The market for wearable computing devices is anticipated to reach an estimated value of US$ 44.2 billion in 2023 and US$ 258.87 billion by 2033. From 2022 to 2032, the market for wearable computing devices is anticipated to grow at a CAGR of 19.3%.
Over the course of the projection period, the market share for wearable computing devices is anticipated to rise significantly.
Technology developments in wearable devices, greater adoption of wearable technology (such as smartwatches and fitness bands), and the rising need for wearable medical and health equipment are some of the factors driving the sales of wearable computing devices.
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Furthermore, as a result of these reasons, demand for wearable computing devices is expected to expand over the forecast period. As a result of increased demand for health monitoring, the market share is expected to grow.
Smart watches, smart contact lenses, smart glasses, smart fabrics, and e-textiles are some of the examples of wearable technology. Sales of wearable computing devices are expected to increase throughout the projection period as a consequence of the advantages and broad variety for consumers. Some of the features of that are driving market expansion include real-time data provision, local storage, and portable design.
Wearable computing devices leading companies are also introducing wearable devices that can link to smartphones. Furthermore, the demand for wearable computing devices has increased noticeably in the domains of health and fitness, medicine, gaming, music, transportation, and education. Customer apathy and data security concerns are important impediments to the expansion of the wearable computing device market.
Key Takeaways from Wearable Computing Devices Market
North America is one of the most appealing markets for wearable computing devices, with the United States leading the way. The United States is expected to occupy more than 19.6% of the market devices.
With a CAGR of 19% over the forecast period, China is expected to have the biggest development potential in the wearable computing devices market.
Following China, the India wearable computing devices market is expected to grow at an 18% CAGR during the forecast period.
With a 27% market share, the ear worn segment dominates the wearable computing devices market.
With a 22.3% market share, the fitness tracker category ranks second in the wearable computing devices market. The growing popularity and accessibility of fitness trackers among the general public is driving this increase.
With a 30.9% market share, the fitness and wellness segment lead the wearable computing devices market.
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Competition Landscape in the Wearable Computing Devices Market
The market is very fragmented and competitive. These devices are in greater demand in the healthcare industry due to rising fitness awareness. Additionally, as consumers’ purchasing power rises in emerging countries, wearable technology’s multiple applications present tremendous growth opportunities. The competition in the market is also increasing as new competitors enter the sector.
Key players in the wearable computing devices market includes Apple Inc., Adidas AG, Nike Inc., Samsung Electronics Co. Ltd., Fitbit Inc.
Recent Developments in the Wearable Computing Devices Market:
In may 2020 – Garmin unveiled the Quatrix 6X Solar, the latest addition to its new nautical GPS smartwatch series, which features a transparent solar charging display that harnesses the sun’s energy to extend battery life.
In January 2020, Nuheara, a smart-hearing company, debuted their IQbuds2 MAX earbuds. This device combines Active Noise Cancellation with the ability to modify and improve the wearer’s soundscape. Customers can also personalize their acoustic environment with this device.
Wearable Computing Devices Market by Category
By Product Type:
- Smartwatches
- Head Mounted Displays
- Smart Clothing
- Ear Worn
- Fitness Trackers
- Body Worn Camera
- Exoskeleton
- Other
By Application:
- Firstly, Fitness and Wellness
- Secondly, Medical and Healthcare
- Thirdly, Infotainment
- Additionally, Industrial and Defense
- Lastly, Other
By Region:
- In North America
- Similarly, in Latin America
- Likewise, in Europe
- Furthermore, in South Asia
- Moreover, in East Asia
- Also, in the Middle East & Africa
- Lastly, in Oceania
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