Wearable Technology Market Projected to Reach $265.4 billion by 2026
Chicago, May 26, 2022 (GLOBE NEWSWIRE) — According to MarketsandMarkets™, the “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. Factors such as growing consumer preference for sleek and compact devices in fitness and healthcare applications and the rising popularity of IoT and connected devices are driving the growth of the market during the forecast period.
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Apple Inc. is one of the most innovative companies which designs and develops hardware, application software, and services for different consumer electronic products. The company has a prominent focus on R&D activities and is extremely innovative. In the wearable technology market, Apple offers a series of smartwatches with iOS. Apple Watch enables users to communicate in new ways from their wrist and track their health and fitness and offers workout apps and contactless payments through Apple Pay. Apple Watch Series 6 is specifically designed for contactless and secure payments and fitness and healthcare purposes. The company focuses on R&D activities to gain a competitive advantage. Also, the company’s growing investments in R&D have enabled it to expand its product portfolio in wearable technology.
Samsung Electronics Co., Ltd. was among the leading players in the wearable technology market in 2020. Samsung Electronics is a multinational conglomerate company. The company manufactures and sells consumer electronic products. To cater to the huge demand for wearable technologies, the company has a separate portfolio. The company’s premium smartwatch series Gear S, Gear Circle, Gear Fit, and Gear VR are the backbone of its wearable portfolio. Samsung competes against technology-intensive firms such as Apple, Google, and Sony, creating a strong competitive edge. The company’s R&D investment is increasing yearly, which is the major reason behind new product developments and the company’s growth.
Xiaomi Corporation is one of the largest global wearable device providers. The company designs, manufactures, and markets smartphones, wearable devices, and other consumer electronics. The company’s product range includes smartphones, smartwatches, smart wristbands, wireless routers, tablets, TVs, and power banks. Xiaomi entered the wearable space in 2014. The company offers a wide product portfolio, which includes smart bands and smartwatches. Until 2019, Xiaomi smartwatches and bands with the payment technology were available only in China. However, the company is expanding its foothold in contactless technology in other countries as well. In June 2020, Xiaomi and Mastercard launched Mi smart band 4 NFC with the contactless payment function in Russia. Xiaomi continues to view product developments and collaborations as a major part of its growth strategy. Such product developments and collaborations are intended to augment growth, expand its business with new technologies and products, and enhance its geographical reach.
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Key Market Players
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), and more…….
APAC held the largest market for the wearable technology market in 2026
APAC accounted for the largest share in the 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. Also, critical components such as NFC chips and RFID tags which are manufactured in China faced a slowdown in their supply chain. The pandemic has also positively impacted the market by accelerating the rise of the digital economy, particularly wearable devices such as smartwatches. APAC also includes countries such as China, Japan, Singapore, and Australia, which are proving to be digitally mature markets where demand for consumer electronics has already been on the rise. These factors are fueling the market growth of wearable technology in APAC.
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