Wearable Technology Market: Global Industry Analysis and Forecast (2022-2029), Key Trends, Technology Trends, Sales Volume, Market Share, Market Size

Wearable Technology Market size is expected to grow from US$ 46.25 Bn. in 2021 to US$ 130.01 Bn. by 2029, growing at a CAGR of 13.79% through 2021 to 2029. Wristwear segment leads the Global Wearable Technology Market by 2029.
Global Wearable Technology Market Overview:
The Global Wearable Technology market was valued at US $ 46.25Bn. in 2021, and it is expected to reach US $ 130.01 Bn. by 2029 with a CAGR of 13.79% during the forecast period. Wearable technology is a type of electronic devices that can be worn as accessories, embedded in clothing, implanted in the user's body, or even tattooed on the skin. The devices are hands-free tools with everyday uses, powered by microprocessors and improved with the capability to send and receive data through the Internet. Wearable technology is evolving into an important category of the Internet of things, with life-changing applications in medicine and other fields.

Wearable technology plays a significant role in our daily life also in the healthcare sector. The current COVID-19 pandemic has taken the global healthcare systems by surprise. Rising social awareness during the COVID-19 period and many benefits of electronics throughout this period increase the wearable technology market size.


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COVID-19 Influence on the Global Wearable Technology Market:
As per the Chinese smartphone manufacturers Xiaomi Corporation which also provides wearable technology products, the supply chain has been affected due to the COVID-19 pandemic as the logistics division is the worst-hit due to containment emergency measures taken globally by various governments. Many products bought are delayed in delivery due to countrywide or regional limitations. China is the key manufacturer of wearable devices and the lockdown of the COVID-19 pandemic in Wuhan which is an industrialized hub for such wearable devices has impacted the value chain and supply chain for wearable devices.
Global Wearable Technology Market Dynamics:
Wearable Technology Boosts the Productivity

15% production is increasing due to the wide range of features of wearable technology. This is important for the need-it-now culture we are living in. Consumers now need quicker delivery time, which can place new challenges on manufacturers and their supply chain. These hands-free scanners come in handy for applications that demand the constant use of hands, such as loading a truck, large packing handling, making a sale, and others. Any time two hands are needed, these devices free up your fingers, allowing you to pick quicker and significantly increase productivity.

Wearable Technology Enhanced the Speed

In operation workflows, every second matters. Workers can accomplish jobs faster with enhanced situational awareness and hands-free devices. Putting down and taking up mobile computers several times throughout the day wastes time. It unnecessarily lengthens your turnaround time. Wearables reduce disruptions in your productivity, allowing you to produce more quickly. Overall, this implies you're saving time by reducing the number of minutes you waste.

Wearable Technology Boost the Worker Awareness

Wearable technologies will alter the way your supply chain personnel work, no matter where they are. Wearables will increase any employee's environmental awareness on the loading docks, warehouse floor, assembly line, or any other demanding setting. These gadgets, which are made of soft and pliable rubber straps, are designed to keep employees happy - discomfort will not be a distraction. Safety difficulties, accidents, and replacement expenses can all be prevented by being actively engaged with their surroundings.

The Apple Watch, Hexoskin Shirt, Google Glass, Lechal Mach Unisex Insoles, Tommy Hilfiger Solar Panel Jacket, Fitbits, and Bluetooth Headsets are the recent products of wearable technology. The Apple Watch is a smartwatch that uses Bluetooth to connect with a smartphone and then display the warnings and news from your smartphone onto your wrist. Moreover, there are also calendar apps, messaging, Instagram, Facebook, and other apps you can purchase for your apple watch. The Apple Watch also has fitness tools as well, like tracking heart rate and distance.

Wearable technology may pose safety risks. Also, wearable technology is inadequate and expensive. Due to their size, there are limitations to the usage of wearables. They can also have risks related to our health. These are the major restraining factor that hampers the growth of the global market during the forecast period 2022-2029.
Global Wearable Technology Market Segment Analysis:
The Global Wearable Technology Market is segmented by Type, Product, Devices, and Application.

Based on the Product, the market is segmented into Wristwear, Headwear, Footwear, Fashion & Jewelry, Bodywear, and Other Wearable Technology. The wristwear segment held the largest market share of 48.9% in 2021 and is expected to continue its dominance by 2029. A fitness wristwatch or band can be used in conjunction with a mobile application to provide the user with important fitness-related data and statistics. GOQii, Apple, Xiaomi, Fitbit, and Nike are among the key wrist-wear manufacturers for sports and fitness applications. The watches and wristbands industry faced a setback in the first half of 2021, as prominent Chinese manufacturing businesses faced labor shortages and inadequate raw material availability. During the second half of 2021, the market had a moderate recovery as manufacturing units began to operate.

During the forecast period, the increased adoption of smartwatches and fitness trackers in the healthcare industry is expected to promote segment growth. Over the years, smartwatches with disease-specific functionalities, particularly those that provide cardiovascular indications, have seen a substantial increase in acceptance. Apple Inc.'s smartwatches, for example, have seen a significant surge in demand over the years due to their electrical heart sensors, which may detect irregular cardiac rhythms.

