Wearable Devices Market - Forecasts from 2024 to 2029

The wearable devices market is evaluated at US$87.6 billion for the year 2022 growing at a CAGR of 15.94% reaching the market size of US$246.736 billion by the year 2029.

They include, among other things, smartwatches, fitness trackers, and analogue watches. Wearable technology is becoming a focus of invention and development as a result of technological breakthroughs. For instance, the Internet of Things (IoT) is being incorporated into devices to give them sophistication, and Smart Shirts track health-related metrics invisibly. Watch synchronization with smartphones is also a developing technology with a slew of innovative features being incorporated into the devices. To speed up and simplify the process of receiving the phone, eyewear or spectacles now have a calling capability.

The rise of social media usage and the underlying tendency towards remaining updated with its posts is driving the demand for this market. Increasing Convenience in the handling of devices is a reason why people use wearable devices. The Global Wearable Device Market is growing due to its increasing adoption of diverse applications. The number of functions performed by smartwatches is rising spree with heavy investments by companies in their research and development projects. The development of smartwatches has brought a radical transformation in the watch industry and made wearing smartwatches a status symbol.

The growing health awareness at the global level is contributing to the market growth in the forecast period.

A plethora of obesity and diabetes cases are getting added every day which requires people to keep track of their activities, calorie intake, cholesterol levels, heartbeat rate, blood pressure, sleeping patterns, etc. Wearable devices serve this purpose. Personal grooming is also a booming industry that indirectly impacts the growth of this market, for instance- people working out can maintain their calorie intake through such devices. On the flip side, there is also a privacy or security concern that gets attached to the use of such devices. Information of the user that gets populated in the devices is vulnerable to being misused. Battery life and a shorter life span are some of the constraints that deter people from buying such products. Companies must incur a lot of expenditure on Research & Development to remain competitive in the industry

North America and Europe hold significant shares in the wearable devices market

It is well known that North America serves as the global centre for all notable technological advancements. More potent and advanced wearable technologies are becoming more and more in demand as smart devices become more commonplace. Some of the main factors in this geographic area are the rise in disposable income as well as the quick uptake and appeal of improved devices. The growth of the market is also aided by the strong presence of wearable vendors in the area, including Apple, Fitbit, and Garmin. The region's wearables market is predicted to grow as a result of numerous sports associations making greater investments to ensure that highly compensated professional athletes never suffer avoidable injuries.

Product Offerings

• Special edition Vofit Jr. Black Panther 3: Special edition Vofit Jr. Black Panther 3 is a sturdy, swim-friendly activity tracker that has a bright display and a battery life of up to a year, allowing kids can play without having to recharge it. In the Garmin Jr.TM app, kids can experience the most thrilling moments of the Black Panther's life alongside their favourite Marvel Avengers characters by achieving daily activity objectives. By doing so, they can unlock new app experiences, games, and icons. The ICE (in case of emergency) widget also offers quick access to a child's emergency contact information.
• Zephyr HxMBT: The HxMBT is a compact, comfortable consumer gadget that combines speed and distance with Zephyr's patented BioHarness smart-fabric heart rate technology, which is employed in high-end professional markets. The HxM BT solution raises the bar for tracking one's health and fitness when combined with Zephyr's mobile phone-enabled training tools. For consumer fitness and wellbeing applications, deeper web integration can enable intuitive monitoring of advancement over time and an engaging user experience.

Market key launches

• In August 2023, Gizmore and Staunch Electronics India announced a strategic alliance to increase Gizmore's market share in the wearable and hearable markets and provide its clients with cutting-edge merchandise. Gizmore anticipates selling one million audio devices through this partnership in 2023-2024, with a particular emphasis on the market for truly wireless earphones.
• In June 2023, Arena Italia, an Italian swimwear company, declared that it was searching for acquisition opportunities in the wearable technology space for the sports industry. Additionally, companies with in-house technological backgrounds in sports science that produce a variety of wearable devices and technological sensors to track swimmers' performances could be considered targets of interest. 

Segmentation:

By Product

• Watches
• Fabric
• Glasses
• Fitness Trackers
• Others

By End-User

• Personal Users
• Enterprises

By Connectivity Medium

• ANT+
• Bluetooth
• Wi-Fi
• Cellular
• NFC

By Technology

• Computer Technology
• Display Technology
• Networking Technology
• Positioning Technology
• Sensor Technology

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Italy
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others