Global Wearable Technology Market By Product (Wrist-Wear, Eyewear & Headwear, Footwear, Neckwear, Body-wear, and Others), By Application (Consumer Electronics, Healthcare, Enterprise & Industrial Applications, and Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Wearable Technology Market size is expected to be worth around USD 231 Billion by 2032 from USD 61.3 Billion in 2022, growing at a CAGR of 14.60% during the forecast period from 2023 to 2032.

Wearable Technology is an electronic device or product that can be implanted directly into the user’s body, or worn as an accessory. Wearable technology products can be powered by microprocessors and are able to transmit and receive data over the internet. They have real-world applications and can be used on a daily basis.

Wearable technology is designed to impact areas such as medicine, health, mobility, finance, gaming, music, and other related fields. It is designed to integrate seamlessly into everyday life and be a valuable part of people’s lives. Businesses face major challenges due to the high brightness requirements and high power consumption. Recent product releases by various market players show that electronic displays are becoming more affordable and compact. The smartwatch category is growing rapidly due to the added features it offers that improve the quality of daily life.

Driving Factors:

Portability And Compactness Of The Product To Drive The Market Growth Of The Market

The global wearable technology market is forecast to grow due to its portability and compactness. Wearable devices have become smaller and more portable over the years. This is due to technological advances in the wearable technology sector. Computing devices used to be bulky, but their size decreased gradually. Now, products that use computing technology are slimmer and more stylish. These advanced technological devices, such as smart glasses, smartwatches, and military heads-up displays, are small and multi-functional. The global wearable tech market is expected to grow over the forecast period due to the increasing use of wearable technologies in different sectors. Many sectors are using wearable technology, including medical, industrial, and military. Head-up displays are expected to be used in a variety of sectors, including construction, industry, military, and the health and fitness sector.

Restraining Factors

High Cost Of The Wearable Technology To Restraint The Growth Of The Market.

The high cost of wearable technology is expected to limit growth in the global market for wearable technology during the forecast period. Wearable devices can be more expensive than other electronic devices. The product’s price is high because the technology is still in its infancy and there are fewer players in the market. The product is unaffordable for middle-class consumers due to its high price. The global wearable technology market is likely to slow down due to slower consumer acceptance. Consumer acceptance of this technology remains the greatest obstacle. Wearable technology products are not easy to accept. Wearable technology products in a cyborg-like form, for example, will be difficult to accept if the person is not used to them.

Growth Opportunities

Higher Quality And Innovation In The New Product Design Has The Most Growth Opportunity.

Innovations in product design can lead to lucrative growth opportunities. Wearable technology products will be more accepted if they are of higher quality. Only a handful of players currently dominate this market. While multifunctional products like Nike+ Fuelband and Google Glass are currently available, they are expensive and not affordable for middle-class customers. This market is very niche and new entrants will likely increase product quality and lower prices. Business opportunities can be created by new product launches.

To expand the product portfolio, major players in the market focus on research and development. For miCoach Mobile, Adidas introduced heart rate-based coaching, in September 2011. Runners who use the miCoach app can now benefit from the new mobile heart rate-based coaching system to help them reach their training goals. Adidas also launched the miCoach powered adizero F50 – The boot with a brain – In November 2011, Adidas released the intelligent football boot, adizero F50. It is known as the “football boot with a brain”, and it is expected that it will bring smart technology to the game.

Trending Factors

Wearable Devices With The Functions Of Wellness And Fitness Awareness Is The Key Trend Of This Market.

There are currently a number of products on the market, including smart glasses, smartwatches and sleep sensors, smart clothes, activity monitors as well as wearable patches, drug delivery systems, continuous glucose monitors, hand-worn terminals, and other smart devices. As major players in the sector continue to innovate and research in this area, additional wearable technology products will likely be introduced. New entrants will likely enter the market.

However, Microsoft, for example, is creating its own augmented reality headset that will compete directly with Google Glass. Smart sports glasses with advanced features will be a big hit in the fitness and wellness industry. With the rising incidence of old age diseases, and growing awareness about health and fitness among both young and old, activity monitors and sleep sensors will see a lot of growth. The fitness and wellness market will see a significant increase in sales of wearable technology products due to an aging population.

COVID-19 Impact Analysis

The impact On Technology Supply Chain Was The Main Cause Of The Downturn Of The Market During The Pandemic.

Due to the COVID-19 pandemic, there was a severe economic downturn. Many countries had to impose strict restrictions in order to stop the spread of the disease. Businesses around the world were severely affected by the disruptions to supply chains and production schedules, as well as on-premise business processes being shut down. This had a significant impact on technology supply chains worldwide. Due to the worldwide shutdown of manufacturing facilities, including those for consumer electronics, automotive, industrial, or other, the COVID-19 pandemic had a negative impact on global demand for wearable devices.

