The Wearable Technology Market is expected to reach $415.12 billion by 2029, at a CAGR of 17.1% during the forecast period. By volume, the global wearable technologies market is expected to reach 1,150.71 million units by 2029, at a CAGR of 19.2% during the forecast period.
The growth of the wearable technologies market is driven by factors such as the increasing growth prospects of next-generation displays in wearable devices, incremental technological advancements aiding the market growth, and the rising prevalence of chronic diseases and obesity. The increasing demand for Wearable Devices that integrate all computing requirements in one compact device, increasing internet penetration, and high adoption of smart wearables are expected to create growth opportunities for the players operating in this market.
The Impact of COVID-19 on the Global Wearable Technology Market
The COVID-19 pandemic caused a widespread economic downturn as several countries imposed strict lockdowns to contain the infection. The shutdown of on-premise business processes and disruptions in supply chains and production schedules severely affected businesses worldwide, significantly impacting the technology supply chains globally. The COVID-19 pandemic negatively impacted the global wearable devices market demand due to the shutdown of consumer electronics, automobile, industrial, and other manufacturing facilities across the globe.
In the first half of 2020, worldwide restrictions and governmental regulations disrupted the global wearable technologies market's supply chain. Countries in the Asia-Pacific region, such as India, China, Taiwan, South Korea, and Japan, have substantial availability of manufacturers for raw materials utilized in wearable products. However, the unforeseen lockdown negatively impacted wearable devices manufacturing, which impacted their production schedules. Therefore, the sales dropped amid the lockdown in major global economies, resulting in limited deliveries and a drop in sales ratio.
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Increasing Growth Prospects of Next-generation Displays in Wearable Devices
As a result of more than three decades of R&D, it has been possible to develop flexible and affordable electronic displays. However, the major challenges that companies face are the high luminance requirement, high power consumption, and brightness issues. However, recent product launches by various industry players are initiated for wearable device display technology improvements. In February 2019, Nubia Alpha (China) launched a one-of-a-kind smartwatch with an OLED flexible display, a camera, and eSIM support at Mobile World Congress (MWC) 2019 in Barcelona, Spain. The Nubia Alpha smartwatch specifications include a Snapdragon Wear 2100 SoC, 1 GB RAM, and 8 GB internal storage. It runs on a custom OS and packs a 500-mAh battery.
Additionally, advancements in backplane materials are the current trend. Instead of silicon in the backplane, engineers use a metal oxide composed of indium, gallium, and zinc in equal parts, giving the material its name—IGZO or indium gallium zinc oxide—which is used in advanced wearable devices display technology. It is expected that the industry outlook toward integrating the next-generation display technology in wearable devices would further improve the marketability of wearable products.
Key Findings in the Global Wearable Technology Market Study:
The Head-mounted Displays Segment is Projected to Register the Highest CAGR During the Forecast Period
Based on product, the global wearable technologies market is segmented into smartwatches wearable devices, blood pressure monitor watches, head-mounted displays, smart headgears, smart glasses wearable devices, smart jewelry, body-worn cameras, robotic exoskeletons, smart clothing, smart patches, wearable biosensors (WBS), wearable cardioverter-defibrillators, smart headphones, and smart hearing aids. By value and volume, the head-mounted displays segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the increasing investments by major players in the development of HMDs, increased adoption of AR and VR technologies due to COVID-19, availability of low-cost HMDs, and technological advancements and growing digitalization.
The Silicones Segment is Projected to Register the Highest CAGR During the Forecast Period
Based on material, the global wearable technologies market is segmented into silicones, fluor elastomers, polyurethanes, polymer dispersed liquid crystal (PDLC), and others. The silicones segment is expected to register the highest CAGR during the forecast period. Silicone is biocompatible and can be used in various applications such as skin care applications, including peel and stick technology for wearable skin applications and biomedical grade silicones for medical wearable devices. It is also more breathable than any other organic polymer, which increases patient comfort. The products made of this material adapt well to the body contours and offer greater comfort and better fit. Such factors drive the growth of silicon material in the wearable devices market.
The Healthcare Segment is Projected to Register the Highest CAGR During the Forecast Period
Based on end user, the global wearable technology market is segmented into consumer, healthcare, and military. The healthcare segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the growing investments, funds, grants, and preference for wireless connectivity among healthcare providers.
North America is Projected to Register the Highest CAGR During the Forecast Period
Based on geography, the global wearable devices market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. North America is expected to register the highest CAGR during the forecast period. The rapid growth of this market is attributed to the growth in disposable income and the rapid adoption and popularity of enhanced devices. Moreover, the region has a strong foothold on wearable devices vendors, such as Apple, Fitbit, and Garmin, among others, adding to the market's growth.
The key players operating in the global wearable technologies market are Apple Inc. (U.S.), Fitbit Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Garmin Ltd. (U.S.), LG Electronics, Inc. (South Korea), Huawei Technologies Co. Ltd (China), Sony Corporation (Japan), Xiaomi Corporation (China), adidas AG (Germany), Nike, Inc. (U.S.), HTC Corporation (Taiwan), AiQ Smart Clothing, Inc. (Taiwan), Razer, Inc. (U.S.), RealWear, Inc. (U.S.), and GOQii Technologies Pvt. Ltd.(U.S.).
Scope of the Report
Wearable Technology Market, by Product
- Smartwatches Wearable Devices
- Blood Pressure Monitor Watches
- Head-mounted Displays
- Smart Headgears
- Smart Glasses Wearable Devices
- Smart Jewellery
- Body-worn Cameras
- Robotic Exoskeletons
- Smart Clothing
- Smart Patches
- Wearable Biosensors (WBS)
- Wearable Cardioverter-Defibrillator
- Smart Headphones
- Smart Hearing Aids
Wearable Technology Market, by Material
- Silicones
- Fluoroelastomers
- Polyurethanes
- Polymer Dispersed Liquid Crystal (PDLC)
- Other Materials
Wearable Technology Market, by End User
-
Consumer
- Healthcare
- Military
Wearable Technology Market, by Geography
-
North America
- Europe
- Germany
- U.K.
- Italy
- France
- Spain
- Rest Of Europe (ROE)
- Asia-Pacific
- China
- Japan
- India
- Rest Of Asia-Pacific (ROAPAC)
- Latin America
- Middle East & Africa
Key questions answered in the report:
