New York, March 13, 2023 (GLOBE NEWSWIRE) — According to Market.us, the global Wearable Technology market was valued at around USD 61.3 billion in 2022 and is expected to reach approximately USD 231 billion in 2032, growing at a CAGR of slightly above 14.60% between 2023 and 2032. Wearable Technology refers to electronic devices and products that can be inserted directly into the body of the user or worn as accessories.
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- By product, in 2022, Wrist-Wear segment has generated highest revenue share of 52% in 2022.
- By application, consumer electronics application segment has dominated the market with revenue share of 25%, in 2022.
- In 2022, North America dominated the market with the highest revenue share of 34%.
- Asia-Pacific will grow at a highest CAGR from 2023-2032.
Wearable technology products are powered by microprocessors and can transmit and receive data with the help of the internet. They can be used every day and have real-world applications. Wearable technology can impact medicine, finance, healthcare, mobility, gaming, music, among other related areas. It is designed to integrate seamlessly into everyday life and be a valuable part of people’s lives.
Factors affecting the growth of the wearable technology market
Several factors can affect the growth of the wearable technology market industry. Some of these factors include:
- Geriatric Population: One of the key causes boosting the market for wearable devices is the growing elderly population, as they are more susceptible to chronic illnesses.
- Lifestyle Diseases: The industry is also impacted by the rise in the prevalence of lifestyle disorders such atherosclerosis, heart disease, and stroke.
- Fitness and Healthcare Applications: The popularity of sleek and small gadgets among consumers for fitness and healthcare applications spurs the market’s expansion.
- COVID-19 impact: Due to COVID-19 regulations put in place by the government and supply chain disruptions, COVID-19 had a detrimental effect on the market for wearable devices. The epidemic that slowed market expansion barely affected the industrial industry.
- Connectivity with mobile phones: Another element that will be crucial in the market’s expansion in the upcoming years is the connectivity that these wearable gadgets have with mobile phones.
- Limited battery life: The limited battery life of the products may hamper the revenue growth of this market in the years to come
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Top Trends in the Global wearable technology Market
Wearable Devices with the functions of wellness and fitness awareness is the key trend of this market. There are currently a number of products on the market, including smart glasses, smartwatches and sleep sensors, smart clothes, activity monitors as well as wearable patches, drug delivery systems, continuous glucose monitors, hand-worn terminals, and other smart devices.
Consumers are increasingly using ear-worn and wearable electronics for remote work, tracking their health, engaging in physical activity, and other things.
There is an increasing interest among consumers for these gadgets for monitoring and computing numerous things. In the upcoming years, this element offers stronger growth potential. Another element that will be crucial in the market’s expansion in the upcoming years is the connectivity that these wearable gadgets have with mobile phones.
Wearables are used across many industries, such as defense, consumer applications, and lifestyle. The market is expected to grow as more people become aware of the benefits of wearables and technological advances.
The market is anticipated to grow well as a result of the portable and straightforward wearable gadgets that are already available thanks to the market’s existing participants. The benefit of using such gadgets has been widely publicised thanks in large part to the efforts of these groups.
Innovative items have been introduced to the market as a result of ongoing research and development. The employment of wearable devices in defense and healthcare systems has significantly expanded the demand for these devices globally. Both the entertainment industry and other industries employ these gadgets. These gadgets can be found as watches and activity trackers. Smart apparel is likewise in greater demand.
North America dominated the market for wearable devices. Key factors for region growth is its early adoption and global technological hub. The growth of wearable devices has increased due to increasing awareness about the use of products and health concerns.
The Asia Pacific market is expected to grow at the highest CAGR during forecast period. This is due to lifestyle changes, increased demand for wearable medical equipment, and the fact that the region is known for its fitness and sports. China and India will have the highest growth rates from the rest of Asia Pacific due to their high populations. China and India offer wearable devices at a low price, which could help increase consumer electronics adoption.
