NEW YORK, United States, April 13, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Wearable Technology Market By Type of Product (Bodywear, Neckwear, Headwear, Wristwear, Footwear, and Eyewear), By Application (Defense, Healthcare, Enterprise & Industrial Applications, Fitness & Wellness, Infotainment, and Others), and By Region - Global and Regional Industry Trends, Market Insights, Data analysis, Historical Information, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand for global Wearable Technology Market size & share was worth about 115.8 (USD billion) in 2021 and is predicted to grow to around 380.5 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 18.5% during the forecast period 2022 to 2028.”
What is Wearable Technology? How big is the Wearable Technology Market?
Market Overview:
Wearable technology is primarily comprised of electronic items that have been integrated with a specific type of technology. The technology can easily be worn on the body to detect real-time data. Wearable technology refers to wristbands that are made to be worn on the wrist to track information such as heart rate, pulse, sleep hours, steps taken, and so on. Apple, Jawbone, Fitbit, and other companies have released wristbands that act as activity trackers.
This has attracted a sizable customer base all over the world. The considerable customer base can be attributed to the fitness shift brought about by wearable technology. According to Fitbit's report, the company sold approximately 15 million units of its smart fitness wristbands.
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- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
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Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 115.8 Billion |
| Projected Market Size in 2028 | USD 380.5 Billion |
| CAGR Growth Rate | 18.5% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Xiaomi Global Community, Huawei Technologies Co., Ltd., Nike, Inc., Motorola Solutions, Inc., Sony Corporation, Google LLC, HTC Corporation, Michael Kors, ADIDAS AG, Polar Electro, TomTom International BV, Fossil Group, Inc., ASUSTeK Computer Inc, SAMSUNG, Apple Inc., LG Electronics, CASIO AMERICA, INC., Garmin Ltd., Withings, and Fitbit, Inc., among others |
| Key Segment | By Type of Product, Application, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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Global Wearable Technology Market: Growth Factors
The entry of major players, compact & efficient usage, increased healthcare awareness, and technological developments are all factors influencing the global wearable technology market. These significant factors have accelerated the adoption of wearable devices in a variety of industries, including defense, healthcare, industries & enterprises, entertainment, and others. Wearable devices, such as smartwatches, smart clothing, and fitness trackers, are popular among consumers due to their numerous advantages, such as portability and the most recent technological advancements.
Increased implementation of wearables across various verticals has an impact on their application. Furthermore, technological developments in software and hardware components, as well as their rising adoption in fitness support the growth of the wearable technology market. However, poor battery life and security considerations limit wearables' adoption among customers.
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What are the disadvantages of wearable technology?
The lack of an efficient and dependable battery system that can be comfortably worn without compromising the device's compactness and ease of use is a major impediment to the growth of the wearable technology market. The most difficult challenge for wearable computing as it moves toward the convergence of all computing devices into a single wearable device is managing the electrical load, power consumption, and battery recharging. With the increasing demand for wearable devices, it is critical not only to meet the power efficiency requirement cost-effectively but also to maintain power consumption. This component is thought to be a major market restraint.
Wearable Technology Market Segmentation Analysis
- Wristwear products accounted for 29.4% of the global wearable technology market
The global wearable technology market is segregated on the basis of type of product, application, and region. By type of product, the market is divided into bodywear, neckwear, headwear, wristwear, footwear, and eyewear. The wristwear accounts for the major portion of the market. By application, the market is classified into defense, healthcare, enterprise & industrial applications, fitness & wellness, infotainment, and others. Fitness & wellness are the most common applications for wearable gadgets.
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Who are the Top Market Players in Wearable Technology Industry?
Some of the main competitors dominating the global wearable technology market include -
- Xiaomi Global Community
- Huawei Technologies Co. Ltd.
- Nike Inc.
- Motorola Solutions Inc.
- Sony Corporation
- Google LLC
- HTC Corporation
- Michael Kors
- ADIDAS AG
- Polar Electro
- TomTom International BV
- Fossil Group Inc.
- ASUSTeK Computer Inc
- SAMSUNG
- Apple Inc.
- LG Electronics
- CASIO AMERICA INC.
- Garmin Ltd.
- Withings
- Fitbit Inc.
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the Wearable Technology market is estimated to grow at a CAGR of around 18.5% during the forecast period.
- The wearable technology market was valued at around USD 115.8 Bn in 2021 and is projected to reach US$ 380.5 Bn by 2028.
- Smartwatches are becoming increasingly popular, which is propelling market growth.
- By type of product, Wristwear products accounted for 29.4% of the global wearable technology market in 2020.
- A growing number of customers are opting for smart health bands and watches to maintain their fitness, which is driving the wearable technology market forward. As a result, the fitness & wellness category is anticipated to expand at a 10.5% CAGR between 2022 and 2028.
- With a market share of more than 38.2 percent, North America leads the global wearable technology market, followed by Asia-Pacific and Europe.
Key questions answered in this report:
- What is the market size and growth rate forecast for the Wearable Technology industry?
- What are the main driving factors propelling the Wearable Technology Market forward?
- What are the leading companies in the Wearable Technology Industry?
- What segments does the Wearable Technology Market cover?
- How can I receive a free copy of the Wearable Technology Market sample report and company profiles?
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What is the COVID-19 Impact on wearable technology?
COVID-19 likely has had a negative impact on the market's supply chain because a few influential players were based in China, which was the epicenter of the pandemic. Furthermore, the vital wearable technology market is currently concentrating on preserving and producing operating revenue, resulting in fewer developments in the market. COVID-19's impact is expected to diminish during the forecast period as many previously postponed product launches and significant developments are eventually released.
Which region offers the best opportunity and growth?
- North America leads the global wearable technology market with a market share of more than 38.2%
North America is regarded as a global hub for technological advancement. With the integration of innovative gadgets, there is a greater demand for advanced and multi-functional devices. Increasing disposable income and a high adoption rate of the most recent wearable devices are major driving factors for the region's market. Furthermore, the existence of successful players such as Apple, Garmin, and Fitbit is contributing to the growth of the region's wearable technology market.
Recent Developments
- March 2020: Google invested USD 40 million in property rights from Fossil in 2019, and Google parent Alphabet announced in November that it would buy Fitbit for USD 2.2 billion. Optical sensors would be incorporated into the body of a smartwatch. The sensor will be capable of reading the wearer's wrists, fingers, and arms, and the Pixel Watch was slated to debut in 2020.
- April 2020: In a tweet on the Chinese social media platform Weibo, Xiaomi's Huami subsidiary announced the Mi Band 5's release date. According to the company, the Amazfit range will also get a new addition called the Amazfit Ares. Huami also stated that the Amazfit Ares would have 70 different sports modes and a rough "urban outdoor" style.
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The global wearable technology market is segmented as follows:
By Type of Product Segment Analysis
- Bodywear
- Neckwear
- Headwear
- Wristwear
- Footwear
- Eyewear
By Application Segment Analysis
- Defense
- Healthcare
- Enterprise & Industrial Applications
- Fitness & Wellness
- Others
By Regional Segment Analysis
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Key Offerings:
- Market Size, Share, Analysis & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Type of Product, Application, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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