According to the latest report by IMARC Group, titled “Wearable Electronics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global wearable electronics market size reached 134.8 Million Units in 2018. Wearable electronics are smart devices that are worn by the users on clothing or their bodies as accessories or implants for tracking information on a real-time basis. These devices enable the exchange of data through the internet in a convenient manner without the requirement of human intervention. They consist of motion sensors that record day to day activities of users and sync them with mobile devices or computers. These electronic devices offer enhanced convenience to the users within everyday functionality, owing to which they are gaining widespread preference on a global level.
Global Wearable Electronics Market Trends:
The global market is primarily driven by a significant increase in the uptake of smartphones and the growing internet penetration across the globe, especially in developing economies. Additionally, the increasing incidences of lifestyle diseases have led a majority of the population to incorporate healthy lifestyle choices. Consequently, they are increasingly participating in physical activities, such as walking, running or swimming. This has boosted the sales of smart wearables as they are used to count steps, monitor the quality of sleep and calculate the heart rate of users during workout sessions. Moreover, these devices are now being utilized in the healthcare sector to record physiological data of patients suffering from chronic conditions. Furthermore, extensive research and development (R&D) activities undertaken by manufacturers have resulted in the introduction of advanced variants in the market, thereby creating a positive outlook for the market. For instance, OrCam, a company based in Israel, launched MyEye 2.0, which is designed for both blind and visually impaired users and employs artificial vision technology to assist them in reading texts and recognizing objects. On account of the aforementioned factors, the market is projected to reach a volume of 335.3 Million Units by 2024, exhibiting a CAGR of 16.4% during 2019-2024.
- On the basis of the product type, the market has been divided into smart bands, smart watches, smart clothing, smart glasses and head mounted displays (HMD). Among these, smart bands account for the majority of the total market share.
- Based on the component type, the market has been categorized into networking and positioning components, power supply components, sensing components, optoelectronic and display components, control components, and interface components.
- Based on the application, the market has been classified into healthcare applications, consumer applications, sports and fitness applications, industrial and commercial applications, and others.
- On the geographical front, North America holds the leading position in the market, exhibiting a clear dominance. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined, with the detailed profiles of the key players operating in the market. Some of these include NuMetrex Adidas, Apple Inc., BAE Systems plc, CARRÉ TECHNOLOGIES INC., Fitbit Service, Garmin Ltd., Google LLC, Aliph Brands LLC, Kopin Corporation, LG Electronics, OHMATEX A/S, OMsignal, Nike, Inc., Recon Instruments Inc., Rockwell Collins, Samsung Electronics, Seiko Epson Corporation, Sony Corporation and Vuzix Corporation.
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