Fitness Trackers - South Korea

South Korea

Highlights

South Korea is projected to experience significant growth in the Fitness-Tracker market.
By 2024, revenue in this market is expected to reach US$548.80m.
This growth is anticipated to continue with an annual growth rate (CAGR 2024-2029) of 6.10%, resulting in a projected market volume of US$737.80m by 2029.
In terms of user penetration, in South Korea is expected to have a rate of 16.93% in 2024, which is projected to increase to 24.25% by 2029.
This indicates a growing interest and adoption of fitness trackers among the population.
The average revenue per user (ARPU) is expected to amount to US$62.66.
This metric provides insight into the revenue generated per user in the Fitness-Tracker market.
When comparing in South Korea to other countries, it is important to note that United States is expected to generate the highest revenue in this market, with US$10.99bn projected for 2024.
This highlights United States's dominance in the global Fitness-Tracker market.
South Korea's obsession with health and fitness, combined with its tech-savvy population, has led to a surge in demand for fitness trackers in the digital health market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fitness Trackers market in South Korea is witnessing significant growth and development driven by changing consumer preferences, technological advancements, and increasing health awareness among the population.

Customer preferences: South Korean consumers are increasingly prioritizing health and fitness, leading to a growing demand for digital fitness and well-being solutions. The convenience and accessibility offered by fitness trackers, online doctor consultation services, and digital treatment options are appealing to tech-savvy individuals looking to monitor and improve their overall health.

Trends in the market: In South Korea, the Fitness Trackers market is experiencing a surge in the adoption of digital fitness trackers that offer features such as activity tracking, heart rate monitoring, and sleep analysis. Consumers are also showing interest in online doctor consultation platforms that provide convenient access to healthcare professionals for medical advice and prescriptions. Moreover, the digital treatment and care segment is gaining traction as more people seek virtual healthcare services for non-emergency conditions.

Local special circumstances: South Korea boasts a tech-savvy population with high smartphone penetration rates, making it conducive for the growth of the Fitness Trackers market. The country's advanced healthcare infrastructure and emphasis on preventive care further contribute to the popularity of digital health solutions among consumers. Additionally, the cultural emphasis on physical well-being and appearance motivates individuals to invest in fitness trackers to achieve their health goals.

Underlying macroeconomic factors: The robust economic growth and increasing disposable income levels in South Korea are enabling more consumers to afford fitness trackers and digital health services. The government's focus on promoting digital healthcare initiatives and telemedicine also supports the expansion of the Fitness Trackers market in the country. Furthermore, the competitive landscape with local and international players offering innovative products and services drives market growth and technological advancements in the sector.

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.