Wearable Technology Market Overview
The global wearable technology market size was worth USD 115.8 billion in 2021 and is estimated to grow to USD 304.7 billion by 2028, with a CAGR of approximately 17.50 percent over the forecast years.
The majority of wearable technology consists of electronic components that have been combined with a particular technology. The technology is simple to wear on the body and can be used to detect real-time data. When we talk about wearable technology, we mean bracelets that can monitor things like heart rate, pulse, sleep duration, number of steps walked, etc. Activity tracker bracelets have been made available from firms including Fitbit, Jawbone, Apple, and Jawbone. Worldwide, this has drawn a considerable customer base. The global market for wearable technology is influenced by several variables, including the entry of significant players, compact and effective utilization, rising healthcare awareness, and technological advancements. These key elements have sped up the adoption of wearable technology across a range of sectors, including defense, healthcare, businesses & enterprises, entertainment, and others. Wearables’ application is impacted by their growing use of them across a variety of industries. The market for wearable technology is also expected to rise due to technological advancements in software and hardware and its growing use in fitness. However, the popularity of wearables among consumers is constrained by poor battery life and security issues.
COVID-19 Impact on Wearable Technology Market
During the first two quarters of 2020, the COVID-19 pandemic affected the market’s supply chain as shipments of these devices decreased. The restricted supply of raw materials and personnel shortage in industrial facilities have expanded the gap between supply and demand. But during the anticipated term, market development is anticipated to be fueled by governments’ increasing attention to economic recovery and their relaxation of lockdown regulations. In addition, growing consumer worries about their health are anticipated to support market expansion.
Wearable Technology Market Drivers
Wearable technology in healthcare is heavily influenced by the growing customer need for health management. Wearable technology in the healthcare sector is greatly accelerated by the development of wearable gadgets like fitness trackers, smart watch phones, smart health watches, smart clothes, and so on. The need for sophisticated wearable technology is increasing as a result of the recent wearable technology’s improved capabilities that monitor health-related issues and make the diagnosis procedure more convenient for medical practitioners. In addition, the market for wearable technology is being driven by the advent of wearable ECG monitors in the healthcare industry.
Wearable Technology Market Restraints
The requirement for the safety, security and privacy of the customer’s information is a major barrier for wearable technology, even though it is expanding quickly. Due to the lithium batteries that are used in wearable technology and their intimate bodily attachment, there is a chance that a client could be injured. Additionally, the user’s security and privacy are compromised because there is an increased possibility of hackers manipulating data. The lack of information end-to-end encryption, insecure communication, and the development of cyber-related vulnerabilities are all frequent issues that pose a threat to the use of wearable technology.
Wearable Technology Market Segmentation
The global wearable technology market is segmented into types, products, and applications.
Based on product, the market is classified into bodywear, neckwear, headwear, wristwear, footwear, and eyewear. In 2021, the wristwear category dominated the global market. Due to the rising demand for Bluetooth smartwatches and fitness monitoring devices, wrist wearables are widely utilized today. This device is a computerized smartwatch phone that can make calls, browse the internet, and monitor user health data. Besides this, the headwear category is expected to grow the fastest throughout the forecast period. The segment is likely to expand significantly during the forecast period due to the rising use of virtual and augmented reality.
Based on application, the market is classified into defense, healthcare, enterprise & industrial applications, fitness & wellness, and others. The fitness & wellness segment dominated the market in 2021. Customers now need devices that can conveniently deliver information about their health due to the changing consumer lifestyle. Wearable technology is increasingly gaining traction and improving the fitness and wellness market. Examples include smartwatch phones, fitness bands, smart clothing, smart health watches, etc. On the other hand, the healthcare category is anticipated to grow significantly over the forecast period. The increased investments, money, grants, and inclination for wireless connectivity among healthcare providers are driving the expansion of this market.
Wearable Technology Market Regional Landscape
In 2021, North America dominated the market for wearable technology. A major center for technical development is thought to be in North America. A growing need for complex and multi-functional devices has emerged with the incorporation of cutting-edge technology. The region’s market is heavily influenced by rising disposable income and a high adoption rate of the newest wearable technology. A further factor promoting the expansion of the region’s wearable technology market is the presence of well-known companies like Garmin, Apple, and Fitbit.
