Product Code: A00264
The global wearable technology market size in 2020 was valued at $54.8 billion growing at CAGR of 12.8% to reach $183.2 billion by 2031. Wearable technology refers to electronic devices that are designed to be worn anywhere around the body, thereby enabling hands-free operations. Wearable technology products have gained popularity over the past few years, with advancements in technology and growth in the trend of innovation. From healthcare to military & defense sectors, this technology is prevalent due to ease of use, flexibility, and convenience. It also saves time, enables real-time data monitoring, and offers operational efficiency. Fitness tracking, security profiling, and network monitoring are some of the major factors contributing towards the higher adoption of wearable technology.
Increase in healthcare awareness, portable and convenient usage of wearables, and entry of large smartphone manufacturers are expected to drive growth in the wearable technology market. Demand for sophisticated devices with innovative features further supplements the market growth. However, factors such as security concerns and high cost of manufacturing in the global wearable technology market are likely to hamper the market growth. Moreover, due to increase in smartphone penetration, the demand for wearable technology is expected to grow at a faster rate. Furthermore, the introduction of smart shirts and smart rings, owing to rapid technological advancements is expected to supplement the growth of wearable technology market.
The wearable technology market is segmented based on devices, product type, application, and region. On the basis of device, the market is segmented into smart watches, smart glasses, activity trackers, smart clothing, and others. On the basis of product type, the wearable technology market is segmented into wrist wear, eyewear, hearables, body wear, and neckwear. On the basis of application, the wearable technology market is segmented into lifestyle, healthcare, consumer application, defense, fitness and sports, entertainment and enterprise, and industrial. On the basis of geography, the wearable technology market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The smart watch market is expected to grow with the fastest CAGR of 14.1% during the forecast period and is likely to reach a market size of $60.1 billion by 2031. Factors such as large players entering the global market, advancement in research and development, higher manufacturing cost, demand for high end devices, increasing competition, and standardization will have a significant impact on the smart watch market.
Key players operating in the market include Apple Inc., Fitbit, Inc., Garmin Ltd., Adidas AG., Nike Inc., Samsung Electronics Co., Ltd., Sony Corporation, Huawei Technologies Co., Ltd., LG Electronics Inc., and Motorola Solutions Inc. Constant innovation by market players and introduction of new technologies intensify the inter-market rivalry. The key strategies adopted by various players in the wearable technology market are analyzed based on the competitive scenario of the market. For instance, in September 2016, Garmin International Inc. a unit of Garmin Ltd., launched the VivoFit Jr., which is an activity tracker for kids to motivate and encourage them for fitness. The design for this product is durable, and has a long battery life. Many companies are collaborating with leading jewelry brands to enhance the appearance of wearable technology. For instance, in January 2016, Huawei and the jewelry brand, Swarovski Zirconia, launched a new range of smart watches. These are available in two stylish options, made exclusively for women. The watch comes with Italian leather straps and is compatible with both, Android and IOS.
Key Benefits
This report provides an extensive analysis of the current trends and emerging estimations in the global wearable technology market.
In-depth analysis of the industry is conducted through market estimations of key segments from 2022 to 2031.
Comprehensive analysis of factors that drive and restrain the growth of the market is provided in the report.
Extensive analysis of the industry is conducted by following key product positioning and monitoring the top competitors within the market framework.
The key players are profiled along with their strategies to determine the competitive outlook of the market.
Key Market Segments
By Device
- Fitness
- Smart Watches
- Smart Glasses
- Smart Clothing
- Others
By Product Type
- Wrist Wear
- Eyewear
- Hearables
- Neckwear
- Bodywear
- Others
By Application
- Lifestyle
- Consumer Applications
- Entertainment
- Healthcare
- Fitness And Sports
- Defense
- Enterprise
By Region
- North America
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Asean
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa,
- Saudi Arabia
- Turkey
- Rest of LAMEA
- Key Market Players
- Garmin Ltd.
- Adidas AG.
- Nike Inc.
- Samsung Electronics Co., Ltd.
- Sony Corporation
- Huawei Technologies Co., Ltd.
- LG Electronics Inc.
- Motorola Solutions Inc
- Apple Inc.
- Fitbit, Inc.
