Global Wearable Market is Set to Accrue $192.14 Billion by 2030, Exhibiting a Strong 15.8% CAGR, Propelled by Increased Demand for Smart Devices, Says Kings Research
DUBAI, UAE, Feb. 5, 2024 /PRNewswire/ -- As per the recent report published by Kings Research, the global Wearable Market size was recorded at USD 68.77 billion in 2022 and is estimated to grow to USD 192.14 billion by 2030, exhibiting a CAGR of 15.8% through the projection period of 2023-2030. The industry is witnessing substantial expansion due to the availability of an innovative and advanced product range. This progress can be attributed to several factors, such as advancements in sensor technology, increased focus on well-being, and the growing demand for smart devices among consumers. Prevalent trends in the market demonstrate a noticeable transition towards an increasingly technology-driven way of life, wherein wearables are significantly contributing to activities such as monitoring fitness, communication, and entertainment.
Wearable technology encompasses electronic gadgets specifically created to be worn on the human body, typically as accessories or clothing. These devices serve users with a multitude of functions and advantages, due to the incorporation of sensors and advanced technologies. They can collect data, monitor activities, and carry out tasks, gaining popularity across various sectors and in daily life. Additionally, wearable technology has expanded its scope beyond personal well-being to find applications in industries such as manufacturing and logistics, where it enhances workplace safety and productivity.
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Competitive Landscape
Prominent companies in the global wearable market are placing great importance on product innovation as a primary approach to broadening their range of offerings. For instance, Samsung introduced the Galaxy Watch6 and Galaxy Watch6 Classic in July 2023, with the goal of promoting better daily and nighttime health routines for users. These watches come with a sleek and refined design that includes a thinner bezel, an upgraded and engaging screen, and a user-friendly interface. The Galaxy Watch6 series offers a wide range of health features and performs exceptionally well.
Prominent players in the global wearable market include:
- Huawei Device Co., Ltd.
- Apple Inc.
- Xiaomi
- Nike, Inc.
- Honeywell International Inc
- Fitbit, Inc.
- Garmin Ltd.
- Pebble
- SAMSUNG
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Trending Now: Samsung Announces Reentry into Wearable Market with Samsung Glasses
November 27, 2023: Consumer electronics behemoth Samsung is poised to revolutionize the landscape of wearable technology with its latest breakthrough, the XR "Samsung Glasses". Having recently secured a UK patent, the company has strengthened its position in the extended reality (XR) market, directly challenging Apple's Vision Pro. This signifies Samsung's strategic reentry into the wearable tech arena, marking a return after its initial venture with Gear VR.
As reported by Android Central, the release of Samsung Glasses is expected in late 2024. This places them in direct competition with Apple's eagerly anticipated mixed-reality headset, also slated for release in the same year. Samsung's initial production plans involve approximately 30,000 units of its glasses, with the scale of future production contingent on the initial market response and early sales performance.
The global Wearable Market is segmented as:
By Product
- Wrist-Wear
- Eyewear & Headwear
- Footwear
- Neckwear
- Body-wear
- Others
Rising Demand for Wrist Wearables to Track Activities to Aid Market Expansion
On the basis of product, the wrist-wear segment accounted for the highest market share in 2022 due to the increasing number of individuals who prioritize their fitness. Fitness wearables consist of various gadgets such as smartwatches and activity trackers. These gadgets provide functions such as counting steps, monitoring heart rates, and tracking workouts, which attract individuals aiming to enhance their overall physical health. The expanding wearable market is driven by the incorporation of GPS and social connectivity, which improve user engagement and promote active living.
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By Application
- Consumer Electronics
- Healthcare
- Enterprise & Industrial
- Others
Increasing Utilization of Wearables in Consumer Electronics to Contribute to Revenue Generation
In terms of application, the consumer electronics segment held the largest market share in 2022. The growth of the segment is mainly driven by the widespread usage of wearable devices, which include AR/VR headsets and fitness bands. It is worth mentioning that several companies such as Garmin Ltd., Apple Inc., and Nemaura have dedicated their efforts to creating gadgets that offer extensive data covering both medical and non-medical aspects.
Booming Health and Wellness Monitoring Industry to Drive Wearable Market Growth
The health and wellness monitoring industry has established itself as a major factor driving the advancement of wearable technology. By utilizing state-of-the-art biometric sensors, these devices offer users the ability to constantly monitor vital signs, physical activity, and sleep patterns. This significant development is transforming the healthcare landscape as an increasing number of individuals embrace the chance to take an active role in managing their overall health and well-being.
The increasing demand for wearable devices that effortlessly combine fashionable designs and advanced functionality has created a significant shift in consumer behavior. People now want to integrate technological innovations with their personal style choices. In light of this trend, businesses in the wearable industry have a golden chance to meet the growing demand for stylish and feature-packed wearables that enable users to enhance their health and fitness objectives. By aligning their product offerings with this changing consumer mindset, companies have the opportunity to thrive in the flourishing wearable market.
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Early Technology Adoption Set to Propel Sales in North America
North America led the market in 2022 due to its population's technological proficiency and widespread acceptance of fitness and health tracking devices. With its advanced infrastructure and a strong inclination towards early technology adoption, the region has established itself as a prime center for wearable technology innovation and market growth.
The technological landscape in North America is highly advanced and provides a favorable environment for businesses in the wearable device industry to flourish. Additionally, increasing consumer awareness and demand for wearable devices further contribute to the region's potential for success. Moreover, the active engagement and enthusiasm of consumers in the region play a significant role in the continuous development and widespread acceptance of wearable technologies.
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Key Points from TOC:
1 Introduction of The Global Wearable Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Wearable Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Wearable Market, By Product
7 Global Wearable Market, By Application
8 Global Wearable Market, By Geography
9 North America
10 Europe
11 Asia Pacific
12 Middle East & Africa
13 Latin America
14 Global Wearable Market Competitive Landscape
14.1 Overview
14.2 Key Developments
14.3 Key Strategic Developments
14.4 Company Market Ranking
14.5 Regional Footprint
14.6 Industry Footprint
15 Company Profiles
15.1 SAMSUNG
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 Product Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis
15.2 Huawei Device Co., Ltd.
15.2.1 Key Facts
15.2.2 Financial Overview
15.2.3 Product Benchmarking
15.2.4 Recent Developments
15.2.5 Winning Imperatives
15.2.6 Current Focus & Strategies
15.2.7 Threat from competition
15.2.8 SWOT Analysis
15.3 Apple Inc.
15.3.1 Key Facts
15.3.2 Financial Overview
15.3.3 Product Benchmarking
15.3.4 Recent Developments
15.3.5 Winning Imperatives
15.3.6 Current Focus & Strategies
15.3.7 Threat from competition
15.3.8 SWOT Analysis
15.4 Xiaomi
15.4.1 Key Facts
15.4.2 Financial Overview
15.4.3 Product Benchmarking
15.4.4 Recent Developments
15.4.5 Winning Imperatives
15.4.6 Current Focus & Strategies
15.4.7 Threat from Competition
15.4.8 SWOT Analysis
15.5 Nike, Inc.
15.5.1 Key Facts
15.5.2 Financial Overview
15.5.3 Product Benchmarking
15.5.4 Recent Developments
15.5.5 Winning Imperatives
15.5.6 Current Focus & Strategies
15.5.7 Threat from Competition
15.5.8 SWOT Analysis
Continued…………
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