Based on the Application, the market is segmented into Consumer Electronics, Healthcare, Enterprise and Industrial Applications, and Other Applications. The Consumer Electronics segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. In 2021, the consumer electronics segment held the highest market share of 48.4%. Fitness and sports, clothing and fashion, multifunction, infotainment and multimedia, and more uses for consumer electronics abound. Industry companies are focusing on developing devices that can keep end-users track their work hours, given the increased demand for wearable consumer electronics from consumers. Furthermore, the rise in connected devices and growing machine-to-machine communication are expected to drive the growth of wearable consumer electronics, consequently supporting market growth.
Global Wearable Technology Market Regional Insights:
North America dominates the Global Wearable Technology market during the forecast period 2022-2029. North America held the largest market share of 34.6% in 2021 and is expected to continue its dominance by 2029. The region is home to a huge number of internet users as well as various technologically advanced enterprises such as Alphabet, Garmin Ltd., and Apple Inc. Moreover, a number of industry participants are taking steps to enlarge their regional footprint and improve their business processes. For example, Xiaomi Corporation announced its entrance into the North American market in May 2017. During the forecast period, this is expected to help the wearable technology market.

Asia Pacific is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. Furthermore, due to rising purchasing power, a growing number of tech-savvy people, and the presence of multiple major market competitors in the region, the Asia Pacific market for wearable technology is expected to rise rapidly. Due to cheap operating and labor costs, several industry companies are expected to relocate their manufacturing services to the Asia Pacific. Furthermore, the region's growing urban population is likely to contribute to the use of wearable devices, boosting the market growth.
Global Wearable Technology Market Key Trends:
Health-Related Innovation - Devices that focus on wellness and personal health characterize the most important market, and that is where the majority of innovation will be. Many smartwatch creators are adding blood oxygen detection ability, electrocardiogram monitors, and other sensors that give the user notices about potential problems. Likewise gaining fame are smart patches that measure blood sugar, heart rate, and other vital signs. These patches are non-invasive, just like the ones used to support prevent people from smoking, and they can be used to administer medicines remotely.

Greater Affordability Drives Increased Adoption – The cost of every new technology limits its primary consumption that hits the market. Think back to when flat-screen televisions first looked and compare their worth then to what they sell for today. The same held true with wearables; the initial generation of today’s products was restricted to the established countries where people have higher disposable incomes.

Over time, however, technological development advances the efficiency of production, there is more struggle, and prices drop. Consumers, in turn, demand ever lower prices and must consider the cost against quality. Wearables now are far cheaper than they were ten years ago and so, the growth of the products has moved past the early adoption period toward mainstream consumption.

There are hundreds of developing wearable devices that have parallel basic functionality as premium products, and some are designed precisely for the more budget-conscious buyer. This year’s belief is for budget products in categories that are still mostly defined as premium, such as glasses and headwear.

The objective of the report is to present a comprehensive analysis of the Global Wearable Technology Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Wearable Technology Market dynamic, structure by analyzing the market segments and project the Global Wearable Technology Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Wearable Technology Market make the report investor’s guide.
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Global Wearable Technology Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 46.25 Bn.


Forecast Period 2022 to 2029 CAGR:
13.79%
Market Size in 2029:
US $ 130.01 Bn.


 Segments Covered:
by Type
• Wearable Smart Textiles
• Wearable Product and Textiles (Non-Textiles)


by Product
• Wristwear
• Headwear
• Footwear
• Fashion & Jewelry
• Bodywear
• Other Wearable Technology


by Devices
• Smart Watches
• Smart Glasses
• Fitness & Wellness Devices
• Smart Clothing
• Others (Earphones, Body Monitors, and Wearable Cameras)


by Application
• Consumer Electronics
• Healthcare
• Enterprise and Industrial Applications
• Other Applications



Global Wearable Technology Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Global Wearable Technology Market Key Players
• Xiaomi Corporation
• Apple Inc.
• Sony
• LG
• Huawei Technologies
• Intellitix
• Nymi
• Mclear Ltd.
• Jakcom Technology Co.
• Token
• Samsung Electronics Co., Ltd.
• Fitbit, Inc.
• Infineon Technologies Ag
• Qualcomm Technologies, Inc.
• Guangdong Bbk Electronics Co., Ltd
• Lifesense Group B.V.
• Dynabook Americas, Inc.
• Optinvent
• Seiko Epson
• Garmin Ltd.
• Microsoft
• Vuzix
• Adidas Group
• Misfit, Inc.
• Others
Frequently Asked Questions:
1] What segments are covered in Global Wearable Technology Market report?
Ans. The segments covered in Global Wearable Technology Market report are based on Type, Product, Devices, and Application.

2] Which region is expected to hold the highest share in the Global Wearable Technology Market?
Ans. North America is expected to hold the highest share in the Global Wearable Technology Market.

3] Who are the top key players in the Global Wearable Technology Market?
Ans. Xiaomi Corporation, Apple Inc., Sony, LG, and Huawei Technologies are the top key players in the Global Wearable Technology Market.

4] Which segment holds the largest market share in the Global Wearable Technology market by 2029?
Ans. Wristwear segment hold the largest market share in the Global Wearable Technology market by 2029.

5] What is the market size of the Global Wearable Technology market by 2029?
Ans. The market size of the Global Wearable Technology market is US $ 130.01 Bn. by 2029.

6] What was the market size of the Global Wearable Technology market in 2021?
Ans. The market size of the Global Wearable Technology market was worth US $ 46.25 Bn. in 2021.