Global Smart Wearable Market Assessment, By Product [Wristwear, Headwear, Apparel and Accessories, Earwear, Eyewear, Medical Devices, and Others], By Application [Consumer Electronics, Healthcare, Education, Military and Defence, Fitness and Sports, Media

Global Smart Wearable Market Assessment, By Product [Wristwear, Headwear, Apparel and Accessories, Earwear, Eyewear, Medical Devices, and Others], By Application [Consumer Electronics, Healthcare, Education, Military and Defence, Fitness and Sports, Media and Entertainment, Others], By Distribution Channel [Online; Offline-Speciality Stores, Brand Stores/ Kiosks, Others], By Region, Opportunities and Forecast, 2016-2030F

Smart wearables are gaining exponential popularity worldwide. From health trackers to smartwatches, these products enable individuals to stay connected in unimaginable ways. The Global Smart Wearable Market size was valued at USD 72.19 billion in 2022 which is expected to reach USD 231.82 billion in 2030 growing at a CAGR of 15.7% for the forecast period between 2023 and 2030. The market is expected to maintain its current growth rate in the following years owing to the rising adoption of IoT and connected devices, increasing awareness of health and fitness, and expansion of e-commerce platforms. Additionally, the increased usage of smart wearables in the healthcare industry is boosting the market. Healthcare facilities are progressively using wearable devices to examine patients' vital signs so that they are alarmed in prior for any possible issues. Furthermore, several wearables are meant to assist people with chronic diseases in managing their difficulties. These devices can track medication adherence and symptom intensity, as well as provide personalized recommendations and assistance.

Growing demand for wearable devices in enterprise settings and increasing investments in wearable technology startups offer plenty of room for expansion. In addition, the increasing use of wearable devices in virtual and augmented reality applications and the growing demand for fashion and luxury wearables caused a spike in demand for the smart wearable market on a global level. Furthermore, the transition to remote work and online education has increased demand for smart wearables that can detect physical activity as well as provide functions like sleep tracking and stress monitoring.

Advanced Sensors and Features

Technological improvements are boosting the market for worldwide smart wearables, which are electronic devices worn on the body that link to the internet or a smartphone. Wearables have become an increasingly popular way to gather data, monitor health, and connect with the environment, owing to the growth of smartphones and the Internet of Things (IoT). One important technical improvement propelling the wearables business is the development of smaller, more powerful sensors and processors. These improvements have made it feasible to construct wearables that can measure a wide range of biological data, including heart rate, blood pressure, and even brain waves. Additionally, the development of new materials and manufacturing processes is another important driver of the wearables market at the global level. These advancements have enabled the development of wearables that are more comfortable, durable, and fashionable than ever before.

Targeting Dynamic Demographics such as People with Disabilities

Many companies are targeting different demographics such as children-focused, gender-specific, and persons with disabilities. For instance , Dot Inc., a South-Korean startup, is a company that focuses on developing smart wearables for individuals with visual impairments. Their product, the Dot Watch, is a braille smartwatch that displays notifications, messages, and time using tactile braille cells, enabling individuals with visual disabilities to access information independently. The company received USD 500,000 grant from the South Korean government's Tech Incubator Programme for Startups (TIPS) with USD 100,000 grant from the ActnerLab accelerator. Hence, market players in this industry are targeting different demographics to grab market share, allowing market expansion.

Government Initiatives

Governments of many nations promote the usage of smart wearables. As healthcare expenditure in Japan rises, the government is adopting various methods to save costs by expanding R&D investment and implementing regulations for digital health products and services. Recent trends show that Japanese customers are more interested in the most cutting-edge products from United States digital health enterprises. In Japan, smartphone usage rates are 90.8% among 13-19-year-olds and 99.0% among 20-29-year-olds. The majority of Japanese teens and young adults, including university students aged 18 to 22, use their smartphones throughout the day. Due to this, the Japan government focuses on implementing various strategies to enhance the demand for smart wearable products in the country.

Rising Adoption of Smartwatches and Fitness Bands

Consumers' growing interest in fitness and health is one of the primary drivers of the smart wearable industry. People are becoming more health-conscious, and they want to know how they may measure their physical activity and enhance their overall health. Because of their capacity to track exercise, monitor health, and give fast access to information on the move, smart wearables are becoming increasingly popular. These devices are not only stylish, but also efficient, with features such as heart rate monitoring, sleep tracking, and calorie tracking. Furthermore, the incorporation of modern technologies such as artificial intelligence and machine learning is accelerating the evolution of the smart grid.

Increasing Popularity of Smart Apparel and Clothing

The growing application of smart clothing in various industry verticals such as sports and fitness, healthcare, military and defence is driving the worldwide smart clothing market. Over the projected period, the increased need for monitoring bodily activities via sensors is likely to drive the demand for smart clothing. According to a recent World Economic Forum (WEF) poll, 92.1% of company leaders estimate that 10% of people will wear internet-connected clothing by 2025. Additionally, the use of newly created and sophisticated fibres such as nanofibers and hybrid materials is likely to propel the smart clothing industry in coming years.

Impact of COVID-19

The worldwide smart wearable market has been significantly impacted by the COVID-19 pandemic. The global market saw a decline in sales in 2020 due to the disruption in supply chains and the closure of retail stores. However, the pandemic has underlined the significance of health monitoring, driving up demand for smartwatches and fitness trackers that can measure vital indications like heart rate, oxygen saturation, and temperature. Remote patient monitoring has also grown in popularity, with healthcare practitioners adopting smart wearables to remotely monitor patients, lowering the chance of virus infection.

Impact of Russia-Ukraine War

The Russia-Ukraine war has caused disruption in the supply chain on global level. Many smart wearable devices are made in China, which is a key supplier of electronics components. However, China is a close Russian ally, and the war has interrupted the supply line for these components. This has resulted in component shortages, delays in the manufacturing of smart wearables and raising their pricing. Furthermore, due to the war, many manufacturers relocated their operations. This could be an opportunity for other countries to step up their manufacturing capabilities and become more competitive in the global smart wearable market.

Key Players Landscape and Outlook

The global smart wearable market is very competitive and market players are exploring a competitive edge in this rapidly increasing industry by primarily catering to the millennial generation demographic.

Major companies present in the industry effectively reach their target audience, create brand awareness, and drive product sales by adopting various advertising strategies. Collaboration and influencer marketing is widely adopted by present companies. For example, Fitbit partnered with fitness influencers and renowned artists like Will Smith and Jules Sebastian to promote their fitness trackers and smartwatches. Moreover, the company has collaborated with TV shows, movies, and popular events to showcase their products. An example is the use of Fitbit devices in TV series like ""Brooklyn Nine-Nine,"" where the characters are shown using Fitbit products as part of their daily routines.

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