Europe Wearable Electronic Devices Market – Industry Trends and Forecast to 2030

 Europe Wearable Electronic Devices Market Analysis and Size

Growing growth prospects of next-generation displays in wearable electronic devices are the important aspect of market revenue. The growing popularity of connected devices and Internet of Things will foster market growth. In the workplace, this technology can be employed in different styles. For instance, in the healthcare sector, doctors can use these wearable techs to look inside a patient’s veins, without waiting for X-rays or scans. In the construction industry, emerging wearables allow workers to look inside piping hidden behind walls, hence eliminating the requirement to undertake expensive repair work. 

Data Bridge Market Research analyses that the wearable electronic devices market was valued at USD 11,173.69 million in 2022 and is expected to reach the value of USD 58,919.77 million by 2030, at a CAGR of 23.10% during the forecast period. 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.

Europe Wearable Electronic Devices Market Scope and Segmentation

Market Definition

A person constantly wears wearable electronics devices as clothing to provide intelligent assistance that increase creativity, memory, intellect, communication and physical senses. These electronics can be worn internally as implantable devices such as neuroprosthetics and pacemakers. Wearable electronics may be worn externally in the form of a wristwatch, eyeglasses, jewellery, a ring, a badge, clothing or shoes. The major considerations for wearable electronics are that they have to be small, robust, be comfortable to wear, and consume a small amount. Wearable electronics can work as computers or as sensors that consist of output, input and a motherboard made up of transistors and several interconnections. 

Europe Wearable Electronic Devices Market Dynamics

Drivers

• Increasing demand of wrist wear

A fitness wristwatch can be paired with a mobile application to deliver the user major fitness-related statistics and information. Some of the major market players of wrist-wear for sports and fitness applications are Fitbit, GOQii, Apple, Xiaomi and Nike. The growing adoption of smartwatches in the healthcare sector is anticipated to support the market's growth during the forecast period. Smartwatches are integrated with disease-specific functions, specifically those that provide cardiovascular indications, and have seen a substantial increase in adoption over the years. For instance, Apple Inc.’s smartwatches, equipped with electrical heart sensors to sense abnormal heart rhythms, have seen a broad demand growth over the years.

• Growing usage of wearable electronic devices in consumer electronics

Consumer electronics have several applications, such as garments and fashion, multifunction, fitness and sports, multimedia and infotainment, and others. The increasing demand for wearable consumer electronics from consumers, market players are focused on emerging those devices that can keep end-users work hour tracking. Moreover, increasing machine-to-machine communication and the increase in connected devices are anticipated to support the growth of the wearable consumer electronics, and drive the wearable electronic devices market growth.

Opportunities

• Increasing diversity and applications of wearable electronic devices

Wearable electronics have numerous applications for this technology, ranging from health and medicine, listening to music, communication and calling. As diversity and applications develop, the demand for wearable electronic devices increases. Developing technologies such as internet of Things (IoT) can be implemented in wearable devices to increase the efficiency of tasks that could be performed. Numerous technologies with wearable electronic devices are being developed.

Furthermore, technological advancements, an increase in the number of digital customers and the presence of internet mobility will improve the wearable electronic devices market growth rate.

Restraints

• High cost associated with the wearable electronic devices market

The initial cost of these wearable electronic devices is high, which will hamper the growth of this market to some extent. However, industry players face high expense erosion since when a new technology is established, the products with old technology lose their importance. Technology advances at an unbelievable speed, and keeping up with these advancements is a foremost challenge for businesses because by the time engineers come up with a prototype.

• Battery efficiency

The major restraint factor of using this device is that it must be taken off for continuous charging. Energy harvesting is being investigated and could extend battery life by changing solar energy, body heat or movement into power. Piezoelectricity is one of the significant examples of energy harvesting, where piezoelectric ceramic can be used to change the body vibrations into energy produced during movement.

This wearable electronic devices market analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the wearable electronic devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In March 2020, Google has invested around USD 40 million in property rights from Fossil in 2019. Google parent Alphabet has also announced  that it would buy Fitbit for USD 2.2 billion. In November optical sensors would be installed into the body of smartwatch. This sensor will be able of reading the wearer's fingers, wrists, and arms.

Europe Wearable Electronic Devices Market Scope

The wearable electronic devices market is segmented based on the component, product, technology and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Networking and Positioning Components
• Power Supply Components
• Sensing Components
• Optoelectronic and Display Component
• Controls Components
• Interface Components

 Product

• Wrist-Wear
• Eye-Wear
• Body-Wear
• Foot-Wear
• Neck Wear
• Others

Technology

• Display technologies
• Computing Technologies
• Positioning Technologies
• Networking Technologies
• Speech Recognition Technology
• Sensor Technologies

Application

• Healthcare Application
• Consumer Application
• Industrial Applications
• Commercial Applications

Wearable Electronic Devices Market Regional Analysis/Insights

The wearable electronic devices market is analyzed and market size insights and trends are provided by country, component, product, technology and application as referenced above.

The countries covered in the wearable electronic devices market report are report  Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe.

Germany is dominating the European wearable electronic devices market owing to the demand for electronic device innovation with the availability of funds for research and development activities. Europe is anticipated to grow during forecast period of 2023 to 2030 owing to growing demand of health tracking and fitness devices in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Wearable electronic devices Market Share Analysis

The wearable electronic devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Wearable electronic devices market.

Some of the major players operating in the wearable electronic devices market are:

• Apple Inc. (U.S.)
• SAMSUNG (South Korea)
• Infineon Technologies AG (Germany)
• LG Electronics (South Korea)
• Google LLC (U.S.)
• Seiko Epson Corporation (Japan)
• Microsoft (U.S.)
• Sony Corporation (Japan)
• ADIDAS (Germany)
• Nike, Inc.(U.S.)
• Xiaomi (China)
• Fitbit (U.S.)
• Garmin Ltd (U.S.)
• Huawei Technologies Co., Ltd., (China)
• HTC Corporation (Taiwan)
• Shimmer (Ireland)
• FOSSIL GROUP (U.S.)

Research Methodology: Europe Wearable Electronic Devices Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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