Global Smart Wearables Market by Type (Wearable Smart Textiles, Wearable Products and Devices), By Product, By Application, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Smart Wearables Market size is expected to be worth around USD 383.5 Billion by 2032 from USD 110.3 Billion in 2023, growing at a CAGR of 15.30% during the forecast period from 2023 to 2032.

Smart wearables are electronic devices that can be worn on the body and offer communication and computing capabilities. For example, such as smartwatches, smart glasses, glasses with sensors, and clothing with built-in Bluetooth capabilities that connect to users’ smartphones or other mobile devices via Bluetooth or other wireless protocols. With these wearable users can monitor aspects such as their health and fitness levels, receive notifications, and make phone calls with ease.

In recent years, the smart wearables market has experienced exponential growth due to growing consumer awareness about health and fitness, technological advances, and mobile phone popularity. Many people are now searching for ways to monitor and control their health from home due to the COVID-19 pandemic.

Note: Actual Numbers Might Vary In The Final Report

Key Takeaways

• Projected Growth Rate: The Smart Wearables Market is expected to grow at a CAGR of 15.3% from 2023 to 2032.
• Market Size Projection: The market is projected to reach USD 383.50 Billion by 2032, experiencing substantial growth from USD 95.7 Billion in 2022.
• Types of Smart Wearables: The market segments include Wearable Smart Textiles and Wearable Products and Devices.
• Top Products: Wristwear dominates the market, followed by Headwear and Eyewear, with the fastest growth projection.
• Applications: The market finds applications in various sectors, including Defense, Healthcare, Enterprise & Industrial Applications, Fitness & Wellness, Consumer Electronics, and others.
• Regional Dominance: North America holds the largest revenue share in the market, followed by the Asia Pacific, which is the fastest-growing region.
• Key Market Players: Some of the key players in the Smart Wearables Market include Xiaomi Global Community, Huawei Technologies Co., Ltd., Apple Inc., Samsung, Sony Corporation, and others.
• Market Restraints: High costs, limited battery life, and limited functionality pose challenges for the market’s growth.
• Growth Opportunities: Opportunities lie in health and fitness tracking, smart home integration, and workplace applications.
• Latest Trends: Recent trends focus on health and fitness tracking with an emphasis on enhancing user experience.

Driving Factors

Technological Advancements, Health & Fitness Trends Drive the Market Growth of Smart Wearables Market.

Nowadays smart wearable technology has become more modern, the manufacturers can easily create smart wearable devices with better battery life, improved connectivity, and more functionality. This can make smart wearables more attractive to customers. The demand for fitness and health tracker smart wearable devices is increasing. It can track steps, provide health-related data, and monitor heart rates.

Also, it provides personal insights and feedback to the user to achieve fitness goals. Consumers are becoming more aware of the benefits of smart wearable technology, including enhanced productivity, better entertainment experiences, and improved health and wellness. Manufacturers make smart wearables with the latest stylish designs and materials to attract customers. This has led to an increase in the demand for smart wearables in the global market. Consumers are looking for wireless devices that can connect to laptops and smartphones so, for this device demand is increasing continuously.

Restraining Factors

High Cost, Limited Battery Life, and Limited Functionality are Some Restraints for the Smart Wearables Market.

Smart wearable devices are costly such as smartwatches and other wearable devices. That can be expensive for some consumers. All smart wearable devices have limited battery life which can be a barrier for users who have to use them for a longer period or all day. Smart wearables offer a wide range of features but they may not be able to offer the same level of functionality as the device dedicated. For example, a smartwatch may not be able to detect the health conditions same as the specialized device can detect.

Smart wearable devices gather and transmit personal data like fitness and health information. If the data is not properly secured then this may raise security concerns. There is a large number of smart wearable devices in the market. But in that, there is a lack of standardization in terms of functionality and features. This may be challenging for the customer to compare and choose the best device. All the smart wearable devices may not fit all body types or may not be comfortable for a long period. This can reduce the attraction of a certain group of customers.

