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

North America Smart Wearables Market Overview:

During the forecast period, the North American smartwatch market is expected to rise at a CAGR of 9.57 percent. The growth of the North American Smart Wearable market is being fueled by increased smartphone penetration and rising public awareness about personal health and fitness. In addition, smart wearables with unique features like monitoring, notifications, and connection have piqued consumer attention in recent years.

 

North America is home to few of the most inventive smart wearables firms, which invest heavily in research & development to keep the region on the cutting edge of technological advancement. For example, Apple Inc. spent USD 16.21 billion on research and development in fiscal year 2020, accounting for 6.23 percent of total revenue. Similarly, Garmin invested USD 705.68 million in innovation in 2020, accounting for 17% of total sales.

 

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With firms like Fitbit Inc. and Apple Inc. generating considerable income in the US, the North American region is likely to have a large market share over the forecast period. Apple Inc. produced 45.37 percent of its revenue in the American region in 2020. In 2019, Fitbit Inc. produced 55.7 percent of total sales from the United States alone, indicating that it has a stronghold on the market.

 

The use of IoT technology improves smart wearables' ability to serve numerous apps and devices, resulting in improved connection with other linked devices. Furthermore, the growing popularity of hybrid smartwatches, which combine the features of both a regular and a smartwatch, may open up new prospects for smartwatch players. A hybrid smartwatch combines the functionality of a traditional smartwatch with certain connected capabilities, but it lacks a touch display and charging capability.

 

North America Smart Wearables Market Dynamics:

The smart wearable market in the United States is looking promising, with the number of linked wearable devices in North America estimated to reach 439 million by 2022. In 2022, North America is expected to have the most 5G connections made through wearable devices. The 439 million connections in North America would be 222 million higher than the 4G connections made in 2017.

 

During the forecast period, AT&T, Verizon, and T-Mobile will roll out 5G across the United States, resulting in a large increase in linked devices in the home, car, and human body. With speeds possibly 100 times quicker than ordinary 4G, the new standard will dramatically improve the smartwatch's streaming and downloading capabilities. The market has a lot of potential because to the current trend of self-contained smart wearables that don't rely on smartphone connectivity.

 

With the advent of 5G, smart wearables may no longer require significant physical storage and can instead be used to house extra sensors for increased functionality. Users might 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 effective instantaneous communications.

 

Vendors are seizing opportunity in the midst of the pandemic by introducing the fitness tracker and smartwatch, which can monitor and guide the user based on its measurements, owing to increased health-related awareness in the ageing population and the mix of that age group population experiencing an influx of people with more acquittance to technology.

 

 

With smart wearables collecting data, such as geo-location, in addition to personal health-related information, consumers' worries about user interface, dependability, convenience, and privacy protection have grown. Furthermore, because the device is connected to a variety of cloud apps, access to third-party apps could be a point of attack, preventing the market and ecosystem of connected devices as part of the internet of things from growing (IoT).

 

Furthermore, firms have filed patents and made encouraging comments about the future of smart wearables technology, including gesture recognition and futuristic uses and developments. This is anticipated to lead to increased spending on research and development of such technologies by industrial participants in the United States, influencing future applications. 

 

According to the American Heart Association's Heart and Stroke Statistics, cardiovascular disease affects at least 48 percent of all individuals in the United States. Following the 2017 recommendations that revised hypertension thresholds to 130/80 mm Hg, an increase in the proportion of people categorized as having high blood pressure is driving much of the prevalence. Heart disease is the biggest cause of death in the United States, with one person dying every 36 seconds and roughly 655,000 Americans dying from heart disease each year, accounting for one out of every four deaths.

 

Many businesses in the region are cooperating with the health research institute to improve the smartwatch's monitoring capabilities. For example, Apple collaborated on a big long-term study of women's health with the National Institutes of Health and Harvard T. H. Chan School of Public Health. Researchers will be able to investigate conditions such as pregnancy, infertility, polycystic ovary syndrome (PCOS), menopausal transition, and osteoporosis as a result of the partnership. Users will be able to participate in the study via Apple's new Research App. The new study will bring together academic medical institutions, healthcare companies, and Apple products in order contribute to the development of the next generation of revolutionary health software and to advance medical science.