TABLE OF CONTENTS
CHAPTER 1:INTRODUCTION
- 1.1.Report description
- 1.2.Key market segments
- 1.3.Key benefits to the stakeholders
- 1.4.Research Methodology
- 1.4.1.Secondary research
- 1.4.2.Primary research
- 1.4.3.Analyst tools and models
CHAPTER 2:EXECUTIVE SUMMARY
- 2.1.Key findings of the study
- 2.2.CXO Perspective
CHAPTER 3:MARKET OVERVIEW
- 3.1.Market definition and scope
- 3.2.Key findings
- 3.2.1.Top investment pockets
- 3.3.Porter's five forces analysis
- 3.4.Top player positioning
- 3.5.Market dynamics
- 3.5.1.Drivers
- 3.5.2.Restraints
- 3.5.3.Opportunities
- 3.6.COVID-19 Impact Analysis on the market
- 3.7.Pricing Analysis
CHAPTER 4: WEARABLE TECHNOLOGY MARKET, BY DEVICE
- 4.1 Overview
- 4.1.1 Market size and forecast
- 4.2 Fitness
- 4.2.1 Key market trends, growth factors and opportunities
- 4.2.2 Market size and forecast, by region
- 4.2.3 Market analysis by country
- 4.3 Smart Watches
- 4.3.1 Key market trends, growth factors and opportunities
- 4.3.2 Market size and forecast, by region
- 4.3.3 Market analysis by country
- 4.4 Smart Glasses
- 4.4.1 Key market trends, growth factors and opportunities
- 4.4.2 Market size and forecast, by region
- 4.4.3 Market analysis by country
- 4.5 Smart Clothing
- 4.5.1 Key market trends, growth factors and opportunities
- 4.5.2 Market size and forecast, by region
- 4.5.3 Market analysis by country
- 4.6 Others
- 4.6.1 Key market trends, growth factors and opportunities
- 4.6.2 Market size and forecast, by region
- 4.6.3 Market analysis by country
CHAPTER 5: WEARABLE TECHNOLOGY MARKET, BY PRODUCT TYPE
- 5.1 Overview
- 5.1.1 Market size and forecast
- 5.2 Wrist Wear
- 5.2.1 Key market trends, growth factors and opportunities
- 5.2.2 Market size and forecast, by region
- 5.2.3 Market analysis by country
- 5.3 Eyewear
- 5.3.1 Key market trends, growth factors and opportunities
- 5.3.2 Market size and forecast, by region
- 5.3.3 Market analysis by country
- 5.4 Hearables
- 5.4.1 Key market trends, growth factors and opportunities
- 5.4.2 Market size and forecast, by region
- 5.4.3 Market analysis by country
- 5.5 Neckwear
- 5.5.1 Key market trends, growth factors and opportunities
- 5.5.2 Market size and forecast, by region
- 5.5.3 Market analysis by country
- 5.6 Bodywear
- 5.6.1 Key market trends, growth factors and opportunities
- 5.6.2 Market size and forecast, by region
- 5.6.3 Market analysis by country
- 5.7 Others
- 5.7.1 Key market trends, growth factors and opportunities
- 5.7.2 Market size and forecast, by region
- 5.7.3 Market analysis by country
CHAPTER 6: WEARABLE TECHNOLOGY MARKET, BY APPLICATION
- 6.1 Overview
- 6.1.1 Market size and forecast
- 6.2 Lifestyle
- 6.2.1 Key market trends, growth factors and opportunities
- 6.2.2 Market size and forecast, by region
- 6.2.3 Market analysis by country
- 6.3 Consumer Applications
- 6.3.1 Key market trends, growth factors and opportunities
- 6.3.2 Market size and forecast, by region
- 6.3.3 Market analysis by country
- 6.4 Entertainment
- 6.4.1 Key market trends, growth factors and opportunities
- 6.4.2 Market size and forecast, by region
- 6.4.3 Market analysis by country
- 6.5 Healthcare
- 6.5.1 Key market trends, growth factors and opportunities
- 6.5.2 Market size and forecast, by region
- 6.5.3 Market analysis by country
- 6.6 Fitness And Sports
- 6.6.1 Key market trends, growth factors and opportunities
- 6.6.2 Market size and forecast, by region
- 6.6.3 Market analysis by country
- 6.7 Defense
- 6.7.1 Key market trends, growth factors and opportunities
- 6.7.2 Market size and forecast, by region
- 6.7.3 Market analysis by country
- 6.8 Enterprise
- 6.8.1 Key market trends, growth factors and opportunities
- 6.8.2 Market size and forecast, by region
- 6.8.3 Market analysis by country
CHAPTER 7: WEARABLE TECHNOLOGY MARKET, BY REGION
- 7.1 Overview
- 7.1.1 Market size and forecast
- 7.2 North America
- 7.2.1 Key trends and opportunities
- 7.2.2 North America Market size and forecast, by Device
- 7.2.3 North America Market size and forecast, by Product Type
- 7.2.4 North America Market size and forecast, by Application
- 7.2.5 North America Market size and forecast, by country
- 7.2.5.1 U.S.
