ID: MRFR/SEM/0316-HCR | February 2021 | Region: Global | 170 pages
As per the latest report, the Global Wearable Technology Market in 2020 was valued at USD 27.91 Billion. However, it has been predicted that by the end of 2023, the market will reach USD 51.50 Billion. Besides, the forecasted Compound Annual Growth Rate will be 16.02 percent during the projected period, i.e., from 2027 to 2023.
Wearable technology has evolved greatly owing to the emergence of MEMS sensors. They are incorporating the technology into wearable devices driven by the impact of smartphones being used daily. These have significantly helped the wearable developed for fitness tracking to monitor health. On the other hand, the latest advances in mobile networks also have a major factor contributing to the growth of the wearable technology component market.
Nowadays, people prefer to use a single and compact device that can integrate all the computing and monitoring requirements. Such preference has forced the manufacturers to create hybrid and multi-functional devices. So, this will positively affect the growth of the market.
It may be noted the Wearable Technology Components Industry has not been severely affected by the COVID-19 pandemic. However, the market did suffer from losses during the initial stage of COVID-19, but now it is enjoying massive growth.
The advanced Wearable Technology Components & Solutions are now used to collect different types of data, such as body temperature, heart rate, ECG, blood oxygen saturation level, and more. Besides, the technology is also used to monitor the health status of a COVID-19 infected person remotely. As people are getting more aware and conscious about their health, this will create a massive demand for wearable products. This, in turn, will positively affect the market growth rate.
The latest developments in the global mobile networks have been a significant factor contributing to the expansion of the Wearable Technology Components Market Size. On the other hand, the growing demand for different wearable devices in navigation, telemedicine, infotainment, and others is fueling the global market. For example, some fitness gadgets like Amaze fit, or Fitbit can be connected to satellites and a Wi-Fi network to access navigation facilities.
The growing popularity of wearable electronic devices, such as smartwatches, smart rings, and more, results in the growing need for high-performance and low-power consumption electronics. Some devices come with features like recording and hands-free calling. Such features have increased the demand for wearable devices, which will increase the usage of wearable technology components. So, all these factors are set to increase the Wearable Technology Components Market Share.
Some prominent players in this industry are now increasingly shifting from processors to new IMUs, which will help them in enhancing the overall performance of wearable electronics. This will create a massive demand for advanced wearable technology components. On the other hand, around 43 percent of smartphones would be replaced by wearable devices by the end of 2021. If you consider this prediction, the Global Wearable Technology Components Market is projected to witness a significant demand by the end of 2023.
As per the report, eyewear and headwear include different products such as virtual reality and augmented reality that will grow in different high-class applications, for instance, video gaming, entertainment, and industrial segment, and more. All these will drive the market towards decent growth.
While the increasing awareness about COVID-19 and a healthy lifestyle has positively impacted the market, the market is still growing at a slower rate. The global market for wearable technology components is yet to expand appropriately, but the market is currently dominated by health and activity tracking equipment.
However, the lack of adequate network infrastructure and the privacy and security of shared data are some of the major restraining factors that could hamper the wearable technology component market in the coming years. Besides, limited battery life and high initial costs can also affect the market growth.
The impact of COVID-19 on this market is projected to have a significant effect in 2020 as well as the first two quarters of the year 2021. The reason behind this is due to COVID-19, the supply chain has experienced a massive disruption. A lot of Asian countries such as India, South Korea, China, Japan, and Taiwan, which have a great presence of leading manufactures of wearable devices, have experienced lockdown, which has affected their production schedules.
The sales have gone down as the lockdown and shutdowns in most countries have resulted in limited deliveries. However, as the condition is gradually normalizing, the manufacturers are now putting maximum effort into their production. Many companies have now introduced feature-loaded wearable devices, and the consumer's demand is also increasing. So, the market will witness perfect growth in the coming years.
The top manufacturers are now developing wearable products, keeping the COVID-19 condition in their minds. They are trying to integrate this technology to create devices that can help monitor health status remotely and forecast the risk of people under critical conditions. The early detection of the diseases will help in lowering the infection rate.
On the other hand, the increasing youth population is another reason behind the Wearable Technology Components Market Growth as they are using smartwatches for different purposes. In the year 2017, the market value was USD 20.89 billion. However, the market value would go up to USD 51.50 in 2023. As per the expert, by the end of 2026, it would cross USD 71 billion marks at around 17 percent of CAGR.
Wearable devices perform basic computing functions and carry out unique health-tracking services, such as sleep monitoring, heartbeat monitoring, calorie tracking, and more. Users now depend on these features to keep themselves fit and healthy.
Some of the wearable technologies like smart jewelry, smartwatches, smart glass, intelligent shoes, fitness trackers, and more are getting popular among users. To keep up with the increasing demand, manufacturers are now also introducing new products. This, in turn, is set to support the growth of the Wearable Technology Components Market Demand. Besides, the key players are also investing a lot of money in acquiring the latest wearable technologies. For this, they use wearable technology components.
On the basis of products, the global market for wearable technology components is divided into eyewear, smart clothing, wristwear, headwear, implant, neckwear, and wearable cameras.
As per the market experts, the wristwear segment will witness massive growth during the forecast period as people are now inclining towards smartwatches.
The market is segmented into sensor technology, networking technology, display technology, and computing technology based on the technology.
The sensor and computing technology are held the largest market share and will continue to dominate this segment in the coming years.
Considering the components, the market is divided into sensing, connectivity, memory, control, and battery.
All the wearable product manufacturers are giving importance to these elements to make advanced products to increase their customer base.
The global wearable technology component market is segmented into consumer electronics, healthcare, fitness and wellness, defense, industrial and enterprise applications based on the application.
Among all the applications, the fitness and wellness and the healthcare segment will witness huge growth due to rising concerns about health.
As per Wearable Technology Components Market Report, North America is projected to account for the projected period's largest market share. The introduction of new products and the growing adoption of wearable technology components are the major contributing factors.
On the other hand, Europe is also forecasted to witness considerable market growth in the coming years.
The prominent players in the wearable technology component market are:
The companies are introducing new products in smartwatches and fitness trackers to boost up their sales. Besides, they are acquiring new companies for business expansion.
Recent Development in the Market
The report overview is as follows
This report carries all the information related to the growth of the global wearable technology components market. The market opportunities, as well as challenges, also have been discussed in this report.
Frequently Asked Questions (FAQ) :
Fitbit (US), Jawbone (US), Garmin Ltd. (US), Samsung Electronics Co., Ltd. (South Korea), Qualcomm Technologies, Inc. (US), Sony Corporation (Japan), and Nike, Inc. (US) are expected to be rivals for the global market share.
The surging popularity of health and activity tracking devices is estimated to have a considerable effect on the market.
The market is segmented on the basis of products, technology, application, and components for better understanding.
The total market value is projected to move from USD 20.89 billion to USD 51.50 billion by the end of 2023.
The growing popularity of activity tracking and health devices is forecasted to trigger market growth significantly.