 

North America Smart Wearables Market Segment Analysis:

Based on Product, the North America Smart Wearables Market is segmented into neck-wear, foot-wear, wrist-wear, body-wear, eye-wear, and head-wear, and others. The wrist-wear segment dominated the market, with more than 50% of the overall market share. A mobile application could be combined with a fitness wristwatch or band to provide the user with essential fitness data and statistics. GOQii, Apple, Fitbit, and Nike are among the leading wrist-wear manufacturers for sports and fitness applications.

 

Based on Application, The North America Smart Wearables market is segmented into healthcare, enterprise, and industrial application, consumer electronics, and others. More than 45 percent of North American sales is expected to come from the consumer electronics segment. Consumer electronics can be used for fitness and sports, apparel and fashion, infotainment and multimedia, multifunction, and many other things. Because consumer demand for wearable consumer electronics is increasing, industry participants are concentrating their efforts on developing devices that allow consumers to track their working hours. The growing popularity of wearable devices and health apps, combined with technical improvements, has broadened the scope of remote health monitoring, allowing patients and clinicians to communicate more effectively.

 

 

North America Smart Wearables Market Regional Insights:

Having a market share of more than 38.1 percent in 2023, North America topped the wearable technology industry, followed by APAC and Europe. The growing demand for more sophisticated wearable technologies, as well as the low cost of smart wireless sensor networks, are propelling the wearable device technology market in North America forward. U.S. dominated the North American Smart Wearables Market with the presence of a number of major key players in this country. The use of smart watch phones in the United States is growing as the design and functionality of Bluetooth smart watches improves. Furthermore, it is expected that the number of adults in the United States who wear smartwatches has surpassed 10% in 2019. For example, in September 2019, Garmin, a technology firm based in the United States, released the Garmin Vivo active 4, a smartwatch with a fitness tracker that tracks every movement of the human body. As a result, the smart wearables market in the United States is predicted to grow due to increased demand for smart and wireless fitness devices. Over the forecast period, Canada and Mexico are also expected to grow at a strong and profitable rate.

 

The objective of the North America Smart Wearables report is to present a comprehensive analysis of the North America Smart Wearables market to the stakeholders in the industry. The North America Smart Wearables report provides trends that are most dominant in the North America Smart Wearables market and how these trends will influence new business investments and market development throughout the forecast period. The North America Smart Wearables report also aids in the comprehension of the North America 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 North America Smart Wearables market report will assist in understanding which market segments, regions, and factors affecting the North America Smart Wearables market, as well as key opportunity areas, will drive the industry and market growth over the forecast period. The North America Smart Wearables report also includes the competitive landscape of key industry players, as well as their recent developments in the North America Smart Wearables market. The North America 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 North America Smart Wearables market. The report also examines whether it is easy for a new player to gain a foothold in the North America 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 North America 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 North America Smart Wearables market. Economic variables aid in the analysis of economic performance drivers that have an impact on the North America Smart Wearables market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the North America Smart Wearables market is aided by legal factors.

 

North America Smart Wearables Market Scope:

North America Smart Wearables Market
Market Size in 2023	USD 19.17 Bn.
Market Size in 2030	USD 36.35 Bn.
CAGR (2024-2030)	9.57%
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	United States Canada Mexico

 

North America Smart Wearables Market Key Players

• Apple Inc. (U.S.)
• Fitbit Inc. (U.S.)
• Fossil Group Inc. (U.S.)
• Garmin Ltd. (U.S.)
• Google LLC (U.S.)
• Microsoft Corporation (U.S.)
• Qualcomm (U.S.)
• Jawbone (U.S.)
• Motorola Solutions Inc. (U.S.)
• Nike (U.S.)
• Misfit (U.S.)