Smart Wearables Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Product, Application, Regions

Smart Wearables Market Overview:

 

The global smart wearables market is expected to reach US$ 120 billion by 2029, growing at a CAGR of 14% during the forecast period for unit shipment, thanks to growing consumer preference for connected devices and smart wearables, technological growth in the consumer electronics industry, the rise in remote work, and increased interest in health monitoring during the COVID-19 pandemic.

 

 

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Smart wearable gadgets are items that incorporate current technology into wearable items such as a watch, eyewear, bracelet, and so on. Smart watches, fitness trackers, virtual reality headsets, smart wristbands, activity trackers, sports watches, and other smart wearable gadgets are examples. These gadgets are becoming more popular among consumers because they make it easier to link people, places, and things. The introduction of fresh goods for everyday use, such as activity tracking and heartbeat monitoring, is expected to stimulate the growth of smart wearable gadgets.

 

Many top companies are developing smart wearable gadgets that are likely to take wearable technology to new heights in the future. Smart wearable devices have also entered the entertainment industry, introducing new ways to interact with digital material. The smart wearable devices in entertainment have become virtual reality headsets and augmented reality spectacles. These smart wearable gadgets are employed in a variety of fields, including defense, lifestyle, fitness, and sports, among others. One of the factors driving the smart wearable devices market is the increased awareness of wearables and technical advances.

 

Smart Wearables Market Dynamics:

 

Users of smart wearable gadgets can check health-related information on their devices. Obesity has become a key issue in many parts of the world; thus, individuals are turning to wearable technology to track their health and fitness data. The worldwide smart wearable devices market is growing due to increased consumer awareness and use of smart wearable devices in healthcare. In the forecast period, these factors are expected to boost demand. The greater cost of producing these wearable devices, on the other hand, is a major issue for market competitors and is projected to stifle the industry's growth.

 

The COVID-19 pandemic hit the market's growth prospects hard in the first half of 2020. Due to worldwide shutdown limitations enforced by various countries, manufacturing operations were temporarily shut down. However, rising health awareness among individuals aided market expansion in the second half of 2020, and this trend is forecasted to continue into the projection period. Wearable technologies and devices have become a more major element of today's healthcare industry as a result of the pandemic. Furthermore, during the forecast period, the increased popularity of these devices among recreational fitness enthusiasts and professional athletes is expected to drive demand for wellness and fitness products. Growing consumer awareness of the benefits of wearable electronics, increased smartphone penetration, and rising disposable incomes are all predicted to benefit the market. Several market participants' R& D endeavors are anticipated to add to the industry's expanding 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.

 

Over the forecast period, the gaming segment's promising expansion is expected to promote market growth. Microsoft and Nintendo, among others, have realized the potential of Augmented Reality (AR) in games and are releasing devices that incorporate the technology. Human Pac-Man, for example, uses specialized goggles to allow players to pursue other people in real life that look like characters from the game. A rise in the number of games with augmented reality (AR) and virtual reality (VR) capabilities is predicted to boost demand for specialist equipment such headsets, boosting market growth.

 

Smart Wearables Market Segment Analysis:

 

By Product, the Market for Smart Wearables is segmented into neck-wear, foot-wear, wrist-wear, body-wear, eye-wear, and head-wear, and others. In 2022, the wrist-wear segment led the market, accounting for more than 48.9% of total market share. A fitness wristwatch or band could be used with a mobile application to give the user with vital fitness data and statistics. The major wrist-wear manufacturers for sports and fitness applications include GOQii, Apple, Xiaomi, Fitbit, and Nike. In the first half of 2020, the watch & wristband sector suffered a setback as major Chinese manufacturing companies struggled with labour shortages and insufficient raw material supply. As manufacturing units began to run in the second half of 2020, the market experienced a minor recovery.

 

Over the projected period, the increasing adoption of smartwatches and fitness trackers in the healthcare industry is expected to promote category growth. Smartwatches with disease-specific features, notably those that provide cardiovascular signs, have gained a lot of popularity over the years. Because of its electrical heart sensors, which may detect irregular cardiac rhythms, Apple Inc.'s smartwatches, for example, have witnessed a considerable increase in demand over the years.

 

From 2023 to 2029, the eyewear and headwear product segment is expected to grow at a CAGR of 14.2 percent. Goggles such as Microsoft HoloLens, VISR Goggles, and Google Glass are examples of eyewear products. Over the forecast period, head-mounted display devices are expected to grow significantly. In addition, advances in augmented reality (AR) and virtual reality (VR) are attracting a lot of attention in the healthcare industry. In medical practice, virtual reality technologies and virtual reality headsets are utilized to aid surgical training and procedures. This helps them reduce the risks of making mistakes during surgery.