Growth Opportunities

Health and Fitness Tracking, Smart Home Integration, and Workplace Applications Create Opportunities in the Smart Wearables Market.

Nowadays people become more health conscious and they are looking for a smart wearable device that can easily track health-related data such as sleep patterns, and physical activity and monitor heart rate, this can raise the demand for smart wearable devices in the market. By using smart wearable devices users can control smart home devices. They can control the heating, lighting, and other appliances by using a single device.

Smart wearables may used in the workplace to improve productivity and safety. For example, the device can track equipment usage, monitor employee activity, and provide real-time data to the workers for improving performance and preventing accidents. Smart wearable devices can be made to attract fashion-conscious consumers.

Smart wearables can be made more attractive to customers by incorporating customization and design elements. Elderly people’s safety and health can be also monitored by using smart wearables. Smart wearables can be used to keep an eye on the loved one’s activity level, maintain medication schedules, and send out emergency notifications.

Latest Trends

Health and Fitness Tracking with a focus on User Experience are Some Recent Trends in the Smart Wearables Market.

The use of smart wearable devices to track one’s fitness and health is still common. The newer devices there are combining more sophisticated capabilities such as blood oxygen monitoring, sleep tracking, and ECG measures in addition to basic functionality such as heart rate monitoring and step counting.

Manufacturers of smart wearable devices are focusing on making devices with a simple and smooth user experience. This involves advancements in comfort, usability, and design. Smart wearable devices are becoming more connected with other smart home appliances and IoT platforms.

Via smart wearable devices, consumers may manage their cars, smart homes, and other gadgets. Smart wearable device manufacturers focus on making devices that are stylish as well as functional. This involves interchangeable bands, finishes, new materials, and customizable watch faces.

Type Analysis

The Wearable Products and Devices Segment is the Most Lucrative Segment in the Type of Smart Wearables Market

Based on type, the market for smart wearables is segmented into wearable smart textiles and wearable products & devices. Among these types, the wearable products & devices segment is the most lucrative in the global smart wearables market with a 43.6% market share. The market includes fitness trackers, smart glasses, smartwatches, and others. These devices have become more popular because of their advantage & functionality in receiving notifications, tracking health & fitness, and controlling other smart devices.

The Wearable Smart Textiles Segment is Expected to Grow Faster in the Projected Period of the Smart Wearables Market.

However, the wearable smart textiles segment is also the fastest-growing segment in the smart wearables market and it has further potential scope in sports, fashion, and healthcare. Smart textile clothing items incorporate technology, like conductive fibers, and sensors to monitor several aspects of the person’s health & activity. They can also be used for safety purposes like in high-visibility clothing for workers.

Product Analysis

The Wristwear Segment Accounted for the Largest Revenue Share in the Smart Wearables Market in 2022

Based on product, the market is segmented into bodywear, neckwear, headwear, wristwear, footwear, and eyewear. Among these, the wristwear segment dominates the smart wearables market with the largest market share of 53.4% and a revenue share of USD 82.6 Bn in 2022. It includes devices like fitness trackers, and smartwatches, which are popular nowadays and offer a range of features like fitness tracking, mobile notifications, and heart rate monitoring. It has become popular in recent years because of its functionality, convenience, and fashion appeal. Wristwear offers lots of customization and help to an individual regarding their health & activity.

The Headwear and Eyewear Segment is Expected to be the Fastest Growing Product Segment in the Smart Wearables Market.

Headwear & eyewear is projected to be the second-largest and fastest-growing product segment. Owing to the increase in implementation of virtual reality (VR) & augmented reality (AR) headsets in the multimedia & healthcare industries and the rising uptake of smart hats are projected to support the growth of this segment. Additionally, the increasing popularity of smart caps because of their data-driven insights and tracking technology is forecasted to boost segment development.

