Portland,OR, March 09, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global wearable electronics market generated $81.40 billion in 2020, and is projected to reach $459.58 billion by 2030, growing at a CAGR of 19.9% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Lower device cost due to the emergence of a large number of manufacturers, rise in awareness among customers for health-related activities, and increase in usage among customers of varied age profiles for patient tracking systems drive the growth of the global wearable electronics market. However, surge in number of customers adopting digital devices and presence of internet mobility restrain the market to some extent. On the other hand, increase in investment on building a connected ecosystem presents new opportunities in the upcoming years.
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COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic led to global lockdown and temporary closure of the electronics and semiconductor sectors, thereby affecting the overall growth of the global wearable electronics market.
- It further disrupted the whole supply chain, leading to difficulty in supply of raw materials. Lack of skilled labor further affected the market growth.
- However, the wearable electronics market is expected to recover soon.
The report offers detailed segmentation of the global wearable electronics market based on product type, application, and region.
Based on product type, the wrist wear segment held the highest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. However, the eye wear segment is estimated to register the highest CAGR of 23.13% from 2021 to 2030.
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Based on application, the entertainment segment held the largest market share in 2020, holding more than one-third of the total market share, and is expected to continue its leadership status during the forecast period. However, the industrial segment is projected to register the highest CAGR of 22.03% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the same region is projected to manifest the fastest CAGR of 21.14% during the forecast period. Other regions discussed in the report include North America, Europe, and LAMEA.
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Leading players of the global wearable electronics market analyzed in the research include Adidas AG, Fitbit, Inc., Nike, Inc., Google, Inc., Apple, Inc., Sony Corporation, Samsung Electronics, Garmin Ltd., Sensoria Inc., and LG Electronics.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
