ID: MRFR/SEM/0316-HCR | December 2022 | Region: Global | 170 pages
Impact of COVID-19 on the Wearable Technology Component Market
The COVID-19 pandemic has had a major impact on the global economy. The pandemic has created several challenges in the industrial and commercial sectors such as supply chain disruptions, the halting of exports and imports, a decline in market demand, and delays in several projects across various industries. In addition to this, the pandemic has also influenced the purchasing power and spending behavior of end users. However, the wearable technology component market is anticipated to grow at a significant rate owing to the rising number of smartphone users, wearable devices, and implants among individuals across the world. This scenario has showcased a strong demand for wearable technology components in the global market. However, the outbreak of COVID-19 and lockdown restrictions imposed globally have posed several challenges for the manufacturers and suppliers in the global wearable technology component market. Additionally, players in the market, such as Apple Inc., Misfit, Inc., Samsung Electronics Co., Ltd., Qualcomm Technologies, Inc., are facing a lot of challenges in their supply chain management amidst the global lockdown. There was a resultant decline in the supply of wearable technology components in the global market.
Irrespective of the COVID outbreak, MRFR predicts that the overall demand for wearable technology components is anticipated to surge in the upcoming months of 2020. The COVID-19 pandemic has had a moderate impact on the wearable technology component market. The increasing demand for wearable devices in sectors including infotainment, telemedicine, and navigation, growing health awareness among individuals, and the adoption of implants & smart clothing are some of the factors which propel the demand in the wearable technology component market. Furthermore, people across the globe are spending much of their time being at home and using electronic devices such as smartphones, cameras, and wearable devices as a popular activity to counter the effects of social distancing. These factors have created an upsurge in demand for wearable technology components during the COVID-19 pandemic, which in turn has helped to boost the revenues of wearable technology component companies operating in the global market. Additionally, the players in the wearable technology component market are focused on the development of new business models and strategies to meet consumer demand in the global market.
Number of Connected Wearable Devices Worldwide