Wearable Electronics Market: Industry Analysis and Forecast (2024-2030)

Wearable Electronics Market Overview:

With the change in lifestyles of populations globally because of the COVID-19 Pandemic and the global acceptance of IoT devices in the form of Wearable Electronics the market is consequently expected to grow. The wave of fitness caused by the extended lockdowns have further increased the Wearable Electronics market in the form of fitness bands, wireless headphones, smart watches and specialised medical equipment. The latter is caused because of the rising number of chronic diseases such as thyroid, diabetes, obesity and nervous system related disorders, for which Wearable Electronics have proven to be a reliable source of monitoring for medical experts.

 

Increasing Comorbidities and self-monitoring trends: With the ever-increasing portfolio of services that can be now offered by these devices at an affordable consolidated product such as Sleep Monitoring, Blood Oxygen Perfusion monitoring, blood pressure, cholesterol levels etc. Recent advancements have also proven to be able to predict the occurrence of cataract in eyes and the presence of cancer cells using Wearable Electronics, proving further that the applications of the industry are only limited to one’s imagination. The penetration of electronics and the trend of self-monitoring these metrics further indicate the sustained demand of the Wearable Electronics Market.

 

Fitness the way to go: Because of the Coronavirus pandemic, the need for sustained healthy lifestyle has witnessed a sudden growth in the number of fitness related Electronic Wearables by a considerable margin. The lifestyle is expected to stay with the increasing number of wearable electronics being sold globally as well as the new products being launched constantly because of the very-competent market.

 

 

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Wearable Electronics Market Dynamics:

The Need for Fitness: With the adaptation of a fitness-oriented lifestyle by the population at large, as well as professional athletes leaning towards IoT enabled wearable electronics to track their performance and provide insights based on individual data, the demand in the sector has been driven in the forecast period.

 

Ecosystems Paving the way: With market leaders in Wearable Electronics such as Apple, Samsung, Oneplus and others, marketing their ecosystems to provide product-wide seamless integration with highly competent markets urging each organization to invest heavily in research and development.

 

Concerns about Data Privacy biggest obstacles: With critical information about users being collected, the concerns about data usage and sharing are widespread. With different governments across the globe adopting varied levels of legislature to ease the populace, the concerns regarding how and with whom the data is shared, along with the high initial costs and battery life along with labour and silicon shortage form the biggest hurdles in the Wearable Electronics market.

 

New Avenues and opportunities: The development in the online gaming segment is expected to aid the growth of wearable electronic segments with the further development of virtual and augmented reality wearables which are now available to the average consumer with the reduction in costs. Manufacturers such as Oculus, Microsoft and Nintendo have applied AR in their gaming portfolios.

 

Audiophiles and Music Lovers: Covid 19 Lockdowns forced people to stay indoors. Gadgets such as earphones and headphones acted as good investments to make the stay at home enjoyable. This was further aided by streaming services, online gaming and online classes and work from home. As a result, people invested heavily in these devices which led to the overall increase in the Wearable Electronics Market.

 

Development of new Technology: With a wide variety of products now being available such as neck-wear, foot-wear, as well as implants, there is no limitation to the advancements that can be made in this sector. The latter being advertised as a means to remotely control various IoT enabled sensors have led to widespread speculations and traction in the industry. Sophisticated sensors such as ECG monitoring, SpO2 detection etc. which are now available at lower prices warrant the possibility of these features now being available to the larger population. With recent news of products bringing life-saving interventions owing to detection of irregular heart-rhythms, the market is well set to be welcomed by critics.

 

Wearable Electronics Market Segment Analysis:

By End User Application: The consumer electronic sector in the Wearable Electronics Market is well sustained throughout and shows a positive growth potential in the forecast period. This is because of the decrease in cost and the increased reliance of the consumers on electronics because of Covid 19 Lockdowns. Devices in the sector include wristbands, smartwatches, earphones and headphones, smart rings etc. The segment is further accelerated by the deployment of products that can now be manufactured by small and medium sized companies.

 

 

Medical sector makes use of both consumer electronics as well as specialised sensors such as Spo2 sensors, Portable ECG Monitors, defibrillators etc. The industry is set well to perform as a consequence of recent news article of life saving interventions that could be made possible because of anomalies in heart beat detected by smart watches.

 

By Product Category:  Products in the Wearable Electronics Market can be segmented on the basis of which category of products they lie into. Wristbands are the entering range products into the Wearable Electronics industry. They are often branded as fitness-bands in order to target consumers who are concerned about their fitness and desire a robust and affordable gadget to track their exercise routines. They once comprised of basic features, but now because of research and developments, host a wide range of features such as Spo2(Blood Oxygen) monitoring, sleep monitoring, call-back, etc

 

Smartwatches are the advanced versions of Wristbands with added features such as better integration within the smartphone-computer-wearable ecosystem that is marketed by giants such as Apple, Samsung, Oneplus. They have the additional feature of SOC Analytics as well as better displays.

