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

Wearable Smart Device Market Overview:  

The global wearable devices market is estimated to grow from USD 162.44 Bn. in 2023 to USD 524.89 Bn. in 2030. This market is segmented on the basis of product type, application and region. On the basis of product type, the wearable smart device market can be further sub-segmented into wristwear, headwear, footwear and bodywear. On the basis of application, the market can be further segmented into consumer electronics, healthcare and industrial applications. Geographically the wearable smart device market constitutes of North America, Asia-pacific, Europe and rest of the world that is covered in other regions segment.

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Wearable Smart Device Market Dynamics:

The wearable smart watch segment is projected to grow at a CAGR of 18.24 % that speaks volume of the market potential that it contains. This constant growth is fueled by technological advancements that have enabled market players to introduce display devices into wearable format after three decades of research and development. Fall in the prices of semiconductors is also one of the reasons for the cost effectiveness of wearable smart devices. In terms of unit shipments, the value of all the wearable smart devices stood at 266.3 million units in 2020. Whereas it is projected to reach approximately 800 million units in 2027. Wearable technology integrates the technology to the daily life activities. Development of flexible displays has also brought about the turnaround revolution in the wearable smart devices market because now the displays can be integrated with fabric and new concepts can be created.

The integration of displays in the fabric has enabled the manufacturers to come up with new ideas however, they still face the challenge to maintain the luminosity, power consumption and brightness issues. Engineers in the wearable smart devises industry have started experimenting with the metallurgy of the back-panel as well. Earlier it used to be silicon based but now indium gallium zinc oxide is used for wearable devices. The major limiting factor to the wearable smart device market is the battery life. As more and more features and functions are added to the wearable smart devices the power management become a challenge to solve.

Consumers look to buy product that are highly power efficient and durable. Opportunities in the wearable smart devices market lie in integration of all the devices via IoT. Consumers these days prefer to have single point of device for multipurpose application and this is where the opportunity lies for the market to expand. One additional drawback in the wearable smart devices market is the speed with which the products become obsolete, with rapidly evolving technology even a year worth of time is enough to drive a product to become outdated and hence not suitable to be sold in market. This gives rise to a very highly competitive market condition.

Wearable Smart Device Market Segment Analysis:

The wearable smart device market is segmented on the basis of product type, application and region. On the basis of product type, the wearable smart device market can be further sub-segmented into wristwear, headwear, footwear and bodywear that consists of products like smart watches, fitness trackers, head-mounted displays, smart clothing, body-worn camera, exoskeleton, medical devices. The wrist-wear segment has dominated the market and accounts for almost 50% of the market share since past few years and is estimated to keep growing at the same rate. The reason for such strong market dominance is due to the easy adaptability of smart watches as consumers of all age groups can easily adopt to the smart wrist-watch technology. Moreover, smartwatches come with the health and fitness tracking capabilities like heart-rate monitor, O2 level indicator etc. appeals to all age groups enabling this segment to dominate the market share.

On the basis of application, the wearable smart devices market is further segmented into consumer electronics, healthcare and industrial segments. Amongst the segments covering based on application consumer electronics hold the highest market share owing to their ease of use, constant innovation in products and rising consumer awareness.

Consumer electronics have number of applications like fitness, sports, infotainment, garments and fashion. All these verticals of requirements from consumers are consolidated in the consumer electronics segment enabling it to hold the highest market share. Healthcare sub-segment holds the second largest market share as it has use in the healthcare industry where consumers are now aware of the parameters to control in order to take precaution in case of disease specific treatments. New medical devices such as portable dialysis devices and AI enables sweat sensors inform about the loss of electrolyte from body.

Wearable Smart Device Market Regional Insights:

The wearable smart devices market is segmented into North America, Europe, Asia-Pacific and other regions. North America holds the majority of market share currently due to high disposable income and high rate of adoptability. These factors make such connecting devices highly popular in the North American market. The North American market is projected to reach a value of USD 443.93 billion by 2030.

Asia-pacific market region is projected to show the highest growth rate during the forecast period. This is due to the increased purchasing power of the residents of the constituent countries, growing population of tech savvy people. Presence of leading market players also be one of the major reasons for strong growth in the Asia-Pacific region. Moreover, countries in the Asia-Pacific region are experiencing shift from the rural population moving towards the cities and urban areas which leads to urbanization. This is also one of the factors for good technology adoption rates in the Asia-pacific region for the wearable smart devices market.

European wearable smart devices market is projected to grow by 14% CAGR during the forecast period. The growth is limited by the saturation in market as European region has been an early adopter and the growth is limited due to the economic restrains on the entire region. Other regions include Middle East, Africa and South America. These regions are estimated to experience moderate growth in wearable smart devices market due to the economic conditions of major constituent countries. Some of the countries have stagnant GDP and some are yet to recover from the ill-effects of the pandemic.

The objective of the report is to present a comprehensive analysis of the Wearable Smart Device market to the stakeholders in the industry. The report provides trends that are most dominant in the Wearable Smart Device market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Wearable Smart Device 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 Wearable Smart Device market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Wearable Smart Device market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Wearable Smart Device market.

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Wearable Smart Device market. The report also analyses if the Wearable Smart Device market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

The 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 Wearable Smart Device market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Wearable Smart Device market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Wearable Smart Device market is aided by legal factors.

Wearable Smart Device Market Scope:

Wearable Smart Device Market Key Players

• Alphabet Inc. (USA)
• Samsung Electronics Co. Ltd. (South Korea)
• Sony Group Corporation (Japan)
• Huawei Technologies Group Co. Ltd. (China)
• Apple Inc. (USA)
• Xiaomi Corporation (China)
• Adidas AG (Germany)
• Nike Inc. (USA)
• Fitbit Inc. (USA)
• Garmin Ltd. (USA)
• Huami Corporation (China)
• GoPro Inc. (USA)
• AIQ Smart Clothing Inc. (China)
• Medtronic PLC (Ireland)
• Bragi GmbH (Germany)