Smart Wearable Market Size, Share & Growth | Forecast [2031]

Smart Wearable Market Size, Share & Growth | Forecast [2031]

Segments - Global Smart Wearable Market by Types (Body Wear, Eye Wear & Head Wear, Hearables, Neck Wear, Wrist Wear, and Others), Devices (Body-worn Camera, Ear Worn, Exoskeleton, Fitness Trackers, Head-mounted Displays, Smart Clothing, Smart Watches, and Medical Devices), Applications (Consumer Electronics, Defence, Enterprise & Industrial, Entertainment, Healthcare, Fitness & Sports, and Lifestyle), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Forecasts, 2023-2031

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Author : Debadatta Patel
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Fact-checked by : PARTHA PAUL
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Editor : Shruti Bhat

Upcoming | Report ID :CG-4096 | 4.6 Rating | 70 Reviews | 212 Pages | Format : PDF Excel PPT

Report Description


Global Smart Wearable Market Outlook 2031

The global smart wearable market size was USD 59.05 Billion in 2022 and is estimated to reach USD 291.95 Billion by 2031 register a substantial CAGR 19.4% during the forecast period, between 2023 - 2031. Smart wearable are advanced objects that can be placed on the body for various purposes especially for fitness and sport activities.

The advancement of modern technology has made wearable products such as eyewear, watch, and bracelet into smart devices offering several intelligent functions. Smart wearable electronics are described as gadgets that allow to provide smart process inputs using application-enabled enhanced wireless and computing technologies.

Global Smart Wearable Market Outlook

Wearable can be made into components of clothing that serve as sensors and aid in the tracking of data. Wearable technology items are microprocessor-powered and have the potential to transmit and receive data through the Internet as well as have practical applications in real-time. Smart watches, VR headsets, fitness trackers, smart wristbands, sports watches, activity trackers, and other smart wearable devices are examples of smart wearable devices.

  • Rising disposable income, increased awareness of the advantages of smart wearable, and advancement in consumer electronic devices are major factors driving market growth.
  • Growing popularity of Internet of Things (IoT)-enabled devices and wide penetration of smart electronic devices such as smartphones are projected to boost market growth in the coming years.
  • Wide prevalence of chronic disorders and obesity among a large number of people globally and rising number of health-conscious population are estimated to push the demand for smart wearable products.
  • Increasing concerns regarding data security risks, high cost price of the devices, as well as low battery life are major challenges for these products. This is likely to hinder market growth during the forecast period.
  • Changing lifestyles and availability of several designed of devices for the needs of different individual present immense growth opportunities for the market.

Scope of Smart Wearable Market Report

The report on the global smart wearable market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Attributes

Details

Report Title

Smart Wearable Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016 - 2021

Forecast Period

2023–2031

Segmentation

Types (Body Wear, Eye Wear & Head Wear, Hearables, Neck Wear, Wrist Wear, and Others), Devices (Body-worn Camera, Ear Worn, Exoskeleton, Fitness Trackers, Head-mounted Displays, Smart Clothing, Smart Watches, and Medical Devices), Applications (Consumer Electronics, Defence, Enterprise & Industrial, Entertainment, Healthcare, Fitness & Sports, and Lifestyle)

Regional Scope

Asia Pacific, North America, Europe, Latin America, and Middle East & Africa

Report Coverage

Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast

Key Players Covered in the Report

Apple Inc.; Sony Corporation; Nike Inc.; Fitbit Inc.; Garmin Ltd.; Samsung Electronics Co., Ltd.; LG Electronics; Huawei Technologies Co., Ltd; and Adidas AG.

Smart Wearable Market Segment Insights:

Wrist wear segment is projected to hold significant market share

Based on types, the smart wearable market is segregated into body wear, eye wear & head wear, hearables, neck wear, wrist wear, and others. The wrist wear segment is projected to hold significant market share due to the increased adoption for fitness trackers and smart watches in the healthcare industry.

Smart watches equipped with the disease-specific functionalities, particularly those devices that provide instant information about cardiovascular indications, is a key reason for the segment growth.

Global Smart Wearable Market Types

Fitness trackers segment is anticipated to account for a substantial share

On the basis of devices, the market is fragmented into body-worn camera, ear worn, exoskeleton, fitness trackers, head-mounted displays, smart clothing, smart watches, and medical devices. The fitness trackers segment is anticipated to account for substantial share of the market owing to the increased efforts by technology businesses to build smart analytic solutions such as real-time health status analysis.

Smart watches and fitness bands are becoming more popular as the number of smartphone users are rising rapidly and wide availability of high-speed connectivity networks. Several technology-based businesses have started collaborating with luxury wrist brands to produce high-end wristwatches that provide consumers with greater perceptions into their health and interaction with controls without depending on smartphones.

A fitness wristwatch or band can be used in conjunction with a mobile application to provide the user with important fitness-related information and data.

Consumer electronics segment to expand at a rapid pace during the forecast period

In terms of applications, the smart wearable market is segmented into consumer electronics, defence, enterprise & industrial, entertainment, healthcare, fitness & sports, and lifestyle. The consumer electronics segment is expected to expand at a rapid pace during the forecast period owing to the availability of devices that have installed facilities to use for fitness and sports, multifunction, clothing and fashion, multimedia and infotainment, and others.

