Definition of the Global Wearable Electronics Market

Wearable electronics are devices that are worn in close relativity of the body, just like, clothing and it serves various healthcare purposes, such as health monitoring, data collection, and others. Wearable electronics provide intelligent assistance for health and fitness tracking, chronic disease management, interactive gaming, performance monitoring, and navigation tracking that augments memory, intellect, creativity, communication, and physical senses. Wearable devices are bound to grow parallel with the advances in semiconductor technology and electronics.

Wearable Electronics Market Scope Report

Global Wearable Electronics Market Highlights Over 2023 - 2033

The global wearable electronics market is estimated to garner a revenue of ~ USD 460 billion by the end of 2033 by growing at a CAGR of ~20% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 82 billion in the year 2022. The growing geriatric population, along with the immense need for in-home care during COVID-19, is the primary factor driving the growth of the global wearable electronics market. It is estimated that by 2050, the total population of people aged 60 and above should reach more than 2 billion, while that of persons aged 80 and more should reach ~427 million.

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Wearable electronics facilitate connecting doctors with their patients through mobile devices and providing the patient’s medical condition to the first responders during an instance of emergency. It also helps prevents falls and minor changes in health from going unnoticed.

Global Wearable Electronics Market: Growth Drivers and Challenges

Growth Drivers

• Significance in Controlling Prevalent Chronic Diseases – It is estimated that chronic diseases or non-communicable diseases cause the death of more than 40 million people globally every year. The care for chronic diseases requires the active engagement of patients in self-management. The real-time health data from the wearables help patients take timely and learned decisions about their healthcare. Wearables also help doctors in detecting and diagnosing medical conditions, in monitoring outpatients, and in taking decisions on clinical trials.

• Increase in the Use of Smartwatches and Fitness Bands – It is estimated that the global shipment of smartwatches and fitness trackers should be over 270 million units by 2024.

• Use of VR (Virtual Reality) and AR (Augmented Reality) Headsets for Entertainment – More than 4 million AR and VR headsets are being shipped worldwide by manufacturers each year.

• Growth in the Usage of Near-field communication (NFC) and Radio-Frequency Identification (RFID) – The growth in NFC interaction during 2018-2020 was observed to be over 64%.

Challenges

• Temporary Halt in the Manufacturing of Wearables During Covid-19

• Poor Battery Life of Some of the Wearable Devices

• Non-compatibility of Devices with Quickly Evolving Technologies

The global wearable electronics market is segmented and analyzed for demand and supply by-products into wrist-wear, eye-wear, body-wear, head-wear, and others. Of these, the wrist-wear segment is anticipated to hold the largest market size by the end of 2033. The growing penetration rate of smartwatches worldwide is the main factor driving the segmental growth of the market. For instance, the global penetration rate of smartwatches is expected to reach ~3% in 2026. Maintaining the fitness data of an individual and its use in various sectors are the other reasons for segmental growth.

Global Wearable Electronics Market Regional Synopsis

Regionally, the global wearable electronics market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033. Rapid urbanization, the rise in the purchasing power of consumers, and the increase in the tech-savvy population in the region are the main factors driving regional market growth. For instance, the urban population in east Asia & Pacific in 2021 witnessed a growth of about 2% compared to 2020. 

Market Segmentation

Our in-depth analysis of the global wearable electronics market includes the following segments:

Key Companies Dominating the Global Wearable Electronics Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global wearable electronics market that are included in our report are Apple Inc., Fitbit LLC, Google LLC, ADIDAS AG, Nike, Inc., Sony Group Corporation, Samsung Electronics America, Inc., Garmin Ltd., Sensoria Inc., LG Electronics, and others.

Global Wearable Electronics Market: Latest Developments

• September 2022: Apple Inc. – announced the introduction of the new Apple Watch SE and Apple Watch Series 8, both with innovative features for tracking health and safety.

• March 2022: Garmin Ltd. – announced the introduction of the D2 Mach 1 GPS aviator smartwatch with the classic styling of a pilot watch and health and fitness features.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

• We provide customized reports as per the client's requirement helping them to see possible and unexpected challenges and unforeseen opportunities to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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