishes with accurate power output data. These factors are responsible for the growth of GPS fitness device market over the next few years.

 

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GPS fitness device market is anticipated to reach USD 3 billion by 2023, growing at a CAGR of around 15% from 2016 to 2023. The surge in the demand for these devices can be attributed to the rising health awareness among consumers for heart rate monitors as well as other wearable devices. The number of these devices is likely to reach 120 million units by 2023.
 
Asia Pacific GPS fitness device market is anticipated to witness significant growth owing to rapidly upgrading healthcare infrastructure amenities and growing health consciousness in developing nations such as China, Taiwan, Korea and India. North America, especially the U.S. wearable device market, is expected to accumulate major industry share due to high patient alertness, advance healthcare technology and encouraging reimbursement policies.
 
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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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