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The US wearables market size is forecast to increase by USD 34.53 billion at a CAGR of 16.47% between 2023 and 2028. The wearables market in the US is experiencing significant growth, driven by the increasing popularity of digital projections that suggest the market will reach USD54 billion by 2027. The audience for wearable tech continues to expand, with a particular focus on truly wireless earphones and glasses with sensors. Bluetooth and wireless protocols enable seamless connectivity for phone calls and other features, making smart wearables an essential extension of mobile devices. Technological advances in fitness and wellness applications are also fueling demand, as consumers seek to monitor and improve their health. However, challenges remain, including the growing market for counterfeit products and the need for low-power electronics to extend battery life. Overall, the wearables market is poised for continued growth, driven by consumer demand for innovative and convenient electronic devices.
The wearables market in the US is experiencing significant growth, driven by the increasing popularity of wristwear, headwear, and eyewear with advanced technologies such as Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR). Wristwear includes smartwatches and fitness-tracking wearables, while headwear consists of VR/AR headsets and smart glasses with sensors. Eyewear includes smart glasses with sensors and electronic devices. These wearables integrate Mems sensors, GPS, IMU, accelerometer, gyroscope, and magnetometer to provide advanced functionalities. Wearable technology is revolutionizing various industries, including video gaming and entertainment, with the integration of AR and VR in gaming experiences.
Further, wearables are also being used extensively in healthcare, with the rise of wearable medical devices. The smart wearables market is expected to grow significantly due to the increasing demand for wireless protocols, notifications, and phone call capabilities. The integration of these features enables users to stay connected while on the go, making wearables an essential electronic device for many consumers.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The Online segment is estimated to witness significant growth during the forecast period. The Wearables Market in the US is witnessing significant growth, with key categories including wellness and fitness, medical and military, and healthcare information. Battery system and power consumption are critical factors in wearable technology, as power requirement and recharging frequency are major concerns for users. Smart glasses, sensors, AR and VR headsets, and medical devices are among the leading products in this sector. The Internet of Things (IoT) is playing a pivotal role in the integration of wearables into daily life. The online segment of the market is gaining traction, with increased Internet penetration in the US driving its growth during the forecast period.
Additionally, consumers are increasingly opting for e-commerce platforms due to the convenience, competitive pricing, and diverse range of products available. Online retailing eliminates the need to visit physical stores, making it a preferred choice for purchasing wearable devices such as fitness trackers and smartwatches. Major e-commerce platforms enable consumers to choose from a wide range of brands and offer seamless purchasing experiences.
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The online segment accounted for USD 10.80 billion in 2018 and showed a gradual increase during the forecast period.
Our market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing preference for wearables devices for payment is the key driver of the market. The US market for wearable devices is experiencing significant growth, with a rising preference for wearable electronic devices that offer contactless payment functionality. Manufacturers are integrating near-field communication (NFC) technology into various types of wearables, including smartwatches, wristbands, and rings. NFC chips enable users to make payments through a direct tap-and-pay method at point-of-sale terminals, reducing transaction time and eliminating the need to carry cash or cards. Although the use of wearables for contactless payment is still in its infancy, various industries are embracing this technology. Wearable medical devices and handheld monitoring tools in home healthcare and hospital services are also gaining popularity, offering convenience and improved patient care.
Additionally, wearable devices in the entertainment sector, such as video gaming headwear and eyewear, provide experiences for users. Overall, the US wearables market is diverse and dynamic, with numerous applications and industries adopting these innovative technologies.
The focus on development of low-power electronics is the upcoming trend in the market. The wearables market in the US is witnessing significant growth due to the increasing adoption of wearable electronic devices such as smartwatches, wristbands, headwear, and eyewear. These devices are not only used for video gaming and entertainment but also for health monitoring and home healthcare. The demand for wearable medical devices and handheld monitoring tools is increasing in hospital services, leading to the development of advanced and innovative wearable devices. To cater to this growing market, companies are focusing on creating high-performance and low-power-consumption electronic components specifically designed for wearable devices. The integration of sensors, processors, and batteries with minimal power consumption is crucial for enhancing the functionality and efficiency of these devices. The addition of new features in upgraded products further increases the need for advanced and power-efficient electronics.
Consequently, companies are investing in low-power-consumption components, including processors and new inertial measurement units (IMUs), to deliver superior performance and extended battery life in their wearable devices.
The growing market for counterfeit products is a key challenge affecting the market growth. The wearables market in the US is witnessing significant growth, driven by the increasing popularity of wearable devices such as wristwear, headwear, and eyewear. These devices offer convenience and functionality, with applications ranging from video gaming and entertainment to smartwatches, wristbands, wearable medical devices, handheld monitoring tools, home healthcare, and hospital services.
However, the market growth is being challenged by the proliferation of counterfeit wearable electronic devices. These fake products, which include smartwatches and smart bands, are manufactured and sold in the US due to the availability of low-cost labor and existing counterfeit markets. Despite this hindrance, the market is expected to continue expanding, as consumers seek the benefits of wearable technology for health monitoring, productivity enhancement, and entertainment purposes.
The market 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
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.
Adidas AG - The company offers wearables such as Adidas smart watches in various colors for both men and women.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 wearable devices market in the US is experiencing significant growth, driven by the increasing popularity of wristwear, including smartwatches and wristbands, as well as headwear such as smart glasses, and eyewear. Wearable medical devices, handheld monitoring tools, and wearable smart textiles are also gaining traction in the healthcare sector, particularly in home healthcare, hospital services, and medical and military applications. Power consumption and battery system are critical considerations for these devices, with recharging a key concern for consumers. The market is expanding beyond traditional wearable tech audience to include consumer electronics, fashion and jewelry, and even footwear. Technological advances in sensors, such as MEMS sensors, GPS, IMU, accelerometer, gyroscope, and magnetometer, are enabling new applications in wellness and fitness, entertainment, video gaming, and even medical and surgical training.
Further, wearable technology is also being integrated into cars, smart homes, and IoT platforms. The market is characterized by its wireless nature, with Bluetooth and other wireless protocols enabling seamless connectivity with smartphones and other devices. Gesture controls, augmented reality (AR), and virtual reality (VR) headsets are also gaining popularity, offering new ways for consumers to interact with their devices and access healthcare information. The market is expected to continue growing, driven by the increasing importance of health self-efficacy and autonomy, and the integration of wearable technology into everyday life.
Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.47% |
Market Growth 2024-2028 |
USD 34.53 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
14.35 |
Key companies profiled |
Adidas AG, Alphabet Inc., ASUSTeK Computer Inc., Capri Holdings Ltd., Casio Computer Co. Ltd., Fossil Group Inc., Garmin Ltd., HTC Corp., Huawei Technologies Co. Ltd., Lenovo Group Ltd., LG Electronics Inc., Motorola Solutions Inc., Nike Inc., Nokia Corp., Polar Electro Oy, Samsung Electronics Co. Ltd., Sony Group Corp., TomTom NV, Xiaomi Communications Co. Ltd., and Apple Inc. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, 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 market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this market research 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 Distribution Channel
7 Market Segmentation by Product
8 Market Segmentation by Application
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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