Wearable Technology Market Competitive Landscape
Some of the main competitors dominating the global wearable technology market include- Xiaomi Global Community, Huawei Technologies Co. Ltd., Nike Inc., Motorola Solutions Inc., Sony Corporation, Google LLC, HTC Corporation, SAMSUNG, Apple Inc., LG Electronics, CASIO AMERICA INC., Garmin Ltd., Withings, Fitbit Inc., Michael Kors, ADIDAS AG, Polar Electro, TomTom International BV, Fossil Group Inc. and ASUSTeK Computer Inc.
Recent Developments
- March 2020: Google invested USD 40 million in intellectual rights from Fossil in 2019, while Google parent Alphabet said in November that it would buy Fitbit for USD 2.2 billion. Optical sensors would be built into the body of a smartwatch. The sensor can read the wearer’s wrists, fingers, and arms, and the Pixel Watch is set to launch in 2020.
- August 2019: Versa 2 is a brand-new smartwatch from Fitbit Inc. It is a high-end gadget with cutting-edge health, payment, and fitness capabilities.
The global Wearable Technology Market is segmented as follows:
Wearable Technology Market by Type
- Wearable Smart Textiles
- Wearable Products and Devices (Non-Textiles)
Wearable Technology Market by Product
- Bodywear
- Neckwear
- Headwear
- Wristwear
- Footwear
- Eyewear
Wearable Technology Market by Application
- Defense
- Healthcare
- Enterprise & Industrial Applications
- Fitness & Wellness
- Others
Wearable Technology Market by Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Wearable Technology Market Report Scope |
| Report Attribute | Details |
| Market size value in 2022 | USD 136.0 billion |
| Revenue forecast in 2028 | USD 304.7 billion |
| Growth Rate | CAGR of 17.50 % from 2022 to 2028 |
| Base year for estimation | 2021 |
| Historical data | 2017 – 2021 |
| Forecast period | 2022 – 2028 |
| Quantitative units | Revenue in USD billion and CAGR from 2022 to 2030 |
| Report Coverage | Revenue forecast, company ranking, Trends
competitive landscape, and growth factors |
| Segments Covered | Type, Product, Application, and Region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others |
| Key companies profiled | Xiaomi Global Community, Huawei Technologies Co. Ltd., Nike Inc., Motorola Solutions Inc., Sony Corporation, Google LLC, HTC Corporation, SAMSUNG, Apple Inc., LG Electronics, CASIO AMERICA INC., Garmin Ltd., Withings, Fitbit Inc., Michael Kors, ADIDAS AG, Polar Electro, TomTom International BV, Fossil Group Inc. and ASUSTeK Computer Inc. |
Table of Content
Wearable Technology Market Size, Share, Growth, and Forecast Report
1. Introduction
1.1. Report Description
1.1.1. Aim of the Report
1.1.2. Prospective Audience
1.1.3. Unique Selling Prepositions and Key Takeaways from the Report
1.2. Scope of the Research Study
1.3. Approach/Research Methodology
1.3.1. Secondary Research
1.3.2. Primary Research
1.3.3. Expert Panel Review
1.3.4. Market Data Breakdown and Data Triangulation
1.3.5. Research Approach for Market Size Estimation
1.3.5.1. Top-Down Approach
1.3.5.2. Bottom-Up Approach
1.3.6. Key Assumptions
1.4. Market Segmentation
1.4.1. Type
1.4.2. Product
1.4.3. Application
2. Wearable Technology Market Overview
2.1. Introduction
2.2. Analysis by Type, 2016-2028 (US$ Billion)
2.3. Analysis by Product, 2016-2028 (US$ Billion)
2.4. Analysis by Application, 2016-2028 (US$ Billion)
2.5. Market Analysis by Region, 2016-2028 (US$ Billion)
3. Wearable Technology Market Dynamics
3.1. Introduction
3.2. Growth Drivers
3.3. Growth Restraints
3.4. Growth Opportunities
3.5. Porter’s Five Forces Analysis
3.5.1. Threat of New Entrants
3.5.2. Bargaining Power of Buyers/Consumers
3.5.3. Bargaining Power of Suppliers
3.5.4. Threat of Substitute Types
3.5.5. Intensity of Competitive Rivalry
3.6. Attractiveness Analysis
3.6.1. Type
3.6.2. Product
