The global smart wearables market is anticipated to generate revenues of US$ 59,067.2 million in 2023. Demand is anticipated to increase at a CAGR of 20.1% and reach US$ 369,812.8 million by 2033.
Wearable technology adapts to changing lifestyles by incorporating electronics into routine activities and can be worn on any part of the body. Elements like the ability to access the internet and chances for data transfer between networks and devices are fueling the push toward smart wearable technology.
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Factors Increasing the Customer Base for Key Smart Wearables Manufacturers
- The expansion of the wearable interface and analytics markets is being fueled by the launch of wearable operating systems other than Apple and Google.
- The smart wearable technology industry is being driven by individuals between the ages of 18 and 55 who choose to wear smartwatches as a fashion statement. Recently, the emphasis has been on giving gadgets an attractive appearance to draw buyers.
- Customers are interested in smart clothing, as it enables them to alter the color of their apparel to suit their tastes.
- Nike and Adidas are making significant investments in creating T-shirts with sensors for monitoring health-related factors like heart rate, calories, and other metrics. The smart wearables industry is growing even faster due to the increasing popularity of wearable ECG monitors in the healthcare industry.
- The demand for smart wearables has been fueled in recent years by greater innovation brought about by research and developments. Moreover, it gives rise to brand-new product categories like smart textiles and ear wearables. This integrates cutting-edge design and technology into daily life.
- The ability to include sensors in wearables that are almost imperceptible to users due to advancements in downsizing has also had an impact on the smart wearables sector. 10% of all wearable devices become inconspicuous to the user in 2020, according to FMI, as miniaturization capabilities improve.
Key Players
- Google LLC
- Sony Corporation
- Garmin Ltd
- Samsung Electronics Co. Ltd.
- Amazon
- Fitbit
- Under Armour
- Fossil Group
- Solos Technology Limited
- Xiaomi
- Huawei
- Bose
- Nuheara
- Starkey
- BBK Group
- Others
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Key segments
By Operating System:
- Wear OS
- Watch OS
- Tizen OS
- Fitbit OS
- Others
By End User:
- Individual
- Industrial and Commercial
- Transportation
- Military
- Sports and Fitness
- Healthcare
- Others
By Product Type:
- Smartwatches
- Basic Smartwatches
- Cellular
- Non-cellular
- Advanced Smartwatches
- Cellular
- Non-cellular
- Glasses
- Wearable Cameras
- Ear Wearables (Hearables)
- Smart Clothes
- Footwear and Shoes
- Patient Gowns and Vests
- Caps and Gloves
- Auxiliary Wearables
- Data Gloves
- Fitness & Wellness Devices
- Head-mounted Displays
- Smart Jewelry
- Health Wearables
- Emerging Wearables
By Connectivity:
- Wi-Fi
- Cellular Data
- Bluetooth
- Near Field Communication
By Application:
- Infotainment
- Healthcare & Medical
- Fashion & Lifestyle
- Fitness & Wellness
- Safety & Security
- Auxiliary Applications
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By Sales Channel:
- Modern Retail
- Online (e-commerce stores)
- Offline
- Hypermarkets
- Supermarkets
- Specialty and Discount Stores
- Conventional Retail (Retail Stores)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa (MEA)
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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