Wearable Electronics Market Outlook – 2030
The global wearable electronics market size was valued at $81.40 billion in 2020 and is projected to reach $459.58 billion by 2030, growing at a CAGR of 19.96% from 2021 to 2030.
Wearable electronics refers to an integrated computing device or product, which helps the person or the user wearing it to enhance day-to-day activities. The market for wearable electronics was largely dominated by North America, followed by the European Union and Asia-Pacific.
The technological advancement in wearable electronics helps users to avail advanced features and characteristics. The first form of electronic wearable electronic device was a calculator watch. Wearable devices, such as wrist bands, and watches that can record audio, and video and process data on the go were seen as something very futuristic, however, advancements made in the past decade have made it possible for users to realize the potential of these devices in the current age. ‘Wearable technology’ was forayed in as a technological advancement only a decade ago, and the interest in this sector continues to grow.
The interest is mostly led by wearable fitness trackers, smartwatches, and bands. Lately, such is the impact of these wearable devices, that now mobile operators have moved toward offering smart watches along with fitness trackers, or smartphones with smartwatches as part of a bundled deal to woo customers.
Segment Overview
The global wearable electronics market is segmented on the basis of product, component, application, and geography. The product type segment namely wrist-wear, eye-wear, body-wear, and other-wear are covered under the scope of this report. Moreover, the application segment is divided into healthcare, entertainment, commercial, industrial, and others. Based on geography, the global wearable electronics market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Product Type
Wrist Wear segment is expected to secure leading position during forecast period.
Top Impacting Factors
The significant impacting factors in the wearable electronics market include lower device cost due to the emergence of a large number of manufacturers, a rise in awareness among customers for health-related activities, and an increase in usage among customers of varied age profiles for patient tracking systems. However, the surge in number of customers adopting digital devices and the presence of internet mobility is expected to hinder the growth of the wearable electronics market. Conversely, an increase in investment in building a connected ecosystem is projected to offer remunerative wearable electronics market opportunities. Each of these factors is anticipated to have a definite impact on the market during the forecast period.
Competitive Analysis
The key players profiled in the report include Adidas AG, Fitbit, Inc., Nike, Inc., Google, Inc., Apple, Inc., Sony Corporation, Samsung Electronics, Garmin Ltd., Sensoria Inc., and LG Electronics. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their position in the wearable electronics industry.
By Application
Healthcare segment is projected as one of the most lucrative segments.
COVID-19 Impact Analysis
The outbreak of COVID-19 has significantly affected the electronics and semiconductor sectors. Businesses and manufacturing units across various countries were closed, owing to the increase in several COVID-19 cases, and are estimated to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted global supply chains, posing challenges for manufacturers to reach customers.
The COVID-19 pandemic has impacted the society and overall economy across the globe. The impact of this outbreak has grown day-by-day as well as affects the overall business globally. The crisis has created uncertainty in the stock market, falling business confidence, massive slowing of the supply chain, and increased panic among customer segments.
Asian and European countries under lockdowns have suffered major losses of business and revenue due to the shutdown of manufacturing units in their regions. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of COVID-19, which negatively impacted the growth of the wearable electronics market trends in 2020.
The COVID-19 pandemic has impacted the electronics sector, as the production facility halted, which, in turn, resulted in significant demand for electronics and semiconductor products in industries. Its major impacts include large-scale manufacturing interruption across Europe and interruption in Chinese parts exports, which are expected to hinder the wearable electronics market.
By Region
Asia-Pacific would exhibit the highest CAGR of 21.14% during 2021-2030
Key Benefits for Stakeholders
- This study comprises an analytical depiction of the global wearable electronics market growth along with the current trends and future estimations to depict the imminent investment pockets.
- The overall wearable electronics market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The wearable electronics market forecast is quantitatively analyzed from 2021- 2030 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
- The report includes the wearable electronics market share of key vendors and market trends.
Wearable Electronics Market Report Highlights
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Analyst Review
According to leading companies, the wearable electronics have gained wide acceptance and their market share is on the rise, due to their advancements with decline in cost. Although the wrist wear segment dominated the global market. Furthermore, the demand for these types of wearable devices has experienced growth due to investments in IoT technology and rise in disposable income in developing & developed countries. In addition, surge in advanced activities in the industry vertical across the globe is expected to fuel the growth of the industrial wearables market.
The prominent factor that drives the wearable electronics market growth include technological advancements, entry of large players, and increase in awareness of the benefits offered by wearable devices. Furthermore, the market possesses high growth potential due to increased trend of Internet of Things (IoT). However, data privacy risk is a major restraint to the global wearable electronics industry. Rise in trend of building IoT ecosystem is expected to create opportunities for the wearable electronics industry.
The report focuses on the growth prospects, restraints, and trends of the wearable electronics market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers in the wearable electronics market.
The key players of the market focus on introducing technologically advanced products to remain competitive in the market. Acquisition, agreement, collaboration, product expansion, and product launch are expected to be the prominent strategies adopted by the market players. North America accounted for a major share of the market in 2020, owing to the presence of major players in the region; however, Asia-Pacific is expected to grow at the highest CAGR, owing to rise in adoption of wearable electronics market in a variety of fields.
The wearable electronics market is estimated to grow at a CAGR of 19.96% from 2021 to 2030.
The wearable electronics market is projected to reach $459.58 billion by 2030.
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Wrist bands, watches which can record audio, video and process data on the go were seen as something very futuristic.
The key players profiled in the report include Adidas AG, Fitbit, Inc., Nike, Inc., Google, Inc., Apple, Inc., Sony Corporation, and many more.
On the basis of top growing big corporations, we select top 10 players.
The wearable electronics market is segmented on the basis of product, component, application, and region.
The key growth strategies of wearable electronics market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Eye Wear segment would grow at a highest CAGR of 23.13% during the forecast period.
North America region will dominate the market by the end of 2030.
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