Global Wearable Technology Market by Product (Neck-Wear, Wrist-Wear, Body-wear, Foot-Wear, Eye-Wear & Head-Wear) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global wearable technology market was worth USD 40.65 million in 2020. It is projected to grow at a compound annual rate (CAGR of 13.8%) between 2021 and 2028. Over the forecast period, the wearable technology market will be driven by the increasing popularity of connected devices and the Internet of Things (IoT), and the rapid rise in technological literacy globally. Wearable technology such as body monitors and activity trackers, which provide real-time data on the user's wellbeing, has been a result of the increasing prevalence of obesity and chronic diseases. These wearable devices can also provide information about daily events and physiological data, such as heart rate, blood oxygen, blood pressure, cholesterol, and calories burned.

The market's growth prospects were severely affected by the COVID-19 pandemic in the first half 2020. Due to global lockdown restrictions, manufacturing units were temporarily closed. Market growth was supported by increased health awareness in the second half of 2020. This trend is expected to continue during the forecast period. Wearable technology and devices have become a prominent part of the healthcare industry today because of the pandemic.

The market is expected to be driven by the increasing popularity of these devices among professional athletes and recreational fitness enthusiasts. Market participants will also benefit from increasing awareness of the benefits of wearable electronics and a rise in smartphone penetration. The market's growth prospects will continue to rise due to R&D initiatives by several market players. Market growth prospects could be hampered by factors like data privacy concerns, high initial costs, and short battery life.

Market growth is expected to be supported by the promising growth in the gaming sector. Microsoft and Nintendo are among the leading gaming console manufacturers. They have begun to introduce products that use Augmented Reality (AR). Human Pac-Man, for example, uses specialized goggles that allow players to hunt other players in real-life and resemble characters from the game. The market is expected to grow with an increase in AR and Virtual Reality (VR), games.

Product Insights

The market can be divided into several product categories: neck-wear and foot-wear; wrist-wear and body-wear; eye-wear and head-wear; and body-wear and eye-wear. In 2020, the market was dominated by wrist-wear. It accounted for 48.9% of the total market. To provide key information and stats about your fitness, a fitness band or wristwatch can be paired to a mobile app. GOQii and Apple are some of the top wrist-wear companies for fitness and sports applications. The watches and wristbands market suffered a setback in the first half 2020 as top manufacturing companies in China struggled to find labor and limited raw materials. The market saw a slight recovery as manufacturing units started to operate in the second half 2020.

Segment growth is expected to be supported by the increasing use of smartwatches in the healthcare sector. Smartwatches with integrated disease-specific functions, particularly those that provide cardiovascular indications have seen a substantial increase in their adoption. Apple Inc. smartwatches that are equipped with electrical heart monitors to detect abnormal heart rhythms have seen a significant increase in adoption over the years.

From 2021 to 2028, the eye-wear and headwear segment will grow at 14.2% CAGR. The majority of eye-wear products consist of goggles like Google Glass, VISR Goggles and Microsoft HoloLens. The growth in head-mounted display devices is expected to be significant over the forecast period. In the healthcare sector, advances in virtual reality (VR), and augmented reality (AR), are becoming increasingly popular. Medical practice uses VR technology and headsets to aid in surgical trainings. This helps them to reduce the chance of making mistakes while performing surgery.

Application Insights

The market can be divided by application into three segments: healthcare, enterprise and industrial. Consumer electronics is also included. In 2020, the global market share for consumer electronics was 48.4%. There are many uses for consumer electronics, including in fitness and sport, fashion, multifunction and infotainment, multimedia and other areas. Industry players are focusing on devices that allow end-users to track their work hours, due to the increasing demand for wearable consumer electronics. The market growth will be supported by the growing demand for wearable consumer electronics and the increase in connected devices.

With the rapid rise in wearable technology and apps for monitoring health, and the improvement in technology, remote monitoring has become easier and more accessible. This allows doctors and patients to communicate better. The demand for healthcare apps will continue to rise due to increased health awareness and the need to monitor health. Many new wearable medical devices include features such as wearable, wearable dialysis, AI-enabled, and sweat-sensors. These devices are used to notify athletes about electrolyte and water loss. These advanced features will play a significant role in the market growth for wearable technology over the forecast period.

Regional Insights

North America was the dominant region in 2020, accounting for more than 34.7% global revenue. This region is home to a large number of internet users as well as several technological innovation companies such Apple Inc., Garmin Ltd., and Alphabet. Diverse industry players are also taking steps to increase their geographical presence and improve their business operations. In May 2017, Xiaomi Corporation announced that it was expanding its presence in the North American market. This will support the wearable technology market during the forecast period.

The Asia Pacific market for wearable tech is expected to experience promising growth because of the increasing purchasing power and growing number of tech-savvy individuals. Due to the low labor and operation costs, many industry players plan to move their manufacturing operations to the Asia Pacific. Market growth will also be driven by the growing urban population.

Market Share Insights & Key Companies

Alphabet, Huawei Device Co. Ltd. and Xiaomi are the most prominent players on the global market. To increase their market presence, these players are focused on collaborations and acquisitions. This sector's market players emphasize collaborations and acquisitions to develop technology. Alphabet bought Fitbit for USD 2.1 Billion in November 2019.

To strengthen their market positions, key market players are also focusing on strategic initiatives such as joint ventures, product launches, partnerships, contracts and agreements. Fitbit Inc. launched Versa 2, a smartwatch in August 2019. This premium device is equipped with advanced fitness and payment features as well as health features. The following are some of the major players in the global market for wearable technology:

• Apple Inc.

• FitBit Inc.

• Sony Group Corporation

• Garmin Ltd.

• Samsung Electronics Co. Ltd.

Up Market Research published a new report titled “Wearable Technology Market research report which is segmented by Product (Neck-Wear, Wrist-Wear, Body-wear, Foot-Wear, Eye-Wear & Head-Wear), By Players/Companies Samsung Electronics Co Ltd, FitBit Inc, Garmin Ltd, Apple Inc, Sony Group Corporation”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Wearable Technology Market Report Segments:

The market is segmented by Product (Neck-Wear, Wrist-Wear, Body-wear, Foot-Wear, Eye-Wear & Head-Wear).

Some of the companies that are profiled in this report are:

1. Samsung Electronics Co Ltd
2. FitBit Inc
3. Garmin Ltd
4. Apple Inc
5. Sony Group Corporation

Wearable Technology Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Wearable Technology Market

Overview of the regional outlook of the Wearable Technology Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Wearable Technology Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Wearable Technology Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Neck-Wear

                2. Wrist-Wear

                3. Body-wear

                4. Foot-Wear

                5. Eye-Wear & Head-Wear

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Wearable Technology Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Wearable Technology Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.