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The wearable computing devices market share is expected to increase by USD 49.88 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 15.93%.
This wearable computing devices market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers wearable computing devices market segmentation by product (smartwatches, fitness trackers, smart glasses, head-mounted displays, and others) and geography (North America, APAC, Europe, South America, and Middle East and Africa). The wearable computing devices market report also offers information on several market vendors, including Apple Inc., AiQ Smart Clothing Inc., Alphabet Inc., Cyberdyne Inc., Ekso Bionics Holdings Inc., Fossil Group Inc., Garmin Ltd., Huawei technologies Co. Ltd., LG Electronics Inc., Medtronic Plc, Microsoft Corp., Nokia Corp., Nuheara Ltd., OMRON Corp., Samsung Electronics Co. Ltd., Sensoria Inc., Sony Group Corp., Transcend Information Inc., Xiaomi Corp., and ZEPP HEALTH CORP among others.
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The increasing technological advancements is notably driving the wearable computing devices market growth, although factors such as the high cost of wearable devices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the wearable computing devices industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Wearable Computing Devices Market Driver
One of the key factors driving the global wearable computing devices market growth is the increasing technological advancements. Because of the increasing number of technological advances by various major vendors, wearable technology is quickly evolving into a prominent technology segment. Innovations have given the hearable devices a significant boost. Nuheara Ltd., for instance, released the IQbuds MAX advanced hearing buds in January 2020, which have hybrid active noise cancellation and unique capabilities to personalize and enhance the wearer's soundscape. With the advent of AR and virtual reality (VR) applications, head-up displays, which have significant applications in the defense and military sectors, are increasingly extending to the consumer and enterprise segments. Such factors will drive market growth during the forecast period.
Key Wearable Computing Devices Market Trend
An increase in health awareness and new product launches is one of the key wearable computing devices market trends that is expected to impact the industry positively in the forecast period. For instance, the Apple Watch, developed by Apple Inc. and operated with Watch OS, comes with FDA-cleared electrocardiogram features. The Apple Watch Series 7 features a new S6 processor that is up to 20% faster than its predecessor, a brighter always-on display, a blood oxygen app, an always-on altimeter, and new health sensors. Furthermore, according to a survey conducted by HIMSS and AT and T, 47% of hospitals deliver wearables to patients with chronic conditions, and 47% conduct remote monitoring via in-home medical devices and smartphone apps. Such factors will further support the market growth in the coming years.
Key Wearable Computing Devices Market Challenge
One of the key challenges to the global wearable computing devices market growth is the high cost of wearable devices and short battery life. While having a device that needs to be charged every 8 to 12 hours may seem natural, they become less attractive when that requirement is imposed on wearables. If the market wants to see wearables take off, it must solve the problem of limited battery life. On the other hand, batteries can be rather heavy and huge, especially if they should last a long time. Smaller batteries require more frequent charging. However, that should not happen every few hours when it comes to wearables. This is especially true for wearable gadgets that provide a critical function, such as medical devices. Thus, limited battery backup may hinder the market growth during the forecast period.
This wearable computing devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global wearable computing devices market as a part of the global consumer electronics market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the wearable computing devices market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the wearable computing devices market encompasses successful business strategies deployed by the key vendors. The wearable computing devices market is fragmented and the vendors are deploying growth strategies such as product innovations to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The wearable computing devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the wearable computing devices market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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32% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for wearable computing devices in North America. Market growth in this region will be faster than the growth of the market in South America.
The rise in disposable income and the increased adoption and desire for new technological gadgets will facilitate the wearable computing devices market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic in 2020 certainly had a negative impact on the wearable computing devices market in North America, which resulted in the temporary closure of various industries, including those manufacturing wearable computing devices. However, in 2021, the demand for these products rebounded at units manufacturing wearable computing devices due to the reduction in infection rates owing to the COVID-19 vaccination drives. These factors will drive the growth of the regional wearable computing devices market during the forecast period.
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The wearable computing devices market share growth in the smartwatch segment will be significant during the forecast period. The growth is attributed to rapid urbanization, technology proliferation, health- and fitness-conscious population, rising smartphone use, rising luxury standards, and rising disposable income.
This report provides an accurate prediction of the contribution of all the segments to the growth of the wearable computing devices market size and actionable market insights on the post-COVID-19 impact on each segment.
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Wearable Computing Devices Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 15.93% |
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Market growth 2022-2026 |
$ 49.88 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
15.11 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 32% |
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Key consumer countries |
US, Canada, China, India, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Apple Inc., AiQ Smart Clothing Inc., Alphabet Inc., Cyberdyne Inc., Ekso Bionics Holdings Inc., Fossil Group Inc., Garmin Ltd., Huawei technologies Co. Ltd., LG Electronics Inc., Medtronic Plc, Microsoft Corp., Nokia Corp., Nuheara Ltd., OMRON Corp., Samsung Electronics Co. Ltd., Sensoria Inc., Sony Group Corp., Transcend Information Inc., Xiaomi Corp., and ZEPP HEALTH CORP |
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Market dynamics |
Parent market analysis, 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. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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