 

By Application, the Market for Smart Wearables is segmented into healthcare, enterprise, and industrial application, consumer electronics, and others. In 2022, the consumer electronics segmentation area is expected to account for more than 48.4% of global revenue. Fitness and sports, clothing and fashion, infotainment and multimedia, multifunction and more uses for consumer electronics abound. Consumer demand for wearable consumer electronics is expanding, thus industry participants are focusing on developing gadgets that allow users to track their work hours. Furthermore, the increase of linked devices and the expansion of machine-to-machine communication are expected to fuel the growth of wearable consumer electronics, resulting in market growth.

 

 

The rising adoption of wearable gadgets and health applications, combined with technological advancements, has expanded the scope of remote health monitoring, allowing for greater communication between patients and clinicians. Furthermore, the rising demand for health monitoring as a result of increased public awareness is likely to drive demand for healthcare apps over the forecast period. Portable, wearable dialysis devices, AI-enabled wearable devices, and sweat-sensors, which are used to warn athletes of water and electrolyte loss, are among the new wearable medical gadgets. During the projection period, the integration of these advanced features in wearable devices will considerably contribute to the wearable technology market's growth.

 

Smart Wearables Market Regional Insights:

 

In 2022, North America dominated the market, accounting for more than 34.7 percent of global revenue. A large number of internet users as well as technologically savvy companies such as Alphabet, Garmin Ltd., and Apple Inc. call the region home. Various sector firms are also taking initiatives to expand their regional footprint and streamline their operations. In May 2017, Xiaomi Corporation, for example, announced its entry into the North American market. This is predicted to benefit the wearable technology industry over the forecast period.

 

Furthermore, due to rising purchasing power, a growing number of tech-savvy people, and the presence of multiple major market competitors in the region, the Asia Pacific market for wearable technology is expected to grow rapidly. Due to cheap operating and labor costs, several industry firms are expected to relocate their manufacturing services to Asia Pacific. Furthermore, the region's growing urban population is likely to encourage the adoption of wearable gadgets, boosting market growth.

 

The report aims to provide industry stakeholders with a comprehensive analysis of the Smart Wearables market. The report includes the most dominant trends in the Smart Wearables market and how these trends affect new business investment and market development during the forecast period. The report also helps to understand the dynamics of the Smart Wearables market and the competitive structure of the market by examining market leaders, market followers, and regional players.

 

Qualitative and quantitative data provided in the Smart Wearables Market Report will drive market-influencing factors and industry and market growth, which market segments and regions are expected to grow at a faster rate. The forecast period is designed to help you understand the critical areas of opportunity to do. The report also includes the competitive landscape of key industry players, as well as recent developments in the Smart Wearables market. The report looks at factors such as company size, market share, market growth, sales, production, and profits of key players in the Smart Wearables market.

 

The document affords Porter's Five Force Model, which facilitates designing the enterprise techniques withinside the marketplace. The Report facilitates in figuring out what number of competitors are existing, who they are, and the way their product exceptional is withinside the Global Smart Wearables marketplace. The Report additionally analyses if the Global Smart Wearables marketplace is straightforward for a brand-new participant to benefit a foothold withinside the marketplace, do they input or go out the marketplace often if the marketplace is ruled via way of means of some Players, etc.

 

The document additionally consists of a PESTEL Analysis, which aids withinside the improvement of enterprise techniques. Political variables assist in identifying how an awful lot a central authority can have an impact on the Global Smart Wearables marketplace. Economic variables useful resource withinside the evaluation of monetary overall performance drivers which have an effect at the Global Smart Wearables marketplace. Understanding the effect of the encircling surroundings and the have an impact on of environmental issues at the Global Smart Wearables marketplace is aided via way of means of felony factors.

 

Smart Wearables Market Scope:

 

Smart Wearables Market
Market Size in 2023	USD 52.32 Bn.
Market Size in 2030	USD 130.93 Bn.
CAGR (2024-2030)	14%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By  Product   Neck-wear Foot-wear Wrist-wear
	By   Application   Healthcare Enterprise, and industrial application Consumer electronics
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South 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.)
  • Huawei Technologies Co. Ltd. (China)
  • Microsoft Corporation (U.S.)
  • Qualcomm (U.S.)
  • Samsung Electronics Co. Ltd. (South Korea)
  • Sony Corporation (Japan)
  • Xiaomi (China)
  • Jawbone (U.S.)
  • Motorola Solutions Inc. (U.S.)
  • Nike (U.S.)
  • Misfit (U.S.)