Wearable devices, like smartphones and tablets, have evolved with improved features and independent processing capabilities as a result of digitalization. In recent years, there has been a significant increase in the adoption of IOT devices for single remote access. The surge in demand for various modern devices and features is a major factor driving market expansion. Wearable electronics is an integrated computing device or product that assists the person or user using it in improving day-to-day tasks. North America topped the wearable electronics market, followed by the European Union and Asia-Pacific.
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Global Wearable Electronic Devices Market was valued at USD 67,373.95 million in 2021 and is expected to reach USD 4,09,355.40 million by 2029, registering a CAGR of 15.60% during the forecast period of 2022-2029. The increased demand for sophisticated gadgets with enhanced functions is a key factor driving market expansion. Factors such as the rise in the acceptance rate of wearable products in new applications, as well as changes in the trend of communications and network technologies, are also driving the wearable electronic devices market. Furthermore, technical improvements, an increase in the number of digital customers, and the availability of internet mobility will accelerate the growth rate of the wearable electronic devices market.
Rising use of the technology by the healthcare industry is expected to drive the market's growth rate
Given the pandemic, the usage of wearable gadgets in healthcare is increasing, as these items bring advantages and benefits to both patients and healthcare practitioners. Among these advantages include real-time health monitoring of vital statistics and earlier detection of sickness or risk of a major health crisis. Wearable and ear-worn technology have seen rapid expansion as users rely on these gadgets for remote work, health tracking, exercise activities, and more.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014- 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Head-Mounted Displays, Smartwatches, Ear-Worn Devices (Hearables), Sports Watches, Smart Garments and Wristbands), (Application Sports And Fitness, Healthcare, Security And Proximity, Automotive, Electronics, Automation, Industrial and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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SAMSUNG (South Korea), Garmin Ltd. (U.S.), Huawei Technologies Co., Ltd. (China), Apple Inc. (U.S.), Sony Corporation (Japan), HTC Corporation (Taiwan), Fitbit, Inc. (U.S.), Xiaomi Global Community (China), ADIDAS AG (Germany), Nike, Inc. (U.S.), LG Electronics. (South Korea), Motorola Solutions, Inc. (U.S.), Fossil Group, Inc. (U.S.), Google LLC (U.S.), Polar Electro (Finland), Withings (France), Michael Kors (U.S.), CASIO AMERICA, INC. (U.S.), TomTom International BV (Netherlands), and ASUSTeK Computer Inc. (Taiwan)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand
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Segment Analysis:
Global wearable electronic devices market is categorized into two notable segments which are based on type and application.
- On the basis of type, global wearable electronic devices market is segmented into head-mounted displays, smartwatches, ear-worn devices (hearables), sports watches, smart garments and wristbands.
The smartwatches segment of type dominated the wearable electronic devices market
The smartwatches segment dominated the market in 2021 with a CAGR of 40.3% as smartwatches demand is endlessly increasing around the world because of the growing demand of smart gadgets for contactless payment, health monitoring, reminders, fitness monitoring, notifications and voice calls, entertainment and among others. Furthermore, smartwatches adoption and preference has increase in last few years in numerous industries healthcare, well-being, sports, fitness, work safety, security and proximity, fashion.
- On the basis of application, global wearable electronic devices market is segmented into sports and fitness, healthcare, security and proximity, automotive, electronics, automation, industrial and others.
The sports and fitness segment of application dominated the wearable electronic devices market
The sports and fitness segment dominated the market a CAGR of 48.29% due to increasing adoption of wearable electronic devices for sports and fitness to improve sports activities, fitness, and well-being by monitoring physiological conditions of wearers. Wearable electronic devices are helping wearers to optimize behavior during training and competition is desirable for athletes to achieve high performance.
Major Players
Data Bridge Market Research recognizes the following companies as the major market players: SAMSUNG (South Korea), Garmin Ltd. (U.S.), Huawei Technologies Co., Ltd. (China), Apple Inc. (U.S.), Sony Corporation (Japan), HTC Corporation (Taiwan), Fitbit, Inc. (U.S.), Xiaomi Global Community (China), ADIDAS AG (Germany), Nike, Inc. (U.S.), LG Electronics. (South Korea), Motorola Solutions, Inc. (U.S.), Fossil Group, Inc. (U.S.), Google LLC (U.S.), Polar Electro (Finland), Withings (France), Michael Kors (U.S.), CASIO AMERICA, INC. (U.S.), TomTom International BV (Netherlands), and ASUSTeK Computer Inc. (Taiwan).
Market Development
- In 2020, PROTXX, INC. announced a relationship with AltaML Inc. to strengthen its "data analytics" skills with a healthcare platform to allow automated diagnostics of various neurological medical disorders. This platform will replace cumbersome and costly clinical equipment, delaying the progress of neurodegenerative medical diseases that lead to numerous physiological systems.
- In 2020, TATA ELXSI developed its own software middleware platform "Autonomai" in 2020, which will create an AI-enabled perception system that will aid in Level 3+ autonomous driving. This perception system-based platform will be in charge of the seamless operation of autonomous vehicles using sensors for detecting objects.
Regional Analysis
Geographically, the countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the wearable electronic devices market during the forecast period 2022 to 2029
The global industry was dominated by North America. High technological usage and the ease with which freshly released things can be obtained have been significant growth factors for the regional market. Devices that improve health, ease preventive treatment, and aid in the management of chronic illnesses are in high demand in the region.
Asia-Pacific is estimated to be the fastest growing region in the wearable electronic devices market in the forecast period 2022-2029
The Asia-Pacific area is predicted to grow at the fastest pace due to an increase in the number of suppliers offering competitive products. China is likely to be one of the most important countries in the Asia-Pacific regional market. The decreased costs of smartphones, which are predicted to fall further in the near future, are also expected to stimulate demand for wearable technology in the country.
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