Report Id: SNS/ICT/1265 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
The Wearable Technology Market was valued at USD 117.3 billion in 2021 and is predicted to increase at a CAGR of 18.5% from 2022 to 2028, to reach USD 384.88 billion.
Because of characteristics including simplicity of use, adaptability, and convenience, the wearable technology industry is growing. It also offers real-time data monitoring, operational efficiency, and fitness tracking, all of which contribute to market growth.
The integration of small sensors into textiles, smart watches' ability to connect with social media, in-store marketing, and wearable payment convenience are all instances of wearable technology innovation. Smart watches have transformed timepieces, allowing them to be versatile. Due to technology improvements, customers are projected to prefer smart timepieces to their analog% counterparts in the near future. Companies that make wearable gadgets put a lot of money into R&D to come up with the best solutions and obtain a bigger market share. During the projected period, the wearable technology market is likely to be driven by technical advances and features.
Future growth prospects for next-generation displays in wearable devices are improving.
Displays in wearable devices such as smart glasses and smartwatches have become a reality thanks to technological advances.
Limited battery life
The most difficult task is to handle the power demand and regulate power usage.
Consumers desire a single little gadget that can handle all of their computing and monitoring needs.
Creation of multi-function and hybrid wearable gadgets that provide customers with ease while also integrating the functionality of multiple devices
Demand for continued gadget advancements
New technologies are rapidly being developed and integrated into a variety of products as a feature.
IMPACT OF COVID-19:
COVID-19 is projected to have a negative influence on the market's supply chain since a few key firms are situated in China, the pandemic's epicenter. Furthermore, given the current scenario, important wearable technology is currently concentrating on preserving and earning operating income, resulting in fewer market advances in 2020. COVID-19's influence is likely to diminish throughout the projection period as several previously postponed product releases and associated developments are realized.
The key players profiled in the global Wearable technology market are 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.
Due to rising consumer awareness of health and wellness, the fitness sector led the market on the basis of gadget.
Wrist wear has the largest Wearable Technology Market Share in 2020, owing to its easy accessibility in nature, which attracts an increasing number of people to purchase wrist wear smart goods.
KEY MARKET SEGMENTATION:
By Product type:
Fitness And Sports
In 2021, APAC held the greatest share of the market. APAC is home to a number of major market participants. Wearable devices are made in China and India at a low cost, making them accessible to customers. Many foreign companies have their wearable gadgets produced and assembled by local manufacturers in the region, which they then brand. The high adoption rate of consumer electronics can be attributed to the region's many densely populated countries. Manufacturers of wearable gadgets are always developing in order to gain a competitive edge. To allow payment functionality, some manufacturers have integrated NFC technology into their wearable gadgets. In addition, rising per capita income and improved living standards in emerging nations in the area have fueled the demand for wearable gadgets. Furthermore, the COVID-19 pandemic has a minor influence on the APAC wearable technology industry.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of the Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 117.3 Bn|
|Market Size by 2028||US$ 384.88 Bn|
|CAGR||CAGR of 18.5% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• 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)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||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.|
|Key Drivers||• Future growth prospects for next-generation displays in wearable devices are improving.|
|Market Opportunities||• Consumers desire a single little gadget that can handle all of their computing and monitoring needs.|
Frequently Asked Questions (FAQ) :
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of the Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. The Global Wearable Technology Market, By Device
8.2 Smart Watches
8.3 Smart Glasses
8.4 Smart Clothing
9. The Global Wearable Technology Market, By Product type
9.1 Wrist Wear
10.The Global Wearable Technology Market, By Application
10.2 Consumer Applications
10.5 Fitness and Sports
11. Regional Analysis
11.2 North America
11.2.1 the USA
11.3.2 the UK
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Garmin Ltd.
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Adidas AG.
12.3 Nike Inc
12.4 Samsung Electronics Co.
12.5 Sony Corporation
12.6 Huawei Technologies Co., Ltd.
12.7 LG Electronics Inc.
12.8 Motorola Solutions Inc
12.9 Apple Inc.
12.10 Fitbit, Inc
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
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