Smart Bracelet Market Size, Share, Growth, And Industry Analysis, By Type (With Screen Smart Bracelet and Without Screen Smart Bracelet), By Application (Specialist Retailers, Factory Outlets, Online Stores and Other), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Smart Bracelet Market Report Overview

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The global smart bracelet market size expanded rapidly in 2021 and the market is projected to grow substantially by 2031, exhibiting a Compound annual growth rate (CAGR) during the forecast (2024-2031). In the market study, our analysts have considered smart bracelet players such as Fitbit, Garmin, Jawbone, Samsung Electronics, Xiaomi, Lenovo, Nike, LG, Huawei, Razer, Sony and Lifesense.

The global COVID-19 pandemic has been unprecedented and staggering, with the smart bracelet market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

A wearable gadget called a smart bracelet, commonly referred to as a fitness tracker or activity tracker, is made to track many elements of a person's fitness and health. Typically, these gadgets feature sensors that keep track of information including steps done, distance traveled, calories burnt, heart rate, sleep habits, and more. They can also link to a website or mobile application where users can access their statistics, establish objectives, and monitor their development over time. Certain smart wristbands also come equipped with extra features such as GPS, audio control, notifications, and the ability to accept mobile payments. They can be worn both day and night to give a complete view of a user's exercise levels and health and are often convenient and light to wear.

There are various reasons why the smart bracelet industry is expanding. First of all, people are becoming more and more conscious of the value of fitness and health, and they are looking for tools to track their activity levels and keep an eye on their wellbeing. Second, technological developments have improved the accuracy, dependability, and affordability of these devices. Finally, as the internet of things (IoT) gains popularity, there are more linked gadgets on the market, which makes it simpler to sync and share data. The COVID-19 epidemic has also increased demand for remote health monitoring technology and home fitness equipment, which has helped the bracelet market to expand.

COVID-19 Impact: Increased Demand for Health Tracking Devices as a Result of Ways to Monitor User's Health

The market for smart bracelets has been significantly impacted by the COVID-19 outbreak. People were increasingly turning to at-home workout and outdoor pursuits to stay active as lockdowns and restrictions restricted access to gyms and fitness centers. As a result, there was an increase in demand for fitness and health tracking tools as consumers looked to keep track of their exercise levels and advancement. Furthermore, as people tried to minimize needless visits to medical institutions, the pandemic had also boosted the focus on remote healthcare monitoring. The COVID-19 pandemic had, in general, sped up the expansion of the smart wristband market as consumers placed a higher priority on fitness and health and looked for ways to remotely control their health.

Latest Trends

"Induction of Advanced Technologies Allows Users to Perform a Variety of Functions"

The intelligent bracelet business is continually developing and inventing to provide its goods cutting-edge features. Certain intelligent bracelets now allow users to operate their smart home gadgets right from their wrist thanks to integration with smart home technology. Users can lock and unlock doors, change the thermostat, and turn on and off lights, for instance. Furthermore, mobile payment features are gradually being added to these bracelets, enabling customers to process payments right from their wrist. This function offers a more practical and secure method of making purchases.

Smart Bracelet Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into With Screen Smart Bracelet and Without Screen Smart Bracelet

• By Application Analysis

Based on application, the market can be divided into Specialist Retailers, Factory Outlets, Online Stores and Other

Driving Factors

"Growing Reliance on Wellness and Physical Activity is Driving the Bracelet Industry"

The increasing reliance on wellness and physical activity is one of the major factors driving the smart bracelet market growth. Smart wristbands come with a variety of sensors, including heart rate monitors, foot trackers, and sleep trackers, which let users track their daily activity and keep an eye on their health in real-time. Gym rats, athletes, and people who are concerned about their health will find this feature particularly tempting since they are prepared to spend money on gadgets that will keep them on pace with their fitness objectives.

"Development of Attractive Bracelets to Fit Users' Unique Styles"

Smart wristbands aren't just useful tools; they may also be used as fashion items to enhance users' individual styles. As a result, the visual appeal and design of smart wristbands have emerged as key market drivers. To meet a variety of consumer tastes, producers are creating smart wristbands in a variety of colors, materials, and designs. There is a clever bracelet for everyone, from athletic styles for fitness aficionados to exquisite looks for those who care about fashion. The demand for fashionable smart wristbands is anticipated to increase as people look for these bracelets that not only give utility but also reflect their personal preferences.

Restraining Factors

"Limited Battery Life can Act as a Hindrance in the Expansion of the Market  "

Smart bracelets' battery life is a restriction that may lessen their usability and convenience for consumers. The majority of these bracelets require frequent charging, which might be annoying for users who need to use the device all day. Furthermore, the battery life of these wristbands can restrict their features and functionalities as more sophisticated features can quickly deplete the battery. As a result, if users are worried about battery life, they could be less likely to buy an intelligent bracelet, which could limit the market's expansion. Although manufacturers are continually attempting to increase battery life, it is still a serious concern that may limit the market for intelligent bracelets from expanding.

Smart Bracelet Market Regional Insights

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"Popularity of IoT and Connected Gadgets in the Area have Facilitated Broad Adoption of these Bracelets "

Wearable technology, such as smart wristbands, are widely used in the area. This is since the Internet of Things (IoT) and connected gadgets are becoming more and more popular in the area, which has facilitated the broad adoption of smart wearable technology. Intelligent bracelet development and adoption have been made possible by North America's highly developed technological infrastructure. The region has a developed ecosystem of hardware and software developers, manufacturers, and service providers, which has aided in the market expansion of intelligent bracelets. All in all, these elements have helped North America dominate the smart bracelet market share.

Key Industry Players

"Key Players Focus on Marketing and Branding to Gain a Competitive Advantage"

To build brand awareness and expand their market share, businesses are making significant investments in marketing and branding. To reach a larger audience and foster brand loyalty, they are utilizing social media, influencer marketing, and other digital marketing strategies. Also, market participants for these bracelets are forging strategic alliances and buying businesses to diversify their product portfolios and acquire a competitive edge. As an illustration, Google's 2019 acquisition of Fitbit gave them the opportunity to diversify their product offering and compete more successfully in the smart bracelet sector.

List of Market Players Profiled

• Fitbit (U.S.)
• Garmin (U.S.)
• Jawbone (U.S.)
• Samsung Electronics (South Korea)
• Xiaomi (China)
• Lenovo (Hong Kong)
• Nike (U.S.)
• LG (South Korea)
• Huawei (China)
• Razer (U.S.)
• Sony (Japan)
• Lifesense (China)

Report Coverage

This report covers the smart bracelet market. The CAGR expected to be in during the forecast period, and also the USD value in 2024 and what it is expected to be in 2031. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.