The global wearable technology market size is expected to be worth around US$ 125.16 billion by 2030, according to a new report by Vision Research Reports.
The global wearable technology market size was valued at US$ 42.5 billion in 2020 and is anticipated to grow at a CAGR of 15.8% during forecast period 2021 to 2030.
|Market Size||USD 125.16 billion by 2030|
|Growth Rate||CAGR of 15.8% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Alphabet Inc.; Xiaomi Corporation; Samsung Electronics Co. Ltd.; Garmin Ltd.; Apple Inc.|
The rapid increase in demand for multimedia devices and smartphones, coupled with the surge in the adoption of fitness trackers and health-based wearables, is anticipated to propel the market for wearable technology. Furthermore, increasing health awareness among consumers is leading to increased interest in fitness activities such as cycling, running, and walking. Fitness and activity tracking devices provide a way of monitoring progress and analyzing the physiological data gathered, thereby contributing to market growth.
Rising incomes, changing lifestyles, improved standards of living, and increased consumer awareness about the need to adopt energy-efficient products are encouraging consumers to spend more on utilities, thereby supporting the market growth. Furthermore, technological innovations and advancements and the larger availability of affordable and efficient products create growth opportunities for the market.
By Segment Analysis
Based on product, the market is categorized into neck-wear, foot-wear, wrist-wear, body-wear, eye-wear, and head-wear, and others. The wrist-wear segment dominated the market in 2020 and accounted for more than 48.9% market share. A fitness wristwatch or band can be paired with a mobile application to offer key fitness-related information and statistics to the user.
The eye-wear and head-wear product segment is anticipated to expand at a CAGR of 14.2% from 2021 to 2030. Eye-wear products mainly comprise goggles such as Microsoft HoloLens, VISR Goggles, and Google Glass. Head-mounted display devices are anticipated to witness significant growth over the forecast timeframe.
By Application Analysis
Based on application, the market is segmented into healthcare, enterprise, and industrial application, consumer electronics, and others. The consumer electronics application segment accounted for more than 49.4% of global revenue in 2020.
The rapid increase in the adoption of wearable devices and health apps, coupled with improvement in technology, has increased the scope of monitoring health remotely, thereby allowing for better communication among patients and doctors.
By Regional Analysis
North America dominated in 2020 and accounted for over 35.7% of global revenue. The region houses a large population of internet users and several companies associated with technological innovations, such as Alphabet; Garmin Ltd.; and Apple Inc.
the Asia Pacific market for wearable technology is anticipated to witness promising growth due to increasing purchasing power, the growing population of tech-savvy people, and the presence of several leading market players in the region.
Sony Group Corporation
Samsung Electronics Co. Ltd.
Eye-Wear & Head-Wear
Enterprise & Industrial Application
Middle East & Africa
The Wearable Technology market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Wearable Technology market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Wearable Technology market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Wearable Technology market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Wearable Technology market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Wearable Technology capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Wearable Technology by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Wearable Technology market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Wearable Technology market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Wearable Technology market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Wearable Technology industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Wearable Technology market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Wearable Technology market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Wearable Technology market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Wearable Technology market. These factors have benefited the growth of the global market for Wearable Technology. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Wearable Technology. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Wearable Technology are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
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