The global wearable technology
market size is
projected to grow from USD 116.2 billion in 2021 to USD 265.4 million by 2026;
it is expected to grow at a CAGR of 18.0% from 2021 to 2026. Factors such as
growing demand for smart devices in the healthcare sector and surge in demand
for IoT devices are driving the growth of the market during the forecast
period.
COVID-19
Impact on the Global Wearable technology market
COVID-19 is expected
to adversely impact the supply chain of the wearable technology market as a few
prominent players are based in China, which is the epicenter of the pandemic.
Moreover, in light of the current situation, the key wearable technology is
presently focusing on maintaining and generating operating revenue, which led
to fewer developments within the wearable technology market in 2020. The impact
of COVID-19 is expected to reduce during the forecast period as many scheduled
product launches and related developments which were postponed will be
realized.
The wearable
technology market is dominated by a few globally established players such as
Apple Inc. (US), Fitbit Inc. (US), Google LLC (US), Samsung Electronics Co.,
Ltd.(South Korea), Garmin Ltd.(Switzerland), LG(South Korea), Huawei(China),
Sony Corporation(Japan), Xiaomi Corporation(China), and Microsoft (US)
Opportunity:
Demand for wearables that integrate all computing requirements in one compact
device
Consumers prefer to
have a single compact device that could integrate all the computing and
monitoring requirements. This preference presents an opportunity for the
development of multi-function and hybrid wearable devices that provide
convenience to users as well as integrates the functionality of many devices
into a single compact wearable device. The number of such devices is expected
to increase in the coming years. With a steady transformation from the Plain
Old Telephone System (POTS) to cellular gateways and mobile phones, cellular
technologies have become a leading medium for data transmission and
communication. This factor is expected to present a good opportunity for
companies to launch wearables connected with mobile devices such as smartphones
and tablets.
Challenge:
Demand for continuous developments in devices
The consumer
electronics sector is a rapidly evolving marketplace. However, market players
face high price erosion as products with old technology lose their significance
when a new technology is developed. Technology advances at an incredible speed,
and keeping up with these advancements is quite difficult as by the time
engineers come up with a prototype, the technology changes. New technologies
are being developed at a rapid pace and integrated with various products as an
additional function. Consumers also prefer products that have more features and
are technologically advanced.LCDs were the most extensively used technologies
in the global wearable technology market.
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APAC held
the largest market for the wearable technology market in 2026
APAC accounted for
the largest share in the wearable technology market in 2026. APAC has the
presence of prominent market players. Manufacturers in China and India offer
wearable devices at a low price, making them affordable for customers. Many
international players get their wearable devices manufactured and assembled by
local manufacturers based in the region and then brand their names. The region
has many highly populated countries, which account for the high adoption rate
of consumer electronics. Wearable device manufacturers are continuously
innovating their wearable devices to attain a competitive advantage. Several
manufacturers have integrated NFC technology into their wearable devices to
enable payment functionalities. Also, increasing per capita income in
developing countries in the region as well as improving the standard of living
have led to the growing demand for wearable devices. Besides, the wearable
technology market in APAC is moderately impacted by the COVID-19 pandemic. The
consumer electronics industry in China witnessed a decline in production owing
to the outbreak of COVID-19. The global prices of consumer electronics
witnessed a rise initially owing to the partial clamp down on manufacturing
facilities in China.
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