Smart Jewelry Market Size, Share & Trends Analysis Report By Application (Activity Tracking, Heart Rate Monitoring, Sleep Tracking), By Operation System (Android, IOS), By Product Type, By Age Group, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global smart jewelry market size was estimated at USD 218.64 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 16.9% from 2022 to 2030. Growing innovation strategies and rising acceptance of smart jewelry particularly among female consumers are some of the key growth drivers. A variety of rings, bracelets, necklaces, and earrings are referred to as "smart jewelry," which is a subgenre of wearable technology. The category attempts to increase a person’s life' productivity, communications, and health. With the introduction of smartwatches and fitness trackers, the concept of condensing the functionality of a smartphone onto wrists emerged.

The COVID-19 pandemic hampered the market's growth expectations in the first half of 2020. Due to the worldwide lockdown limitations enforced by various governments, manufacturing facilities were temporarily shut down. But as people became more concerned about their health, the industry grew in the second half of 2020. This tendency is anticipated to continue during the projection period as well. The pandemic has increased the prominence of wearable technologies and devices in the current healthcare sector.

Additionally, it is projected that during the projection timeframe, demand for wellness and fitness items would increase due to the growing popularity of these gadgets among amateur and professional athletes. Additionally, the industry is anticipated to profit from expanding smartphone penetration, increasing disposable incomes, and growing public awareness of the advantages of wearable electronics. The growth opportunities are further aided by the R&D efforts of several market participants. But during the projected period, elements including worries about data privacy, high starting costs, and short battery lives can also be a threat to growth prospects.

Over the projection period, the demand for smart jewelry is projected to increase due to the growing popularity of connected devices and the Internet of Things (IoT), as well as the rapidly expanding worldwide population of technologically knowledgeable individuals. Additionally, the adoption of wearable gadgets like activity trackers and body monitors that offer real-time data on the user's general welfare, such as obesity and chronic diseases, has been influenced by their rising prevalence. These wearables also provide data on daily activities and physiological information, including sleep quality, heart rate, blood oxygen saturation, blood pressure, cholesterol level, and calories burned.

Application Insights

About 36.00% of the global smart jewelry market by application was held by the activity tracker segment. It is also estimated to grow at a high CAGR of 17.6% in the coming years. Increased consumer disposable income levels, growing internet and smartphone penetration, and growing awareness of health and fitness are all major contributors to the market growth.

The target market for fitness trackers includes younger adults and members of the working class, and awareness of fitness and health is rising particularly among these groups. Moreover, the COVID-19 pandemic has significantly increased awareness about these devices. The rising adoption has led to an increase in device development & innovation as more market players race in to deliver the growing demand and capture a higher share.

Operating System Insights

Android accounted for 54% of the revenue share in 2021 and is also expected to grow at the fastest CAGR of 8.6% over the forecast period. The key factors contributing to this share include the rising demand for android mobile phones because of their affordable prices.

Android has quickly become one of the most well-known smartphone platforms. It is currently exceeding Apple's iPhone despite that. Modern technology and applications are available on Android phones. On private networks, Wi-Fi hotspots, and mobile systems, are used to connect to the Internet. In addition to their many advantages, Android phones can pose security risks when they access the internet.

Product Type Insights

By product type, smart bracelets held the largest revenue share of 35.28% in 2021. A bracelet can be paired with a mobile application to offer key fitness-related information and statistics to the user. Some of the leading wrist-wear manufacturers for sports and fitness applications are Misfit, InvisaWear, RINGLY, and Michael Kors.

In the first half of 2020, the watches, bracelets, and wristbands products suffered a setback as leading manufacturing companies in China struggled with a labor shortage and limited availability of raw materials. As manufacturing units began operations, the market witnessed a mild recovery during the second half of 2020.

The increasing adoption of fitness trackers such as bracelets and rings in the healthcare industry is expected to support segment growth over the forecast period. Bracelets that are integrated with disease-specific functions, especially the ones that provide cardiovascular indications, have witnessed a significant rise in adoption over the years.

Age Group Insights

Based on age group, the market is categorized into pediatric, adult, and geriatric. The adult segment dominated in 2021 and accounted for more than 49.12% of the revenue share. The awareness regarding fitness and health is growing especially among the younger adults and working-class population, who are the target customers for smart jewelry.

For instance, as per data published by Pew Research Center, about one-in-five U.S. adults (21%) say they routinely wear a smartwatch or wearable activity tracker. Furthermore, by gender, race, and ethnicity, there are subtler distinctions. Women are more likely than males to claim that they use these devices frequently (25 % vs. 18 %).

Regional Insights

In 2021, North America held the highest revenue share of more than 41% owing to the rise in awareness and adoption of smart jewelry. Moreover, rising cases of health issues related to sedentary lifestyles, the advent of innovative products by key market players, and the growing penetration of smartphones and the internet in North America will drive the regional industry.

Asia Pacific is expected to witness the fastest growth from 2022 to 2030 on account of the increasing adoption of fitness trackers and growing awareness regarding overall health &fitness among the working-class population. A rise in consumer disposable income levels, easy availability of advanced products of various brands, and the growing e-commerce penetration in Asia Pacific will drive regional growth over the coming years.

Key Companies & Market Share Insights

The market is fragmented with the presence of numerous companies in developed and developing economies. They implement strategic initiatives, such as product development and launches, expansion of distribution network, and global footprint through subsidiaries and partnerships.

Key players are also involved in portfolio diversification and mergers & acquisition. For instance, in May 2022, Oura Health Oy partnered with Gussi to make a new luxurious smart ring for $950. The ring records health information that may be followed up on using an accompanying app (Android/iOS).

In May 2018, China's innovative smart jewelry brand Totwoo launched its first plug-and-play jewelry kit. The "Totwoo Love" Kit was jointly unveiled at the SAP Next-Gen Space at Hudson Yards in New York City by the Beijing-based startup and the US fashion tech company 360Fashion Network. Hence, an increase in product development will further drive the market growth. Some prominent players in the global smart jewelry market include:  

• Misfit (Fossil Group)

• Bellabeat

• InvisaWear

• Ringly

• Fitbit (Google LLC)

• Oura Health Oy

• Totwoo Smart Jewelry

• Wellue

• Motiv

• Capri Holdings

Smart Jewelry Market Report Scope

Global Smart Jewelry Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this report, Grand View Research has segmented the global smart jewelry market report based on application, operating system, product type, age group, and region:

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Activity Tracking

  • Heart Rate Monitoring

  • Sleep Tracking

• Product Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Pendant

  • Smart Bracelets

  • Ring

  • Others

• Operating System Outlook (Revenue, USD Million, 2017 - 2030)

  • Android

  • IOS

• Age Group Outlook (Revenue, USD Million, 2017 - 2030)

  • Pediatric

  • Adult

  • Geriatric

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE