Wearable Electronics Market is Expected to Reach $459.58 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Wearable Electronics Market by Product, Component, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030," 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 dawn of mobile wireless systems, smart phones, has sparked a new era for wearable electronics globally. Gadgets which were deemed to be just used in industrial & commercial applications have now found their way into normal consumers enhancing their quality of life through various applications such as healthcare, sports & fitness, and lifestyle among a few.

The prominent factor that drives the wearable electronics market growth include lower device cost due to the emergence of a large number of manufacturers and rise in awareness among customers for health-related activities and increase in usage amongst customers of varied age profiles for patient tracking systems. However, surge in number of customers adopting digital devices and presence of internet mobility is expected to hinder the growth of the wearable electronics market trends. Conversely, rise in investment on building a connected ecosystem is projected to offer remunerative wearable electronics market opportunities.

Wrist wear segment was the largest contributor of revenue in 2020 and is expected to grow at a CAGR of 17.5% from 2021 to 2030. Factor such as advancement and innovations in smart watches by the key players help drive the wearable electronics market. Body wear segment consumes 20.0% market share. Surge in adoption of wearable devices such as smart watches, band, headsets, gloves in manufacturing industry is one of the major factors for this growth.  

The global wearable electronics market is segmented into product, application, and region. On the basis of product, the market is fragmented into wrist-wear, eye-wear, body-wear and other-wear. Moreover, application segment is divided into healthcare, entertainment, industrial, and others.

Region wise, the wearable electronics market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).    The market share in Asia-Pacific is expected to grow at a faster rate as compared to other regions. Factor such as rapid technological advancements & innovations and transformation from automated devices to autonomous devices due to the integration and advancement of IoT and AI technologies increases the demand for wearable electronics industry.

COVID-19 Impact Analysis

The global wearable electronics market size has been significantly impacted by the COVID-19 outbreak. New projects throughout the world have been stalled which, in turn has declined the market growth. In the present pandemic scenario, health has become an utmost priority for people so demand for wearable products related to health and fitness such as fitness bands and smartwatches is expected to increase significantly.

Key Findings of the Study

• In terms of revenue and volume, the wrist wear segment contributed the maximum wearable electronics segment in 2020, and is expected to maintain its lead throughout the wearable electronics market forecast period.
• In 2020, North America accounted for over a 29% share globally, and is witness significant growth in wearable electronics market share.

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. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the wearable electronics market.