Entry of large players, portable and convenient usage, increase in healthcare awareness, and technological advancements drive the growth of the global wearable technology market.
Allied Market Research published a report, titled, “Wearable Technology Market by Device (Fitness, Smart Watches, Smart Glasses, Smart Clothing, Others), by Product Type (Wrist Wear, Eyewear, Hearables, Neckwear, Bodywear, Others), by Application (Lifestyle, Consumer Applications, Entertainment, Healthcare, Fitness And Sports, Defense, Enterprise): Global Opportunity Analysis and Industry Forecast, 2020-2031″. According to the report, the global wearable technology industry generated $54.8 billion in 2020, and is anticipated to generate $184.4 billion by 2031, witnessing a CAGR of 12.8% from 2022 to 2031.
Prime determinants of growth
Entry of large players, portable and convenient usage, increase in healthcare awareness, and technological advancements drive the growth of the global wearable technology market. However, limited battery life and security concerns restrict the market growth. Moreover, Increase in awareness about the benefits of wearables and technological advancement presents new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a negative impact on the global wearable technology market, owing to disruptions in the supply chain.
- Nevertheless, the market is steadily recovering and is expected to get back on track soon.
The fitness segment to maintain its leadership status throughout the forecast period
Based on device, the fitness segment held the highest market share in 2020, accounting for more than two-fifths of the global wearable technology market, and is estimated to maintain its leadership status throughout the forecast period, owing to its wide usage for monitoring the overall health and fitness. However, the smart watches segment is projected to manifest the highest CAGR of 14.1% from 2022 to 2031. This is because smart watches provide various benefits over traditional watches enabling the user to place calls and text messages.
The wrist wear segment to maintain its lead position during the forecast period
Based on product type, the wrist wear segment accounted for the largest share in 2020, contributing to nearly three-fourths of the global wearable technology market, and is projected to maintain its lead position during the forecast period. Various industry giants such as Apple, Pebble, and Motorola are launching products with latest features and advancement in user interface (UI), which drives the market. Moreover, the body wear segment is expected to portray the largest CAGR of 14.4% from 2022 to 2031, owing to the various benefits and convenient usage of smart clothing.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global wearable technology market. Rise in applications of wearable technology in medical & healthcare areas, lifestyle and defense sector in the North American region is the major driver for market growth. However, the Asia-Pacific region is expected to witness the fastest CAGR of 14.1% from 2022 to 2031. Rise in the demand for electronic devices for fitness & health improvement, wearable technologies have significantly boosted the consumer electronics market in Asia-Pacific.
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Leading Market Players: –
- Garmin Ltd.
- Adidas AG.
- Nike Inc.
- Samsung Electronics Co., Ltd.
- Sony Corporation
- Huawei Technologies Co., Ltd.
- LG Electronics Inc.
- Motorola Solutions Inc
- Apple Inc.
- Fitbit, Inc.
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