Enjoy complimentary customisation on priority with our Enterprise License!
The wearables market is projected to reach USD 145.89 billion at a CAGR of 15.09% between 2022 and 2027. In the Wearable Electronic market, MEA showcases a rising demand for Kid Smart Devices. Icon, a prominent name in wearables, leads the way with innovative solutions. The team's collaborative efforts emphasize creating cutting-edge products and meeting the increasing order demands. In this dynamic landscape, the convergence of technology and practical solutions propels wearable electronics into the forefront, with MEA serving as a significant market for Kid Smart Devices. Manufacturers are now integrating NFC (Near Field Communication) technology into a plethora of products, including smartwatches, to facilitate seamless contactless payments. This innovation holds particular significance for individuals engaged in activities like swimming, cycling, and running, as they can conveniently make payments without the need to carry cash or cards. Furthermore, these devices often boast additional features such as health monitoring, sleep tracking, and magnetic charging capabilities, enhancing their appeal and versatility to a diverse consumer base. Consequently, manufacturers are incorporating NFC technology into an array of products ranging from smartwatches and smart bands to smart rings, catering to the evolving preferences and demands of consumers.
Download a FREE Wearable Technology Market Sample Report
This report extensively covers wearables market segmentation by product (smartwatches, wireless headphones, HMDs, smart bands, and others), distribution (Offline and Online), and geography (North America, APAC, Europe, South America, and MEA).
The market share growth by the smartwatches segment will be significant during the forecast period. A smartwatch is a computerized watch that offers numerous functionalities, including making calls and messaging and health monitoring by tracking the number of steps taken, calories burned, and heart rate, among others. Collaborations and partnerships with market participants allow companies to upgrade their products with innovative features and advanced technologies and leverage their technical expertise to develop innovative products and capture more market share.
Get a glance at the market contribution of various segments Request a PDF Sample
The smartwatches segment showed a gradual increase in market share from USD 15.33 billion in 2017 and continued to grow by 2021. The strategic partnerships and collaborations among market participants are opening up new areas for the potential use of smartwatches, which is expected to drive the demand for smartwatches during the forecast period. Another major reason for the growth of smartwatches is the proliferation of low-cost smartwatch manufacturers. In recent years, several smartwatch manufacturers have rolled out new or updated versions of their smartwatches and are offering products at a much lower price than Apple and Samsung Electronics.
Get customized reports as per your requirements for FREE!
North America is projected to contribute 41% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The region is witnessing high investments in the deployment of the 5G network infrastructure to support the increasing mobile data traffic. The presence of a well-developed communication network infrastructure in the region is driving the adoption and usage of mobile computing devices in the region. End-users, including consumers and enterprises, are always keen on trying out new technologies. Several projects related to smart glasses and HMDs are lined up, and there is a huge demand for AR technology in the US.
North America is one of the earliest adopters of AR, and several apps are being developed for iOS and Android. The smartwatch market in the region is primarily driven by the growing ecosystem of connected devices, which increases consumer dependency on such devices. In addition to this, with growing consumer concerns over the increased prevalence of heart disease and obesity issues, the adoption of these wearable devices is rising.
The market is witnessing significant growth, driven by the increasing adoption of wearable technology watches and fitness trackers. These devices offer a range of features such as health tracking solutions, sleep monitoring, and calorie burn tracking, making them popular among swimmers, cyclists, runners, and gym-goers. With advanced sensors and improved battery life, wearables can now provide more accurate health monitoring and risk detection. However, the market also faces challenges, such as the proliferation of counterfeit products and low-cost fraudulent devices, highlighting the need for consumers to choose reliable brands for their wearable technologies.
The extensive variety and utilization of electronic devices that facilitate convenient payment methods play a pivotal role in propelling the market growth.
