The report "Wearable
Technology Market by Product (Wristwear, Headwear, Footwear, Fashion &
Jewelry, Bodywear), Type (Smart Textile, Non-Textile), Application (Consumer
Electronics, Healthcare, Enterprise & Industrial), and Geography - Global
Forecast to 2026", size is projected to grow from USD 116.2 billion in 2021 to USD
265.4 billion by 2026; it is expected to grow at a CAGR of 18.0% from 2021 to
2026. The key factors contributing to the growth of the wearable technology
market include consumer preference for sophisticated gadgets, increasing growth
prospects of next-generation displays in wearable devices, and the growing
popularity of IoT and connected devices. However, the shorter life cycle of the
electronics market is the key restraint for the growth of the wearable
technology market. Conversely, the adoption of wearables in multiple
application areas and multi-featured and hybrid application mobile devices
provide new opportunities for the growth of the wearable technology market. New
application areas, such as medical surgery, are being found in wearable technology.
Wearable devices are also used as internables/implantables. Internables or
implantables are the advanced wearable technology used in medical applications.
Internables or implantables are in the form of sensors that can be fitted into
the human body to observe various health parameters.
Wristwear to
hold the largest market share during the forecast period
Wearable technology
market is broadly segmented into products such as wristwear, headwear and
eyewear, footwear, fashion & jewelry, bodywear, and others. The wearable
technology market for wristwear is expected to be valued at USD 77.9 billion in
2021, while headwear is expected to grow at the highest CAGR of 30.0% between
2021 and 2026. Wristwear gained importance because of its multi-functional
applications. With the integration of advanced technologies, the wristwear
segment currently provides opportunities for the wearable technology market and
would continue to do so in the coming years as well. Moreover, wristwear,
headwear & eyewear, and bodywear would be the best segments to invest in
the next few years. Headwear & eyewear includes products such as AR and
product and technology used in various high-class applications such as the
industrial segment, video gaming, and entertainment.
APAC exhibit
the highest CAGR during the forecast period
The wearable
technology market in APAC is expected to grow significantly in the next few
years, at a CAGR of 21.8% because of the increased demand for wearable products
in the region. Moreover, APAC is considered as the manufacturing hub of the
consumer electronics industry and is expected to provide ample growth
opportunities for the wearable technology market. The key players in the market
are Fitbit, Inc. (US), Apple, Inc. (US), Xiaomi Technology Co., Ltd. (China),
Garmin Ltd. (US), and Samsung Electronics Co., Ltd. (South Korea).
Enterprise
& industrial segment is expected to grow with high CAGR
The wearable
technology market for the enterprise & industrial segment is expected to
grow with the highest CAGR of 22.5% between 2021 and 2026. This growth is
mainly attributed to the increasing demand for wearable scanners and computing
devices in warehouses, logistics, and other operations where high speed and
efficiency is essential.
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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) are the key players in the
wearable technology market.
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