Chicago, June 27, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the "Wearable Technology Market by Product (Wristwear, Headwear, Footwear, Fashion & Jewelry, Bodywear), Type (Smart Textile, Non-Textile), Application (Consumer Electronics, Healthcare, Enterprise & Industrial), and Geography - Global Forecast to 2026", size is projected to grow from USD 116.2 billion in 2021 to USD 265.4 billion by 2026; it is expected to grow at a CAGR of 18.0% from 2021 to 2026.
The key factors contributing to the growth of the wearable technology market include growing popularity of IoT and connected devices, rise in consumer preference for sophisticated gadgets which include sleek and compact devices for healthcare and fitness application and increasing growth prospects of next-generation displays in wearable devices, and the. However, the shorter life cycle of the electronics market and limited battery life are the key restraints for the growth of the wearable technology market. Conversely, the adoption of wearables in multiple application areas and multi-featured and hybrid application mobile devices provide new opportunities for the growth of the wearable technology market. New application areas, such as medical surgery, are being found in wearable technology.
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Wristwear to hold the largest market share during the forecast period
Wearable technology market is broadly segmented into products such as wristwear, fashion & jewelry, bodywear, headwear, footwear, and others. The wearable technology market for wristwear holds the largest market share is expected to be valued at USD 77.9 billion in 2021, while headwear is expected to grow at the highest CAGR of 30.0% between 2021 and 2026. Wristwear gained importance because of its multi-functional applications. With the integration of advanced technologies, the wristwear segment currently provides opportunities for the wearable technology market and would continue to do so in the coming years as well. Moreover, wristwear, headwear & eyewear, and bodywear would be the best segments to invest in the next few years. Headwear & eyewear includes products such as AR and product and technology used in various high-class applications such as the industrial segment, video gaming, and entertainment.
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APAC exhibit the highest CAGR during the forecast period
The wearable technology market in APAC is expected to grow significantly in the next few years, at a CAGR of 21.8% because of the increased demand for wearable products in the region. Moreover, APAC is considered as the manufacturing hub of the consumer electronics industry and is expected to provide ample growth opportunities for the wearable technology market. The key players in the market are Fitbit, Inc. (US), Apple, Inc. (US), Xiaomi Technology Co., Ltd. (China), Garmin Ltd. (US), and Samsung Electronics Co., Ltd. (South Korea).
Enterprise & industrial segment is expected to grow with high CAGR
The wearable technology market for the enterprise & industrial segment is expected to grow with the highest CAGR of 22.5% between 2021 and 2026. This growth is mainly attributed to the increasing demand for wearable scanners and computing devices in warehouses, logistics, and other operations where high speed and efficiency is essential.
Wearable Products (Non-Textiles) segment by type of wearable technology to witness highest CAGR
The wearable products segment is expected to witness CAGR of 18.1% during the forecast period. The growth of this segment is attributed to the increase in awareness of fitness and healthcare as well as consumer expectations. With the integration of wearable electronic devices into the mainstream of personal computing, consumer preference for sleek and compact wearable devices is expected to be the key driver for the growth of the wearable products (non-textile) segment.
Apple Inc. (US), Fitbit Inc. (US), Google LLC (US), Samsung Electronics Co., Ltd.(South Korea), Garmin Ltd.(Switzerland), LG(South Korea), Huawei(China), Sony Corporation(Japan), Xiaomi Corporation(China), and Microsoft (US) are the key players in the wearable technology market.
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