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. 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.
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.
Increasing internet penetration in several countries
across the globe is likely to help create lucrative growth opportunities for
the market. For instance, according to the World Bank, the number of internet
users in the U.S. has increased from 87.27% of the total population in 2017 to
88.49% in 2018. In China, 54.3% of the country’s population used the internet
in 2017.
However, the COVID-19 pandemic impacted the supply
chain of the market during the first two quarters of 2020 as shipments of these
devices declined. The supply and demand gap has increased due to the limited
availability of raw materials and labor shortage in manufacturing units.
Nevertheless, the rising focus of governments on economic revival and leniency
in lockdown restrictions are expected to witness drive market growth during the
forecast period. Furthermore, rising health concerns among individuals are also
expected to contribute to market growth.
The North America regional market, valued at USD 14.11
billion in 2020 and dominated the global market owing to the increasing demand
for wearable devices in the U.S and Canada. Furthermore, the presence of
several prominent players such as Alphabet Inc.; Garmin Ltd.; and Apple, Inc.
in the region is also expected to favor market growth through the forecast
period. These players majorly focus on strategic partnerships and mergers and
acquisitions to enhance their business operations. For instance, in November
2019, Alphabet Inc. announced the acquisition of Fitbit Inc.
Related Press Release@ Wearable Technology Market Report
Wearable Technology Market Report
Highlights
- In terms of product, the wrist-wear product segment is expected to
dominate the market for wearable technology over the forecast period due
to the increased adoption of smartwatches among millennials. The segment
is expected to reach USD 62.16 billion by 2028
- In terms of application, the consumer electronics segment is
expected to dominate over the forecast period. The segment is anticipated
to reach USD 59.55 billion by 2028
- North America is projected to account for the majority share of the
global market over the forecast period. The regional market is anticipated
to reach USD 36.67 billion by 2028. The growth in disposable incomes and
the rapid adoption and popularity of connected devices are some of the
major drivers of the regional market
- The prominent industry participants include Apple Inc.; Fitbit,
Inc.; SAMSUNG; Xiaomi Global Community; and Huawei Device Co., Ltd.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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