New York, US, May 25, 2022 (GLOBE NEWSWIRE) -- Wearable Technology Component Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Wearable Technology Component Market” information by Product, by Technology, by Components, by application and Region – Forecast to 2030” market size to grow at a compound annual growth rate of 17.8% by 2030.
Report Scope:
The wearable technology market demonstrates significant future revenue growth. Rising popularity of wearables will drive the wearable technology component market growth, increasing the adoption of wearable devices. Besides, advances in sensors and wearable technology gadgets boost the market size. The market is likely to witness continual growth, mainly due to growing sales of wearable fitness tracking & health monitoring devices. The penetration of smartphones, mobile networks & applications, computing, and broadband connectivity boosts the market demand exponentially.
| Report Metric | Details |
| Market Size | USD 280 Billion |
| CAGR | 17.8% |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Technology, Components, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Adidas, Apple Inc., Xiaomi, Garmin, Fitbit, Samsung Electronics, Nike and Qualcomm Technologies |
| Key Market Opportunities | Around 43 percent of smartphones would be replaced by wearable devices by the end of 2021 |
| Key Market Drivers | The growing demand for different wearable devices in navigation, telemedicine, infotainment, and others is fueling the global market |
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Moreover, factors such as rapid digitalization and IoT proliferation accelerate the growth of the wearable technology market. On the flip side, the requirements of large R&D expenditures and long development & commercialization times are major headwinds for the growth of the wearable technology component market. Nevertheless, rising wearable technology applications in clothing would support market growth throughout the review period.
Industry Trends
Wearables have become a hot commodity, witnessing increasing applications ranging from fitness and healthcare to infotainment. Wearable technology has transformed the way consumers receive and send data across the world, offering a solution-based approach. There is a wide variety of electronic components such as capacitors, Bluetooth modules, connectors, sensors, and switches available.
Each component plays a causal role in making perfect wearable technology and enhances the usability and aesthetics of devices. Infotainment devices, such as augmented reality headsets, wearable digital video cameras for hands-free recording, smart toys, Smart fabrics for fashion apparel, Wearable speakers, and smartwatches & glasses are rapidly getting adopted.
In industrial applications, wearable technology is used in making helmets that monitor head injury/helmet damage and safety goggles with data display. Wearable technology is rapidly getting adopted in aircraft and aerospace spaces for designing binoculars delivering real-time information feed to the pilot's line of sight and barcode scanners with a binary heads-up display.
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The application of wearable technology in healthcare and medical is growing significantly. It is used to develop AED (automated external defibrillator) to diagnose and treat life-threatening situations automatically, wearable heart rate monitors & blood pressure monitors, pain relief devices with nerve stimulation, blood glucose monitors with automated insulin injection for diabetics, and clothing/ apparels that constantly scan for cancer signs on the body.
Wearable Technology Component Market Segments:
The market is segmented into components, products, technologies, applications, and regions. The component segment comprises connectivity, sensing, memory, battery, and others. The product segment comprises wristwear, headwear & eyewear, neckwear, smart clothing, wearable cameras, implants, and others.
The technology segment comprises computing technology, display technology, networking technology, sensor technology, and others. The applications segment comprises fitness & wellness, healthcare, consumer electronics, defense, enterprise & industrial applications, and others. The region segment is sub-segmented into Asia Pacific, Europe, North America, and rest-of-the-world.
Wearable Technology Component Market Regional Analysis
North America dominates the global wearable technology component market. Advances in wearables and the early adoption of advanced wearable technologies, alongside the presence of remarkable wearable manufacturers, drive the wearable technology component market growth. Besides, increasing investments in research & development of technology and the well-developed economy in the region propel the market size. The large research & technological ecology in the US provide huge impetus to the market value.
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Europe is another lucrative market for wearable technology components globally. Quadrupling wearable applications, such as smartwatches, smart jewelry, fitness trackers, and smart clothing, substantiate the market revenues. Also, spurring growth in the number of wearable users and advances in implantable and head-mounted displays drive the regional wearable technology component market growth. Burgeoning healthcare and medical devices sectors in the region accelerate the market share.
The wearable technology market in the Asia Pacific is growing significantly. Increased spending on wearable devices, consumer electronics, and rising per capita disposable income are key tailwinds for the growth of the regional market. Additionally, the growing manufacturing activities and technological base in the region impact the growth of the regional market positively. China dominates the regional market, followed by India and South Korea. Also, the increasing uptake of smart technology substantiates regional wearable technology component market growth.
Competitive Analysis
Highly competitive, the wearable technology component market appears fragmented due to the presence of several well-established players. Industry players make vast investments in research and development activities and foster their expansion plans. These market players adopt approaches such as greater commercialization of their products, promotion initiatives through competitions & trade exhibitions, and increased collaboration.
Dominant Key Players in Wearable Technology Component Market Covered are:
- Adidas
- Apple Inc.
- Xiaomi, Garmin
- Fitbit
- Samsung Electronics
- Nike
- Qualcomm Technologies
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Recent Developments:
This market witnesses implementation of several strategic deals, such as collaboration, mergers & acquisitions, product launches, and expansion. For instance, on May 04, 2022, Nordic Capital, a leading private equity investor in Europe, announced signing an agreement with ProGlove, a leading global Industrial Internet of Things (IoT) and wearable company in Germany.
This strategic investment in IoT and wearable technology disruptor will accelerate the company's growth in the large and growing wearable technology component market worldwide. Nordic Capital will support ProGlove and its unique, human-centered solutions to improve shopfloor processes and achieve substantial efficiency gains.
ProGlove provides integrated components built around wearable barcode scanners with multiple IoT sensors allowing for hands-free data capture. The partnership will enable Nordic Capital to accelerate its future growth plans and expand its customer base, boosting investments in product development.
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