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Wearables Market by Product and Geography - Forecast and Analysis 2021-2025

  • Published: Dec 2021
  • Pages: 120
  • SKU: IRTNTR43403
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The wearables market share is expected to increase by USD 23.03 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 6.70%.

This wearables 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 wearables market segmentation by product (smartwatches, wireless headphones, HMDs, smart bands, and others) and geography (North America, APAC, Europe, South America, and MEA). The wearables market report also offers information on several market vendors, including Acer Inc., Apple Inc., ASUSTeK Computer Inc., Huawei Investment and Holding Co. Ltd., Lenovo Group Ltd., LG Electronics Inc., Microsoft Corp., Samsung Electronics Co. Ltd., Sony Corp., and Xiaomi Corp. among others.

What will the Wearables Market Size be During the Forecast Period?

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Wearables Market: Key Drivers and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The growing preference for wearables devices for payment is notably driving the wearable electronics market growth, although factors such as growing market for counterfeit products may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the wearables industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Wearables Market Driver

The market is witnessing an increased preference for wearables electronic devices for contactless payment. As a result, wearables electronic device manufacturers are integrating NFC technology as a standard into most of the devices. NFC chips are integrated into wearables electronic devices such as smartwatches, smart bands, smart rings, and others to enable contactless payment by a direct tap and pay via a POS (point of sale) terminal. This process reduces the transaction time compared with the cash or card method and eliminates the need to carry cash or cards. Even though the use of wearables electronic devices for contactless payment is still in the early development stage, several vendors in different industries have started accepting payment through wearables electronic devices. The growing adoption of contactless payment is increasing the number of partnerships among the market participants to facilitate the use of wearables electronic devices for payment. Vendors from various sectors, including retail and clothing, are partnering with payment service providers so that they can accept contactless payment through wearables electronic devices. Hence, with the growing preference for contactless payment through wearables devices and the rapid adoption of contactless payment terminals across the globe, the global wearables market is expected to grow during the forecast period. 

Key Wearables Market Challenge

One of the prominent factors that is hindering the growth of the wearables market is the growing market for counterfeit wearables electronic devices. Smartwatches and smart bands are the most counterfeited products available in the market due to their greater appeal to local consumers compared with other wearables electronic devices. It is very difficult to get control of the counterfeit market, owing to the presence of these products in multiple distribution channels, including retail stores, online stores, and social media platforms. Furthermore, these products are available at significantly lower prices than the original ones, which decreases 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 of these products are used by customers as a payment method as well as for health monitoring. Most times, customers do not realize that these products do not have the same security standard as the original ones, which poses a threat to customers' data privacy and security. Hence, the growth of the counterfeit wearables electronic devices market decreases the sales, reliability, and brand value of the original products, which is expected to limit the growth of the global wearables market during the forecast period. 

This wearables 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 2021-2025.

Who are the Major Wearables Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Acer Inc.
  • Apple Inc.
  • ASUSTeK Computer Inc.
  • Huawei Investment and Holding Co. Ltd.
  • Lenovo Group Ltd.
  • LG Electronics Inc.
  • Microsoft Corp.
  • Samsung Electronics Co. Ltd.
  • Sony Corp.
  • Xiaomi Corp.

 

This statistical study of the wearables market encompasses successful business strategies deployed by the key vendors. The wearable electronics market is fragmented and the vendors are deploying growth strategies such as developing innovative products and increasing their R&D investments to compete in the market.

To make the most of the opportunities and recover from 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 wearables 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. 

Which are the Key Regions for Wearables Market?

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31% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for wearables in North America. Market growth in this region will be faster than the growth of the market in South America.

The presence of a well-developed communication network infrastructure and the increasing adoption of the contactless payment method will facilitate the wearables 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.

What are the Revenue-generating Product Segments in the Wearables Market?

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The wearables market share growth by the smartwatches segment will be significant during the forecast period. One of the major factors driving the demand for smartwatches is the growing number of partnerships between market vendors and market participants from various industries. Collaborations and partnerships with market participants allow vendors to upgrade their products with innovative features and advanced technologies and leverage their technical expertise to develop innovative products and capture more market share.

This report provides an accurate prediction of the contribution of all the segments to the growth of the wearable electronics market size and actionable market insights on post COVID-19 impact on each segment.

 

Wearables Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 6.70%

Market growth 2021-2025

$ 23.03 billion

Market structure

Fragmented

YoY growth (%)

5.11

Regional analysis

North America, APAC, Europe, South America, and MEA

Performing market contribution

North America at 31%

Key consumer countries

US, China, Germany, Canada, and India

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Acer Inc., Apple Inc., ASUSTeK Computer Inc., Huawei Investment and Holding Co. Ltd., Lenovo Group Ltd., LG Electronics Inc., Microsoft Corp., Samsung Electronics Co. Ltd., Sony Corp., and Xiaomi Corp.

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, Market condition analysis for the forecast period

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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What are the Key Data Covered in this Wearables Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive wearables market growth during the next five years
  • Precise estimation of the wearables market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the wearable electronics industry across North America, APAC, Europe, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of wearable electronics market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Product

    • Market segments
    • Comparison by Product
    • Smartwatches - Market size and forecast 2020-2025
    • Wireless headphones - Market size and forecast 2020-2025
    • HMDs - Market size and forecast 2020-2025
    • Smart bands - Market size and forecast 2020-2025
    • Others - Market size and forecast 2020-2025
    • Market opportunity by Product

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2020-2025
      • APAC - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Acer Inc.
      • Apple Inc.
      • ASUSTeK Computer Inc.
      • Huawei Investment and Holding Co. Ltd.
      • Lenovo Group Ltd.
      • LG Electronics Inc.
      • Microsoft Corp.
      • Samsung Electronics Co. Ltd.
      • Sony Corp.
      • Xiaomi Corp.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      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.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your FREE sample now!
      The wearables electronics market growth will increase by $23027.24 million during 2020-2025.
      The wearables electronics market is expected to grow at a CAGR of 6.70% during 2020-2025.
      Technavio has segmented the wearables electronics market by product (Smartwatches, Wireless headphones, HMDs, Smart bands, and Others) and geographic (North America, APAC, Europe, South America, and MEA).
      Acer Inc., Apple Inc., ASUSTeK Computer Inc., Huawei Investment and Holding Co. Ltd., Lenovo Group Ltd., LG Electronics Inc., Microsoft Corp., Samsung Electronics Co. Ltd., Sony Corp., Xiaomi Corp. are a few of the key vendors in the wearables electronics market.
      North America will register the highest growth rate of 30.80% among the other regions. Therefore, the wearables electronics market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the wearables electronics market growth are:
      • Growing preference for wearables devices for payment
      The wearables electronics market vendors should focus on grabbing business opportunities from the smartwatches segment as it accounted for the largest market share in the base year.
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