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The US Wearables Market size is estimated to increase by USD 34.53 billion between 2023 and 2028. The market size is forecast to grow at a CAGR of 16.47%. The growth of the market depends on several factors, including a growing preference for wearable devices for payment, increasing focus on fitness and healthy lifestyle orientation and the development of miniaturized electronic components. The market refers to the industry that encompasses the design, development, production, and sale of portable electronic devices that can be worn on the body. These devices are typically equipped with various sensors, integrated circuits, and wireless connectivity capabilities, allowing them to collect data, monitor specific health metrics, track physical activities, and perform other tasks.
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Increasing focus on fitness and healthy lifestyle orientation is notably driving the market growth. In the US, the focus on fitness and healthy lifestyle orientation has been a key driver for the growth of the market. Consumers are increasingly interested in tracking their physical activity, monitoring their health, and achieving their fitness goals, and wearables provide an easy and convenient way to do so. The popularity of wearable fitness devices such as fitness trackers and smartwatches has surged in recent years, with major players such as Alphabet Inc., Garmin Ltd., and Apple Inc. dominating the US - wearable technology market.
However, these devices offer a range of features, including heart rate monitoring, step tracking, calorie counting, and sleep tracking, as well as apps and other features that help users set and achieve their fitness goals. Since the market is witnessing an increase in the number of apps that are compatible with wearable electronic devices, the adoption of wearable electronic devices is expected to rise, which is expected to drive the growth of the market during the forecast period.
The emergence of the hybrid smartwatch market is an emerging trend shaping the market growth. Another prominent trend in the market is the emergence of the hybrid smartwatch market. Hybrid smartwatches are a fusion of old-school mechanical watches and connected smartwatches. These watches attract those who prefer the look of a regular mechanical watch integrated with features such as health monitoring, fitness monitoring, sleep monitoring, and smartphone notification management. These watches do not offer touchscreen operation. Instead, all the functionalities are handled by a smartphone, and the watch is connected to the smartphone through an app.
Moreover, the increasing popularity of hybrid smartwatches is encouraging several companies to develop these watches to expand their customer base. The introduction of hybrid smartwatches will fuel the adoption of wearable devices, which is expected to drive the growth of the market during the forecast period.
The growing market for counterfeit products is a significant challenge hindering the market growth. One of the prominent factors that are hindering the growth of the US - wearable technology market is the growing market for counterfeit wearable electronic devices. The market is filled with fake copies of all the prominent products from major companies, such as Apple Inc., Samsung Electronics Co. Ltd., Alphabet Inc., and Huawei Technologies Co. Ltd. Most of these counterfeit products are manufactured in the US, owing to the presence of low-cost labour and other counterfeit product markets. Smartwatches and smart bands are the most counterfeited products available in the market due to their greater appeal to local consumers compared with other wearable electronic devices.
Furthermore, from the consumer's 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. Many times, customers do not realize that these products do not have the same security standards as the original ones, which poses a threat to customers' data privacy and security. The growth of counterfeit electronic devices decreases the sales, reliability, and brand value of the original products, which is expected to limit the growth of the market during the forecast period.
The market share growth by the online segment will be significant during the forecast period. The online segment includes the revenue generated from the online sale of wearable products either through companies' proprietary websites or third-party online retailers such as Amazon.com. Increased Internet penetration in the US is expected to drive the online distribution channel of the US - wearable technology market.
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The online segment was the largest and was valued at USD 10.80 billion in 2018. Online retailing is getting popular among consumers as it provides benefits such as purchasing convenience, competitive prices, and a diverse range of products. E-commerce platforms enable consumers to choose from a wide range of brands and help them purchase wearable devices such as fitness trackers and smartwatches at their convenience. These platforms eliminate the need to visit brick-and-mortar stores. Hence, consumers readily opt for e-commerce platforms for purchasing these products. This has prompted many companies to offer a wide range of wearable devices through third-party online retailers. For example, Amazon offers a diverse range of wearable devices. Therefore, the increasing consumer inclination toward online retailing, complimented by the rising Internet penetration across regions, is expected to drive the growth of the online segment in the market during the forecast period.
A smartwatch is a computerized watch that offers numerous functionalities, including making calls, messaging, and health monitoring by tracking steps taken, calories burned, and heart rate, among others. It also provides customers with quick access to several apps on their smartphones. Collaborations and partnerships with US - wearable technology 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. Further, the strategic partnerships and collaborations among market participants are opening new areas for the potential use of smartwatches, which is expected to propel the demand for smartwatches, which is expected to drive the growth of the market during the forecast period.
The Market 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.
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.
Adidas AG - The company offers wearables such as Adidas smartwatches in various colours for both men and women.
Alphabet Inc. - The company offers watches such as FitBit, FitBit 2, sense 2, FitBit Versa, and FitBit Charge 5.
ASUSTeK Computer Inc. - The company offers wearables such as the Apple Watch Ultra, Apple Watch SE, and Apple Watch Series 8.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 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 report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028
The Wearables Market in the US is witnessing exponential growth driven by advancements in smart wearable technology products catering to various consumer needs. These devices, including wearable technology watches and accessories, offer health-tracking solutions such as monitoring oxygen levels and blood oxygen saturation. Designed for swimmers, cyclists, runners, and gym-goers, they track metrics like calories burnt and offer better battery life and magnetic charge capabilities. Incorporating AI, AR, and adaptive EQ technologies, wearables provide personalized experiences. With the rise of remote work and fitness activities, demand for IoT-based apparel and ear-worn devices is increasing. However, concerns persist regarding low-cost fraudulent devices, highlighting the need for stringent quality control measures in this dynamic market segment.
US Wearables 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 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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 forecasting, 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 |
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