New York, Aug. 15, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global wearable technology market size was estimated at USD 138.61 billion in 2022.
- By application, the consumer electronics segment exhibited revenue share of around 48.6% in 2021.
- The fitness & wellness application segment is growing at a CAGR 10.7% between 2022 and 2030.
- By product, the wrist-wear segment had a highest revenue share 49.2% in 2021.
- The eye-wear and head-wear product segment is projected to reach at a CAGR of 14.3% between 2022 to 2030.
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Why North America region had highest revenue share in wearable technology market?
- North American region is expected to dominate the market in the coming years and it has had a market share of about 38.6% in terms of revenue. Due to the increased use of Internet and the innovations in technology the market in the North American region shall be dominating in the coming years period the presence of various companies in this region will play an important role in the expansion of the market. Various initiatives are taken by these companies to improve the performance of these equipment's.
Why Asia Pacific region is growing faster in the wearable technology market?
- The Asia Pacific region is also expected to grow well in the coming years. The growing demand for wearable devices in the Asia Pacific region and rapid urbanization has led to an increased purchasing power at the hands of the consumers and the people in this region are tech savvy due to which the market is expected to have a good demand for these products.
- There are a large number of market players when they show Asia Pacific region which have helped in creating another list regarding these products. In the coming years the other manufacturers are expected to set their foot in the Asia Pacific region as the cost of Labor and the raw material in this region is low. Increasing population in this region will drive the market growth for the variable devices in the coming years period.
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Report highlights
- On the basis of the product, the wrist wear segment is expected to grow well in the coming year. As this device helps in maintaining the statistics and the information related to the fitness of an individual the market for this product is expected to grow well in the coming years period there's a growing demand for these devices in the sports segment. There's a growing demand for these devices in the various industries and most of these products are consumed by the health care sector. The integration of various functions related to a specific disease shall we instrumental in the growth of the smart watches market. These devices help in tracking important information relating to the cardiovascular diseases. the demand for goggles is also expected to grow well in the coming years. Head mounted devices are also of great importance in the healthcare industry as these products are used by the surgeons in performing various surgeries. These devices provide good assistance to the surgeons.
- The growing demand for the consumer electronics has increased the use of this technology. Various devices are developed that help in tracking the working hours and many other such devices have provided for the growth of the market. Increased use of technology for the communication between machines and the growing demand for the connected devices shall we instrumental in the growth of the market in the coming years.
- Advanced technology used in these products is creating a greater demand for these devices. As these devices are instrumental in tracking the health and it also enhances the communication between the doctor and the patients the market is expected to grow well in the coming years.
- The health care industry shall have a maximum demand for these devices. These devices are portable and compact. There's a growing demand for the devices that make use of sweat sensors which are extremely useful for the athletes which help in tracking their electrolyte loss and the water loss. The use of these sensors in the devices will help in creating a better demand for these products in the coming years.
- Manufacturers are also engaging in strategic initiatives which comprises of partnerships and joint ventures. Research and development activities have been instrumental in launching new products in the market agreements in the various companies have been instrumental in strengthening the position of these organizations in different markets.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 121.7 Billion |
| Revenue Forecast by 2030 | USD 392.4 Billion |
| CAGR | 13.89% from 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Region | Asia Pacific |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | Xiaomi Global Community, Huawei Technologies Co. Ltd., Nike Inc., Motorola Solutions Inc., Sony Corporation, Google LLC, HTC Corporation, SAMSUNG, Apple Inc., LG Electronics, CASIO AMERICA INC. and Others |
Market Dynamics
Drivers
Constant research and development activities in the past have been instrumental in providing innovative products in the market. Smart goggles, glasses and watches are available in the market there are many other devices offered in the market that help in tracking the body vitals of a person. These devices are flexible and also these devices are affordable due to which the market is expected to grow well in the coming years.
Constant efforts have provided better display for this technology in the recent years. The storage of these devices has also been increased due to which the market is expected to grow well. Recent products are available with a better battery life.
Restraints
One of the major factors that hinder the growth of the market is the battery life of these products or the equipment. The battery of these products is not reliable due to which the consumers have to compromise on it. There is a growing demand for efficient system for the enhancement of the battery life. The requirement of the power to enhance the performance of these variable devices is growing. The cost of these products also needs to calm down.
Opportunities
There's a growing demand for compact devices which would integrate a lot many monitoring functions in a single device. And this is expected to provide a better opportunity for the growth of this market in the coming years period there's a growing demand for hybrid devices which have been extremely beneficial for the users as they have an integrated platform for performing various functions.
Challenges
The market for the electronics is growing in the Asia Pacific region and also the other countries. Constant research and development in this market makes the new technology old at a faster pace. Due to which the significance of the products that make use of old technology have no value in the market. In order to move faster with the advancements in the technology the major challenges that the manufacturers face is that of growing demand for these new technologies. The market is extremely competitive and advanced features or technologies are used in these products.
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Recent Developments
- In the year 2020 series of Apple Watch was launched by the organization. This product shall be extremely beneficial for the health and Wellness of an individual. New features are added to the watch series will help in monitoring the saturation of oxygen in the blood.
Market Segmentation
By Type
- Wearable Smart Textiles
- Wearable Products and Devices (Non-Textiles)
By Product
- Bodywear
- Neckwear
- Headwear
- Wristwear
- Footwear
- Eyewear
By Application
- Defense
- Healthcare
- Enterprise & Industrial Applications
- Fitness & Wellness
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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