Global Wearable Electronics Market Size study & Forecast, by Product (Wrist-Wear, Eye-Wear, Body-Wear, Others), by Application (Healthcare, Entertainment, Industrial, Others) and Regional Analysis, 2023-2030

Global Wearable Electronics Market Size study & Forecast, by Product (Wrist-Wear, Eye-Wear, Body-Wear, Others), by Application (Healthcare, Entertainment, Industrial, Others) and Regional Analysis, 2023-2030

Global Wearable Electronics Market is valued at approximately USD 117.14 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 19.96% over the forecast period 2023-2030. Wearable electronics refer to electronic devices or technologies that can be worn on the body, typically in the form of accessories or clothing. These devices are designed to provide various functionalities such as tracking fitness metrics, monitoring health parameters, delivering notifications, and enhancing communication. Examples of wearable electronics include smartwatches, fitness trackers, virtual reality headsets, and smart glasses. By integrating technology into wearable form factors, these devices offer convenience, portability, and seamless integration into everyday life, enabling users to stay connected and engaged while on the move. Moreover, the growing electronics industry and increasing use of IoT devices are anticipated as the market drivers. Furthermore, emerging global markets and growing concern towards fitness and sports tracking fuel the market space during the forecast period 2023-2030.

Wearable devices often incorporate a variety of sensors, such as accelerometers, gyroscopes, heart rate monitors, and GPS modules. These sensors are essential for functions like fitness tracking, health monitoring, and navigation. The demand for such sensors has driven innovation and cost reduction, making wearable electronics more feasible. According to the Press Information Bureau in 2022, Wearable electronics as part of the global electronics industry, contribute to its estimated worth of USD 2.9 trillion. The value of the global electronics industry is roughly equivalent to USD 2.9 trillion. This highlights the significant role and economic impact of wearable electronics within the larger electronics market. The Wearable Electronics Market is closely connected to the rapid growth of Internet of Things (IoT) devices worldwide. According to Statista, the number of IoT devices is predicted to nearly triple by 2022, rising from 9.7 billion in 2020 to more than 29 billion by 2030. In terms of pure numbers, China is expected to have the most IoT devices by 2030, with around 5 billion consumer devices. These IoT devices are used in a variety of businesses and consumer markets, with the consumer segment accounting for over 60% of all IoT linked devices in 2020. This proportion is expected to remain consistent over the next decade, highlighting the significant impact on wearable electronics within the IoT ecosystem's consumer market segment. However, data security & privacy concern and limited battery life is going to hamper the growth of the market during the forecasted period 2030-2030.

The key regions considered for the Global Wearable Electronics Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the increase in the internet users and several companies associated with technological innovations in the region. The growing number of internet users provides a broader user base for wearable electronics as they often rely on internet connectivity to sync data, receive updates, and offer cloud-based services. The region’s dominant performance is anticipated to propel the overall demand of wearable electronics. Furthermore, Asia Pacific is expected to grow fastest during the forecast period, owing to factors such as increasing purchasing power of consumers in the region. Wearable electronics often integrate with other devices and services and consumers with higher purchasing power invest in a wider range of smart devices, leading to increased demand for wearables that seamlessly integrate into these ecosystems.

Major market player included in this report are:
Adidas AG
Apple Inc
Fitbit Inc
Google LLC
Nike Inc.
Sony Corporation
Samsung Electronics Co Ltd
Garmin Ltd
Sensoria Inc
LG Corporation
Recent Developments in the Market:
 In December 2020, Huawei introduced the health Lab, an initiative aimed at driving sports and health innovation through smart wearables. This innovative facility serves as a collaborative space for Huawei researchers, engineers, and developers to exchange ideas and explore emerging technologies in sports and health. Through their smart wearables, Huawei aims to provide consumers with a holistic and scientifically backed exercise experience, promoting healthier living.
 In July 2020, Sony introduced the Reon Pocket, a wearable air conditioner compatible with Android and iOS devices. Currently limited to the Japanese market, this innovative device offers both cooling and heating capabilities. Designed to be worn around the neck, Sony has also created an undershirt with a pocket positioned at the back of the neck to accommodate the Reon Pocket.

Global Wearable Electronics Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered - Product, Application, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product:
Wrist-Wear
Eye-Wear
Body-Wear
Others

By Application:
Healthcare
Entertainment
Industrial
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Adidas AG
Apple Inc
Fitbit Inc
Google LLC
Nike Inc.
Sony Corporation
Samsung Electronics Co Ltd
Garmin Ltd
Sensoria Inc
LG Corporation

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