The global wearable technology market size in 2020 was valued at $54.8 billion growing at CAGR of 12.8% to reach $183.2 billion by 2031. Wearable technology refers to electronic devices that are designed to be worn anywhere around the body, thereby enabling hands-free operations. Wearable technology products have gained popularity over the past few years, with advancements in technology and growth in the trend of innovation. From healthcare to military & defense sectors, this technology is prevalent due to ease of use, flexibility, and convenience. It also saves time, enables real-time data monitoring, and offers operational efficiency. Fitness tracking, security profiling, and network monitoring are some of the major factors contributing towards the higher adoption of wearable technology.
Increase in healthcare awareness, portable and convenient usage of wearables, and entry of large smartphone manufacturers are expected to drive growth in the wearable technology market. Demand for sophisticated devices with innovative features further supplements the market growth. However, factors such as security concerns and high cost of manufacturing in the global wearable technology market are likely to hamper the market growth. Moreover, due to increase in smartphone penetration, the demand for wearable technology is expected to grow at a faster rate. Furthermore, the introduction of smart shirts and smart rings, owing to rapid technological advancements is expected to supplement the growth of wearable technology market.
The wearable technology market is segmented based on devices, product type, application, and region. On the basis of device, the market is segmented into smart watches, smart glasses, activity trackers, smart clothing, and others. On the basis of product type, the wearable technology market is segmented into wrist wear, eyewear, hearables, body wear, and neckwear. On the basis of application, the wearable technology market is segmented into lifestyle, healthcare, consumer application, defense, fitness and sports, entertainment and enterprise, and industrial. On the basis of geography, the wearable technology market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The smart watch market is expected to grow with the fastest CAGR of 14.1% during the forecast period and is likely to reach a market size of $60.1 billion by 2031. Factors such as large players entering the global market, advancement in research and development, higher manufacturing cost, demand for high end devices, increasing competition, and standardization will have a significant impact on the smart watch market.
Key players operating in the market include Apple Inc., Fitbit, Inc., Garmin Ltd., Adidas AG., Nike Inc., Samsung Electronics Co., Ltd., Sony Corporation, Huawei Technologies Co., Ltd., LG Electronics Inc., and Motorola Solutions Inc. Constant innovation by market players and introduction of new technologies intensify the inter-market rivalry. The key strategies adopted by various players in the wearable technology market are analyzed based on the competitive scenario of the market. For instance, in September 2016, Garmin International Inc. a unit of Garmin Ltd., launched the VivoFit Jr., which is an activity tracker for kids to motivate and encourage them for fitness. The design for this product is durable, and has a long battery life. Many companies are collaborating with leading jewelry brands to enhance the appearance of wearable technology. For instance, in January 2016, Huawei and the jewelry brand, Swarovski Zirconia, launched a new range of smart watches. These are available in two stylish options, made exclusively for women. The watch comes with Italian leather straps and is compatible with both, Android and IOS.
Increase in healthcare awareness, portable and convenient usage of wearables, and entry of large smartphone manufacturers are expected to drive growth in the wearable technology market. Demand for sophisticated devices with innovative features further supplements the market growth. However, factors such as security concerns and high cost of manufacturing in the global wearable technology market are likely to hamper the market growth. Moreover, due to increase in smartphone penetration, the demand for wearable technology is expected to grow at a faster rate. Furthermore, the introduction of smart shirts and smart rings, owing to rapid technological advancements is expected to supplement the growth of wearable technology market.
The wearable technology market is segmented based on devices, product type, application, and region. On the basis of device, the market is segmented into smart watches, smart glasses, activity trackers, smart clothing, and others. On the basis of product type, the wearable technology market is segmented into wrist wear, eyewear, hearables, body wear, and neckwear. On the basis of application, the wearable technology market is segmented into lifestyle, healthcare, consumer application, defense, fitness and sports, entertainment and enterprise, and industrial. On the basis of geography, the wearable technology market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The smart watch market is expected to grow with the fastest CAGR of 14.1% during the forecast period and is likely to reach a market size of $60.1 billion by 2031. Factors such as large players entering the global market, advancement in research and development, higher manufacturing cost, demand for high end devices, increasing competition, and standardization will have a significant impact on the smart watch market.
Key players operating in the market include Apple Inc., Fitbit, Inc., Garmin Ltd., Adidas AG., Nike Inc., Samsung Electronics Co., Ltd., Sony Corporation, Huawei Technologies Co., Ltd., LG Electronics Inc., and Motorola Solutions Inc. Constant innovation by market players and introduction of new technologies intensify the inter-market rivalry. The key strategies adopted by various players in the wearable technology market are analyzed based on the competitive scenario of the market. For instance, in September 2016, Garmin International Inc. a unit of Garmin Ltd., launched the VivoFit Jr., which is an activity tracker for kids to motivate and encourage them for fitness. The design for this product is durable, and has a long battery life. Many companies are collaborating with leading jewelry brands to enhance the appearance of wearable technology. For instance, in January 2016, Huawei and the jewelry brand, Swarovski Zirconia, launched a new range of smart watches. These are available in two stylish options, made exclusively for women. The watch comes with Italian leather straps and is compatible with both, Android and IOS.
