The global smart wearables market was valued at US$ XX Bn in 2018 and is expected to reach US$ XX Bn by the end of the forecast period, growing at a CAGR of 21.5% during the period from 2018 to 2023.
Smart wearable devices are electronic devices that can be worn on the body as accessories or implants or can be incorporated into clothing. One of the most important features of wearables technology is its ability to connect to the internet, which enables the exchange of data between the device and the network. The growing acceptance of mobile networks is one of the major factors contributing to the growth of the smart wearables market.
The increased popularity of connected devices and the Internet of Things (IoT) is one of the major factors driving the growth of the smart wearables market. Rising health concerns, increasing popularity of smart wearables coupled with their decreasing prices are further expected to drive the market. However, the short life cycle of consumer electronics products is one of the factors restraining the growth of the smart wearables market.
The wristwear segment currently holds the largest market share in the global smart wearables market. The increasing popularity of fitness trackers is expected to be a major reason for the dominance of this segment. Geographically, the Asia-Pacific region is expected to exhibit the highest growth during the forecast period. Countries like China and India are reportedly have the largest retail market for the smart wearable technology.
The major players operating in the market include Apple Inc. (US), Fitbit Inc. (US), Samsung Electronics (South Korea), Garmin Ltd. (US), Adidas Group (Germany), and Sony Corporation (Japan), amongst others.
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Recent Developments in the Market:
Eyewear: In Feb 2018, Intel showcased the first look of its new smart glass – Vaunt. The smart glass uses retinal projection that puts a display on your eyeball. Due to this, the smart glass looks like any other normal glasses. The company aims to change the head-worn displays to fit peoples’ lives. This will lead to an increased acceptance of wearable eyewear, as compared to the previously launched products that look bulky.
Europe: In April 2017, the EU wearable technology project offered € 2.4 million for the development of next generation wearable or e-textile ideas. WEAR sustain is a collaboration between seven organizations from across Europe. The organization is offering approximately € 2.4 million to up to 48 teams via innovation vouchers and is also providing support from mentors and industry experts. All the funding is directed towards the development of smart wearable of e-textiles.
Fitbit: In March 2019, Fitbit launched 4 new wearable devices. Fitbit, a leader in wearable technology has recently launched 4 new wearable products - Fitbit Inspire HR™, Fitbit Versa Lite Edition™, Fitbit Ace 2™, and Fitbit Inspire™. The products are designed with the intention of making fitness and health accessible to more consumers across the world.
Key Questions Answered into the Report:
What is the market value and volume of the overall market and its segments?
What are the key segments and sub-segments in the market?
Which is the largest sub-segment in each segment in the scope of the study?
What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
What are the attractive segments and geographies to invest in?
What is the market value and volume at the regional and the country level?
Who are the key market players and their key competitors?
Who are the key market players at different stages of the value chain?
What are the strategies for growth adopted by the key players in the market?
How does a particular company rank against its competitors with respect to revenue, profit comparison, operational efficiency, cost competitiveness, and market capitalization?
How financially strong are the key players in the market (on the basis of revenue and profit margin, market capitalization, expenditure analysis, and investment analysis)?
What are the recent trends in the market? (M&A, partnerships, new product developments, expansions)
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Release ID: 494701