The resurgence of connected wearables presents opportunities
DUBLIN, October 7, 2022 /PRNewswire/ — The “Global Wearable Clothing Market: Analysis by Product, by Application, by Region, Size and Trends with Impact of COVID-19 and Forecast to 2027” report has been added to from ResearchAndMarkets.com offer.
The Global Wearables Market was valued at US$62.11 billion in 2021, and should be worth US$145.49 billion in 2027. Wearable devices are hands-free electronic products or devices that can be implanted in the user’s body, worn as accessories, or incorporated into clothing. Handheld devices are microprocessor-powered products that can send and receive data over the Internet and have real-time applications.
Wearable aims to impact a variety of areas including health and medicine, wellness, aging, disability, education, transportation, business, finance, gaming and music, among others. The goal is to integrate into people’s daily lives and become a useful part of it.
Obesity has become a major issue in many areas, so people prefer wearable technology to monitor their health and fitness data. Entry of big players, portable and convenient usage, increased healthcare awareness and advancements in technology are all factors influencing the wearables market. The global wearables market is determined to grow at a CAGR of 13.85% over the forecast period 2022-2027.
Market Segmentation Analysis:
- By Product: The report identifies six segments on the basis of product: smart watches, head-mounted displays, ear-worn devices, sports watches, wristbands and smart wearables. The smartwatch segment dominated the market in 2021 with a share of around 43%. During the COVID-19 phase, the demand for smartwatches has seen a surge as these wearables have been used as an alternative to medical equipment to monitor essential health parameters including oxygen levels and heart rate. In addition to this, smartwatch sellers have taken their business to online platforms to get maximum exposure to customers. Through various online modes like social media marketing, companies have been promoting their products attractively to attract customers, which has helped the sales growth of smart watches and thus propelled its market to worldwide.
- By Application: The report identifies four segments based on application: consumer electronics, healthcare, enterprise and industrial applications, and others. Among the applications, the consumer electronics segment is expected to grow at a highest CAGR of around 16% during the forecast period. Fitness and sports, apparel and fashion, multifunction, infotainment and multimedia, and other applications are all possible with consumer electronics. Given the growing consumer demand for wearable consumer electronics, industry players are focusing on developing devices that allow end users to track their working hours. Also, the increase in connected devices and increasing machine-to-machine communication is expected to support the growth of wearable consumer electronics, thereby supporting the growth of the market.
- By Region: In the report, the global wearable clothing market is segmented into four regions: North America, Asia Pacific, Europeand LINE. North America accounted for the peak share of around 35% of the global market in 2021. Rapid urbanization, growing population and increasing consumer disposable income, and rapid adoption and popularity of improved devices have all contributed to the phenomenal growth of the region over the years. Additionally, the region has a strong presence among wearable device vendors such as Apple, Alphabet, and Garmin, among others, which is helping the growth of the market.
- Increased spending on new technologies
- Growing internet users
- Growth of augmented reality/virtual reality (AR/VR) applications
- Growing youth population
- Rapid urbanization
- Increased demand for health care
- Growing Popularity of Smartwatches
- Limited device battery life
- Data privacy issues in wearable technology
- Counterfeit portable devices
- Increase in connected portable devices
- 5G upgrades
- Increase the growth prospects of next-generation displays in wearable devices
- Need for integration of all computing requirements in one compact device
- Growing Popularity of Smart Clothing
- Digital payments via mobile devices
The global wearables market is concentrated with the top five players accounting for over 60% of the market. Market players have implemented sustainable growth techniques in the market.
Main topics covered:
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of Covid-19
6. Market dynamics
7. Competitive landscape
8. Company Profiles
- Apple Inc.
- Alphabet Inc. (Google)
- Fossil Group Inc.
- Garmin Ltd.
- Huawei Technologies Co.Ltd.
- Microsoft Corporation
- Samsung Electronics Co.Ltd.
- Xiaomi Corporation
- Sony Company
- Casio Computer Co.Ltd.
- LG Electronics
- Imagine Marketing (boat)
For more information on this report, visit https://www.researchandmarkets.com/r/x9p3p4
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SOURCE Research and Markets