Europe Smart Wearables Market: Industry Analysis and Forecast (2024-2030)

Europe Smart Wearables Market Overview:

During the forecast period, the Smart Wearable Market in Europe is expected to rise at a CAGR of 14.1%. Smart wearables are gaining popularity because they allow for hands-free operation and access to data at any time of day. Apart from that, biometric functionality, GPS and mapping capability, and independent smartphone functioning are a few distinctive aspects of smart wearables, which are estimated to drive the market in European countries, in accordance with people's increasing disposable income.

 

The number of features available via smart wearables is developing in tandem with the growing number of connected cars in European countries. The global market for vehicle to everything (V to X) technology is estimated to reach USD 14,773 million by 2030, according to Goldman Sachs.

 

Furthermore, most automotive firms are collaborating with smart wearable vendors in the industry to better utilize the user's health data and offer a better driving experience. As part of their Fit & Healthy project, Garmin struck an important agreement with Daimler AG, a German automobile giant, to introduce wearable technology inside Mercedes-Benz vehicles.

 

 

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Component manufacturers, such as ARM Holdings and Bosch, have also been actively creating processors and chipsets, among other things, to meet the ever-increasing demands of customers for multipurpose performance capabilities across the fitness and wellness industry. Spacetalk, a smart wearables firm based in South Australia, has inked a partnership with its first European retailer for October 2021. The company reported revenue of USD 4 million for the first quarter of the fiscal year 2021-22, owing to excellent expansion in the United Kingdom. Its AdveIt'ser smartphone watch, which is geared at children aged five to twelve, is designed to let parents keep in touch with their children without the complications and potential dangers that come with mobile phones.

 

Europe Smart Wearables Market Dynamics:

The COVID-19 epidemic prompted a slew of companies to release smart wearables-based solutions to combat the virus's spread. For example, Germany's health ministry partnered with health tech firm Thryve to develop a smartwatch software to track the spread of COVID-19 and assess whether steps to prevent the novel coronavirus pandemic are effective. The Corona-Datenspende (Corona Data Donation) software collects vital signs from volunteers using smartwatches or fitness trackers, such as pulse, temperature, and sleep, in order to determine whether they are experiencing flu-like symptoms.

 

According to the WHO, the world elderly population will reach 2 billion by 2050 (World Health Organization). The UK's age structure, like that of many other countries, is evolving towards older ages. According to the Office for National Statistics, one in every four persons in the UK will be 65 or older by 2050, up from one in every five in 2019. Chronic diseases, falls, impairments, and other negative health consequences are more common among the elderly. Adults and older individuals have used smart wearable devices to solve some of the challenges associated with recognizing and controlling adverse health conditions.

 

With the advent of 5G, smartwatches may no longer require significant physical storage and can instead be used to house extra sensors for increased functionality. Users might simply keep all of their programs and files in the cloud instead of requiring their smartphone or wearable gadget to include hard storage, thanks to quicker connectivity, lower latency, and nearly instantaneous communications.

 

In order to provide a better customer experience in the digitalized world, many vendors in the industry are investing in IoT to grow the connection of their smart wearables. For example, Tag Heuer, a Swiss luxury watchmaker, has created the new Connected Modular Golf Edition 2019 to allow users to enjoy daily connected services ranging from Google's Wear OS to immersive sports experiences via the new TAG Heuer Sports app, which provides detailed tracking for golf, running, cycling, walking, fitness, and other sessions via GPS and other sensors.

 

Fitbit and FibriCheck, an innovative health screening and monitoring app, have announced that their relationship will be extended to allow customers in France, Germany, Italy, and Spain to monitor their heart rhythm for anomalies like Atrial Fibrillation (AFib) directly from their Fitbit wearable. Furthermore, according to the Population Reference Bureau in 2020, numerous European countries have the greatest percentage of older people in the world. This creates a favorable climate for market expansion in the region.

 

Europe Smart Wearables Market Segment Analysis:

Based on Product, the Europe Smart Wearables Market is segmented into neck-wear, foot-wear, wrist-wear, body-wear, eye-wear, and head-wear, and others. During the forecast period, the increased popularity of these gadgets among recreational fitness enthusiasts and professional athletes is expected to fuel demand for wellness and fitness products. Growing consumer awareness of the benefits of smart wearable consumer electronics, increased smartphone penetration, and rising disposable incomes are all estimated to benefit the market. Several market participants' R& D endeavors are anticipated to add to the industry's growth possibilities. However, concerns about data privacy, a high initial cost, and a short battery life could all threaten market growth during the forecast period.

 

Based on Application, The Europe Smart Wearables market is segmented into healthcare, enterprise, and industrial application, consumer electronics, and others. In Europe's Smart Wearable Market in 2023, the consumer electronics application category dominated. Consumer electronics can be used for fitness and sports, apparel and fashion, multifunction, infotainment and multimedia, and many other things. Consumer demand for wearable consumer electronics is growing, thus industry participants are focusing on developing gadgets that allow users to track their work hours. Furthermore, the rise in connected devices and growing machine-to-machine communication are likely to drive the growth of wearable consumer electronics, consequently supporting market growth.

 

 

Europe Smart Wearables Market Regional Insights:

The United Kingdom has one of Europe's major fitness markets, according to the Office for National Statistics (UK), with total revenue of around EUR 5.3 billion. The number of fitness facilities in the UK has been steadily increasing since 2012. According to the Sports Think Tank, the UK's total membership has surpassed 10 million, with the business valued more than GBP 5 billion. Furthermore, during the Covid-19 outbreak, many countries are exploiting the smart wearables' capabilities to monitor the health data of their citizens. Fitbit Wearables and Smartwatches were added to the Coronavirus list in April 2023. The German Center for Disease Control has invited users of smartwatches and fitness bands to contribute their health data in order to assist track the spread of the virus.

 

Because of its improved connectivity and speed, 5G will be critical to the future of Europe's digital infrastructure, and its ongoing implementation in European countries is likely to fuel smart wearable sales. In June 2019, German telecoms operators, for example, received 5G spectrum licenses and began an aggressive commercial plan to deploy 5G services in the country's major cities. In the beginning of July 2019, Deutsche Telekom began rolling out its 5G network in a limited number of cities across Germany. Berlin, Bonn, Darmstadt, Munich, and Cologne are currently covered by Telekom's 5G network.

 

The objective of the Europe Smart Wearables report is to present a comprehensive analysis of the Europe Smart Wearables market to the stakeholders in the industry. The Europe Smart Wearables report provides trends that are most dominant in the Europe Smart Wearables market and how these trends will influence new business investments and market development throughout the forecast period. The Europe Smart Wearables report also aids in the comprehension of the Europe Smart Wearables Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Europe Smart Wearables market report will assist in understanding which market segments, regions, and factors affecting the Europe Smart Wearables market, as well as key opportunity areas, will drive the industry and market growth over the forecast period. The Europe Smart Wearables report also includes the competitive landscape of key industry players, as well as their recent developments in the Europe Smart Wearables market. The Europe Smart Wearables report investigates factors such as company size, market share, market growth, revenue, production volume, and profits of the market's key players.

 

The report includes Porter's Five Force Model, which aids in the development of market business strategies. The report assists in determining the number of competitors, who they are, and the quality of their products in the Europe Smart Wearables market. The report also examines whether it is easy for a new player to gain a foothold in the Europe Smart Wearables market, whether they enter or exit the market on a regular basis, whether the market is dominated by a few players, and so on.

 

The Europe Smart Wearables report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Europe Smart Wearables market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Europe Smart Wearables market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Europe Smart Wearables market is aided by legal factors.

 

Europe Smart Wearables Market Scope:

Europe Smart Wearables Market
Market Size in 2023	USD 41.09 Bn.
Market Size in 2030	USD 103.47 Bn.
CAGR (2024-2030)	14.1%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Product Neck-wear Foot-wear Wrist-wear Body-wear Eye-wear, and head-wear Others
	By Application Healthcare Enterprise, and industrial application Consumer electronics Others
Country Scope	UK  France Germany Italy  Spain  Sweden Austria and Rest of Europe

 

Europe Smart Wearables Market Key Players

• 8sense (Germany)
• Ava (Switzerland)
• Aucobo (Germany)
• Elvie (U.K.)
• Elitac (Netherlands)
• Tespack (Finland)
• iBreve (Ireland)
• Lifee (Sweden)
• Activinsights Ltd. (U.K.)
• Polar Electro Oy (Finland)