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Wearable Technology Market

Wearable Technology Market Size, Share & Segmentation 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), by Regions and Global Market Forecast 2022-2028

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.

Wearable Technology Market

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.

MARKET DYNAMICS: 

KEY DRIVERS: 

  • 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.

RESTRAINTS: 

  • Limited battery life

  • The most difficult task is to handle the power demand and regulate power usage.

OPPORTUNITIES: 

  • 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

CHALLENGES: 

  • 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.

KEY PLAYERS:

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.

MARKET ESTIMATION:

Market, By Device Fitness Segment:

Due to rising consumer awareness of health and wellness, the fitness sector led the market on the basis of gadget.

Market, By Product Type:

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 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

Wearable Technology Market

REGIONAL ANALYSIS:

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.

REGIONAL COVERAGE:

  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The 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 the Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Wearable Technology Market Report Scope:
Report Attributes Details
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
Base Year 2021
Forecast Period  2022-2028
Historical Data  2017-2020
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. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

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

8.1 Fitness

8.2 Smart Watches

8.3 Smart Glasses

8.4 Smart Clothing

8.5 Others

 

9. The Global Wearable Technology Market, By Product type

9.1 Wrist Wear

9.2 Eyewear

9.3 Hearables

9.4 Neckwear

9.5 Bodywear

9.6 Others

 

10.The Global Wearable Technology Market, By Application

10.1 Lifestyle

10.2 Consumer Applications

10.3 Entertainment

10.4 Healthcare

10.5 Fitness and Sports

10.6 Defense

10.7 Enterprise

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 the USA

11.2.2  Canada

11.2.3  Mexico

11.3 Europe

11.3.1  Germany

11.3.2  the UK

11.3.3  France

11.3.4  Italy

11.3.5  Spain

11.3.6  The Netherlands

11.3.7  Rest of Europe

11.4 Asia-Pacific

11.4.1  Japan

11.4.2  South Korea

11.4.3  China

11.4.4  India

11.4.5  Australia

11.4.6  Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1  Israel

11.5.2  UAE

11.5.3  South Africa

11.5.4  Rest

11.6 Latin America

11.6.1  Brazil

11.6.2  Argentina

11.6.3  Rest of Latin America

 

12. Company Profiles   

12.1 Garmin Ltd.

12.1.1 Financial

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

 

14. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

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