Key Benefits
- This report provides an extensive analysis of the current trends and emerging estimations in the global wearable technology market.
- In-depth analysis of the industry is conducted through market estimations of key segments from 2022 to 2031.
- Comprehensive analysis of factors that drive and restrain the growth of the market is provided in the report.
- Extensive analysis of the industry is conducted by following key product positioning and monitoring the top competitors within the market framework.
- The key players are profiled along with their strategies to determine the competitive outlook of the market.
Key Market Segments
By Device
- Fitness
- Smart Watches
- Smart Glasses
- Smart Clothing
- Others
By Product Type
- Wrist Wear
- Eyewear
- Hearables
- Neckwear
- Bodywear
- Others
By Application
- Lifestyle
- Consumer Applications
- Entertainment
- Healthcare
- Fitness And Sports
- Defense
- Enterprise
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Asean
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa,
- Saudi Arabia
- Turkey
- Rest of LAMEA
Key Market Players
- Garmin Ltd.
- Adidas AG.
- Nike Inc.
- Samsung Electronics Co., Ltd.
- Sony Corporation
- Huawei Technologies Co., Ltd.
- LG Electronics Inc.
- Motorola Solutions Inc
- Apple Inc.
- Fitbit, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: WEARABLE TECHNOLOGY MARKET, BY DEVICE
CHAPTER 5: WEARABLE TECHNOLOGY MARKET, BY PRODUCT TYPE
CHAPTER 6: WEARABLE TECHNOLOGY MARKET, BY APPLICATION
CHAPTER 7: WEARABLE TECHNOLOGY MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Wearable Technology Market,' by Product Type, Application and Devices: Global Opportunity Analysis and Industry Forecast, 2022-2031,' the Wearable Technology Market size was valued at $at54,841.40 million in 2020, and is estimated to reach $184,403.60 million by 2031, growing at a CAGR of 12.8% from 2022 to 2031. North America is expected to be the leading contributor to the global wearable technology market, followed by Europe and Asia-Pacific.The growth of the global wearable technology market is driven by convenient usage of wearables and entry of various smartphone manufacturers. In addition, rise in health concerns among consumers fuels the adoption of wearable devices, which enable them to provide real-time information on their overall health. Multiple benefits offered by these devices, such as GPS tracking, heart monitoring, and notification alert further supplement the wearable devices market growth. Moreover, rise in disposable income of consumers and increase in standard of living propel the Wearable Technology Market Growth. However, increase in security concerns is projected to hamper the market growth, as the risk of data leakage is a major issue for users. Moreover, the limited battery life and high manufacturing cost restrain the market growth. Advancement in wearable devices technology is expected to provide numerous growth opportunities for the market.
The wearable technology market is segmented on the basis of device, product type, application, and region. On the basis of product type the market is divided into wrist wear, eyewear, hearable, neckwear, body wear, and others. On the basis of device, the market is categorized into smart watches, fitness and wellness devices, smart glasses, smart clothing, and others. On the basis of application, the market is further classified into lifestyle, consumer applications, entertainment, healthcare, fitness and sports, defense, enterprise and industrial. On the basis of region the market is divided into North America, Europe, Asia-Pacific, and LAMEA.
In 2020, the wrist wear segment accounted for the maximum revenue shares in the overall wearable technology industry, owing to the flexibility provided by wearable. Moreover, wearable can be used to monitor heart rate and blood pressure, thus reducing the hospital bills. In addition, rise in demand for wearable devices from North American and European countries is expected to have a positive impact on the market growth, as these regions have strong economic base. The smart watch segment is expected to witness the fastest growth, registering a CAGR of 14.1% during the forecast period. Technological advancements in wearable electronics such as introduction of smart rings, innovative body wear, baby monitors, and others are anticipated to provide growth opportunities for the market.
The fitness & sports segment dominated the wearable technology market with over 39% share in 2020, and is projected to maintain this Wearable Technology Market Trends during the forecast period. However, the entertainment sector is anticipated to grow at a highest CAGR of 16.2% during the Wearable Technology Market Forecast period. The growth of the consumer application is expected to be driven by increase in awareness of wearable and innovative features & benefits provided by the wearable product manufacturers.
North America accounted for the major Wearable Technology Market Share in 2020, and is expected to maintain its dominance during the forecast period, owing to rise in demand for convenient wearable. Asia-Pacific is estimated to grow at the highest rate due to increase in the adoption of technologically advanced products; growth in demand for smart wearable; and extensive economic growth in developing countries such as China and India.
KEY FINDINGS OF STUDY
- In 2020, the wrist wear segment accounted for the maximum revenue, and is projected to grow at a notable CAGR of 13.3% during the forecast period.
- North America held the highest market share in 2020, and is anticipated to dominate the global wearable technology market during the forecast period.
- China is the major shareholder in the Asia-Pacific wearable technology market, accounting for more than 55% share in 2020.
Companies Mentioned
- Garmin Ltd.
- Adidas AG.
- Nike Inc.
- Samsung Electronics Co., Ltd.
- Sony Corporation
- Huawei Technologies Co., Ltd.
- LG Electronics Inc.
- Motorola Solutions Inc
- Apple Inc.
- Fitbit, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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