USD 47.78 billion
Global Wearable Technology Market Size, Share, Growth Analysis, By Product(Wristwear, Headwear), By Application(Lifestyle, Healthcare), By Distribution Channel(Online Channel, Offline Channel) - Industry Forecast 2024-2031
Report ID:
SQMIG25E2035 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
93 |
Figures:
82
Global Wearable Technology Market Insights
Global Wearable Technology Market was valued at USD 47.78 billion in 2019 and is poised to grow from USD 54.2 billion in 2023 to USD 149.36 billion by 2031, growing at a CAGR of 13.50% in the forecast period (2024-2031).
The rising popularity of connected devices and the Internet of Things (IoT) and the rapid growth of the technologically literate population globally are anticipated to fuel the demand for wearable technology over the forecast timeframe. Wearable technology is a type of electronic device that can be worn as accessories, embedded in clothing, implanted in the user's body, or even tattooed on the skin. The devices are hands-free tools with everyday uses, powered by microprocessors, and improved with the capability to send and receive data through the Internet. Wearable technology is evolving into an important category of the Internet of things, with life-changing applications in medicine and other fields. Increasing growth prospects of next generation displays in wearable devices, surge in demand for IoT devices and growing demand for smart devices in the healthcare applications are the factors driving the growth of the market during the forecast period. Furthermore, the rising prevalence of chronic diseases and obesity has contributed to the adoption of wearable products such as activity trackers and body monitors that provide real-time information on the user’s overall wellbeing.
US Wearable Technology Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Textile
Fastest Growth
Non-textile
Growth Rate
13.50% CAGR
Global Wearable Technology Market ($ Bn)
Country Share for Europe Region (%)
Global Wearable Technology Market Size By Type ($ Bn)
Global Wearable Technology Market Size By Type (%)
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Global Wearable Technology Market Segmental Analysis
The global wearable technology market is segmented based on product, application, distribution channel, and region. By product, the market is segmented into wristwear, headwear, earwear, eyewear, and others. By application, the market is segmented into lifestyle, healthcare, military & defense, fitness & sports, and others. By distribution channel, the market is segmented into online channel and offline channel. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Wearable Technology Market Analysis by Product
The biggest segment is usually the wristwear segment, with the core despite being the growing awareness of smart watches. Contemporary smartwatches have multiple options apart from telling only time like they can be utilized as fitness trackers, for notifications, and connectivity with the smart devices. Its monetization, alongside with the tips you receive, can really build up to something over time. Therefore, it is highly recommended to have a blog or a website to establish and build a strong online presence. Major players such as Apple, Samsung, and Armband stall competition here with their complex features and operation in multiple segments. This has given them an advantage over others.
On the other hand, the earwear segment which has been growing at the fastest rate within the market which has opened new opportunities for music consumption, health, safety, and usability. Wearable devices incorporate Bluetooth and Wi-Fi technology which enable wireless streaming of music to earbuds and headphones, also with the advanced functionalities of voice support, exercise tracking, and noise cancellation. The expanding market for wireless audio devices along with the technology impact of AI and biometric sensors has not only accelerated but also given the public what they were searching for, which is uninterrupted wearable audio along with all the features and the personalization for an elite experience. Speaking of innovation, audio devices like Apple AirPods and headphones from other well-known brands have engendered rapid growth of this segment of market due to their frequent innovative developments and even more remarkable product portfolios.
Wearable Technology Market Analysis by Product
The wrist-wear segment dominated the market in 2021 and accounted a substantial market share. A fitness wristwatch or band can be paired with a mobile application to offer key fitness-related information and statistics to the user. Some of the leading wrist-wear manufacturers for sports and fitness applications are GOQii, Apple, Xiaomi, Fitbit, and Nike. In the first half of 2020, the watches and wristbands segment suffered a setback as leading manufacturing companies in China struggled with a labor shortage and limited availability of raw materials. As manufacturing units began operations, the market witnessed a mild recovery during the second half of 2021.
