Meticulous Research®—a leading global market research company, published a research report titled, ‘Global Wearable Technology Market by Product (Smartwatches, Blood Pressure Monitor Watches, Head-mounted Displays, Smart Headgears, Smart Glasses, Smart Jewellery, Body-worn Cameras), Material, End User, and Geography—Forecast to 2029.’
The wearable technology market is expected to reach $415.12 billion by 2029, at a CAGR of 17.1% during the forecast period. By volume, the global wearable technologies market is expected to reach 1,150.71 million units by 2029, at a CAGR of 19.2% during the forecast period.
The growth of the wearable technologies market is driven by factors such as the increasing growth prospects of next-generation displays in wearable devices, incremental technological advancements aiding the market growth, and the rising prevalence of chronic diseases and obesity.
The global wearable technology market is segmented by product, material, and end user. The wearable devices market study also evaluates industry competitors and analyses the regional and country-level markets.
Based on product, the global wearable technologies market is segmented into smartwatches werable devices, blood pressure monitor watches, head-mounted displays, smart headgears, smart glasses, smart jewellery, body-worn cameras, robotic exoskeletons, smart clothing, smart patches, wearable biosensors (WBS), wearable cardioverter-defibrillators, smart headphones, and smart hearing aids. By value and volume, in 2022, the smartwatches segment is expected to account for the largest share of the global wearable technologies market. The growth of this segment is attributed to the increasing demand for wireless fitness and sports devices, increased health awareness among consumers, and the emergence of a large number of players in the smartwatch market. However, by value and volume, the head-mounted displays segment is projected to register the highest CAGR during the forecast period in the werable devices market.
Based on material, the global wearable technologies market is segmented into silicones, fluor elastomers, polyurethanes, polymer dispersed liquid crystal (PDLC), and other materials. In 2022, the silicones segment is expected to account for the largest share of the global wearable technologies market. Silicone is biocompatible and can be used in various applications, such as skin care, including peel and stick technology for wearable skin applications and biomedical grade silicones for medical wearable devices. It is also more breathable than any other organic polymer, which increases patient comfort. Products made of this material adapt well to the body contours and offer greater comfort and better fit. Such factors drive the growth of this segment in the global wearable technologies market. Moreover, this segment is projected to register the highest CAGR during the forecast period.
Based on end user, the global wearable technologies market is segmented into consumer, healthcare, and military. In 2022, the consumer segment is expected to account for the largest share of the global wearable technologies market. Consumer electronics have applications in fitness & sports, garments & fashion, multifunction, and infotainment & multimedia. Considering consumers' growing demand for wearable consumer electronics, industry players are focused on developing devices that can track the work hours of end users. Furthermore, the growing machine-to-machine communication and the rise in connected devices are expected to support the growth of wearable consumer electronics, thus supporting the market growth. However, the healthcare segment is projected to register the highest CAGR during the forecast period.
Based on geography, the global wearable technologies market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, the Asia-Pacific region is expected to account for the largest share of the global wearable technologies market. The rapid growth of this market is attributed to the rising population, increasing disposable income, growing internet penetration, growing investments from key players in the region, and a huge base of techno-savvy consumers. However, North America is projected to register the highest CAGR during the forecast period in the werable devices market.
The key players operating in the global wearable technologies market are Apple Inc. (U.S.), Fitbit Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Garmin Ltd. (U.S.), LG Electronics, Inc. (South Korea), Huawei Technologies Co. Ltd (China), Sony Corporation (Japan), Xiaomi Corporation (China), adidas AG (Germany), Nike Inc. (U.S.), HTC Corporation (Taiwan), AiQ Smart Clothing Inc. (Taiwan), Razer Inc. (U.S.), RealWear, Inc. (U.S.), and GOQii Technologies Pvt. Ltd.(U.S.).
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