3.6.3. Application
3.6.4. Region
3.7. Value Chain Analysis
4. Wearable Technology Market Competition Analysis
4.1. Wearable Technology Market Share Analysis by Company, 2019 – 2021
4.1.1. Top 3 Players, 2019 – 2021
4.1.2. Top 6 Players, 2019 – 2021
4.2. Strategic Initiatives
4.2.1. New Products Launch
4.2.2. Mergers/Acquisitions
4.2.3. Agreement and Collaborations
4.2.4. Partnerships, Joint Ventures, Expansion, and Distribution
5. Global Wearable Technology Market Analysis by Type and Application, 2016-2028 (US$ Billion)
5.1. Type
5.1.1. Global Wearable Technology Market Share, by Type, 2021 and 2028
5.1.2. Global Wearable Technology Market Revenue, by Type, 2016-2028 (US$ Billion)
5.1.3. By Wearable Smart Textiles Market Analysis 2016-2028 (US$ Billion)
5.1.4. By Wearable Products and Devices (Non-Textiles) Market Analysis 2016-2028 (US$ Billion)
5.2. Product
5.2.1. Global Wearable Technology Market Share, by Product, 2021 and 2028
5.2.2. Global Wearable Technology Market Revenue, by Product, 2016-2028 (US$ Billion)
5.2.3. By Bodywear Market Analysis 2016-2028 (US$ Billion)
5.2.4. By Neckwear Market Analysis 2016-2028 (US$ Billion)
5.2.5. By Headwear Market Analysis 2016-2028 (US$ Billion)
5.2.6. By Wristwear Market Analysis 2016-2028 (US$ Billion)
5.2.7. By Footwear Market Analysis 2016-2028 (US$ Billion)
5.2.8. By Eyewear Market Analysis 2016-2028 (US$ Billion)
5.3. Application
5.3.1. Market Share, by Application, 2021 and 2028
5.3.2. Market Revenue, by Application, 2016-2028 (US$ Billion)
5.3.3. By Defense Market Analysis 2016-2028 (US$ Billion)
5.3.4. By Healthcare Market Analysis 2016-2028 (US$ Billion)
5.3.5. By Enterprise & Industrial Applications Market Analysis 2016-2028 (US$ Billion)
5.3.6. By Fitness & Wellness Market Analysis 2016-2028 (US$ Billion)
6. Global Wearable Technology Market Type Analysis by Region, 2016-2028 (US$ Billion)
6.1. Wearable Smart Textiles Market Analysis 2016-2028 (US$ Billion)
6.1.1. North America
6.1.2. Europe
6.1.3. Asia Pacific
6.1.4. Latin America
6.1.5. Middle East & Africa
6.2. Wearable Products and Devices (Non-Textiles) Market Analysis 2016-2028 (US$ Billion)
7. Global Wearable Technology Market Product Analysis by Region, 2016-2028 (US$ Billion)
7.1. Bodywear Market Analysis 2016-2028 (US$ Billion)
7.1.1. North America
7.1.2. Europe
7.1.3. Asia Pacific
7.1.4. Latin America
7.1.5. Middle East & Africa
7.2. Neckwear Market Analysis 2016-2028 (US$ Billion)
7.3. Headwear Market Analysis 2016-2028 (US$ Billion)
7.4. Wristwear Market Analysis 2016-2028 (US$ Billion)
7.5. Footwear Market Analysis 2016-2028 (US$ Billion)
7.6. Eyewear Market Analysis 2016-2028 (US$ Billion)
8. Global Wearable Technology Market Application Analysis by Region, 2016-2028 (US$ Billion)
8.1. Defense Market Analysis 2016-2028 (US$ Billion)
8.1.1. North America
8.1.2. Europe
8.1.3. Asia Pacific
8.1.4. Latin America
8.1.5. Middle East & Africa
8.2. Healthcare Market Analysis 2016-2028 (US$ Billion)
8.3. Enterprise & Industrial Applications Market Analysis 2016-2028 (US$ Billion)
8.4. Fitness & Wellness Market Analysis 2016-2028 (US$ Billion)
9. Wearable Technology Market Analysis by Geography, 2016-2028 (US$ Billion)
9.1. North America Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.1.1. U.S. Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.1.1.1. Type
9.1.1.2. Product
9.1.1.3. Application
9.1.2. Canada Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.1.3. Mexico Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.2. Europe Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.2.1. UK Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.2.1.1. Type
9.2.1.2. Product
9.2.1.3. Application