The increasing adoption of smartwatches and fitness trackers in the healthcare industry is expected to support the segment growth over the forecast period. Smartwatches that are integrated with disease-specific functions, especially the ones that provide cardiovascular indications, have witnessed a significant rise in adoption over the years. For instance, Apple Inc.’s smartwatches, which are equipped with electrical heart sensors to detect abnormal heart rhythms, have witnessed an extensive increase in demand over the years.
Wearable Technology Market Analysis by Distribution Channel
The offline channel segment holds the largest market share with 65% in 2023 within the global wearable technology market. Even though online shopping eliminates the physical presence among buyers and sellers, traditional brick and mortar stores provide a number of edges by enabling customers to touch, taste and feel the product, having direct face-to-face communication with a sales representative and getting the purchase done instantaneously. Physical stores present one-on-one spaces for customers to touch upon and try how-tos of smart wearable devices, in addition to interacting with the representatives who give products-specific counselling.
Increasing e-shopping mentality has embraced the online channel as the fastest growing segment within the global wearable technology market. This is true as the internet offers such integrated characteristics as convenience, accessibility, and large numbers of consumers. The growth of online shopping results in consumers’ easy access to appealing to specific types of wearable devices via browsing, comparing, and purchasing the products online. The big e-retailers like Amazon, Alibaba, eBay represent the primary selling channels through which the wearable technology is distributed with its vast assortments, competitive price points, and user-friendly transaction bit experience. The edge of the online channel is seen furthermore by the global reach, which lets manufacturers to access different demographic feels across the globe and by this it is easily to grow the markets.
Global Wearable Technology Market By Type (%), 2023 (%)
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Global Wearable Technology Market Regional Insights
North America holds the largest market in 2023. It is the most prominent region for market with wearable technologies due to a mix of factors that include high consumer awareness and technological passions as well as a robust healthcare and physical wellness bodies. Alongside reputable players such as Apple, Google, and Fitbit, North America's position in the industry is secured by early adoption of and continued improvements of the existing products since the region witnesses the goods supplied to numerous market segments. Moreover, in North America favourable regulatory climate, enhanced consumer purchasing power as well as culture of innovation are factors that advance wearable technology market and therefore it is the centre of focus for investments, partnerships and technological advancement by various entities.
The Asia Pacific region is known as a major manufacturing hub. Countries such as India and China have major manufacturing facilities for various industrial segments (including consumer electronics, car manufacturing, and heavy materials, among others). This creates huge opportunities for the wearable technology market to grow at the highest rate for the enterprise and industrial application. Increase in per capita income in developing countries, high population in many countries of the region and affordability of wearable devices for customers at a low price by manufacturers in India and China and countries such as Japan, Singapore, China, and Australia, which are proving to be digitally mature markets are the major reasons for APAC to capture the bigger market share in the forecast period.
Global Wearable Technology Market By Geography, 2024-2031
- Largest
- Fastest
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Global Wearable Technology Market Dynamics
Wearable Technology Market Drivers
- Wearable electronic devices all set to join the mainstream of personal computing, it is expected that the consumer preference for sleek and compact wearable devices would be the key driver for the wearable technology market. Wearable devices, specifically smartwatches and wristbands, are gaining traction among consumers worldwide. Also, there is an increase in demand for wearables in fitness and healthcare applications.
- The rising popularity of these devices among recreational fitness enthusiasts and professional athletes is anticipated to drive the demand for wellness and fitness products during the forecast timeframe. The market is also expected to benefit from growing awareness about the benefits of wearable electronics, an increase in smartphone penetration, and rising disposable incomes. R& D initiatives of several market players are likely to further contribute to the escalating growth prospects of the market.
- 15% production is increasing due to the wide range of features of wearable technology. This is important for the need-it-now culture we are living in. Consumers now need quicker delivery time, which can place new challenges on manufacturers and their supply chain. These hands-free scanners come in handy for applications that demand the constant use of hands, such as loading a truck, large packing handling, making a sale, and others. Any time two hands are needed, these devices free up your fingers, allowing you to pick quicker and significantly increase productivity.