- 7.2.5.1.1 Market size and forecast, by Device
- 7.2.5.1.2 Market size and forecast, by Product Type
- 7.2.5.1.3 Market size and forecast, by Application
- 7.2.5.2 Canada
- 7.2.5.2.1 Market size and forecast, by Device
- 7.2.5.2.2 Market size and forecast, by Product Type
- 7.2.5.2.3 Market size and forecast, by Application
- 7.2.5.3 Mexico
- 7.2.5.3.1 Market size and forecast, by Device
- 7.2.5.3.2 Market size and forecast, by Product Type
- 7.2.5.3.3 Market size and forecast, by Application
- 7.3 Europe
- 7.3.1 Key trends and opportunities
- 7.3.2 Europe Market size and forecast, by Device
- 7.3.3 Europe Market size and forecast, by Product Type
- 7.3.4 Europe Market size and forecast, by Application
- 7.3.5 Europe Market size and forecast, by country
- 7.3.5.1 U.K.
- 7.3.5.1.1 Market size and forecast, by Device
- 7.3.5.1.2 Market size and forecast, by Product Type
- 7.3.5.1.3 Market size and forecast, by Application
- 7.3.5.2 Germany
- 7.3.5.2.1 Market size and forecast, by Device
- 7.3.5.2.2 Market size and forecast, by Product Type
- 7.3.5.2.3 Market size and forecast, by Application
- 7.3.5.3 France
- 7.3.5.3.1 Market size and forecast, by Device
- 7.3.5.3.2 Market size and forecast, by Product Type
- 7.3.5.3.3 Market size and forecast, by Application
- 7.3.5.4 Italy
- 7.3.5.4.1 Market size and forecast, by Device
- 7.3.5.4.2 Market size and forecast, by Product Type
- 7.3.5.4.3 Market size and forecast, by Application
- 7.3.5.5 Spain
- 7.3.5.5.1 Market size and forecast, by Device
- 7.3.5.5.2 Market size and forecast, by Product Type
- 7.3.5.5.3 Market size and forecast, by Application
- 7.3.5.6 Rest of Europe
- 7.3.5.6.1 Market size and forecast, by Device
- 7.3.5.6.2 Market size and forecast, by Product Type
- 7.3.5.6.3 Market size and forecast, by Application
- 7.4 Asia-Pacific
- 7.4.1 Key trends and opportunities
- 7.4.2 Asia-Pacific Market size and forecast, by Device
- 7.4.3 Asia-Pacific Market size and forecast, by Product Type
- 7.4.4 Asia-Pacific Market size and forecast, by Application
- 7.4.5 Asia-Pacific Market size and forecast, by country
- 7.4.5.1 China
- 7.4.5.1.1 Market size and forecast, by Device
- 7.4.5.1.2 Market size and forecast, by Product Type
- 7.4.5.1.3 Market size and forecast, by Application
- 7.4.5.2 Japan
- 7.4.5.2.1 Market size and forecast, by Device
- 7.4.5.2.2 Market size and forecast, by Product Type
- 7.4.5.2.3 Market size and forecast, by Application
- 7.4.5.3 India
- 7.4.5.3.1 Market size and forecast, by Device
- 7.4.5.3.2 Market size and forecast, by Product Type
- 7.4.5.3.3 Market size and forecast, by Application
- 7.4.5.4 Asean
- 7.4.5.4.1 Market size and forecast, by Device
- 7.4.5.4.2 Market size and forecast, by Product Type
- 7.4.5.4.3 Market size and forecast, by Application
- 7.4.5.5 Australia
- 7.4.5.5.1 Market size and forecast, by Device
- 7.4.5.5.2 Market size and forecast, by Product Type
- 7.4.5.5.3 Market size and forecast, by Application
- 7.4.5.6 Rest of Asia-Pacific
- 7.4.5.6.1 Market size and forecast, by Device
- 7.4.5.6.2 Market size and forecast, by Product Type
- 7.4.5.6.3 Market size and forecast, by Application
- 7.5 LAMEA
- 7.5.1 Key trends and opportunities
- 7.5.2 LAMEA Market size and forecast, by Device
- 7.5.3 LAMEA Market size and forecast, by Product Type
