In 2023, the year-end revenue of Fitbit, Inc. totaled just above one billion U.S. dollars, down from 1.16 billion U.S. dollars in the previous year.

Fitbit revenue – additional information

The health and fitness wearable tracker market is one of the most promising segments of the wearable industry. In 2024, around 524 million smartwatches and wristbands were forecast to be sold worldwide. The overall digital fitness and well-being device market is expected to generate more than 74 billion U.S. dollars in revenues in 2024.

Fitbit has been amongst the industry’s top companies since it introduced its first product, the Fitbit Classic, to the consumer market in 2009. In 2021, the company was acquired by Google. Since 2010, the company has sold millions of devices worldwide. However, the company’s share of wearable device shipments has dramatically decreased, leaving the top spots to other wearable vendors. In 2023, Apple led the industry, accounting for over 20 percent of the market. Xiaomi, Huawei, Samsung, and Image Marketing followed with lower shares.

Fitbit sold about 6.6 million units of its smart fitness devices in the year 2023, down from 9.2 million units in the previous year.

Fitbit device sales – additional information

Fitbit device sales registered an impressive growth from 2010 to 2016, rising from almost 60 thousand units sold to almost 23 million. The company offers many different models of fitness trackers trackers with fitness and health related functions, such as counting steps, calories, distance, active minutes, monitoring heart rate and sleep tracking. It also sells a Wi-Fi connected scale. Suggested retail prices of Fitbit devices vary from 80 U.S. dollars to 300 U.S. dollars.

Fitbit, one of the leading companies in the wearable industry, had almost 35 percent of the market share of wearable device unit shipments in the first quarter of 2015. However, after the introduction of the Apple Watch, the company lost its position and left the podium to other manufacturers, including Xiaomi and Samsung. In 2023, Apple held over 20 percent of the market, shipping roughly 38 million Apple Watches in the entire year.

In January 2025, MyFitnessPal was the leading fitness and sport mobile app, generating in-app revenues of more of 16 million U.S. dollars. Strava ranked second, with roughly nine million U.S. dollars in combined revenues via Google Play and Apple App Store. Fitbit, the mobile app eponymous of popular wearable fitness and health tracking devices, generated seven million U.S. dollars from its Google-powered app.

Shipments of smart wristbands in 2019 are forecast to exceed 40 million units and account for around 18 percent of the overall number of wearable devices shipped worldwide. Smart wristband shipments are expected to grow by an average of seven percent over the next few years, a much slower rate than shipments of other wearables such as smartwatches and ear-worn devices.

Why are smart wristband shipments increasing?

Sales of smartphones are forecast to decline for the first ever time in 2019 as the industry reaches a saturation point. Consumers are more content than ever to hold on to their existing phones, seeing no big hurry to upgrade or change model. Parallelly, people are looking to spend their money on alternative devices and the wearables industry is benefitting – sales of wearable devices are forecast to increase by around 13 billion U.S. dollars each year for the next three years. Activity trackers have proved particularly popular among consumers given a growing interest in personal health, fitness, and wellbeing.

Has the bubble burst for fitness trackers?

Smart wristbands, also known as smart bracelets, are devices such as fitness trackers that provide the user with various functions like counting steps, measuring distance, and monitoring heart rate. Shipments of smart wristbands are continuing to grow – albeit slowly – but as more and more people turn to health apps on their smartphones and smartwatches, the revenue of Fitbit and other wristband manufacturers may drop further.

Smartwatch shipments worldwide are forecast to grow in the following years, increasing from 37 million units in 2016 to over 402 million units by 2027. Smartwatches are a major segment of the global wearables industry, contributing significantly to the global unit shipments of wearable devices.

Apple’s growing smartwatch market share    

Introduced in April 2015, the Apple Watch has rapidly increased its popularity and was the leading smartwatch vendor as of the first quarter of 2020, overtaking companies such as Samsung and Fitbit, and Xiaomi in its rise to global dominance. Although Apple’s major source of revenue is from iPhone sales, the company also receives a significant amount of revenue from the sales of their wearable devices, which account for over 10 percent of their total revenue as of the latest quarter.

Why purchase a Smartwatch?   

Consumer intentions for buying a smartwatch have fluctuated, but have overall remained relatively stable over the past few years. Smartwatches perform a majority of functions ranging from checking notifications/texts to GPS tracking and navigation. Consumers found fitness to be the most important feature of smart watches followed by communication, health/fitness, and maps. Due to the novel coronavirus (COVID-19) outbreak, the global wearables market was forecast to decrease in growth in 2020 compared to the growth rates in 2019.