The worldwide smart wearables market is expected to produce $59,067.2 million in sales by 2023. Demand is expected to grow at a CAGR of 20.1%, reaching US$ 369,812.8 million in 2033.
Wearable technology responds to changing lifestyles by integrating electronics into everyday activities and may be worn on any part of the body. The ability to connect to the internet and move data between networks and devices are driving the need for smart wearable technologies.
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
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
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).
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