Smart Wearable Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 84.23 Billion |
| Market Size (2029) | USD 205.10 Billion |
| CAGR (2024 - 2029) | 19.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Smart Wearable Market Analysis
The Smart Wearable Market size is estimated at USD 84.23 billion in 2024, and is expected to reach USD 205.10 billion by 2029, growing at a CAGR of 19.5% during the forecast period (2024-2029).
- The market for smart wearables includes a sizable area dedicated to health and fitness tracking, with products that include heart rate monitoring, sleep tracking, and step counting. With the ability to wear on every part of the body, wearable technology is an emerging trend that brings electronics into everyday life and addresses lifestyle changes. The trend for wearing technology is driven by factors like the ability to access the Internet and data exchange possibilities between a network and an apparatus.
- Several factors, including the growing interest and awareness in people's health and fitness, sensor technology developments, component miniaturization, and the increasing use of the Internet of Things (IoT), play an important role in intelligent wearables.
- The increasing penetration rate of urbanization in different parts of the world has led to increased demand for advanced, visually appealing products to better serve consumer needs, such as multiple features in a single device and a time schedule. In addition, due to their increased spending capacity during their daily work hours and luxury standards, a large number of millennials around the world have quickly adopted smartwatches.
- Privacy and data security concerns are raised by the collection, transmission, and storage of personal health information through smart devices. The security and confidentiality of health information is becoming an increasing concern for users.
- In August 2023, smartwatch manufacturer Play launched two new devices for the domestic market: PLAYFIT Flaunt 2 and PLAYFIT Dial 3 Pro. The new watches aim to be fashionable, offer great battery backup and advanced features, and help track fitness-related activities.
Smart Wearable Market Trends
Smartwatches Are Expected to Witness Significant Growth
- A smartwatch is a small mobile device worn around the wrist. A number of smartwatches connect with smartphones and notify the user about incoming calls, text messages, or notifications from applications. Some smartwatches can even make phones.
- Moreover, smartwatches can run apps and play back any kind of digital media, such as music tracks or radio streams, for Bluetooth headphones. Many of these watches have touchscreens that allow the user to access functions such as the calculator, thermometer, compass, etc.
- Smartwatches, which allow the user to track lap times, distances, and routes, are specifically designed for athletic purposes. They can be coupled with accessories such as a heart rate monitor or cadence sensor, which may work in combination. There are specialty smartwatches built for sailing enthusiasts, helping them track variables such as speed, wind direction, and wind speed.
- Smartwatches have also developed into multipurpose gadgets that work as extensions of smartphones, offering contactless payment options, notifications, and applications. As of December 2023, the vast majority of debit card payments across the Netherlands were contactless.
Asia-Pacific is Expected to Witness the Fastest Growth Rate
- Due to the increasing spread of the Internet of Things (IoT), the number of connected devices in the region has increased rapidly in recent years. Wearable electronic devices such as fitness bands and smartwatches represent a new growth factor for the booming wearable temperature sensor market. The Asia-Pacific region is expected to record the highest growth in the smart wearables market during the forecast period.
- China, in particular, is a global manufacturing hub for electronics. This means that many wearables and smart devices are actually produced in the region, leading to potentially lower prices and quicker market availability. In addition, this region's growth can be attributed to the relatively high disposable income of its consumers, who can afford to buy the latest smart devices as soon as they are released.
- Moreover, the main factors driving this country's smart wearables market growth are the growing awareness of fitness and technology progress and the availability of high-speed Internet connections.
- In February 2023, Samsung Electronics Co. Ltd and Natural Cycles announced a partnership to upgrade the Galaxy Watch 5 series' temperature-based menstrual cycle monitoring capabilities. This was the first time Natural Cycles' cutting-edge technology was adapted for a wristwatch. The temperature sensor uses infrared technology to give more accurate readings, regardless of temperature changes in the environment or movement during sleep.
Smart Wearables Industry Overview
The smart wearables market is fragmented due to the presence of many significant players. Some prominent players include Fitbit Inc., Fossil Group Inc., Garmin Ltd, Samsung Electronics Co. Ltd, Apple Inc., Cyberdyne Inc., Transcend Information Inc., and GoPro Inc. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
- January 2024: Fitbit and Quest Diagnostics announced a collaboration to study the potential of wearable devices to improve metabolic health, which influences the risk of developing several diseases, including diabetes and heart disease.
- October 2023: Fitbit announced it would use AI to connect the dots between health metrics and extract deeper trends in customer health and fitness data.
Smart Wearables Market Trends
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Apple Inc.
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Fitbit Inc.
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Fossil Group Inc.
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Samsung Electronics Co., Ltd.
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Garmin Ltd.
*Disclaimer: Major Players sorted in no particular order
Smart Wearables Market News
- March 2024: Samsung announced the launch of a new smart ring-shaped wearable device, Galaxy Ring, as part of its Galaxy Unpacked event earlier. The ring, which was expected to be on sale in late summer 2024, will monitor the user's health parameters and provide insights based on the health metrics observed.
- August 2023: Huawei Technologies Co. announced it would strengthen its footprint across the global smart wearables market by doubling down on healthcare research and development as it sees growing demand for health monitoring and management. With this strategy, company products and services can better cater to local consumers, meeting local people's demands anywhere in the world while complying with local regulations.
