The market size of wearable technology will reach 392.4 billion US dollars

NEW YORK, Aug. 15, 2022 (GLOBE NEWSWIRE) — According to Precedence Research, global market of wearable technologies the size was estimated at 138.61 billion US dollars in 2022.

  • According to applications, the share of consumer electronics in 2021 was about 48.6%.
  • From 2022 to 2030, the fitness and wellness apps grow at a compound annual growth rate of 10.7%.
  • By product, the wristwear segment had the highest revenue share of 49.2% in 2021.
  • Eyewear and headwear is projected to grow at a CAGR of 14.3% between 2022 and 2030.

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Why did the North American region have the highest share of income in the market of wearable technologies?

  • The North America region is expected to dominate the market in the coming years, accounting for a market share of around 38.6% in terms of revenue. With the increasing use of internet and innovation in technology, the North American region will dominate the market in the coming years, the presence of various companies in this region will play an important role in the expansion of the market. These companies are taking various initiatives to improve the performance of this equipment.

Why is the Asia-Pacific region developing faster in market of wearable technologies?

  • Asia Pacific is expected to grow well in the coming years. Growing demand for wearable devices in Asia Pacific and rapid urbanization has led to increased purchasing power of consumers and people in the region are tech savvy, due to which the market is expected to have good demand for these devices. products.
  • There are a large number of market players when they show the Asia-Pacific region that have helped create another list regarding these products. Other manufacturers are expected to enter the Asia-Pacific region in the coming years, as labor and raw material costs are low in the region. Increasing population in this region will contribute to the growth of the removable devices market in the coming years.

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Highlights report

  • Based on the product, in wrist segment it is expected to grow well in the coming year. As this device helps in maintaining statistics and information related to a person’s fitness, the market for this product is expected to grow well in the coming years, the demand for these devices in the sports segment will increase. There is a growing demand for these devices in various industries and most of these products are consumed by the healthcare sector. The integration of various disease-specific features will drive the growth of the smartwatch market. These devices help track important information about cardiovascular disease. The demand for safety glasses is expected to increase significantly in the coming years. Head-mounted devices are also important in the healthcare industry, as these products are used by surgeons during a variety of operations. These devices help surgeons well.
  • The growing demand for consumer electronics has increased the use of this technology. Various devices have been developed to help track working hours and many other such devices have ensured the growth of the market. Increasing use of machine-to-machine communication technologies and rising demand for connected devices will drive market growth in the coming years.
  • The advanced technology used in these products creates more demand for these devices. As these devices play an important role in health monitoring and also improve doctor-patient communication, the market is expected to grow significantly in the coming years.
  • The healthcare industry will have the maximum demand for these devices. These devices are portable and compact. There is a growing demand for devices that use sweat sensors, which are extremely useful for athletes and help track electrolyte and water loss. The use of these sensors in devices will help create better demand for these products in the coming years.
  • Manufacturers also engage in strategic initiatives that include partnerships and joint ventures. Research and development activities have played an important role in bringing new products to market. Agreements between different companies contributed to strengthening the positions of these organizations in different markets.

Scope of the report

Report attributes Details
Market size in 2021 121.7 billion dollars
Income forecast until 2030 392.4 billion dollars
CAGR 13.89% from 2022 to 2030
The biggest market North America
A rapidly developing region Asia-Pacific region
Base year 2021 year
Forecast year 2022-2030
Key players Xiaomi Global Community, Huawei Technologies Co. Ltd., Nike Inc., Motorola Solutions Inc., Sony Corporation, Google LLC, HTC Corporation, SAMSUNG, Apple Inc., LG Electronics, CASIO AMERICA INC. and other

Market Ddynamics

Drivers

Continuous research and development has played an important role in the past in bringing innovative products to market. Smart glasses, glasses and watches are available in the market, there are many other devices in the market that help in monitoring the vital functions of the human body. These devices are flexible and also these devices are affordable due to which the market is expected to grow well in the coming years.

Continued efforts have provided a better display for this technology in recent years. The storage of these devices has also been increased due to which the market is expected to grow well. The latest products are available with better battery life.

Limitation

One of the major factors hindering the growth of the market is the battery life of these products or equipment. The battery of these products is unreliable, due to which consumers are forced to compromise on it. There is a growing demand for an efficient system to increase battery life. The need for power to increase the performance of these variable devices is increasing. The cost of these products also needs to be reassured.

Opportunities

There is a growing demand for compact devices that integrate many monitoring functions in one device. This is expected to provide better opportunities for the growth of this market in the coming years when the demand for hybrid devices will increase which have been extremely beneficial to the users as they have an integrated platform to perform various functions.

Challenges

The electronics market is growing in the Asia-Pacific region as well as in other countries. Constant research and development in this market makes new technologies obsolete faster. Therefore, the importance of products that use old technologies has no value in the market. In order to move faster with advancements in technology, the main challenge manufacturers face is increasing demand for these new technologies. The market is extremely competitive and these products use advanced features or technology.

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The last ones Ddevelopment

  • In 2020, the organization launched the Apple Watch series. This product should be extremely beneficial for human health and well-being. New functions added to the watch series will help monitor blood oxygen saturation.

Market segmentation

By type

  • Smart wearable textiles
  • Wearable products and devices (non-textile)

By product

  • body
  • neck wear
  • Hats
  • Wrist wear
  • Footwear
  • Glasses

On request

  • Protection
  • Health care
  • Corporate and industrial programs
  • Fitness and health
  • others

By geography

  • North America
  • Europe
  • Asia-Pacific region
  • Latin America
  • Middle East and Africa (MEA)

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