NEW YORK, Aug. 21, 2023 /PRNewswire/ — The wearable technology market size is to grow by USD 52.4 billion from 2021 to 2026 and register a CAGR of 14.1%, according to Technavio’s latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio’s reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. The report is segmented by Product and Geography. North America is estimated to contribute 48% to the growth of the global market during the forecast period. The US and Canada are the key contributors to the market in the region. The popularity of wearable devices as a payment method will facilitate market growth in the region. The presence of some of the biggest crowdfunding platforms, such as Kickstarter and Indiegogo, which help startups raise funds to develop innovative wearables in the region is also contributing to the growth. In addition, the region is the hub for several international and domestic companies offering wearable devices. Hence, these factors are expected to drive market growth in the region during the forecast period.- Read our Sample Report
The report also covers the following areas:
Wearable Technology Market 2022-2026: Segmentation
- Product
- Smart Watches
- Wireless Headphones
- HMDs
- Smart Bands
- Others
- Geography
- North America
- APAC
- Europe
- South America
- Middle East and Africa
The wearable technology market share growth in the smartwatches segment will be significant during the forecast period. A smartwatch is a digital device that offers many features, including making calls; texting; health monitoring by tracking steps taken, calories burned, and heart rate; and tracking sleep patterns. It provides customers with quick access to a variety of applications on their smartphones. Hence, the various features are expected to drive segment growth during the forecast period.
Wearable Technology Market 2022-2026: Company Analysis and Scope
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. To help businesses improve their market position, the wearable technology market provides a detailed analysis of around 15+ companies operating in the market. Some of these companies include AiQ Smart Clothing Inc., Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., BAE Systems Plc, CINOPTICS, Citizen Watch Co. Ltd., Fossil Group Inc., Garmin Ltd., Huawei Technologies Co. Ltd., K Wearables Ltd., Kopin Corp., Lenovo Group Ltd., LG Electronics Inc., Magic Leap Inc., Polar Electro Oy, Samsung Electronics Co. Ltd., Vuzix Corp., Xiaomi Inc., and Elbit Systems Ltd. Buy now.
Company Offering
- Alphabet Inc. – The company offers wearable devices such as Fitbit Sense, Fitbit Versa 3, Fitbit Charge 5, Fitbit Luxe, and Fitbit Inspire 2.
- Apple Inc. – The company offers an Apple watch that provides heart rate notification, mobility, and cardio fitness.
- Garmin Ltd. – The company offers smartwatches such as GEN 6, GEN 5E, GEN 5, and GEN 5 LTE as wearable technology.
Wearable Technology Market 2022-2026: Market Dynamics
Key Driver- The popularity of wearable devices as payment methods is a key factor driving market growth.
Major Trends
The development of low-power electronics is a major trend in the market. The increasing use of mobile devices such as head-mounted displays (HMDs) is driving demand for energy-efficient and low-power-consumption electronics. In addition, Manufacturers are integrating low-power-consumption components, including advanced processors and IMUs, to improve wearable performance. By optimizing the processor, battery life is extended, and reliability and usability are improved. Hence, these factors are expected to drive market growth during the forecast period.
Significant Challenges- The rising penetration of counterfeit products is a significant challenge restricting market growth.
Wearable Technology Market 2022-2026: Key Highlights
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will assist wearable technology market growth during the next five years.
- Estimation of the wearable technology market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the wearable technology market
- Analysis of the market’s competitive landscape and detailed information on companies
- Comprehensive details of factors that will challenge the growth of wearable technology market companies.
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Wearable Technology Market Scope |
|
Report Coverage |
Details |
Base year |
2021 |
Historic period |
2017-2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.1% |
Market growth 2022-2026 |
USD 52.4 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
12.88 |
Regional analysis |
North America, APAC, Europe, South America, and |
Performing market contribution |
North America at 48% |
Key countries |
US, Canada, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, |
Key companies profiled |
AiQ Smart Clothing Inc., Alphabet Inc., Apple Inc., |
Market dynamics |
Parent market analysis, Market growth inducers and |
Customization purview |
If our report has not included the data that you are |
Table of Contents
Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by Material
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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