Smart Wearables Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGTHS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market
5. MARKET DYNAMICS
5.1 Market Driver
5.1.1 Incremental Technological Advancements Aiding the Market Growth
5.2 Market Restraint
5.2.1 High Cost and Data Security Concerns
6. MARKET SEGMENTATION
6.1 By Product
6.1.1 Smartwatches
6.1.2 Head-mounted Displays
6.1.3 Smart Clothing
6.1.4 Ear Worn
6.1.5 Fitness Trackers
6.1.6 Body-worn Camera
6.1.7 Exoskeleton
6.1.8 Medical Devices
6.2 By Geography***
6.2.1 North America
6.2.2 Europe
6.2.3 Asia
6.2.4 Australia and New Zealand
6.2.5 Latin America
6.2.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Fitbit Inc.
7.1.2 Fossil Group Inc.
7.1.3 Garmin Ltd
7.1.4 Samsung Electronics Co. Ltd
7.1.5 Apple Inc.
7.1.6 Cyberdyne Inc.
7.1.7 Transcend Information Inc.
7.1.8 GoPro Inc.
7.1.9 Sensoria Inc.
7.1.10 AIQ Smart Clothing Inc.
7.1.11 Medtronic PLC
7.1.12 Withings
7.1.13 Huami Corporation
7.1.14 Omron Healthcare Inc.
7.1.15 Nuheara Limited
7.1.16 Bragi GmbH
7.1.17 Microsoft Corporation
7.1.18 Sony Corporation
7.1.19 Huawei Technologies Co. Ltd
7.1.20 Ekso Bionics Holdings Inc.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Smart Wearable Industry Segmentation
The report tracks the various types of wearable products currently being adopted, such as smartwatches, head-mounted displays, smart clothing, ear-worn fitness trackers, body-worn cameras, exoskeletons, and medical devices.
The smart wearables market is segmented by product (smartwatches, head-mounted displays, smart clothing, ear worn, fitness trackers, body-worn cameras, exoskeletons, and medical devices) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa). The report offers the market sizes and forecasts for all the above segments in value terms (USD).
| By Product | |
| Smartwatches | |
| Head-mounted Displays | |
| Smart Clothing | |
| Ear Worn | |
| Fitness Trackers | |
| Body-worn Camera | |
| Exoskeleton | |
| Medical Devices |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Smart Wearables Market Research FAQs
How big is the Smart Wearable Market?
The Smart Wearable Market size is expected to reach USD 84.23 billion in 2024 and grow at a CAGR of 19.5% to reach USD 205.10 billion by 2029.
What is the current Smart Wearable Market size?
In 2024, the Smart Wearable Market size is expected to reach USD 84.23 billion.
Who are the key players in Smart Wearable Market?
Apple Inc., Fitbit Inc., Fossil Group Inc., Samsung Electronics Co., Ltd. and Garmin Ltd. are the major companies operating in the Smart Wearable Market.
Which is the fastest growing region in Smart Wearable Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Smart Wearable Market?
In 2024, the North America accounts for the largest market share in Smart Wearable Market.
What years does this Smart Wearable Market cover, and what was the market size in 2023?
In 2023, the Smart Wearable Market size was estimated at USD 67.81 billion. The report covers the Smart Wearable Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Smart Wearable Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the major factors driving the Smart Wearables Industry?
The major factors driving the Smart Wearables Industry are a) Seamless pairing between smart wearables and smartphones enhancing functionality and user experience b) Increased consumer understanding of the health and lifestyle benefits offered by smart wearables
What are the key challenges faced by the Smart Wearables Market?
Key challenges faced by the Smart Wearables Market include: a) Data privacy concerns b) High product costs c) Limited battery life of wearable devices
Smart Wearables Industry Report
The global smart wearables market is experiencing significant growth, driven by the increasing adoption of innovative smart wearable technology products. These devices, including smartwatches, fitness trackers, head-mounted displays, and smart clothing, are revolutionizing how individuals monitor their health and interact with their surroundings. The market size is expanding, with segments like wristwear and headwear & eyewear benefiting from advancements in AI and AR technologies.
The market share is dominated by North America, although the Asia Pacific region is rapidly catching up due to technological advancements and greater consumer affordability. The global market is not only focused on consumer electronics but also sees substantial adoption in the healthcare sector for real-time monitoring capabilities. The market growth is fueled by the industry's ability to blend functionality with fashion, appealing to a broad audience.
Industry reports reveal that the market analysis covers various segments and geographies, providing detailed insights into market trends, market forecast, and market segmentation. These industry reports highlight the market value and market outlook, projecting a positive trajectory for the future of wearable technology.
The market leaders are driving innovation, contributing to the market review and market predictions that foresee continued expansion. Industry research and industry statistics support these findings, with industry information pointing to a robust market size and market data indicating strong industry sales.
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In conclusion, the smart wearables market is poised for sustained growth, with industry research and market predictions indicating a bright future. The combination of market data, industry reports, and market analysis underscores the market's potential, making it a key area of interest for both consumers and industry players.
