NEW
YORK, June 6, 2024 /PRNewswire/ -- The
global wearables market size is estimated to grow by USD 106.44 billion from 2024-2028, according
to Technavio. The market is estimated to grow at a CAGR of
18.08% during the forecast period. The wearables market
is witnessing a significant trend towards the creation of
energy-efficient semiconductor components for wearable devices.
With the rising popularity of smartwatches, bands, rings, and HMDs,
there is a growing demand for high-performance and low-power
electronics. Vendors are responding by integrating advanced
components like sensors, processors, and batteries, which are
essential for enhancing the functionality of wearable devices. Chip
manufacturers have developed new processor architectures, such as
large, small, and tiny cores, to optimize performance and extend
battery life in smartwatches. This innovation is crucial for
meeting the unique usage patterns of wearable devices and ensuring
their reliability.
![Technavio has announced its latest market research report titled Global wearables market 2024-2028 Technavio has announced its latest market research report titled Global wearables market 2024-2028](https://mma.prnewswire.com/media/2430914/IRTNTR43403_bw_info_v4.jpg)
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Wearables Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
18.08%
|
Market growth
2024-2028
|
USD 106440.7
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
14.87
|
Regional
analysis
|
North America, APAC,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
36%
|
Key
countries
|
US, Japan, China,
Canada, and Germany
|
Key companies
profiled
|
Acer Inc., Alphabet
Inc., Apple Inc., ASUSTeK Computer Inc., CINOPTICS, Citizen Watch
Co. Ltd., Fossil Group Inc., Garmin Ltd., GoPro Inc., Huawei
Technologies Co. Ltd., Kopin Corp., Lenovo Group Ltd., LG
Electronics Inc., Microsoft Corp., Nexxbase Marketing Pvt. Ltd.,
Omate Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., and
Sony Group Corp.
|
More Details on Market Driver
The wearables market is experiencing significant growth with
various technologies in use. Tracks like activity, heart rate, and
sleep are popular features. Google and Apple are leading players in
this sector. Smartwatches and fitness bands are common devices.
Devices like VR headsets and smart glasses are emerging trends.
Location tracking and real-time analytics are adding value.
Efficient batteries and user-friendly interfaces are essential
considerations. The market is dynamic, with new innovations and
improvements continually.
Market Challenges
- The global wearables market faces challenges due to the
proliferation of counterfeit electronic devices. Major vendors like
Apple, Samsung Electronics, Fitbit, and Xiaomi have counterfeit
versions of their products, primarily smartwatches and smart bands,
flooding the market. Manufactured in APAC due to low labor costs,
these counterfeits are sold through various channels, including
retail stores, online platforms, and social media.
- Consumers are attracted by lower prices, unaware of privacy and
security risks. This increases market competition, potentially
impacting original device sales and overall market revenue. From a
consumer perspective, privacy and security are at risk as these
counterfeits may not meet original security standards.
- The wearables market is experiencing significant growth with
various devices such as smartwatches, fitness trackers, and health
monitors gaining popularity. However, challenges persist in this
industry. Devices must be affordable, easy to use, and offer unique
features to attract consumers. Consumers also seek interoperability
between different devices and apps.
- Additionally, data security and privacy concerns are crucial.
Companies must ensure that user data is protected and used
ethically. Furthermore, regulatory compliance is essential to avoid
legal issues. Lastly, the market is becoming increasingly
competitive, making it necessary for companies to differentiate
themselves through innovation and quality.
Research report provides comprehensive data on
impact of trend, driver and challenges - Request
a sample report!
Segment Overview
- Product
- 1.1 Smartwatches
- 1.2 Wireless headphones
- 1.3 HMDs
- 1.4 Smart bands
- 1.5 Others
- Distribution Channel
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Smartwatches- The wearables market is
experiencing significant growth, with numerous businesses investing
in this sector. Smartwatches, fitness trackers, and virtual reality
headsets are popular choices among consumers. Companies are
integrating advanced features, such as health monitoring and mobile
payments, to cater to diverse customer needs. Collaborations and
partnerships are driving innovation, resulting in new product
launches and improved user experiences. Overall, the wearables
market is a dynamic and competitive business landscape.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The wearables market encompasses a wide range of electronic
devices designed to enhance health and fitness tracking. These
include smart watches, sensors for monitoring cholesterol levels,
calories burnt, and oxygen levels. Wearable technology extends
beyond watches to accessories such as headwear, eyewear, jackets,
belts, and even implanted devices or body tattoos.
The demand for wearable technology is influenced by various
factors, including industrial segments, per capita income, high
population, affordability, and digitally mature markets. Fitness
modes and healthcare applications are significant industrial
segments driving the growth of the wearable technology industry.
The inclinations of gym goers and fashion and jewelry trends also
impact product demand.
Market Research Overview
The wearables market encompasses a variety of technology-driven
devices designed to be worn on the body. These include
smartwatches, fitness trackers, virtual reality headsets, and more.
Wearables technology offers numerous benefits, such as monitoring
health and fitness metrics, enhancing communication, and providing
hands-free access to information. The market for wearables is
growing rapidly, driven by increasing consumer demand for
convenient and connected devices.
Technologies like Bluetooth, Wi-Fi, and cellular connectivity
enable seamless integration with other devices and services.
Additionally, advancements in battery technology and
miniaturization of components are making wearables more powerful
and longer-lasting. The market for wearables is expected to
continue expanding as new applications and use cases emerge.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Smartwatches
- Wireless Headphones
- HMDs
- Smart Bands
- Others
- Distribution Channel
-
- Geography
-
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio