Dover, DE -- (SBWIRE) -- 05/03/2016 -- GPS fitness device market size 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.

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The industry 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 industry 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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Features offered by these devices such as ease of use, better functionality and durability accompanied by affordable prices is estimated to propel the industry growth. Increasing demand from emerging markets is anticipated to furnish potential growth avenues to GPS fitness device market. The fitness device aids in monitoring real time fitness, sleep statics, heart rate monitoring, gym training, and also tracks and monitors user's daily activities to furnish with crucial health insights. These devices are attached to the user's body and perform functions similar to the smart phone or a tablet.

The GPS fitness device market size 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.

These devices are the combination of various sensors namely motion sensors, GPS, temperature, skin resistance, heart rate, rpm and cadence and pedal force. Motion sensors are mainly use for counting the number of steps taken and are very useful for basic fitness improvisation for all runners. GPS helps in tracking speed and amount of distance covered while travelling. It is mainly used by recreational athletes and professionals. Temperature sensors aids in monitoring the metabolism rate of the body. Skin resistance sensor helps in measuring the amount of sweat excreted by the user.

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 this industry over the next few years.

Asia Pacific GPS fitness device market size 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.

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.