Given the increased consumer demand for wearable consumer electronics, several market participants are concentrating on developing gadgets that can keep end-users track their work hours. Furthermore, the rise in connected devices and expanding machine-to-machine communication are likely to drive the growth of wearable consumer electronics, consequently supporting the overall market growth.

Global Smart Wearable Market Application

North America is expected to dominate the market

In terms of regions, the market is categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market owing to the growing popularity of wearable devices in countries such as the United States and Canada. The region is home to a huge number of internet users as well as various enterprises involved in technology advancements.

On the other hand, the market of Asia Pacific is anticipated to register a substantial growth rate in the coming years due to a growing population of tech-savvy people, rising purchasing power, and the presence of numerous prominent industry participants in the region. Increasing relocation of manufacturing services to Asia Pacific as a result of lower cost of operating and labor expenses present another key aspect for the regional market expansion.

Furthermore, the growing urban population across the region is likely to increase the use of wearable devices, fueling the overall market expansion.

Global Smart Wearable Market Region

Segments

By Types

  • Body Wear
  • Eye Wear & Head Wear
  • Hearables
  • Neck Wear
  • Wrist Wear
  • Others

By Devices

  • Body-worn Camera
  • Ear Worn
  • Exoskeleton
  • Fitness Trackers
  • Head-mounted Displays
  • Smart Clothing
  • Smart Watches
  • Medical Devices

By Applications

  • Consumer Electronics 
  • Defence
  • Enterprise & Industrial
  • Entertainment
  • Healthcare
  • Fitness & Sports
  • Lifestyle

By Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

By Key Players

Competitive Landscape

Key players in the global smart wearable market are Apple Inc.; Sony Corporation; Nike Inc.; Fitbit Inc.; Garmin Ltd.; Samsung Electronics Co., Ltd.; LG Electronics; Huawei Technologies Co., Ltd; and Adidas AG. These players have widely engaged in several market development strategies including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.

Global Smart Wearable Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Smart Wearable Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Smart Wearable Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Smart Wearable Market - Supply Chain
  4.5. Global Smart Wearable Market Forecast
     4.5.1. Smart Wearable Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Smart Wearable Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Smart Wearable Market Absolute $ Opportunity
5. Global Smart Wearable Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Smart Wearable Market Size and Volume Forecast by Types
     5.3.1. Body Wear
     5.3.2. Eye Wear & Head Wear
     5.3.3. Hearables
     5.3.4. Neck Wear
     5.3.5. Wrist Wear
     5.3.6. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Smart Wearable Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Smart Wearable Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Smart Wearable Demand Share Forecast, 2019-2026
7. North America Smart Wearable Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Smart Wearable Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Smart Wearable Market Size and Volume Forecast by Types
     7.4.1. Body Wear
     7.4.2. Eye Wear & Head Wear
     7.4.3. Hearables
     7.4.4. Neck Wear
     7.4.5. Wrist Wear
     7.4.6. Others
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Smart Wearable Demand Share Forecast, 2019-2026
8. Latin America Smart Wearable Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Smart Wearable Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Smart Wearable Market Size and Volume Forecast by Types
     8.4.1. Body Wear
     8.4.2. Eye Wear & Head Wear
     8.4.3. Hearables
     8.4.4. Neck Wear
     8.4.5. Wrist Wear
     8.4.6. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Smart Wearable Demand Share Forecast, 2019-2026
9. Europe Smart Wearable Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Smart Wearable Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Smart Wearable Market Size and Volume Forecast by Types
     9.4.1. Body Wear
     9.4.2. Eye Wear & Head Wear
     9.4.3. Hearables
     9.4.4. Neck Wear
     9.4.5. Wrist Wear
     9.4.6. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Smart Wearable Demand Share Forecast, 2019-2026
10. Asia Pacific Smart Wearable Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Smart Wearable Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Smart Wearable Market Size and Volume Forecast by Types
     10.4.1. Body Wear
     10.4.2. Eye Wear & Head Wear
     10.4.3. Hearables
     10.4.4. Neck Wear
     10.4.5. Wrist Wear
     10.4.6. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Smart Wearable Demand Share Forecast, 2019-2026
11. Middle East & Africa Smart Wearable Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Smart Wearable Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Smart Wearable Market Size and Volume Forecast by Types
     11.4.1. Body Wear
     11.4.2. Eye Wear & Head Wear
     11.4.3. Hearables
     11.4.4. Neck Wear
     11.4.5. Wrist Wear
     11.4.6. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Smart Wearable Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Smart Wearable Market: Market Share Analysis
  12.2. Smart Wearable Distributors and Customers
  12.3. Smart Wearable Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Apple Inc.
     12.4.2. Sony Corporation
     12.4.3. Nike Inc.
     12.4.4. Fitbit Inc.
     12.4.5. Garmin Ltd.
     12.4.6. Samsung Electronics Co., Ltd.
     12.4.7. LG Electronics
     12.4.8. Huawei Technologies Co., Lt

Methodology

Our Clients

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FedEx Logistics
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