Market Overview —
Wearable technology has undergone a dramatic transformation in recent years. This has led to an increased demand for wearable technology components. Market Research Future (MRFR) projected to the global wearable technology component market will reach a valuation of USD 51.50 Bn by 2023 up from USD 20.89 Bn in 2017, reflecting a CAGR of 16.02%.
Modern consumers, especially the millennials population is inclining towards wearable technology. Realising the opportunity, a number of technology companies have entered the industry. Healthcare and wellness sector currently dominates the wearable technology market. Wearables such as smartwatch are used for health activity tacking. Some of the advanced wearable technology can deliver heath insights, monitoring vital signs and monitoring heart health.
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Wearable technology is making its ways into other vertical. In the future, wearables are likely to find broader application scope owing to technological advances and product innovation. The is expected to the further expand the user base. Wearable devices are gaining popularity in segments such as telemedicine, infotainment, navigation (cycling and running) among others. At the same time, introduction of wearable production with features such as hands-free call answering, gesture response, recording, etc. is boosting their marketability. Nonetheless, issues such as security and privacy vulnerabilities associated with user data and high cost of product are some of the market impediments.
The prominent players in the Wearable Technology Component Market are Adidas AG (Germany), Xiaomi Inc. (China), Apple Inc. (US), Google Inc. (US), Garmin Ltd. (US), Fitbit (US), Jawbone (US), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Qualcomm Technologies, Inc. (US), and Nike, Inc. (US). Whereas, Lifesense Group (Netherlands), Misfit, Inc. (US) are among the other players.
The segmental analysis of the market has been conducted based on technology, application, component, and product.
On the basis of technology, the market has been segmented into display technology, sensor technology, networking technology and computing technology. On the basis of application, the market has been segmented into enterprise and industrial, fitness and wellness, consumer electronics, healthcare, and defense. On the basis of components, the market has been segmented into connectivity, sensing, battery, memory and control. Based on product, the market has been segmented into headwear and eyewear, smart clothing, wristwear, implants, wearable cameras and neckwear. In 2017, the wristwear segment accounted to the largest share of the market. The segment is expected maintain its leading position throughout the forecast period. Wristwear has become extremely popular in recent years. Increased of smart wristwear product has prompted manufacturers to shift their focus on the segment.
On the basis of region, the market has been segmented into Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). North America is likely to remain a highly profitable market for wearable technology components. Widespread popularity of wearable products in countries such as the US and Canada provides considerable market opportunities. This is mainly owing to factors such as high disposable increased and consumer awareness. Healthcare wearables are gaining significant traction in the region in the wake of staying fit and healthy.
The Europe wearable technology components market is expected to witness a steady growth over the next couple of years. For this, several elements can be factored into. The high healthcare expenditure and presence of a large number of wearable technology companies provides impetus to the market in Europe.
Asia Pacific is expected to make a significant contribution to the global wearable technology components market. Growth of the electronics manufacturing sector along with other macroeconomic factors are supporting the market growth in the region.
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• Technology investors
• Consumer wearable manufacturers
• Healthcare-related product manufacturers
• Integrated device manufacturers (IDMs)
• Wearable electronics technology platform developers
• Original manufacturers (OEMs)
• Smart grid integrators
• SMT providers
• Research/Consultancy firms
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