The market is expected to see steady and substantial growth in Europe and South America over the forecasted period. This is due to factors like increased awareness and growing tech-savvy populations. The Middle East and Africa will also see significant growth over the forecasted time due to the increased adoption of technology by the hospitality industry. They provide wristbands to guests that they can use to pay for meals and open doors. The market is also witnessing a huge shift from smartwatches to fitness bands.
The market for wearable technology is competitive and includes many individual players. Companies such as Xiaomi, Apple, and Samsung hold a significant market share. Many startups are also entering the wearable technology market, which in turn intensifies market competition. Companies invest continuously in new products, expanding operations, and entering into strategic mergers or acquisitions to keep their market at a competitive edge.
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Scope of the Report
|Market Value (2022)
|USD 61.3 Billion
|Market Size (2032)
|USD 231 Billion
|CAGR (from 2023 to 2032)
|North America Revenue Share
|2016 to 2022
|2023 to 2032
The adoption of these tools has made it possible to perform quick health examinations on a daily basis. In cases of obesity, they are particularly crucial in monitoring the body’s numerous critical signs. It assists in producing data that relates the amount of calories taken throughout the day to the number of calories burned. That is one way that these devices are being used in different sectors.
Better hardware and software have been introduced as a result of ongoing research and development efforts. These equipment are extensively used by sportsmen and fitness enthusiasts. Due to their assistance in carrying out numerous activities, these technologies are also utilised in their defence business.
The market for wearable technology is constrained by the lack of an effective and reliable battery solution that doesn’t sacrifice the wearable device’s portability and compactness. The element that is anticipated to have a restraint on the market is how to manage power consumption in a way that is both cost-effective and meets the power efficiency requirements of wearable devices.
Innovative product design can create lucrative growth opportunities. High-quality wearable technology products are more popular. This market is dominated by a few players. Multifunctional products such as Google Glass and Nike+ Fuelband are available at the moment, but they are too expensive for middle-class customers.
New entrants to the market will likely increase product quality while lowering prices. New product launches can create business opportunities. To expand the product portfolio, major players in the market focus on research and development.
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Report Segmentation of the Wearable Technology Market
Product Type Insight
The global wearable devices based on product segment is classified into wrist-wear, footwear, neckwear, eyewear & headwear, body-wear, and other products. In 2022, the largest share of global wearable technology based on products was held by the wrist-wear segment. It accounted for more than 50.10%.
To increase sales, many smartwatch manufacturers and fitness trackers targeted athletes, adventurers, and sports fans. These devices track fitness metrics and promote healthy living by providing information about calorie intake, water intervals, as well as step monitoring. For the forecasted period, headwear & eyewear will be the second-largest product segment and the second-fastest-growing. This segment is expected to grow due to the increasing use of Virtual Reality headsets and Augmented Reality headsets (VR & AR) in the multimedia and healthcare sectors.
Smart hats will also be growing in popularity. Smart caps’ data-driven insights, tracking technology, and increasing popularity are expected to support segment development. Numerous companies, like Spree Wearables and Life BEAM, are now introducing smart caps to the global market.
Based on application, wearable technology market is segmented into Consumer Electronics, Healthcare, Enterprise & Industrial Applications, and Other application. In 2022, the consumer electronics segment dominated the industry and represented more than 49.25% of total revenue. Rise in wearable technology such as AR/VR headsets and fitness bands.
The healthcare sector is expected to experience the second-fastest growth rate. Segment growth will be supported by the expanding application scope of wearable technology in the pharma industry. Doctors can now connect via digital health tech with their patients through telehealth and phone apps.
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By Product Type
- Eyewear & Headwear
Based on Application
- Consumer Electronics
- Enterprise & Industrial Applications
- North America
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Recent Development of the Wearable Technology Market
- Apple Inc., an American electronics company, launched Apple Watch Series 6 and Apple Watch SE, which is a significant improvement in health and wellness features for Apple TV, iPad and iPhone in September 2020.
- Samsung Electronics Co., Ltd., an electronics company based in South Korea, launched the first-ever titanium model of Galaxy Watch3. It is made with premium materials and features a rotating bezel. This watch is water-resistant and durable to military standards.
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