The wearable electronics industry is predicted to reach US$ 199.5 billion by 2032, with a CAGR of 14.5% from 2022 to 2032.
The wearable electronics market is expected to generate US$ 45.5 billion in revenue by the end of 2021. The wearable electronics industry is predicted to reach US$ 199.5 billion by 2032, with a CAGR of 14.5% from 2022 to 2032.
With various applications in a wide range of verticals such as fitness and wellbeing,?medical and healthcare, entertainment and infotainment, industrial, commercial, aerospace, and military, wearable electronics facilitate a variety of functions.
The market witnessed significant growth in 2015 and is expected to grow impressively by 2020 end, at a double digit CAGR.
Consumers have been wearing electronics such as?Bluetooth?headsets,?pacemakers,?hearing aids, and wristbands?since?a couple of decades. The wearable electronics industry is witnessing innovation with each wearable hitting the market, including?smart garments, sports watches, smart glasses, chest straps,?head-mounted displays, body-worn?cameras,?health monitoring sensors, and other fitness monitors. FMI’s research reflects attractive growth opportunities for the wearable electronics industry in the near future.
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Key Drivers: Wearable Electronics Market
The impressive growth of the wearable electronics market is attributed to growing consumer interest in health and fitness monitoring. Moreover, a variety of wearable products?are?available online, which boost the popularity of wearable electronics.
The market is constantly witnessing innovative product development, offering enhanced functionality and display. This plays a key role in pushing the demand for wearable electronics in the market. Increasing user-friendliness of electronic wearable gadgets is another factor supporting their popularity among consumers.
Rising proliferation of smart glasses and smart watches is attributed to their data-sharing ability with smartphones.?Smart watches?have been representing the largest market revenue share since the last two years, owing to their ability to manage phone calls and social media, and play music and games, in addition to primarily track individual fitness.
Key Restraints to Market Growth
A few factors such as limited battery life, expensive initial costs, and privacy concerns may hamper their demand, eventually impacting the growth of the market. In developing nations, sufficient consumer population is still not aware of the functionality of wearable electronics. Moreover, research observes low perception of the advantages offered by sophisticated wearable electronic devices.
Global Wearable Electronics Market: Key Players
Some of the key players in the global Wearable Electronics market are Apple, Inc., Google, Inc., Samsung Group, Sony Corporation, Nike, Inc., Adidas AG, Qualcomm, Inc., Texas Instruments,?Optis?SAS, Recon Instruments, Inc., Jawbone, Inc., AT&T Inc., and System Technologies Incorporated are some of the key players capturing remarkable market shares globally.
Other players include Oculus VR, Inc., Rockwell Collins, Kopin Corporation, Thales SA, BAE Systems,?Glassup?SRL, Epson Corporation, Infineon Technologies AG, Emagin Corporation, Shimmer Research Inc., and Weartech S.L.
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Notable Trends in the Industry
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Regional analysis includes
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Wearable Electronics by Category
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jan 22, 2023
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