Global Wearable Market Report 2022: Upsurge in Connected Wearable Devices Presents Opportunities

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Oct 07, 2022, 06:45 ET

DUBLIN, Oct. 7, 2022 /PRNewswire/ -- The "Global Wearable Market: Analysis By Product, By Application, By Region, Size and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.

The global wearable market was valued at US$62.11 billion in 2021, and is expected to be worth US$145.49 billion in 2027. Wearable devices are hand-free electronic products or devices that can be implanted in the user's body, worn as accessories, or embedded in clothing. Wearable devices are microprocessor-powered products that can send and receive data over the internet and have real-time applications.

Wearable aims to have an impact on a variety of fields, including health and medicine, wellness, aging, disability, education, transportation, business, finance, gaming, and music, among others. The goal is to integrate into people's daily lives and become a useful part of them.

Obesity has become a major issue in many areas, so people prefer wearable technology to monitor their health and fitness data. The entry of large players, portable and convenient usage, increased healthcare awareness, and technological advancements are all factors influencing the wearable market. The global wearable market is determined to grow at a CAGR of 13.85% over the forecasted period of 2022-2027.

Market Segmentation Analysis:

By Product: The report identifies six segments on the basis of product: Smart Watches, Head-mounted Displays, Ear-worn Devices, Sport Watches, Wristbands and Smart Clothing. Smart watches segment dominated the market in 2021 with a share of around 43%. During the COVID-19 phase, the demand for smart watches witnessed an increase because such wearables have been used as an an alternative to medical equipment to monitor essential health parameters including oxygen levels and heart rate. In addition to this, smart watch sellers took their business to online platforms to have a maximum customer exposure. Through various online modes, like social media marketing, companies promoted their products in an attractive way to appeal customers, which helped in the sales growth of smart watches and thereby propelled its market globally.
By Application: The report identifies four segments on the basis of application: Consumer Electronics, Healthcare, Enterprise & Industrial Application and Others. Among the application, consumer electronics segment is expected to grow at a highest CAGR of around 16% during the forecasted period. Fitness and sports, garments and fashion, multifunction, infotainment and multimedia, and other applications are all possible with consumer electronics. Given the growing consumer demand for wearable consumer electronics, industry players are concentrating on developing devices that can keep end-users track their work hours. Furthermore, the rise in connected devices and growing machine-to-machine communication are expected to support the growth of wearable consumer electronics, thereby supporting market growth.
By Region: In the report, the global wearable market is divided into four regions: North America, Asia Pacific, Europe, and ROW. North America accounted for the maximum share of around 35% of the global market in 2021. Rapid urbanization, population growth, and rising consumer disposable income as well as the rapid adoption and popularity of enhanced devices have all contributed to the region's phenomenal growth over the years. Furthermore, the region has a strong presence among wearable device vendors such as Apple, Alphabet, and Garmin, among others, which contributes to the market's growth.

Market Dynamics

Growth Drivers

Escalating Spending on New Technologies
Growing Internet Users
Growth of Augmented Reality/Virtual Reality (AR/VR) Application
Rise in Youth Population
Rapid Urbanization
Increasing Demand from Healthcare
Rising Popularity of Smart Watches

Challenges

Limited Battery Life of Devices
Data Privacy Concerns in Wearable Technology
Counterfeiting of Wearable Devices

Market Trends

Upsurge in Connected Wearable Devices
5G Upgrades
Increasing Growth Prospects of Next-Generation Displays in Wearable Devices
Need for the Integration of all Computing Requirements in One Compact Device
Growing Popularity of Smart Clothing
Digital Payments Through Wearable Devices

Competitive Landscape:

The global wearable market is concentrated with top five players, accounting for more than 60% of the market. Market players have implemented sustainable growth techniques in the market.

Key Topics Covered:

1. Executive Summary

2. Introduction

3. Global Market Analysis

4. Regional Market Analysis

5. Impact of Covid-19

6. Market Dynamics

7. Competitive Landscape

8. Company Profiles

Companies Mentioned