Global restrictions and government regulations have disrupted the supply chain for global wearable technology markets in the first half of 2020. The Asia-Pacific region has a large supply of raw materials for wearable products. These countries include Japan, China, Taiwan, and South Korea. The unplanned lockdown had a negative impact on the manufacturing of wearable devices, which in turn affected their production schedules. Due to the lockdown in major global economic countries, sales dropped, leading to fewer deliveries and a decrease in the sales ratio.

Product Analysis

Wrist-Wear Segment Dominates The Market Globally

The global industry can be further divided into the following product categories: wristwear, eyewear and headwear, footwear (neckwear), body wear (body wear), etc. In 2022, the largest share of global revenue was held by the wrist-wear segment. It accounted for more than 49.45%. To increase sales, many smartwatch manufacturers and fitness trackers targeted athletes, adventurers, and sports fans. These devices track fitness metrics and promote healthy living by providing information about calorie intake, water intervals, and step monitoring.

For the forecasted period, headwear & eyewear will be the second-largest product segment and the second-fastest-growing. This segment is expected to grow due to the increasing use of Virtual Reality headsets and Augmented Reality headsets (VR & AR), in the multimedia and healthcare sectors. Smart hats will also be growing in popularity. Smart caps’ data-driven insights, tracking technology, and increasing popularity are expected to support segment development. Numerous companies such as Spree Wearables, and Life BEAM are now introducing smart caps to the global market.

Application Analysis

The Consumer Electronics Segment Is Dominating The Global Wearable Technology Market

In 2022, the consumer electronics segment dominated the industry and represented more than 48.95% of total revenue. This segment has a high percentage of the overall revenue. It is responsible for the rise in wearable technology such as AR/VR headsets and fitness bands. Garmin Ltd., Omron, Apple Inc. and Nemaura are all focused on making gadgets that provide data. This includes both clinical and non-clinical information.

Nemaura’s sugarBEAT Wearable Technology, for example, eliminates the need to calibrate fingernails every day and allows frequent glucose monitoring for diabetic patients. The healthcare sector is expected to experience the second-fastest growth rate. Segment growth will be supported by the expanding application scope of wearable technology in the pharma industry. Doctors can now connect via digital health tech with their patients through telehealth and phone apps. This allows doctors to remotely monitor patients. The health sector is catching on to the VR and AR advances. The medical practice uses VR technology to aid in surgical training and procedures.

Key Market Segments:

Based on Product

• Wrist-Wear
• Eyewear & Headwear
• Footwear
• Neckwear
• Body-wear
• Others

Based on Application

• Consumer Electronics
• Healthcare
• Enterprise & Industrial Applications
• Others

Regional Analysis

North America Dominate The Market Globally In Terms Of Region.

North America is the dominant market for wearable devices. This is due to its early adoption and global technological hub. The growth factor has increased due to increasing awareness about the use of products and health concerns. The Asia Pacific market for wearable devices is expected to grow at the highest CAGR. It is expected that the market will be the largest in the future. This is due to lifestyle changes, increased demand for wearable medical equipment, and the fact that the region is known for its fitness and sports. China and India will enjoy the highest growth rates from the rest of Asia Pacific, due to their high populations.

China and India offer wearable devices at a low price, which could help increase consumer electronics adoption. The market is expected to see steady and substantial growth in South America and Europe over the forecasted period. This is due to factors like increased awareness and growing tech-savvy populations. The Middle East and Africa will also see significant growth over the forecasted time due to the increased adoption of technology by the hospitality industry. They provide wristbands to guests that they can use to pay for meals and open doors. The market is also witnessing a huge shift from smartwatches to fitness bands.

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share & Key Players Analysis:

The market for wearable technology is competitive and includes many individual players. Companies such as Xiaomi, Apple, and Samsung hold a significant market share. Many startups are also entering the wearable technology market, which in turn intensifies market competition. Companies invest continuously in new products, expanding operations, and entering into strategic mergers or acquisitions to keep their market at a competitive edge.

Market Key Players:

Listed below are some of the most prominent Wearable technology industry players.

• Alphabet Inc.
• Samsung Electronics Co., Ltd.
• Sony Corp.
• Huawei Technologies Group Co., Ltd.
• Apple Inc.
• Xiaomi Corp.
• Adidas AG
• Nike, Inc.
• Fitbit, Inc.
• Garmin Ltd.
• Other Key Players

Recent Developments:

• Apple Inc., an American electronics company, launched Apple Watch Series 6 and Apple Watch SE which is a significant improvement in health and wellness features for Apple TV, iPad, and iPhone in September 2020. Apple Watch Series 6 enhanced the health capabilities of the previous Apple Watch models by adding a new feature that measures oxygen saturation to help with a better understanding of fitness and well-being.
• Samsung Electronics Co., Ltd., an electronics company based in South Korea, launched the first-ever titanium model of Galaxy Watch3. It is made with premium materials and features a rotating bezel. This watch is water-resistant and durable to military standards.

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Report Scope: