In terms of revenue, the Wearable Band Market is expected to reach US$ 42.09 Bn in 2023 and US$ 170.31 Bn by 2033, growing at a 15.0% CAGR from 2023 to 2033.
The wearable band is becoming more popular as a versatile device that helps people track their daily activities. It takes into account the distance walked or ran, as well as calorie intake, heart rate, and sleep quality. These bands are wirelessly connected to cellphones, tablets, laptops, and desktop computers for long-term data storage.
Since the rate of urbanization accelerates, the necessity for visually pleasing and technologically advanced products also increases that can meet customers’ basic needs. Wearable fitness technology is gaining popularity as awareness of the value of leading a healthy lifestyle and the increased need for health monitoring devices grow.
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Health and fitness mindfulness is growing, especially among young individuals and the working-age populace, who are the bull’s eye for wearable bands. The growing e-commerce sector as a compact distribution network further heightens the market growth.
An increasing number of vendors offering low-cost wearable bands at easy-to-get prices for individuals of all economic positions is opening up first-hand business openings. Businesses possibly will provide very cutting-edge functionality to their gadgets by using IoT, AI, wireless networking, and AR technologies.
The global wearable device market is dominated by North America. This region is regarded as a global hub for technological innovation. The introduction of new gadgets has raised the desire for cutting-edge, multi-functional equipment. Most of the global players have a presence in the region and operate from here.
KEY TAKEAWAYS
- North America accounts for more than 40% of the global wearable band market, which is predicted to grow at a 15.5% CAGR during the forecast period.
- The United States dominates the North American wearable market, which is expected to rise at an 8.92% CAGR during the projected period.
- The European wearable band market is expected to grow at a CAGR of 5.36% during the projected period.
- Over the projection period, the German wearable band market is expected to account for 31.1% of the European market.
- The Chinese wearable band market is expected to contribute more than 14% of the global market share throughout the projected period.
- Asia Pacific is expected to grow at the fastest rate in the global wearable band market, with a CAGR of 19.5%.
- Bluetooth is the market’s greatest contributor in terms of connectivity, and it is predicted to grow at a CAGR of 17.1% throughout the forecast period.
- Depending on the operating system, the Android sector has the biggest market share and is expected to grow at a CAGR of 16.6% over the forecast period.
- The online distribution channel leads the market and is expected to grow at a CAGR of 16.5% over the projected period.
Competitive Landscape
Key players operating in the wearable band market are Apple, Samsung, Xiaomi, Fitbit, Inc., Garmin Ltd., Beienda, Ambiotex GmbH, Hexoskin, Huawei Technologies, Nurvv, Oura Health Ltd. and others.
These companies have used a variety of techniques to improve their market share for wearable bands. To extend their client base and increase revenue, they have used both organic and inorganic growth strategies, such as new product releases, acquisitions, corporate expansions, and collaborations.
Recent Developments
- In April 2021, Fitbit released Fitbit Luxe, a health and fashion-forward fitness tracker. This tracker will assist in the development of a more holistic approach to well-being and health. This tracker offers a stylish appearance, a five-day battery life, a color touchscreen, and a wide range of appealing accessories.
- In September 2021, In India, Apple Inc. launched seven next-generation touchscreen smartwatches under its six brands for tech-savvy millennials. Fossil Gen 4 Smartwatch Venture HR and Explorist HR for Fossil, Skagen Falster 2 for Skagen, Michael Kors Access Runway for Michael Kors, Emporio Armani Connected for Emporio Armani, A|X Armani Exchange Connected for Armani Exchange, and Diesel Full Guard for Diesel are among the seven smartwatches
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Key Segmentation of the Wearable Band Market
By Product Type:
- With Screen
- Without Screen
By Operating System:
- Android
- Windows
- iOS
- Others
By Category:
- Basic Watches
- Smart Watches
By Connectivity:
- Bluetooth
- Wi-Fi
- Cellular
- NFC
- Others
By Application:
- Personal Assistance
- Wellness
- Healthcare
- Sports
- Others
By Distribution Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Oceania
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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.
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