 

In the Wearable Electronics Market, hearables account for earphones, headphones, listening-devices, portable microphones etc. The sub-segment has witnessed rapid growth because of increased on-screen times during the pandemic. With a large range of features such as high-quality audio, robust battery lives and increased connectivity through advances audio codecs and Bluetooth architectures, the segment is forecasted to perform well. This is further cemented by the fact that the year 2023 saw almost thrice the number of sales as witnessed in 2019.

 

Augmented Reality is one of the promising sectors of wearable electronics. The sector witnessed rapid growth during the pandemic with multiple companies in gaming, leisure goods and online marketplaces investing heavily in their Augmented Reality Marketplaces. The increased activity of giants such as Facebook with Metaverse dictates a massive increase in the segment and as a result, increase in the demand of the Wearable Electronics Market.

 

The AR Glasses segment is further predicted to gain traction from the year 2024 owing to developers launching advanced software that will be interfaced with hardware capable of processing the resource-intensive AR applications.

 

By Application: Wearable Electronics Market can be segmented on the basis of application into infotainment, fitness and wellness and safety and security segments. Infotainment acts as the leading cause for purchase of devices in the Wearable Electronics Market. Devices in the category include earphones and headphones, wireless controllers, VR and AR Glasses, etc. These devices help in the consumption of media online or increased experience when interacting with nature.

 

One of the contributing factor for the increased sales during and after the pandemics, fitness bands, smart watches, pedometers, GPS watches and step-counting headphones are all examples of devices in the segment of Wearable Electronics Market. These devices make use of sophisticated sensors to collect information about the wearer. Safety and Security Devices such as fingerprint readers, external security keys, Remote Cameras and dashcam video recorders all make up for the devices in the segment.

 

Wearable Electronics Market Regional Insights:

North America continues to be the largest stakeholder as it is home to a large number of security solution providers. The demographics of the country tends towards early adopters and is therefore the first users of state-of-the-art disruptive technologies such as User Access control, fire protection systems, smart video and network surveillance systems etc.

 

The Asia Pacific region is the market leader in terms of overall market share in the Wearable Electronics Market. This is because of the presence of key players as well as concentrated manufacturing infrastructures in countries such as China. International Tech Companies get their products assembled in the region and because of large populations, the number of users grow significantly. The market is currently led by China and Japan accounting for more than half of the overall size of the market. This is supplemented by the fact that the region has high adoption rate with younger populations in countries such as India. This is the reason why India has emerged as the fastest growing country in the region for the Wearables Electronics Market.

 

This is followed by North America, which is home to a majority of the market leaders in the Wearable Electronics Market such as Apple Inc., Alphabet etc. Many Asian players such as Xiaomi are planning to extend their reach within the United States market in the budget wearables section.

 

The report provides Porter’s Five Forces Model that will aid enterprise decision makers to develop their long-term strategies and marketing positions. It identifies the key competitors, their positioning and how their products perform and are perceived by the customers. Through expert analysts’ opinion, the report provides consultation on the difficulty of entering the market for new players.

 

 

Further the report provides PESTEL Analysis which will help the company tailor the overall strategies for market activities. The analysis takes into consideration various environmental variables that are crucial for the development of the market position of the company such as government funding and other political variables. Therefore, this analysis helps the stakeholder evaluate the challenges and opportunities in a holistic way.

 

Wearable Electronics Market Scope:

 

Wearable Electronics Market
Market Size in 2023	USD 77.55 Bn.
Market Size in 2030	USD 191.69 Bn.
CAGR (2024-2030)	13.8 %
Historic Data	2018-2022
Base Year	2023
Forecast Period	20234-2030
Segment Scope	By Conducting material Consumer Electronics Healthcare Enterprise and Industrial
	By Technology Wristbands Smartwatches Hearables AR Glasses
	By Application Infotainment Fitness and Wellness Fashion and Lifestyle Safety and Security Healthcare and Medical
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

 

Wearable Electronics Market Key players:

• Apple (US)
• Xiaomi (China)
• Huawei (China)
• Samsung (South Korea)
• FitBit (US)
• Fossil (US)
• Imagine Marketing (China)
• Garmin (US)
• BBK Electronics (China)
• Lifesense (UK)
• LG Electronics (South Korea)
• Sony (South Korea)
• Microsoft (US)
• Misfit (US)
• Bose (US)