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The wearables market in US is estimated to grow at a CAGR of 9.13% between 2022 and 2027. The wearables market size in the US is forecast to increase by USD 7,824.78 million. The growth of the market depends on several factors, including the growing preference for wearables devices for payment, increasing focus on fitness and healthy lifestyle orientation, and the development of miniaturized electronic components.
This wearables market report in the US extensively covers market segmentation by product type (smart watches, wireless headphones, HMDs, smart bands, and others), and distribution channel (online and offline). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing focus on fitness and healthy lifestyle orientation are notably driving the market growth, although factors such as the growing market for counterfeit products may impede the market growth. Our researchers analyzed the data with 2022 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.
The increasing focus on fitness and healthy lifestyle orientation are notably driving the market growth. Wearables offer a simple and convenient way to track physical activity, keep tabs on one's health, and reach fitness goals. Consumers now have become extremely health conscious and are, therefore, using such products to achieve their fitness goals. Thus, wearable fitness technology, such as fitness trackers and smartwatches, has become increasingly popular in recent years, with Fitbit, Garmin, and Apple dominating the market.
In addition to apps and other features that assist users in setting and achieving their fitness goals, these devices offer a variety of features, such as heart rate monitoring, step tracking, calorie counting, and sleep tracking. The adoption of wearable electronic devices is anticipated to increase as a result of the market seeing an increase in the number of apps that are compatible with wearable electronic devices. Hence, such factors are anticipated to fuel the growth of the US wearable market during the forecast period.
The growing number of partnerships and M&A activities are emerging trends in market growth. In the US, the wearables market is still in its development phase. The market vendors are acquiring other vendors that sell wearable technologies and forming strategic alliances with other participants. By utilizing the technology and technical expertise of the market participants, these partnerships and M&A activities allow vendors to create cutting-edge products. A wearables electronic device ecosystem is created as a result of such activities, which will accelerate the adoption of wearable technology. For instance, in order to stay competitive in the market, AR smart glass vendors team up with manufacturers of AR hardware and AR technology.
When selecting a smartwatch or smart band, consumers focus on wearable electronics' compatibility with mobile computing devices, their usability, and their aesthetic appeal. Hence, to ensure that their products appeal to customers, market vendors are forming strategic alliances with fashion designers, technology companies, software developers, and other business stakeholders. Therefore, such factors are expected to support the growth of the US wearables market during the forecast period.
The growing market for counterfeit products is a major challenge impeding the market growth. All of the well-known products from top manufacturers, including Apple, Samsung Electronics, Fitbit, and Xiaomi, are available in abundance as counterfeit copies in the market. As they are more popular with local consumers than other wearable electronic devices, smartwatches and smart bands are the most counterfeited products in the market.
Owing to the availability of these products through a variety of distribution channels, including brick-and-mortar stores, online retailers, and social media platforms, it is very challenging to gain control of the counterfeit market. Additionally, as these products are considerably less expensive than the original products, there is an increase in the sales of such products. As a result, the market revenue is significantly reduced. The sale of these fake products endangers consumers' security and privacy, according to their point of view. Customers use many of these products as payment methods and for keeping track of their health. Customers frequently are unaware that these products don't adhere to the same security standards as the original products, which puts their data security and privacy at risk. Hence, the growth of counterfeit wearables electronic sales is expected to limit the growth of the US wearables market during the forecast period.
The 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 growth strategies.
Global Wearables Market in US Customer Landscape
Vendors 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.
HTC Corp. - The company's operations mainly focus on the research, design, manufacture, and sale of smart mobile and virtual reality devices. The key offerings of the company include wearables such as HTC One M8 and HTC EVO Design 4G.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the smart watches segment will be significant during the forecast period. A smartwatch is a computerized watch with a variety of features, including the ability to make calls, send text messages, and monitor your health by keeping track of your heart rate, calories burned, and the number of steps taken. Additionally, it gives users quick access to a number of smartphone apps.
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The smart watches segment was valued at USD 4,133.47 million in 2017 and continued to grow until 2021. The market is dominated by companies like Apple Inc. (Apple), Samsung Electronics Co. Ltd. (SAMSUNG ELECTRONICS), Sony Corp. (Sony), and Acer Inc. (Acer). The rise in partnerships between market vendors and market participants from various industries, including the IT industry, is one of the key factors boosting demand for smartwatches. Through partnerships and collaborations, vendors can modernize their products with cutting-edge features and technologies while utilizing the technical know-how of other market participants to create cutting-edge products and increase market share. Moreover, the key market players are also collaborating and forming strategic alliances to expand the potential applications for smartwatches. Hence, all such factors are expected to increase consumer demand for this product and fuel the US wearables market growth during the forecast period.
The US wearables market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the wearables market in US as a part of the global technology hardware, storage, and peripherals market within the overall global information technology market. The parent global technology hardware, storage, and peripherals market covers manufacturers of cellular phones, personal computers, servers, electronic computer components, and peripherals. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Wearables Market Scope in US |
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Report Coverage |
Details |
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Page number |
139 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.13% |
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Market growth 2023-2027 |
USD 7,824.78 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.64 |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
adidas AG, Alphabet Inc., Anhui Huami Information Technology Co. Ltd., Apple Inc., ASUSTeK Computer Inc., Capri Holdings Ltd., Casio Computer Co. Ltd., Fossil Group Inc., Garmin Ltd., HTC Corp., Huawei Technologies Co. Ltd., LG Electronics Inc., Motorola Solutions Inc., Nike Inc., Samsung Electronics Co. Ltd., Sony Group Corp., TomTom NV, Withings France SA, Xiaomi Communications Co. Ltd., and Polar Electro Oy |
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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, 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 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 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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