Wearable Technology Industry Overview
The global wearable technology market size is expected to reach USD 118.16 billion by 2028, registering a CAGR of 13.8% from 2021 to 2028, according to a study conducted by Grand View Research, Inc. 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.
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.
Wearable Technology Market Segmentation
Grand View Research has segmented the global wearable technology market based on product, application, and region:
Based on the Product Insights, the market is segmented into Wrist-Wear, Eye-Wear & Head-Wear, Foot-Wear, Neck-Wear, Body-Wear, and Others
- The wrist-wear segment dominated the market in 2020 and accounted for more than 48.9% market share.
- The eye-wear and head-wear product segment is anticipated to expand at a CAGR of 14.2% from 2021 to 2028.
Based on the Application Insights, the market is segmented into Consumer Electronics, Healthcare, Enterprise & Industrial Application, and Others
- The consumer electronics application segment accounted for more than 48.4% of global revenue in 2020.
- Growing machine-to-machine communication and the rise in connected devices are expected to support the growth of wearable consumer electronics, thereby supporting the market growth.
Wearable Technology Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Key market players are also emphasizing undertaking various strategic initiatives, including joint ventures, new product launches, partnerships, and contracts and agreements, to enhance their positions in the market.
Some prominent players in the global Wearable Technology market include:
- Apple Inc.
- FitBit Inc.
- Sony Group Corporation
- Garmin Ltd.
- Samsung Electronics Co. Ltd.
Order a free sample PDF of the Wearable Technology Market Intelligence Study, published by Grand View Research.
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