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Market Synopsis:As per Market Research Future (MRFR)’s latest report, the global wearable technology component market is expected to expand at a CAGR of 16.02% during the forecast period 2018 to 2023. The report underscores that the valuation of the global market is poised to grow from USD 20.89 Bn in 2017 to USD 51.50 Bn by the end of 2023. The growth in demand witnessed for wearable devices is presumed to dictate the trajectory of the global market in the years to come.
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Wearable devices have penetrated healthcare sector and are being used extensively for patient monitoring. The Wearable Technology Component Market is highly lucrative and is expected to gain momentum owing to the development of its application across different verticals in the upcoming years.
The increasing disposable income coupled with rising affordability of wearable technology is likely to boost sales of these devices over the next couple of years. This, in turn, has been projected to boost the growth trajectory of the market in the foreseeable future. However, concerns regarding privacy and security are likely to restrict the proliferation of the Wearable Technology Component Market across the review period.
Segmentation
The global wearable technology components market segmentation has segmented the market into application, components, products, technology, and region. The application-based segmentation segments this market into consumer electronics, defense applications, enterprise application, fitness & wellness applications, healthcare applications, and industrial applications.
Based on components, the market has been segmented into the battery, control, connectivity, memory, and sensing. Regarding products, the market is to be segmented into headwear & eyewear, implants, neckwear, smart clothing, wearable cameras, and wristwear. In the context of technology, the market has been segmented into display technology, computing technology, networking technology, and sensor technology.
Key Players:
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.
Regional Analysis:
The regional segmentation of the global wearable technology components market has segmented the market into the regional markets that are Europe, North America, Asia Pacific, and rest of the world (RoW). During the forecast period, North America can be the largest regional market due to the adoption of the wearable technology components and increasing awareness about the latest advances in technology. Other factors leading towards the market growth include the launching of new products, high disposable income of consumers in the United States of America (USA) and Canada, presence of many key market players in these two countries, health awareness among consumers, and willingness to maintain a healthy lifestyle. Mexico is another significant country-specific market in this region.
The Europe market can also grow considerably due to technological advancement and the growing number of innovations being introduced in Europe. The decisive country-specific markets in this region are Germany, France, Italy, Spain, and the United Kingdom (UK).
In the Asia Pacific region, the market can grow rapidly during the forecast period, due to the growing population in China, India, and significantly in Japan. Compared to most Asian countries, these three countries are among the technologically advanced countries. Remaining countries of Asia Pacific region also form a significant market.
The RoW segment covers the countries of Middle East & Africa (MEA) region and Latin America. In Latin America, the market is static because the available technology in this region is not as advanced as it is North America. In the MEA region, market growth is slow due to limited availability of technology.
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Latest Industry News
MAY 2019 - Scientists and researchers Hong Kong Polytechnic University have developed a thin and highly flexible textile lithium battery that could safely power wearable electronics that are used in healthcare monitoring, Internet of Things (IoT), and smart clothes.
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