Meticulous Research®, a prominent global market research firm, released a 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.'
According to the report, the wearable technology market is projected to achieve $415.12 billion by 2029, growing at a compound annual growth rate (CAGR) of 17.1% during the forecast period. In terms of volume, global wearable technology sales are expected to reach 1,150.71 million units by 2029, with a CAGR of 19.2% during the same period.
The market's expansion is propelled by several factors including the increasing adoption of next-generation displays in wearable devices, continuous technological advancements supporting market growth, and the rising incidence of chronic diseases and obesity.
This comprehensive report segments the global wearable technology market based on product type, material composition, and end user. It also provides a competitive analysis of industry players and examines regional and country-level markets.
Based on product, the global wearable technologies market encompasses a variety of products including 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. In terms of both value and volume, the smartwatches segment is anticipated to hold the largest share of the market in 2022. This growth is driven by increasing consumer demand for wireless fitness and sports devices, heightened health consciousness, and the growing presence of numerous competitors in the smartwatch sector.
However, the head-mounted displays segment is forecasted to exhibit the highest compound annual growth rate (CAGR) in both value and volume throughout the forecast period within the wearable devices market.
Based on material, the global market for wearable technologies is divided into categories such as silicones, fluor elastomers, polyurethanes, polymer dispersed liquid crystal (PDLC), and other materials. As of 2022, the silicone segment is expected to dominate the market. Silicone is valued for its biocompatibility and versatility, making it suitable for a range of applications including skincare, peel-and-stick technology for wearable skin applications, and biomedical-grade silicones for medical wearables. It is also highly breathable compared to other organic polymers, enhancing comfort for users. Products made from silicone conform well to body contours, providing superior comfort and fit, which contributes to the segment's growth in the global wearable technologies market. Furthermore, this segment is anticipated to achieve the highest compound annual growth rate (CAGR)
Based on end user, the global market for wearable technologies is categorized into consumer, healthcare, and military sectors. As of 2022, the consumer segment is anticipated to hold the largest share of this market. Consumer electronics find applications in areas such as fitness and sports, fashion and garments, multifunctional uses, and infotainment and multimedia. With increasing consumer demand for wearable electronics, manufacturers are concentrating on developing devices capable of tracking various aspects of users' daily activities. Additionally, the expansion of machine-to-machine communication and the proliferation of connected devices are expected to bolster the growth of wearable consumer electronics, thereby supporting market expansion. On the other hand, the healthcare segment is forecasted to experience the highest compound annual growth rate (CAGR) during the forecast period.
Based on geography, the global market for wearable technologies is divided into regions including North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. By 2022, the Asia-Pacific region is forecasted to dominate the global wearable technologies market. This growth is driven by factors such as a burgeoning population, rising disposable incomes, increasing internet penetration, substantial investments from major industry players in the region, and a large base of tech-savvy consumers. However, North America is expected to record the highest compound annual growth rate (CAGR) in the wearable devices market during the forecast period.
Major players in the global wearable technologies market include 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.
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Key Questions Answered in the Report-
• Which market segments show high growth in terms of product, material, end user, and geography?
• What is the historical market size of the global wearable technology market?
• What are the market forecasts and estimates for the period 2022–2029?
• What are the main drivers, constraints, opportunities, and challenges in the global wearable devices market?
• Who are the leading companies operating in the market, and what are their market shares?
• Who are the prominent players in various countries?
• How does the competitive landscape look in the global wearable devices market?
• What are the recent developments in the global wearable technology market?
• What strategies are being employed by major players in the market?
• What are the key geographic trends, and which countries are experiencing high growth?
• Who are the emerging local players in the global wearable technologies market, and how do they compete with established companies?
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