Wearable Technology Market to Reach $415.12 Billion by 2029 - Market Sizes, Shares, Forecasts, and Trends Analysis Report with COVID-19 Impact by Meticulous Research®
By volume, the global wearable technology market is expected to reach 1,150.71 million units by 2029, at a CAGR of 19.2% during the forecast period.
REDDING, Calif., Oct. 5, 2022 /PRNewswire/ -- 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 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 technology market is expected to reach 1,150.71 million units by 2029, at a CAGR of 19.2% during the forecast period.
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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 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 increasing demand for wearables that integrate all computing requirements in one compact device, increasing internet penetration, and high adoption of smart wearables are expected to create growth opportunities for the players operating in this market.
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.
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Increasing Growth Prospects of Next-generation Displays in Wearable Devices
As a result of more than three decades of R&D, it has been possible to develop flexible and affordable electronic displays. However, the major challenges that companies face are the high luminance requirement, high power consumption, and brightness issues. However, recent product launches by various industry players are initiated for wearable device display technology improvements. In February 2019, Nubia Alpha (China) launched a one-of-a-kind smartwatch with an OLED flexible display, a camera, and eSIM support at Mobile World Congress (MWC) 2019 in Barcelona, Spain. The Nubia Alpha smartwatch specifications include a Snapdragon Wear 2100 SoC, 1 GB RAM, and 8 GB internal storage. It runs on a custom OS and packs a 500-mAh battery.
Additionally, advancements in backplane materials are the current trend. Instead of silicon in the backplane, engineers use a metal oxide composed of indium, gallium, and zinc in equal parts, giving the material its name—IGZO or indium gallium zinc oxide—which is used in advanced wearable display technology. It is expected that the industry outlook toward integrating the next-generation display technology in wearable devices would further improve the marketability of wearable products.
To provide efficient analysis, Meticulous Research® has segmented this market based on product (smartwatch, wrist blood pressure monitor watch, head-mounted displays, smart headgear, smart glasses, smart jewelry, body-worn camera, robotic exoskeletons, smart clothing, smart patches, wearable biosensors (WBS), wearable cardioverter-defibrillator, smart headphones, and smart hearing aids), material (silicones, fluoroelastomers, polyurethanes, polymer dispersed liquid crystal (PDLC), others), end user(consumer, healthcare, military), and geography.
Based on product, the global wearable technologies market is segmented 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.
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Based on material, the global wearable technology 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. 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.
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 mainly attributed to the rising population, increasing disposable income, growing penetration of the internet, a huge base of techno-savvy consumers, and the growing investments from key players in the region.
The key players operating in the global wearable technology 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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Scope of the Report
Wearable Technology Market, by Product
- 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
- Smart Hearing Aids
Wearable Technology Market, by Material
- Silicones
- Fluoroelastomers
- Polyurethanes
- Polymer Dispersed Liquid Crystal (PDLC)
- Other Materials
Wearable Technology Market, by End User
- Consumer
- Healthcare
- Military
Wearable Technology Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Italy
- France
- Spain
- Rest Of Europe (ROE)
- Asia-Pacific
- China
- Japan
- India
- Rest Of Asia-Pacific (ROAPAC)
- Latin America
- Middle East & Africa
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