The increasing popularity of contactless payments has been widely accepted, extending beyond wearable devices to other electronic devices. Manufacturers are now incorporating NFC technology into a variety of products, including smartwatches, to enable contactless payments. This technology is particularly useful for swimmers, cyclists, and runners who can make payments without needing to carry cash or cards. Additionally, these devices often include features such as health monitoring, sleep monitoring, and magnetic charge capabilities, making them versatile and appealing to a wide range of consumers. As a result, manufacturers are incorporating NFC technology into a range of products, such as smartwatches, smart bands, and smart rings. These devices now allow users to make contactless payments using NFC chips, enabling quick transactions at point-of-sale terminals compared to traditional methods like cash or card payments. This contactless payment approach not only improves efficiency but also enhances safety and security.
Furthermore, advancements in System-on-a-Chip (SoC) technology and Micro-Electro-Mechanical Systems (MEMS) are opening up new possibilities for manufacturers to develop compact and visually appealing electronic devices for consumers. The progress in SoC technology enables companies to reduce board space and integrate a large number of electronic components into their products, which significantly contributes to the growth of the electronic device market.
The market is experiencing significant growth driven by a surge in partnerships and M&A activities. In this developmental phase, companies are strategically collaborating and acquiring technology-focused firms, leveraging expertise to develop innovative products. These initiatives are fostering the creation of comprehensive ecosystems and accelerating the adoption of wearable technologies. Notably, in the smart glasses sector, strategic partnerships between companies and AR technology providers are crucial for maintaining market competitiveness.
A current trend in the market is the rise of hybrid smartwatches, blending traditional mechanical watches with smart functionalities like health monitoring and notifications. Despite lacking a touchscreen, these watches can be controlled via smartphone apps. The increasing popularity of hybrid smartwatches is driving companies to invest in their development, expanding their customer base, and fueling the overall market growth and trends.
The wide range of counterfeit products will majorly impact the growth of the market. The counterfeit products are mostly produced in APAC due to low-cost labor. Furthermore, these products are available at significantly lower prices than the original ones, which reduces the sale of original devices, leading to a significant fall in the overall market revenue. From the consumers' perspective, the sale of these counterfeit products is a threat to their privacy and security.
Many customers use these devices for payment methods as well as for monitoring health and vital parameters. Customers do not realize that these products do not have the same security standards as the original ones, which poses a threat to the data privacy and security of customers. Hence, the growth of the counterfeit market reduces sales, as well as the reliability and brand value of the original products, which is expected to limit the growth of the market during the forecast period.
The market growth and forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the Market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
GoPro - The company offers wearables such as Hero10 and Hero11.
The market analysis and report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market growth analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by product, distribution channel, and region.
The market is rapidly evolving, driven by advancements in AI and AR technologies and the demand for smart wearables. These devices, including IoT-based apparel and wearable devices in healthcare, offer real-time health monitoring and vital statistics tracking. They are utilized in various industries like health & fitness, BFSI, gaming & entertainment, fashion, travel, education, and logistics & warehouse. With features such as calories burnt tracking, hourly activity monitoring, and disease detection, wearables are transforming how we interact with technology and manage our health.
The market is experiencing significant growth, fueled by advancements in technology and consumer demand for innovative products. These wearables, including smart clothing and smart hats, are equipped with electrical components and use communication-based protocols for connectivity. They cater to various needs, such as fitness activities tracking, step monitoring, and even monitoring calorie intake and water intervals. Additionally, wearables like ear-worn and body wear devices are popular among athletes for their ability to monitor oxygen levels, blood oxygen saturation, and provide real-time data. As the market continues to expand, the integration of Virtual Reality (VR) and Augmented Reality (AR) technologies is expected to drive further innovation. The Market is witnessing advancements like better battery life and rugged metal casing, enhancing durability. Devices like wrist-wear, eyewear & headwear, and even footwear and neckwear are integrating technology. Companies like Spree Wearables are leading the way, incorporating VR and AR to offer immersive experiences and functionality in wearable devices.
MarketScope |
|
Report Coverage |
Details |
Page number |
176 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.09% |
Market growth 2023-2027 |
USD 73.63 billion |
Market structure |
Fragmented |
YoY growth (%) |
13.74 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market research report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Stay updated on Market! Request for PDF sample
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.