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Wearable Electronics Market Outlook (2022-2032)

The wearable electronics market revenue by the end of 2021 was US$ 45.5 Bn. The wearable electronics market is expected to reach US$ 199.5 Bn by 2032, as it is estimated to grow at a CAGR of 14.5% for 2022-2032.

Attributes Details
Estimated Year (2022) Market Value US$ 45.5 Billion
Projected Year (2032) Market Value US$ 199.5 Billion
CAGR% (2022 to 2032) 14.5%
Top 5 Vendor Market Share Around 40%

Wearable electronics refers to any form of electronic products which is supposed to worn on the body or any body part of the user. The applications of this technology is diverse since it could be used for communication or displaying bodily information like heart rates or footsteps. Wearable devices can also act as computers and allow processing and computation of information specific to the scope of the device’s use.

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2017-2021 Wearable Electronics Market Demand Outlook Compared to 2022-2032 Forecast

The wearable electronics market is estimated to grow at a CAGR of 14.5% for the forecast period of 2022–2032.

Wearable electronics is growing diverse and there can be several applications for this technology, ranging from health and medicine, communication and calling, listening to music. As the diversity and applications grow, so will the demand for the wearable technology.

Developing technologies like Internet of Things can be implemented alongside wearable devices, to expand the scope of tasks which could be accomplished and as of 2022, several technologies integrating IoT with wearable devices are being developed.

Wearable Electronics Improves the Efficiency and Improve Access to Resources and Information

The most basic driver of wearable technologies is that they grant consumers the ability to carry out tasks and be provided with data and information, which could help them make better decisions and carry out tasks that otherwise would require different devices or instruments.

The smart glasses built for industrial purposes have the ability to improve the efficiency of the employees and workers by providing them with necessary work-related information. The same goes for healthcare-related wearable technologies, which provide the patients and healthcare professionals necessary insights regarding the patient’s health in a more user-friendly and immediate manner.

The devices could be crafted depending upon the industry and user requirements, expanding the scope of wearable electronics as well.

Sudip Saha
Sudip Saha

Principal Consultant

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Regional Analysis

North America is the region that had the largest market share in 2021, with a market share of 35.2%. and the region with the fastest growth rate is South Asia & Pacific with a CAGR of 10.2%.

A large portion of wearable technology is in the nature of consumer electronics and healthcare and medicine. This region has several people exposed to the trend of adopting developing technologies, especially those people which fall within a range of good income.

The healthcare and medicine industry in this region happens to be large as well for this reason, North America has a large market share for the wearable electronics market. The wearable electronics vendors in this region are also developing technologies which could be used by people in their professions like smart watches and smart gloves which could be used by construction workers and carpenters.

Wearable electronics are growing in popularity in the urban areas of South Asia and Pacific, which also happens to be one of the most populated regions, globally. For this reason, the estimated growth rate of this region is CAGR of 15.2%.

Country wise insights

United States Has a High Use of Wearable Technologies Because of Strong Market Players and People with High Disposable Income

The market in the US will rule in the coming years due access to fast speed internet which could allow the lucrative use of several wearable devices. Presence of numerous enterprises in this region will be vital to the market's growth. Enterprises like Google and Apple take a number of steps to enhance the functionality of their equipment. The reason behind the US market growth rate is linked to the presence of important stakeholders like Apple, Inc. and Google LLC.

The use of the latest technology has increased the need for sophisticated, multipurpose equipment. The marketplace in this place is, in the main, pushed by growing disposable profits and an excessive adoption rate of the latest wearable technology.

For these reasons, US held a market share of 15.3% for the year 2021.

Growth in the Purchasing Power of People in India, especially in the Urban Areas is Driving the Growth of Wearable Electronics

India is currently witnessing the entry of several international electronic vendors into its market and, along with it, domestic companies have begun dealing in wearable electronics as well.

The driving factors in India can be attributed to the growing population in the country with increasing income, which increases the scope of the consumer electronics market. Considering that the average age in this country is quite young, it also creates an attraction towards wearable devices like smart watches and fitness bands.

For this reason, the estimated growth rate of India for the forecast period is a CAGR of 15.8%.

Adoption of Wearable Electronics in Healthcare Sector and Retail in Germany

The future of wearable healthcare gadget market in Germany looks encouraging with open doors in remote patient monitoring system and home medical services. The significant drivers of development of wearable electronics market are significance of wellness as well as rising chronic diseases, technological innovations, and healthy lifestyle.

Emerging trends, which straightforwardly affecting the elements of the wearable healthcare gadget market, which incorporate the rising utilization of wearable biofeedback gadgets and expanding reception of cloud tech for interconnected medical care gadgets.

Wearable electronics vendors in this region are developing gloves which can be used for detecting the RFID codes and bar codes, improving their presence in several industrial and retails sectors.

For these reasons, Germany held a market share of 11.3% for the year 2021 and a growth rate of CAGR 11.4%.

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Category wise Insights

Why is the sensor component holding the largest market share for the wearable electronics market?

Wearable technologies are widely used in the consumer electronic and healthcare and medicine categories. Both these fields have the requirement of the sensor component.

Measuring the heart rate, calories burnt, steps taken, body temperature are factors which are included in wearable technologies sold to the consumers. Consumers often use these devices for fitness related purposes.

The healthcare and medicine wearable technologies measure the above mentioned factors but also measure and display other measures specific to the patients’ health and requirements of the healthcare professionals.

Due to the application of sensors for both the wide application segments of wearable electronics, the market share for sensors for 2021 was 32.4%.

Why is the hand worn wearable devices the most popular wearable technologies?

