NEW YORK, Aug. 15, 2022 (GLOBE NEWSWIRE) — According to Precedence Research, Wearable technology market The size was estimated at US$138.61 billion in 2022.
- By application, the consumer electronics segment exhibited a revenue share of around 48.6% in 2021.
- The fitness & wellness application segment is growing at a CAGR of 10.7% during 2022-2030.
- By product, the wristwear segment will hold the highest revenue share of 49.2% in 2021.
- The eyewear and headwear product segment is projected to reach a CAGR of 14.3% during 2022-2030.
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Why North America Has the Highest Revenue Share Wearable technology market?
- The North America region is expected to dominate the market in the coming years, accounting for approximately 38.6% market share in terms of revenue. Increasing internet usage and technological innovation will dominate the market in the North America region in the coming years, and the presence of various companies in this region will play an important role in the expansion of the market. These companies are making various efforts to improve the performance of these devices.
Why Asia Pacific is Growing Fast Wearable technology market?
- The Asia-Pacific region is also expected to grow steadily in the coming years. Growing demand for wearable devices and rapid urbanization in the Asia-Pacific region has increased purchasing power in the hands of consumers, and the tech-savvy people in the region are driving high demand for these in the market. is expected. product.
- Pointing to the Asia-Pacific region that helped make another list for these products, there are numerous market players. Due to the low cost of labor and raw materials in the region, other manufacturers are expected to set foot in the Asia-Pacific region in the coming years. Population growth in this region will drive the variable device market growth in the coming years.
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Report highlights
- Based on the product of Wristwear segment It is expected to grow steadily next year. The market for this product is expected to grow steadily in the coming years as the device helps maintain statistics and information related to an individual’s fitness, increasing the demand for these devices in the sports segment. Various industries are seeing increasing demand for these devices and most of these products are being consumed in the healthcare sector. increase. These devices help track important information about cardiovascular disease. Demand for goggles is also expected to grow steadily in the coming years. Head-mounted devices are also very important in the healthcare industry, as these products are used by surgeons to perform a variety of surgeries. These devices provide excellent assistance to surgeons.
- The growing demand for consumer electronics has increased the use of this technology. Various devices have been developed to help track working hours, and many other such devices have contributed to the growth of the market. Increasing use of technology for machine-to-machine communication and growing demand for connected devices will help the market grow in the coming years.
- The advanced technology used in these products has increased the demand for these devices. The market is expected to grow steadily in the coming years as these devices help track health and enhance communication between doctors and patients.
- The healthcare industry shall have the greatest demand for these devices. These devices are portable and compact. There is a growing demand for devices that utilize perspiration sensors, which are very useful for athletes to help track electrolyte loss and water loss. Help generate demand.
- Manufacturers are also working on strategic initiatives consisting of partnerships and joint ventures. Research and development activities have helped launch new products in various companies’ market contracts and have helped strengthen the position of these organizations in various markets.
Reporting scope
| report attribute | detail |
| Market size in 2021 | US$121.7 billion |
| Revenue projections to 2030 | US$392.4 billion |
| CAGR | 13.89% from 2022 to 2030 |
| largest market | North America |
| fastest growing region | Asia Pacific |
| base year | 2021 |
| Forecast year | 2022-2030 |
| main player | 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., etc. |
market D.mechanics
driver
Our constant research and development activities in the past have helped us bring innovative products to the market. Smart goggles, glasses, smartwatches are available on the market, and many other devices are offered on the market to help track a person’s body vitals. Due to the affordable price of the devices, the market is expected to grow significantly in the coming years.
In recent years, continuous efforts have improved the display of this technology. The market is expected to grow steadily as the storage of these devices is also increasing. Modern products have improved battery life.
Restraint
One of the major factors hindering market growth is the battery life of these products or devices. Batteries in these products are unreliable and consumers have to make compromises. There is a growing demand for efficient systems to extend battery life. Power requirements are increasing to improve the performance of these tunable devices. The cost of these products also needs to calm down.
chance
There is a growing demand for compact devices that can integrate many monitoring functions into one device. And this is a better for the growth of this market in the coming years as there is a growing demand for hybrid devices which are very beneficial for users as they have an integrated platform to perform various functions. It is expected to provide opportunities.
Task
The electronics market is growing in the Asia-Pacific region and other countries. With constant research and development in this market, new technologies become obsolete at a faster pace. As such, the importance of products using old technology is worthless in the market. A major challenge facing manufacturers to move faster as technology advances is the increasing demand for these new technologies. The market is highly competitive and advanced features and technologies are used in these products.
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Recently D.development
- In 2020, the Apple Watch series was launched by the organization. This product is highly beneficial for personal health and wellness. A new feature has been added to the watch series to help you monitor oxygen saturation in your blood.
market segmentation
By type
- wearable smart textile
- Wearable products and devices (non-textile)
by product
- bodywear
- neckwear
- hat
- wrist wear
- footwear
- Eyewear
by application
- defense
- Health care
- Enterprise and industrial applications
- fitness & wellness
- others
by geography
- North America
- Europe
- Asia Pacific
- latin america
- Middle East and Africa (MEA)
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