The New Normal Smart Devices - Wearable Technologies Market

Feb 27,2023 | Electronics

The growth of the wearable technologies market is driven by factors such as the increasing growth prospects of next-generation displays in wearable devices, incremental technological advancements aiding the market growth, and the rising prevalence of chronic diseases and obesity. Furthermore, the cumulative demand for wearables that integrate all computing requirements in one compact device, increasing internet penetration, and high adoption of smart wearables are expected to create growth opportunities for the players operating this market.

Bharatbook offers a comprehensive analysis of the wearable technologies market segmented by product (smartwatches, blood pressure monitor watches, head-mounted displays, smart headgears, smart glasses, smart jewellery, body-worn cameras, robotic exoskeletons, smart clothing, smart patches, wearable biosensors (WBS), wearable cardioverter-defibrillators, smart headphones, and smart hearing aids), material (silicones, fluoroelastomers, polyurethanes, polymer dispersed liquid crystal (PDLC), others), end user(consumer, healthcare, military), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

By value, the global wearable technologies market is expected to reach US$415.12 billion by 2029, at a CAGR of 17.1% during the forecast period. By volume, the global wearable technologies market is expected to reach 1,150.71 million units by 2029, at a CAGR of 19.2% during the forecast period.

Based on product, the global wearable technologies market is mainly segmented into smartwatches, blood pressure monitor watches, head-mounted displays, smart headgears, smart glasses, smart jewellery, body-worn cameras, robotic exoskeletons, smart clothing, smart patches, wearable biosensors (WBS), wearable cardioverter-defibrillators, smart headphones, and smart hearing aids. By value and volume, in 2022, the head-mounted displays segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the increasing investments by major players in the development of HMDs, increased adoption of AR and VR technologies due to COVID-19, availability of low-cost HMDs, and technological advancements and growing digitalization.

Based on end user, the global wearable technologies market is segmented into consumer, healthcare, and military. In 2022, the healthcare segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is driven by the growing investments, funds, grants, and preference for wireless connectivity among healthcare providers.

Based on geography, North America is expected to grow at the highest CAGR during the forecast period. The growth in disposable income and the rapid adoption and popularity of enhanced devices are some of the primary drivers of this geographical region. Moreover, the region has a strong foothold on wearable vendors, such as Apple, Fitbit, and Garmin, among others, adding to the market's growth.

Some of the key players operating in the global wearable technologies market are Apple Inc. (U.S.), Fitbit Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Garmin Ltd. (U.S.), LG Electronics, Inc. (South Korea), Huawei Technologies Co. Ltd (China), Sony Corporation (Japan), Xiaomi Corporation (China), adidas AG (Germany), Nike Inc. (U.S.), HTC Corporation (Taiwan), AiQ Smart Clothing Inc. (Taiwan), Razer Inc. (U.S.), RealWear, Inc. (U.S.), and GOQii Technologies Pvt. Ltd.(U.S.).

To learn about the market, please visit Global Wearable Technologies Market