9.2.2. France Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.2.3. Germany Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.2.4. Spain Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.2.5. Russia Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.2.6. Italy Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.2.7. Rest of Europe Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.3. Asia Pacific Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.3.1. China Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.3.1.1. Type
9.3.1.2. Product
9.3.1.3. Application
9.3.2. Japan Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.3.3. South Korea Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.3.4. India Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.3.5. Australia Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.3.6. Southeast Asia Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.3.7. Taiwan Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.3.8. Rest of Asia Pacific Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.4. Latin America Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.4.1. Brazil Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.4.1.1. Type
9.4.1.2. Product
9.4.1.3. Application
9.4.2. Argentina Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.4.3. Rest of Latin America Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.5. Middle East Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.5.1. Israel Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.5.1.1. Type
9.5.1.2. Product
9.5.1.3. Application
9.5.2. Turkey Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.5.3. Saudi Arabia Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.5.4. UAE Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.5.5. Rest of Middle East Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.6. Africa Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.6.1. Egypt Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.6.1.1. Type
9.6.1.2. Product
9.6.1.3. Application
9.6.2. South Africa Wearable Technology Market Analysis 2016-2028 (US$ Billion)
9.6.3. Rest of Africa Wearable Technology Market Analysis 2016-2028 (US$ Billion)
10. Company Profiles
10.1. Xiaomi Global Community
10.1.1. Company Overview
10.1.2. Financial Performance
10.1.3. Product Benchmarking
10.1.4. Strategic Initiatives
10.2. Huawei Technologies Co. Ltd
10.3. Nike Inc
10.4. Motorola Solutions Inc
10.5. Sony Corporation
10.6. Google LLC
10.7. HTC Corporation
10.8. SAMSUNG
10.9. Apple Inc
10.10. LG Electronics
10.11. CASIO AMERICA INC
10.12. Garmin Ltd
10.13. Withings, Fitbit Inc
10.14. Michael Kors
10.15. ADIDAS AG
10.16. Polar Electro
10.17. TomTom International BV
10.18. Fossil Group Inc
10.19. ASUSTeK Computer Inc.
11. COVID-19 Impact Analysis
11.1. Global Wearable Technology Market, 2020 – 2028, Pre-V/S Post COVID 19
11.2. Estimated Impact of The Coronavirus (Covid-19) Epidemic on the Wearable Technology Market Size In 2022, By Scenario
11.3. Impact on Supply Chain and Production in Wearable Technology Market
11.4. Impact on Import and Export
12. Import-Export Analysis
12.1. North America Wearable Technology Import-Export, 2016 – 2021
12.2. Europe Wearable Technology Import-Export, 2016 – 2021
12.3. Asia Pacific Wearable Technology Import-Export, 2016 – 2021
12.4. Latin America Wearable Technology Import-Export, 2016 – 2021
12.5. Middle East America Wearable Technology Import-Export, 2016 – 2021
12.6. Africa Wearable Technology Import-Export, 2016 – 2021
13. Wearable Technology Marketing Channel Analysis
13.1. Marketing Channel
13.1.1. Direct Marketing
13.1.2. Indirect Marketing
13.1.3. Development Trend
13.2. Market Positioning
14. Wearable Technology Manufacturing Cost Analysis
14.1. Key Raw Materials
14.2. Key Raw Material Suppliers
14.3. Market Concentration Rate
14.4. Manufacturing Cost Structure
14.5. Process Analysis
15. Conclusion
