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Wearable Technology Market Worth $415.12 Billion by 2029
, August 04, 2022 ) Meticulous Research®—a leading global market research company, published a research report titled, ‘Global
Wearable Technology Market
by Product (Smartwatches, Blood Pressure Monitor Watches, Head-mounted Displays, Smart Headgears, Smart Glasses, Smart Jewellery, Body-worn Cameras), Material, End User, and Geography—Forecast to 2029.’
The wearable technology market is expected to reach $415.12 billion by 2029, at a CAGR of 17.1% during the forecast period. By volume, the global wearable technologies market is expected to reach 1,150.71 million units by 2029, at a CAGR of 19.2% during the forecast period.
The growth of the wearable technologies market is driven by factors such as the increasing growth prospects of next-generation displays in wearable devices, incremental technological advancements aiding the market growth, and the rising prevalence of chronic diseases and obesity.
The global wearable technologies market is segmented by product, material, and end user. The study also evaluates industry competitors and analyses the regional and country-level markets.
Based on product, the global wearable technologies market is segmented into smartwatches, blood pressure monitor watches, head-mounted displays, smart headgears, smart glasses, smart jewellery, body-worn cameras, robotic exoskeletons, smart clothing, smart patches, wearable biosensors (WBS), wearable cardioverter-defibrillators, smart headphones, and smart hearing aids. By value and volume, in 2022, the smartwatches segment is expected to account for the largest share of the global wearable technologies market. The growth of this segment is attributed to the increasing demand for wireless fitness and sports devices, increased health awareness among consumers, and the emergence of a large number of players in the smartwatch market. However, by value and volume, the head-mounted displays segment is projected to register the highest CAGR during the forecast period.
Based on material, the global wearable technologies market is segmented into silicones, fluor elastomers, polyurethanes, polymer dispersed liquid crystal (PDLC), and other materials. In 2022, the silicones segment is expected to account for the largest share of the global wearable technologies market. Silicone is biocompatible and can be used in various applications, such as skin care, including peel and stick technology for wearable skin applications and biomedical grade silicones for wearable medical devices. It is also more breathable than any other organic polymer, which increases patient comfort. Products made of this material adapt well to the body contours and offer greater comfort and better fit. Such factors drive the growth of this segment in the global wearable technologies market. Moreover, this segment is projected to register the highest CAGR during the forecast period.
Based on end user, the global wearable technologies market is segmented into consumer, healthcare, and military. In 2022, the consumer segment is expected to account for the largest share of the global wearable technologies market. Consumer electronics have applications in fitness & sports, garments & fashion, multifunction, and infotainment & multimedia. Considering consumers' growing demand for wearable consumer electronics, industry players are focused on developing devices that can track the work hours of end users. Furthermore, the growing machine-to-machine communication and the rise in connected devices are expected to support the growth of wearable consumer electronics, thus supporting the market growth. However, the healthcare segment is projected to register the highest CAGR during the forecast period.
Based on geography, the global wearable technologies market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, the Asia-Pacific region is expected to account for the largest share of the global wearable technologies market. The rapid growth of this market is attributed to the rising population, increasing disposable income, growing internet penetration, growing investments from key players in the region, and a huge base of techno-savvy consumers. However, North America is projected to register the highest CAGR during the forecast period.
The key players operating in the global wearable technologies market are Apple Inc. (U.S.), Fitbit Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Garmin Ltd. (U.S.), LG Electronics, Inc. (South Korea), Huawei Technologies Co. Ltd (China), Sony Corporation (Japan), Xiaomi Corporation (China), adidas AG (Germany), Nike Inc. (U.S.), HTC Corporation (Taiwan), AiQ Smart Clothing Inc. (Taiwan), Razer Inc. (U.S.), RealWear, Inc. (U.S.), and GOQii Technologies Pvt. Ltd.(U.S.).
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Key Questions Answered in the Report-
Which are the high-growth market segments in terms of product, material, end user, and geography?
What is the historical market size for the global wearable technologies market?
What are the market forecasts and estimates for the period 2022–2029?
What are the major drivers, restraints, opportunities, and challenges in the global wearable technologies market?
Who are the major players operating in the market, and what are their market shares?
Who are the major players in various countries?
How is the competitive landscape for the global wearable technologies market?
What are the recent developments in the global wearable technologies market?
What are the different strategies adopted by the major players operating in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global wearable technologies market, and how do they compete with the established players?
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