Polar Electro

Polar Electro Oy (commonly known as Polar) is a Finnish manufacturer of sports training computers, particularly known for developing the world's first wireless heart rate monitor.^[1]

Polar

Company type	Private – Oy
Industry	Sports instruments
Founded	1977; 48 years ago (1977) in Kempele, Finland
Founder	Seppo Säynäjäkangas
Headquarters	Kempele , Finland
Area served	Worldwide
Products	Heart rate monitors
Number of employees	1,200
Website	www.polar.com

The company is based in Kempele, Finland and was founded in 1977. Polar has approximately 1,200 employees worldwide, it has 26 subsidiaries that supply over 35,000 retail outlets in more than 80 countries. Polar manufactures a range of heart rate monitoring devices, and accessories for athletic training and fitness and also to measure heart rate variability.

History

In 1975, there was no accurate way to measure heart rate during training, and the idea of a wireless, portable heart rate monitor was conceived on a cross-country skiing track in Finland.^[2] Polar was founded in 1977, and the company filed its first patent for wireless heart rate measurement three years later. Its founder Seppo Säynäjäkangas (1942–2018) was the inventor of the first wireless EKG heart rate monitor.^[3] In 1978, the company launched its first commercial product, the Tunturi Pulser. In 1982, Polar launched the world's first wearable wire-free heart rate monitor, the Sport Tester PE 2000.^[4][5][6]

Today, Polar has products ranging from basic models for beginners to fitness enthusiasts and training systems designed for elite athletes. Polar has also developed heart rate monitoring and training systems for equestrian sports. Polar technology and devices are widely used in various scientific studies,^[7][8] as well as being adopted by many university research departments. In part due to its own history, and the affiliation with universities and the scientific community, Polar offers a research co-operation programme focused on supporting studies in exercise science.^[9][10]

In November 2015, Polar released its first optical wrist-reading heart rate monitor, the A360.^[11][12]

In July 2018, Dutch newspaper De Correspondent revealed that Polar's fitness app shows users on the map, making it possible to find out their real names, profession and home addresses.^[13] In a reaction, Polar ended some of the online functionality of sharing routes on the map.

Current products

As of March 2024^[update]

Model	Category	Announcement date
Polar Grit X Pro	watch	2021-10-06[14]
Polar Grit X2 Pro	watch	2024-03-20[15]
Polar H9	heart rate sensor	2020-01-29[16]
Polar H10	heart rate sensor	2017-03-15[17]
Polar Ignite	watch	2019-06-26[18]
Polar Ignite 2	watch	2021-03-24[19]
Polar Ignite 3	watch	2022-11-09[20]
Polar Ignite 3 Titanium	watch	2023-06-14[21]
Polar M460	bike computer	2017-04-12[22]
Polar OH1+	heart rate sensor	2019-04-09[23]
Polar Pacer	watch	2022-04-13[24]
Polar Pacer Pro	watch	2022-04-13[25]
Polar Unite	watch	2020-06-30[26]
Polar Vantage M2	watch	2021-03-24[27]
Polar Vantage V3	watch	2023-10-11[28]
Polar Vantage M3	watch	2024-10-23
Polar Verity Sense	heart rate sensor	2021-02-10[29]

Financial Performance and Market Position

In recent years, Polar Electro has faced substantial financial challenges amid a shifting global market for wearable technology. According to official business filings, the company's revenue for the fiscal year ending in late 2023 was approximately €110 million, marking a decline of about 1.8% from the previous year and a significant reduction from earlier peaks above €170 million in 2020. Despite maintaining substantial turnover, Polar reported a net loss of about €15 million for 2023, with an operating margin remaining negative at around -14.1%. The company experienced similar pressures in previous years, including an operating loss of €31 million and revenue of €112 million in 2022.^[30][31]

The contraction in revenue and profitability has been attributed to multiple factors, including high inventory levels among retailers, increased global competition, particularly from market leaders such as Garmin and other wearable brands, and overall weak consumer sentiment impacting the traditional heart rate monitor and sports watch segment.^[30][32]

While Polar Electro remains one of the few internationally recognized Finnish consumer electronics brands, its market position has become increasingly challenged.^[32] Compared to global competitors, the company has seen a notable loss of market share, particularly in North America, and has struggled to regain momentum despite investments in product development and a shift towards licensing its proprietary technology to partners.^[33] Nevertheless, the company has continued efforts to maintain market relevance, with management expressing the intention to leverage licensing revenues and further R&D investments to support future growth.^[32][34]