Wearable Technology Market Restraints
- The absence of efficient and reliable battery system without compromising the ease of use of wearable device and its compactness is a limiting factor in the wearable technology market. A major challenge to be addressed is to manage power consumption, power requirement and recharging of batteries. Managing power consumption in a cost-efficient manner to meet the power efficiency of wearable devices is the factor that is expected to have restraining impact on the market.
- Regulatory requirements, especially for medical devices, are well established worldwide; however, other devices which can also be used in the medical application owing to advancements in technology are not yet required to follow the same rules. Wearables are designed to capture various data including personal, fitness, and financial data, and transmit this data for analysis or sharing; thus, challenges with regard to information security need to be handled.
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Global Wearable Technology Market Competitive Landscape
The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation.
Wearable Technology Market Top Player’s Company Profiles
- Apple Inc.
- Samsung Electronics Co. Ltd.
- Fitbit Inc.
- Samsung Electronics Co., Ltd.
- Fitbit, Inc.
- Garmin Ltd.
- Huawei Technologies Co., Ltd.
- Fossil Group, Inc.
- Xiaomi Corporation
- Mobvoi
- Huami Corporation
- Sony Corporation
- Titan Company
- Boat
- Apple Inc
- Lenovo Corporation
- Acer
- HP
- Sennheiser
- Meta Store
- Microsoft
- Boult
Wearable Technology Market Recent Developments
- In February 2024, Samsung launched in India the Galaxy Fit 3, its entry-level health-and-fitness tracking device. The fitness band sports a 1.6-inch rectangular AMOLED display that is said to be 45 per cent wider than the previous generation model. Featuring an aluminium frame, the Galaxy Fit 3 is offered in grey, silver and pink gold colours.
- in January 2024, a significant announcement was made by Noise with the launch of its new NoiseFit Vortex Plus smartwatch, which is enabled with Bluetooth calling functionality.
- In January 2022, Oura launched third generation ring. This new hardware is a technological wonder, containing several functionalities that most wrist-worn gadgets take for granted. However, to keep the income flowing, Oura, like Fitbit, Apple, Wahoo, and others, has shifted to a recurring-revenue model. According to Oura, this is critical in shifting from the concept of purchasing a gadget that never changes to supporting its larger ambitions of developing a growing fitness ecosystem.
Global Wearable Technology Key Market Trends
- North America is known as the hub for all significant technological improvements in the world. With the advent of smart gadgets, the demand is growing for more powerful and sophisticated wearable technologies. The growth in disposable income and the rapid adoption and popularity of enhanced devices are some of the primary drivers of this geographical region. Moreover, the region has a strong foothold of wearable vendors, such as Apple, Fitbit, and Garmin, among others, adding to the growth of the market.
- The growing investments by numerous sports associations to eliminate the possibility of any preventable injuries of highly paid professional athletes is anticipated to fuel the growth of the wearables in the region. For instance, the US-based basketball team Golden State Warriors is working with smart clothing company Athos to use these products for injury prevention and optimizing the player performance. This investment represents only the fraction of involvement of the United States athletics sector in the smart clothing industry landscape.
Global Wearable Technology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global wearable technology market analysis, the global wearables market maintains a significant momentum mostly whether it's the rising popularity of smartwatches and fitness trackers, which in turn is triggered by the fact that the consumers are gradually becoming more health conscious and the widespread of digital health initiatives. On the other hand, the liaison of high-end sensor monitoring and the in-built aggregation with smartphones increase the fervor of the market at a fast pace. While there are unquestionably some difficulties and threats to data privacy and security, quite a bit of effort and creativity is required to devise solutions to these issues through regulations and other methods. On the other hand, which we call wearable tech in industrial and enterprise fields, is one of the defining elements of the wearable market. Moreover, augmented reality (AR) and virtual reality (VR) applications that has just recently become available and preventive benefits in healthcare are not only the groundbreaking shifts but also the significant key trends which will determine the market's development path and pave the way for the tremendous opportunities of innovation.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 47.78 billion |
| Market size value in 2031 | USD 149.36 billion |
| Growth Rate | 13.50% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Wearable Technology Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Wearable Technology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Wearable Technology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Wearable Technology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wearable Technology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Wearable Technology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Wearable Technology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Wearable Technology Market Report Snapshots
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