The size of the wearable technology market will reach $ 392.4 billion by 2030

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The size of the global wearable technology market is projected to grow at a compound annual growth rate (CAGR) of 13.8% during the forecast period and reach a value of approximately $ 392.4 billion by 2030.

New York, August 15, 2022 (GLOBE NEWSWIRE) – According to Precedence Research, il wearable technology market the size was estimated at $ 138.61 billion in 2022.

  • By application, the consumer electronics segment showed a revenue share of approximately 48.6% in 2021.

  • The fitness and wellness applications segment is growing at a CAGR of 10.7% between 2022 and 2030.

  • By product, the wrist apparel segment had the highest revenue share of 49.2% in 2021.

  • The eyewear and headwear product segment is expected to reach a CAGR of 14.3% between 2022 and 2030.

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Because the North American region had the highest revenue share in wearable technology market?

  • The North American region is expected to dominate the market in the coming years and has had a market share of around 38.6% in terms of revenue. Due to the increasing use of the Internet and technological innovations, the market in the North American region will dominate in the coming years, the presence of various companies in this region will play an important role in the expansion of the market. Several initiatives are taken by these companies to improve the performance of these equipments.

Because the Asia Pacific region is growing fastest in the wearable technology market?

  • The Asia Pacific region is also expected to grow well in the coming years. The growing demand for wearable devices in the Asia Pacific region and rapid urbanization have led to an increase in purchasing power in the hands of consumers, and people in this region are tech savvy, which is why the market is expected to will have a good demand for these products.

  • There are a large number of market players when they show the Asia Pacific region who have helped build another list regarding these products. Other manufacturers are expected to set foot in the Asia Pacific region in the coming years as the cost of labor and raw materials in this region is low. The increasing population in this region will drive the growth of the market for variable devices in the coming years.

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Highlights of the report

  • Based on the product, the wrist wear segment it should grow well in the next year. As this device helps to maintain the statistics and information related to the fitness of an individual, the market for this product is expected to grow well in the next few years, there is a growing demand for these devices in the sports segment. There is a growing demand for these devices across industries and most of these products are consumed by the healthcare industry. The integration of various functions related to a specific disease will be instrumental in the growth of the smart watch market. These devices help track important information related to cardiovascular disease. the demand for eyewear is also expected to grow well in the coming years. Head-mounted devices are also of great importance in the healthcare industry as these products are used by surgeons in performing various surgeries. These devices provide good assistance to surgeons.

  • The growing demand for consumer electronics has increased the use of this technology. Various devices are developed that help track working hours, and many other similar devices have provided the market growth. The increased use of technology for communication between machines and the growing demand for connected devices will be instrumental in the growth of the market in the coming years.

  • The advanced technology used in these products is creating greater demand for these devices. As these devices are critical for health monitoring and also improve communication between doctor and patients, the market is expected to grow well in the coming years.

  • The healthcare industry will have maximum demand for these devices. These devices are portable and compact. There is a growing demand for devices that use sweat sensors which are extremely useful for athletes to help monitor their electrolyte loss and water loss. The use of these sensors in devices will help create better demand for these products in the coming years.

  • Manufacturers are also engaging in strategic initiatives that include partnerships and joint ventures. Research and development activities have been instrumental in launching new products in the market agreements in the various companies have been instrumental in strengthening the position of these organizations in different markets.

Scope of the report

Attributes of the report

Details

Market size in 2021

121.7 billion dollars

Turnover forecasts by 2030

392.4 billion dollars

CAGR

13.89% from 2022 to 2030

Larger market

North America

Fastest growing region

Asia Pacific

Reference year

2021

Forecast year

2022-2030

Key players

Xiaomi Global Community, Huawei Technologies Co. Ltd., Nike Inc., Motorola Solutions Inc., Sony Corporation, Google LLC, HTC Corporation, SAMSUNG, Apple Inc., LG Electronics, CASIO AMERICA INC. and other

Market D.dynamic

Drivers

The constant research and development activities in the past have been instrumental in providing innovative products to the market. Smart glasses, glasses and watches are available in the market, there are many other devices offered in the market that help to track the vital signs of a person’s body. These devices are flexible and these devices are also affordable, thanks to which the market is expected to grow well in the coming years.

Constant efforts have provided a better visualization of this technology in recent years. The storage space of these devices has also been increased, due to which good market growth is expected. Recent products are available with better battery life.

Restrictions

One of the main factors hindering market growth is the battery life of these products or equipment. The battery of these products is unreliable due to which consumers have to compromise. There is a growing demand for an efficient system for improving battery life. The demand for power to improve the performance of these variable devices is growing. The cost of these products must also calm down.

Chance

There is a growing demand for compact devices that integrate many monitoring functions into a single device. And this should provide a better opportunity for the growth of this market in the coming years, there is a growing demand for hybrid devices which have been extremely beneficial to users as they have an integrated platform for performing various functions.

Challenges

The electronics market is growing in the Asia Pacific region and also in other countries. Constant research and development in this market makes new technology old at a faster pace. Due to which the importance of the products that make use of the old technology have no value in the market. To move faster with advances in technology, the main challenges that manufacturers face is that of the growing demand for these new technologies. The market is extremely competitive and advanced features or technologies are used in these products.

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Recent D.evolutions

Market segmentation

By type

By product

  • Body

  • ties

  • Headgear

  • Cuffs

  • Footwear

  • Eyeglasses

By application

By geography

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