The rising consumer expenditure on personal care drives the connected devices and wearables category’s growth

Connected Devices and Wearables Category - Procurement Intelligence

The connected devices and wearables category is expected to grow at a CAGR of 14.6% from 2023 to 2030. North America accounts for the largest share of the category. The increasing consumer expenditure on personal care, as well as the growing acceptance of wearable technology, are driving category growth. Major businesses are implementing numerous tactics, such as mergers and acquisitions, strategic alliances and agreements, and the development, evaluation, and release of new products. For instance, In September 2022, Fitbit upgraded its smartwatch range which has the latest aesthetics and functionality.

Head-mounted Displays (HMDs) provide information to the wearer in front of their eyes, allowing for hands-free operation. They can also be used to capture images and videos and to operate other devices. HMDs are used in training and simulation in fields, such as aviation, medicine, and the military. The integration of technologies such as Augmented Reality (AR) and Virtual Reality (VR) into these devices provides users with immersive learning experiences.

Companies are continuously focusing on partnering or developing their own technology. For instance,

• In September 2022, Apple launched the latest version of the Apple Watch SE and Apple Watch Series 8. These two products help users in knowing their health condition in real time which is synced to their smartphones and they access that data at any time.

• In June 2022, to enter the smart wearable industry, Mensa Brands, an e-commerce company, acquired the wearables manufacturer, Pebble. Pebble offers an offline distribution network for music, fitness trackers, and charging solutions. The company intends to expand Pebble's internet presence and capitalize on the growing consumer popularity of wearables

• In March 2022, Xiaomi Corp. unveiled the Xiaomi Watch S1 Series. It includes more than 100 workout modes and monitors blood oxygen saturation, health, and sleep. It comes with magnetic charging and Amazon's Alexa voice assistant

• In October 2021, Amazfit, a Chinese smart wearable company, released three new smartwatches, the GTR 3 Pro, GTR 3, and GTS 3, with revolutionary haptic technology. 

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Connected Devices and Wearables Sourcing Intelligence Highlights

• The global connected devices and wearables category is fragmented, with numerous large and medium-sized businesses accounting for most of the category revenue. Major businesses are implementing numerous tactics, including mergers and acquisitions, strategic partnerships and contracts, and the development, testing, and introduction of new products.

• This category is also attracting many startups. This has further intensified competition among the suppliers. This has reduced the bargaining power of suppliers as suppliers need to provide competitive prices to maintain their category share

• Hardware, software, and connectivity form the most significant cost component in providing connected devices and wearables. The overall cost also depends on factors such as manufacturing, marketing, and support services

• Vendors in this category offer services such as product design, software development, hardware engineering, testing & validation, and others

Connected Devices and Wearables Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Market Intelligence along with emerging technology and regulatory landscape

• Market estimates and forecasts from 2022 to 2030

• Growth opportunities, trends, and driver analysis

• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments

• Porter’s 5 forces

• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis

• Engagement and operating models, KPI, and SLA elements

• LCC/BCC analysis and negotiation strategies

• Peer benchmarking and product analysis

• Market report in PDF, Excel, and PPT and online dashboard versions

Cost Intelligence Highlights

Grand View Research has identified the following key cost components for the connected devices and wearables category:

• Hardware

• Software

• Connectivity

• Manufacturing

• Marketing

• Support

• Other

Hardware, software, and connectivity form the largest cost components of the connected devices and wearables category.

List of Key Suppliers in the Connected Devices and Wearables Category

• Alphabet Inc.

• Samsung Electronics Co., Ltd.

• Sony Corp.

• Huawei Technologies Group Co., Ltd.

• Apple Inc.

• Xiaomi Corp.

• Adidas AG

• Nike, Inc.

• Fitbit, Inc.

• Garmin Ltd.