Fitbit, Inc. is famous for being the market innovator in wearable fitness devices. Since the product’s inception, many other companies such as Apple and Samsung have created their own version of the device, upping fitness band market competition. Despite this rise in competition, Fitbit has remained the leading company in this sector by constantly updating its products, advertising, and sponsorships. The brand maintains its popularity by appealing to customers across all demographics.
Although Fitbit is an overall success story, maintaining 25% of the fitness wearables category, its market share has decreased by 33% over the past year. To add to this pressure, other companies not traditionally known for technology, such as Kate Spade and Michael Kors, have announced they will start making their own fitness wearables as well.