Wearable Technology Market 2022-2028

Description

List of Tables

Title:Global Wearable Technology Market Size, Share &Trends Analysis Report by Product (Fitness, Smart Watches, Smart Glasses, Smart Clothing, and Others), by Type (Wrist Wear, Eyewear, Hearables, Bodywear, and Others), and by Application (Lifestyle, Consumer Applications, Healthcare, Fitness & Sports, and Defense) Forecast (2022-2028).

The global wearable technology market is anticipated to grow at a significant CAGR of 12.8% during the forecast period. Several manufacturers are innovating their wearable devices to attain a competitive advantage and increase their customer base which led to the growth of the wearable technology market across the globe. Many companies are expanding their business by introducing innovative wearable devices. For instance, in August 2021, Fitbit expanded its product portfolio in India. The company launched Fitbit Luxe and Fitbit Luxe Special Edition smart trackers with jewelry-like designs and advanced sensor technology. The smart tracker can monitor breathing rate, heart rate variability (HRV), resting heart rate (RHR), and skin temperature variation.

The global wearable technology market is segmented based on product, type, and application. Based on the product, the market is segmented into fitness bands, smart watches, smart glasses, smart clothing, and others. Based on the type, the market is segmented into wristwear, eyewear, hearables, bodywear, and others. Based on the application, the market is sub-segmented into lifestyle, consumer application, healthcare, fitness & sports, and defense. Among the applications, the fitness & sports sub-segment is expected to hold a prominent share in the global wearable technology market. Increasing health awareness among people raised the usage of fitness & sports devices. People use wearable fitness devices while working out to track their calories and analyze their workout sessions. For instance, in June 2022, Garmin launched Vivosmart 5 fitness tracker in India. Vivosmart 5 fitness tracker has features such as heart rate and body battery energy monitors and a stress tracker. The Garmin Vivosmart 5 also boosts women's health tracking, step and calorie counts, intensity minutes tracking, and sleep and blood oxygen level tracking. The Vivosmart 5, was launched in the United States in April.

Geographically, the global wearable technology market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Asia-Pacific region is expected to be the fastest-growing region in the global wearable technology market during the forecast period. The increasing disposable income of people is driving the growth of the market in this region. Additionally, manufacturers in countries such as India and China offer wearable devices at an affordable price to customers which increases the adoption of wearable technology in this region. For instance, in June 2022, Amazfit launched Amazfit GTS 2 (2022) smartwatch with a waterproof rating in India. The Amazfit GTS 2 price is under Rs 15,000. Thus, the rise in the development and introduction of cost-effective products is the major factor supporting regional growth.

The major companies serving the global wearable technology market include Apple Inc., Fitbit International Ltd., Fossil Group, Inc., Google LLC., Huawei Technologies Co. Ltd., Xiaomi Group, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2022, Xiaomi launched the latest range of fitness trackers named Xiaomi Band 7 globally. The new fitness band launched includes an AMOLED display and more than 100 watch faces. The device offers more than 100 sports modes and a water-resistant design.

Research Methodology

The market study of the global wearable technology market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives as possible, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include:

Financial reports of companies involved in the market.

Whitepapers, research papers, and news blogs.

Company websites and their product catalog.

The report provides an in-depth analysis of the market size, and intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

Global Wearable Technology Market Research and Analysis by Product.
Global Wearable Technology Market Research and Analysis by Type.
Global Wearable Technology Market Research and Analysis by Application.

The Report Covers:

Comprehensive research methodology of the global wearable technology market.
This report also includes a detailed and extensive market overview with key analyst insights.
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the global wearable technology market.
Insights about market determinants that are stimulating the global wearable technology market.
Detailed and extensive market segments with the regional distribution of forecasted revenues.
Extensive profiles and recent developments of market players.

Product Code: OMR2026846

1. Report Summary

Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
- 1.2.1. By Segments
- 1.2.2. By Region

2. Market Overview and Insights

2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
- 2.2.1. Key Findings
- 2.2.2. Recommendations
- 2.2.3. Conclusion

3. Competitive Landscape

3.1. Key Company Analysis
- 3.1.1. Overview
- 3.1.2. Financial Analysis
- 3.1.3. SWOT Analysis
- 3.1.4. Recent Developments
3.2. Key Strategy Analysis

4. Market Segmentation

4.1. Global Wearable Technology Market by Product
- 4.1.1. Fitness Bands
- 4.1.2. Smart Watches
- 4.1.3. Smart Glasses
- 4.1.4. Smart Clothing
- 4.1.5. Others
4.2. Global Wearable Technology Market by Type
- 4.2.1. Wrist Wear
- 4.2.2. Eyewear
- 4.2.3. Hearables
- 4.2.4. Bodywear
- 4.2.5. Others
4.3. Global Wearable Technology Market by Application
- 4.3.1. Lifestyle
- 4.3.2. Consumer Applications
- 4.3.3. Healthcare
- 4.3.4. Fitness & Sports
- 4.3.5. Defense

5. Regional Analysis

5.1. North America
- 5.1.1. US
- 5.1.2. Canada
5.2. Europe
- 5.2.1. UK
- 5.2.2. Germany
- 5.2.3. Italy
- 5.2.4. