Wearable Technology Market Size, Share & Trends Analysis Report By Product (Eye-Wear & Head-Wear, Wrist-Wear), By Application (Consumer Electronics, Healthcare), By Region (EU, APAC), And Segment Forecasts, 2022 - 2030

Report Overview

The global wearable technology market size was valued at USD 52.14 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 14.9% from 2022 to 2030. The increasing adoption of smart wearable technology products among consumers is driving industry growth. These devices aid in monitoring health by keeping track of cholesterol levels, calories burnt, oxygen levels, etc., through sensors. In addition, several companies, such as Noise, Samsung, Fitbit, and Fossil Group, Inc., are introducing wearable technology products with health monitoring solutions. This feature is anticipated to attract consumers as it helps them check their health status, which paves the way for industry growth. For instance, in March 2022, Xiaomi Corp. launched the latest Xiaomi Watch S1 Series.

It has 117 fitness modes and tracks blood oxygen saturation, health monitoring, and sleep monitoring. It has magnetic charge capabilities along with Amazon’s Alexa voice assistant. Rapid changes in consumer demographics, such as changing lifestyle patterns and preferences, are expected to boost product demand, which is anticipated to drive industry growth. In addition, high consumer spending on personal care products is projected to support the demand for wearable devices positively. The demand for smartwatches among swimmers, cyclists, runners, and gym-goers is high as they aid in tracking the calories burnt, hourly activity, and stationary time. In addition, many vendors are focused on introducing products with multiple sports options, a large display, a better battery, and a rugged metal casing attracting athletes.

This is expected to drive the wearables technology market.Integrating AI and AR technologies enable manufacturers to add new advanced features to their products. For instance, the Adaptive EQ technology introduced by Apple, Inc. with the launch of their AirPods in 2021 tunes the sound in real-time based on the profile and fit of the user’s ear. The advent of technology has led to the integration of smart wearables in clothing, also known as smart clothing. Smart wearables or IoT-enabled garments are electronic devices integrated into clothing that offer intelligent services that can be used in larger smart systems through communication protocols.

The use of wearable devices in healthcare due to the COVID-19 pandemic is rising as it offers several advantages and benefits to both patients and healthcare providers, which includes real-time health monitoring of vital statistics and earlier detection of disease or risk of a significant health event. Wearable technologies and ear-worn have witnessed robust growth as consumers rely on these devices for remote work, health tracking, fitness activities, and more.The increasing availability of counterfeit products is expected to challenge market growth. The growth in manufacturing low-cost fraudulent products with increased offerings and benefits is expected to restrain the industry growth. Consumers usually opt for products offering similar features at a considerably lower price.

Application Insights

The consumer electronics segment accounted for the maximum share ofmore than 48.70% of the overall revenue. The segment growth can be attributed to the surge in the adoption of wearable devices, including wearable technologies, fitness bands, and AR/VR headsets by individuals. Several manufacturers, such as Apple Inc., Garmin Ltd., Omron, and Nemaura, are focused on designing devices that provide information that includes clinical and non-clinical data. For instance, the sugarBEAT Wearable Technology by Nemaura allows frequent blood glucose monitoring in diabetic patients, eliminating the need for daily finger-prick calibration.

The healthcare segment is expected to register a significant growth rate from 2022 to 2030. The increasing application scope of wearable devices in the healthcare segment will contribute to segment growth over the forecast period. Through digital health tech, doctors can connect with their patients via mobile applications and telehealth solutions. This allows doctors to monitor patients without visiting them in person. Advancements in ARand VR are gaining significant attraction in the healthcare segment. VR technology is used in medical practice to assist in surgical training and procedures.

Product Insights

On the basis of products, the global industry has been further categorized into wristwear, eyewear & headwear, footwear, neckwear, bodywear, and others. The wrist-wear product segment dominated the global industry in 2021 and accounted for the maximum share of more than 48.90% of the overall revenue. Several companies of smartwatches and fitness trackers target consumers, such as athletes, adventure lovers, and sports enthusiasts, to increase their sales. These devices provide fitness-related metrics and encourage a healthy lifestyle by providing information on calorie intake, water intervals, and step monitoring.

The eyewear & head-wear segment is expected to register the second-largest growth rate from 2022 to 2030. The increasing implementation of Augmented Reality And Virtual Reality (AR & VR) headsets in the healthcare and multimedia industries and the growing adoption of smart hats will support the segment's growth. Furthermore, the rising popularity of smart caps due to their data-driven insights and tracking technology will drive the segment. Several companies, such as Spree wearables and Life BEAM, are introducing smart hats in the global market.

Regional Insights

North America dominated the global industry in 2021 and accounted for the maximum share of more than 34.20% of the overall revenue followed by the Asia Pacific and Europe regions. The easy availability of newly launched products and high technology adoption have been key driving factors to the market growth. There is an increasing demand for devices that provide health benefits, facilitate preventive care, and assist in managing ongoing illnesses in the region. According to the National Library of Medicine, around 30% of U.S. adults use wearable healthcare devices.

The AsiaPacific region is expected to register the fastest growth rate from 2022 to 2030.China is expected to be one of the most important countries in the Asia Pacific regional market owing to a rise in the number of vendors providing products with competitive features. The wearable technology demand in China is also expected to be driven by the lower costs of smartphones, which are anticipated to fall further in the future. The growing demand from various target customer groups enables manufacturers to reduce product price with increased production volumes.

Key Companies & Market Share Insights

Major manufacturers focus on new product launches to attain a competitive edge in the market and expand their product offerings. For instance, in April 2021, FitBit Inc. announced the launch of its new fashion-forward wellness and fitness tracker, Luxe, which offers stress and sleep monitoring features.Some of the prominent players operating in the global wearable technology market include:

• Alphabet Inc.

• Samsung Electronics Co., Ltd.

• Sony Corporation 

• Huawei Technologies Group Co., Ltd.

• Apple Inc.

• Xiaomi Corp.

• Adidas Ag

• Nike, Inc.

• Fitbit, Inc.

• Garmin Ltd.

Wearable Technology Market Report Scope

Global Wearable Technology Market Segmentation

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global wearable technology market report based on product, application, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Wrist-Wear

  • Eyewear & Headwear

  • Footwear

  • Neckwear

  • Body-Wear

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Consumer Electronics

  • Healthcare

  • Enterprise & Industrial Applications

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Rest of Europe

  • Asia Pacific

    • China

    • India

    • Japan

    • Rest of Asia Pacific

  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America

  • Middle East & Africa