According to a new market research report titled, ‘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’. By value, the global wearable technologies 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.
Wearable technology is an electronic device worn on the user’s body. Such devices can take many forms, including jewelry, accessories, medical devices, and clothing or clothing elements. The growth of the wearable technologies market is primarily driven by factors such as the adoption of wearables across multiple application areas, consumer preference for connected devices, and the increasing population of IoT and related devices.
The Impact of COVID-19 on the Global Wearable Technology Market
The COVID-19 pandemic caused a widespread economic downturn as several countries imposed strict lockdowns to contain the infection. The shutdown of on-premise business processes and disruptions in supply chains and production schedules severely affected businesses worldwide, significantly impacting the technology supply chains globally. The COVID-19 pandemic negatively impacted the global wearable technologies market demand due to the shutdown of consumer electronics, automobile, industrial, and other manufacturing facilities across the globe.
In the first half of 2020, worldwide restrictions and governmental regulations disrupted the global wearable technologies market’s supply chain. Countries in the Asia-Pacific region, such as India, China, Taiwan, South Korea, and Japan, have substantial availability of manufacturers for raw materials utilized in wearable products. However, the unforeseen lockdown negatively impacted wearable technology manufacturing, which impacted their production schedules. Therefore, the sales dropped amid the lockdown in major global economies, resulting in limited deliveries and a drop in sales ratio.
The global wearable technologies market is segmented by product, material, end user, and geography. The study also evaluates industry competitors and analyzes the market the regional and country-level markets.
Based on product, the global wearable technologies market is segmented into smartwatches, 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, the head-mounted displays segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the increasing investments by major players in the development of HMDs, increased adoption of AR and VR technologies due to COVID-19, availability of low-cost HMDs, and technological advancements and growing digitalization.
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 wearable medical 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.
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.. However, the healthcare segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the growing investments, funds, grants, and preference for wireless connectivity among healthcare providers.
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 expected to register the highest CAGR during the forecast period. The rapid growth of this market is attributed to the growth in disposable income and the rapid adoption and popularity of enhanced devices. Moreover, the region has a strong foothold on wearable vendors, such as Apple, Fitbit, and Garmin, among others, adding to the market’s growth.
Some of 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.).
Wearable Technology Market, by Product
- 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-Defibrillator
- Smart Headphones
- Smart Hearing Aids
Wearable Technology Market, by Material
- Polymer Dispersed Liquid Crystal (PDLC)
- Other Materials
Wearable Technology Market, by End User
Wearable Technology Market, by Geography
- North America
- Rest Of Europe (ROE)
- Rest Of Asia-Pacific (ROAPAC)
- Latin America
- Middle East & Africa