Health and fitness continue to be a top priority for global consumers, maintaining a position at Rank 3 in 2023.
This trend surged during the COVID-19 pandemic in 2020, jumping from Rank 12 in 2019. The market for fitness-related devices is also seeing increased revenues, particularly driven by smartwatches. In the first half of 2024, smartwatches saw a 5% increase in total revenue (USD) versus the same period in 2023. During this time, other categories like wrist sport computers and health and fitness trackers experienced declines. Overall, wearables saw a 3% increase in revenue. Smartwatches have gained a larger share of the market, rising from 72% in early 2022 to 77% in the first half of 2024. Innovations such as electrodermal activity (EDA) sensors for stress measurement or sleep tracking have become increasingly important features. EDA’s revenue share increased from 12% to 31%, while sleep tracking is one of the factors that helped drive smartwatches to their 77% market share.
The fitness trend is also influencing other categories, such as headphones. Open ear headphones allow users to stay aware of their surroundings, a feature which makes them particularly popular for sports. In fact, 7% of headphone purchases in 2023 were specifically for exercising, a 2% increase from 2022.
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