Some of the most used wearable technologies include smart watches and fitness bands which are highly popular among consumers and are growing at a rapid rate as well. Hand worn devices are also used for healthcare purposes like measuring the heart rate and getting updates on the patients’ health.

For this reason, the hand worn wearable technology segment has the highest market share of 24.4%.

Why is computing technology expected to rise at a faster rate?

The applications of wearable technology are wide and diverse and their applications can extend to various industries and purposes. Developments in IoT technology and AI can help improve the computational abilities of the wearable devices and allow them to provide more insights and information to the end users.

For this reason, the computing technology segment is estimated to grow at a CAGR of 14.3% for the forecast period.

How can the application of wearable technologies grow in healthcare and medicine?

The applications of wearable electronics in healthcare and medicine improve the healthcare professional’s ability to keep track of the patient’s status and health. Healthcare can also include a large scope of product types ranging from leg wear, hand wear, neck wear and body wear.

Certain illnesses like diabetes, certain types of cancer and heart diseases are on the rise globally, due to which there is a demand for developing healthcare technologies which can assist in the treatment and diagnosis of the patients.

For these reasons, the healthcare and medicine applications is estimated to grow at a CAGR of 15.7% for the forecast period.

Competitive Landscape

Wearable technology is provided by several electronic companies, most of which develop consumer electronic devices. For most of these companies, wearable electronics is one of the products they offer, but there are certain companies that primarily run their businesses on their wearable technology offerings.

  • In September 2022, Apple launched a new Apple Watch with the watchOS 9 operating system. Users diagnosed with AFib can turn on the FDA-cleared Atrial Fibrillation History feature to access important information, including an estimate of how often the user's heart rhythm is indicative of atrial fibrillation. The new launch provides a deeper insight into the user’s condition. Users can also receive weekly notifications, understand their frequency, and see a detailed history in the Health app. This includes lifestyle factors that may affect his AFib, such as alcohol consumption, exercise, and sleep.
  • In April 2022, Sony unveiled its first-ever portable AC unit, called the Leon Pocket, in July 2020. The company has now launched a successor to its own portable device, calling it the Reon Pocket 2. This is a portable air conditioner for Android and iOS. The device supports both cooling and heating and is intended to be worn around the neck. For this purpose, the company has designed an undershirt with a pocket behind the neck.

Scope of report

Attribute Details
Market value in 2021 US$ 45.5 Billion
Market CAGR 2022 to 2032 14.5%
Share of top 5 players Around 40%
Forecast Period 2022 to 2032
Historical Data Available for 2017 to 2021
Market Analysis USD Million for Value
Key Regions Covered North America, Latin America, Europe, South Asia & Pacific, East Asia and the Middle East & Africa
Key Countries Covered USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey and South Africa
Key Segments Covered Component, product, technology and application
Key Companies Profiled
  • Fitbit
  • Apple
  • Ava Women
  • Garmin
  • WHOOP
  • Vuzix
  • Dexcom
  • Huawei
  • Samsung
  • GOQii
Report Coverage Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing Available upon Request

Wearable Electronics by Category

By Component:

  • Sensor
  • Power Supply Component
  • Positioning & Networking Component
  • Controller
  • Display
  • Memory
  • Others (Interface)

By Product:

  • Head Wear
    • Helmet Mounted Display
    • Smart Headset and Headband
  • Eye Wear
    • Smart Glasses/Eye Wear Display
    • Contact Lenses
  • Neck Wear
    • Smart tie
    • Others (Collars)
  • Hand Wear
    • Arm Wear
    • Finger Wear
  • Leg Wear
  • Body Wear
    • Smart Textile & Garment
    • Others

By Technology:

  • Computing Technology
  • Display Technology

By Application:

  • Consumer Electronics
    • Infotainment Application
    • Sports Application
    • Fitness & Wellness Application
    • Smart Garment
    • Others
  • Healthcare & Medical Application
    • Clinical Application
    • Non-clinical application
  • Automotive & Transportation Application
  • Military & Defense Application
  • Others

Frequently Asked Questions

Which are some leading companies which offer wearable electronics?

Some leading companies are Fitbit, Apple, Garmin and Vuzix.

Which region is expected to showcase high growth in Wearable Electronics Market demand?

South Asia & Pacific is estimated to have the highest growth for the wearable electronics market during the forecast period of 15.2%.

What are the driving demands for implementing Wearable Electronics Market?

Health updates and insights are provided to the users, can act as back up calling devices and keeping tabs on the patient’s health.

Which product had the largest market share for the Wearable Electronics market in 2021?

Hand wear had the largest market share for the wearable electronics market of 24.4% in 2021.

Which product has the highest CAGR for the wearable electronics market?

Eye wear has the highest CAGR of 39.9% for the forecast period.

Which are the top five countries for wearable electronics market?

U.S.A, U.K, India, China and Japan are leading countries.

What was the market share of South Asia and Pacific region for wearable electronics market in the year 2021?

The market share of South Asia and Pacific for the year 2021 is 14.3%.

What was the market share of North America for the year 2021 for wearable electronics market?

North America had a market share of 15.3% in 2021 for wearable electronics market.

Which country has the highest CAGR for the forecast period?

India has the highest CAGR for the forecast period, which is 15.8%.

What is the estimated market value of wearable electronics market for 2022?

The estimated market value for wearable electronics market for the year 2022 is US$ 51.4 Bn.

What is the growth rate for East Asia for wearable electronics market for the forecast period?

For East Asia region, the CAGR for the forecast period is estimated to be 13.3%.

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