The wearable technology market size is projected to reach USD 265.4 billion by 2026, growing at a compound annual growth rate (CAGR) of 18.0% during the forecast period. It was observed that the growth rate was 41.51% from 2021 to 2022. Consumer Electronics is expected to grow at a highest CAGR of 39.12%.
Increasing growth
prospects of next-generation displays in wearable devices, surge in demand for
IoT devices and growing demand for smart devices in the healthcare applications
are the factors driving the growth of the market during the forecast period.
APAC to register highest
CAGR during the forecast period
The APAC region is known
as a major manufacturing hub. Countries such as India and China have major
manufacturing facilities for various industrial segments (including consumer
electronics, car manufacturing, and heavy materials, among others).
This creates huge
opportunities for the wearable technology industry to grow at the highest rate
for the enterprise and industrial application. Increase in per capita income in
developing countries, high population in many countries of the region and
affordability of wearable devices for customers at a low price by manufacturers
in India and China and countries such as Japan, Singapore, China and Australia,
which are proving to be digitally mature markets are the major reasons for APAC
to capture largest market share.
Wristwear to hold the
largest market share during the forecast period
Wearable technology
market share 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.
The major consumer
electronic players in the region include Sony Corp. (Japan), Panasonic Corp.
(Japan), Samsung Corp. (South Korea) and LG Electronics (South Korea).
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