Wearable Technology Market Size & Share


Wearable Technology Market

Wearable Technology Market is projected to grow at a CAGR of 17% and expected to reach USD 313.4 Billion over the forecast period (2020-2027).

The factors driving the growth of Wearable Technology Market includes increasing penetration of mobile internet services and integration of advanced technologies such as Internet of Things (IoT) with smart devices. As per Economic Times, Smartwatch Market in India grew at a record 173% during the first quarter of 2022, on the other hand wireless earbuds category surged a remarkable growth of 66% on-year, which will boost the Wearable Technology Market size in India. Moreover, the growing health consciousness towards obesity, diabetes and high Cholesterol are surging the demand for smart wearables to track and monitor physical health. In addition, the growing adoption of smart wearable technologies across different industries such as Defense, Entertainment and Healthcare, would accelerate the demand for smart wearable devices in the coming years.

However, the growth of Wearable Technology Market is hampered due to limited battery life and high cost for technology procurement.

The key players operating in the market includes LG Electronics, Adidas AG, Garmin Ltd., Xiaomi, Qualcomm Technologies, Inc., Sony Corporation, Alphabet Inc., Apple Inc., Fitbit, Inc., and Samsung among others.

Product: Segment Analysis

Based on the product, the Headwear & Eyewear segment is projected to grow at a faster CAGR during the forecast period due to increasing demand for virtual reality & augmented reality in headphones and earphones.

Application: Segment Analysis

Based on the application, the Consumer Electronics segment is anticipated to grow at a significant CAGR over the forecast period due to growing application of Wearable technologies in end use industries such as fitness and sports, multifunction, infotainment, and multimedia etc. Moreover, the growing demand for technologically advanced wearable scanners, which helps in increasing speed and efficiency, is further boosting the growth of the segment.

Regional: Segment Analysis

Based on the region, North American region is projected to grow at a higher CAGR during the forecast period due to presence of key manufacturers and high per capita income in the region.

On the other hand, Asia-Pacific region is anticipated to grow at a promising rate. The growing demand for consumer electronics products, rising purchasing power parity and increasing urbanization in Countries such as India, South Korea, and China, are some of the factors supplementing Wearable Technology Market share in the region.

 

Market Segmentation

Global Wearable Technology Market by Type

  • Wearable Products & Devices
  • Wearable Smart Textile
    • Type
      • Active Smart Textiles
      • Passive Smart Textiles
      • Ultra-Smart Textiles
    • Function
      • Energy Harvesting
      • Sensing
      • Thermoelectricity
      • Luminescence & Aesthetics
      • Others

 

Global Wearable Technology Market by Product

  • Headwear & Eyewear
    • Virtual Reality Headsets
    • Augmented Reality Headsets
    • Others
  • Wristwear
    • Smartwatches
    • Wristbands
  • Neckwear
    • Ties & Collars
    • Fashion & Jewelry
  • Footwear
    • Casual Footwear
    • Special-Purpose Footwear
  • Bodywear
    • Fashion & Apparel
    • Inner Wear
    • Armwear & Legwear
  • Other Wearable Technologies
    • Bodyworn Cameras
    • Ring Scanners
    • Internables/Implantables

Global Wearable Technology Market by Technology

  • Display Technology
  • Computing Technology
  • Positioning Technology
  • Networking Technology
  • Sensor Technology

Global Wearable Technology Market by Component

  • Positioning & Networking Components
  • Power Supply Components
  • Control Components
  • Sensing Components
  • Memory Components
  • Display & Optoelectronic Components
  • Interface Components

Global Wearable Technology Market by Offering

  • Software
  • Services

Global Wearable Technology Market by Application

  • Healthcare
    • Clinical Applications
    • Nonclinical Applications
  • Consumer Electronics
    • Infotainment & Multimedia
    • Fitness & Sports
    • Garments & Fashion
    • Multifunction
  • Enterprise & Industrial Application
    • Logistics, Packaging, & Warehouse
    • Other Industrial Applications

Global Wearable Technology Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC

 

  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

 

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