Application Analysis

The Consumer Electronics Segment Accounted for the Largest Revenue Share in the Smart Wearables Market in 2022

Based on application, the market is segmented into defense, healthcare, enterprise & industrial applications, fitness & wellness, consumer electronics, and other applications. Among these, the consumer electronics segment dominates the smart wearables market with the largest market share of 45.8% in 2022. Owing to the rise of wearable technology, such as fitness bands and AR/VR headsets. Manufacturers such as Omron., Garmin Ltd., Apple Inc., and Nemaura focus on creating gadgets that deliver data containing both medical and non-medical info. For instance, Nemaura’s sugarBEAT Wearable Technology eliminates daily finger prick calibration by enabling frequent blood glucose monitoring for diabetic patients.

The Healthcare Segment is Expected to be the Fastest Growing Application Segment in the Smart Wearables Market.

The healthcare segment is expected to grow faster in the forecasted period owing to wearable devices’ growing application scope in the pharmaceutical sector will fuel segment growth over the forecast period. Telehealth solutions and phone applications enable doctors to connect with their clients virtually, while advances in VR/AR are becoming increasingly popular within this space. VR technology is being utilized for surgical training as well as procedures.

Note: Actual Numbers Might Vary In The Final Report

Key Market Segments

Based on Type

• Wearable Smart Textiles
• Wearable Products and Devices

Based on Product

• Bodywear
• Neckwear
• Headwear
• Wristwear
• Footwear
• Eyewear

Based on Application

• Defense
• Healthcare
• Enterprise & Industrial Application
• Fitness & Wellness
• Consumer Electronics
• Other Applications

Regional Analysis

North America Accounted for the Largest Revenue Share in the Smart Wearables Market in 2022.

North America is estimated to be the most lucrative market in the global smart wearables market, with the largest market share of 35.3% in 2022. This region is known for its high technology adoption rate and abundance of tech-savvy customers who are willing to invest in wearable devices. As such, this area has become a prime target for health and fitness-related wearables.

APAC is expected as Fastest Growing Region in the Projected Period in the Smart Wearables Market.

Asia Pacific is expected as the fastest-growing region in the smart wearables market with a CAGR of 7.24%. Due to its large population, rising disposable income, and growing awareness about health and fitness the smart wearables market is expected to grow rapidly in this region. As a result, there is a high demand for cost-effective yet smart wearables in this region.

Note: Actual Numbers Might Vary In The Final Report

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia
  • Netherlands
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • New Zealand
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Key Players Analysis

Large firms give new product releases top priority to increase their product variety and obtain a competitive edge in the market. In August 2022, Fitbit Inc. launched its lineup of new watches. The market includes tier-1, tier-2, and local players. Tier-1 and tier-2 players dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence.

They are focusing on supporting research and development and embracing strategic growth initiatives. Thermo Fisher Scientific established new integrated commercial packaging and distribution services developed to transform therapies from clinic to commercial launch for patients across Europe and the US.

Top Key Players in the Smart Wearables Market

• Xiaomi Global Community
• Huawei Technologies Co., Ltd.
• Nike, Inc.
• Motorola Solutions Inc.
• Sony Corporation
• Google LLC Company
• HTC Corporation
• SAMSUNG
• Apple Inc.
• LG Electronics
• Casio India Co., Pvt. Ltd.
• Garmin Ltd
• Withings
• Fitbit Inc.
• Fossil Group Inc.
• Other Key Players

Recent Developments

• In September 2022, U&i recently unveiled three premium wearables designed with an active lifestyle in mind. These smartwatches boast Sports Modes that detect multiple body activities like walking, running, and jogging to help users stay fit and motivated.
• In October 2022, Garmin recently unveiled two new wearables, Venu SQ 2 and nu SQ 2 Music Edition, for the Indian market. Both smartwatches come complete with fitness tracking, health monitoring, and connected features that are tailored to all Indian consumers.

Report Scope