- 7.5.4 LAMEA Market size and forecast, by Application
- 7.5.5 LAMEA Market size and forecast, by country
- 7.5.5.1 Brazil
- 7.5.5.1.1 Market size and forecast, by Device
- 7.5.5.1.2 Market size and forecast, by Product Type
- 7.5.5.1.3 Market size and forecast, by Application
- 7.5.5.2 South Africa,
- 7.5.5.2.1 Market size and forecast, by Device
- 7.5.5.2.2 Market size and forecast, by Product Type
- 7.5.5.2.3 Market size and forecast, by Application
- 7.5.5.3 Saudi Arabia
- 7.5.5.3.1 Market size and forecast, by Device
- 7.5.5.3.2 Market size and forecast, by Product Type
- 7.5.5.3.3 Market size and forecast, by Application
- 7.5.5.4 Turkey
- 7.5.5.4.1 Market size and forecast, by Device
- 7.5.5.4.2 Market size and forecast, by Product Type
- 7.5.5.4.3 Market size and forecast, by Application
- 7.5.5.5 Rest of LAMEA
- 7.5.5.5.1 Market size and forecast, by Device
- 7.5.5.5.2 Market size and forecast, by Product Type
- 7.5.5.5.3 Market size and forecast, by Application
CHAPTER 8: COMPANY LANDSCAPE
- 8.1. Introduction
- 8.2. Top winning strategies
- 8.3. Product Mapping of Top 10 Player
- 8.4. Competitive Dashboard
- 8.5. Competitive Heatmap
- 8.6. Key developments
CHAPTER 9: COMPANY PROFILES
- 9.1 Garmin Ltd.
- 9.1.1 Company overview
- 9.1.2 Company snapshot
- 9.1.3 Operating business segments
- 9.1.4 Product portfolio
- 9.1.5 Business performance
- 9.1.6 Key strategic moves and developments
- 9.2 Adidas AG.
- 9.2.1 Company overview
- 9.2.2 Company snapshot
- 9.2.3 Operating business segments
- 9.2.4 Product portfolio
- 9.2.5 Business performance
- 9.2.6 Key strategic moves and developments
- 9.3 Nike Inc.
- 9.3.1 Company overview
- 9.3.2 Company snapshot
- 9.3.3 Operating business segments
- 9.3.4 Product portfolio
- 9.3.5 Business performance
- 9.3.6 Key strategic moves and developments
- 9.4 Samsung Electronics Co., Ltd.
- 9.4.1 Company overview
- 9.4.2 Company snapshot
- 9.4.3 Operating business segments
- 9.4.4 Product portfolio
- 9.4.5 Business performance
- 9.4.6 Key strategic moves and developments
- 9.5 Sony Corporation
- 9.5.1 Company overview
- 9.5.2 Company snapshot
- 9.5.3 Operating business segments
- 9.5.4 Product portfolio
- 9.5.5 Business performance
- 9.5.6 Key strategic moves and developments
- 9.6 Huawei Technologies Co., Ltd.
- 9.6.1 Company overview
- 9.6.2 Company snapshot
- 9.6.3 Operating business segments
- 9.6.4 Product portfolio
- 9.6.5 Business performance
- 9.6.6 Key strategic moves and developments
- 9.7 LG Electronics Inc.
- 9.7.1 Company overview
- 9.7.2 Company snapshot
- 9.7.3 Operating business segments
- 9.7.4 Product portfolio
- 9.7.5 Business performance
- 9.7.6 Key strategic moves and developments
- 9.8 Motorola Solutions Inc
- 9.8.1 Company overview
- 9.8.2 Company snapshot
- 9.8.3 Operating business segments
- 9.8.4 Product portfolio
- 9.8.5 Business performance
- 9.8.6 Key strategic moves and developments
- 9.9 Apple Inc.
- 9.9.1 Company overview
- 9.9.2 Company snapshot
- 9.9.3 Operating business segments
- 9.9.4 Product portfolio
- 9.9.5 Business performance
- 9.9.6 Key strategic moves and developments
- 9.10 Fitbit, Inc.
- 9.10.1 Company overview
- 9.10.2 Company snapshot
- 9.10.3 Operating business segments
- 9.10.4 Product portfolio
- 9.10.5 Business performance
- 9.10.6 Key strategic moves and developments