The latest report by IMARC, titled “Wearable Electronics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global wearable electronics market size reached US$ 117.4 Billion in 2022. Wearable electronics refer to smart devices worn by users over the body to improve their day-to-day activities. These devices help them track information on a real-time basis. They enable the exchange of data through the internet in a convenient way without human intervention. In recent years, wearable electronics have gained traction as they consist of motion sensors that record the day-to-day activities of users and sync them with mobile devices or computers.
Global Wearable Electronics Market Trends:
One of the primary factors driving the market is the rising adoption of healthcare applications. Additionally, the increasing intervention of smartphones and the growing internet penetration are creating a positive market outlook. Other than this, the rising prevalence of lifestyle diseases is driving the masses to incorporate healthy lifestyle choices. This has encouraged them to participate in physical activities, including running, walking, or swimming, thereby boosting the sales of smart wearables to count steps, monitor the quality of sleep and calculate the heart rate of users during workout sessions. Besides this, these devices are extensively used in the healthcare sector to record the physiological data of patients suffering from chronic conditions. Furthermore, extensive research and development (R&D) activities carried out by key players have led to the development of new product variants in the market. For instance, OrCam, a company based in Israel, introduced MyEye 2.0, which is designed for both blind and visually impaired users and uses artificial vision technology to help them in reading texts and recognizing objects. Looking forward, IMARC Group expects the market value to reach US$ 350.5 Billion by 2028, expanding at a CAGR of 20.05% during the forecast period (2023-2028).
- Based on the product, the market has been divided into smart bands, smart watches, smart clothing, smart glasses, and head mounted displays (HMD). Smart watches currently represent the biggest category in the market.
- On the basis of the component, the market has been segregated into networking and positioning, power supply, sensing, optoelectronic and display, control, and interface components.
- Based on the application, the market has been segmented into healthcare, consumer, sports and fitness, industrial and commercial, and other applications.
- Region-wise, the market has been classified into North America, Europe, Asia Pacific, and Middle East and Africa, and Latin America. Amongst these, North America is the leading market, accounting for the majority of the global share.
- The competitive landscape of the market has also been analyzed, with some of the key players being NuMetrex Adidas, Apple Inc., BAE Systems plc, CARRE 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.
|Base Year of the Analysis
||US$ Billion, Million Units
||Product, Component, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||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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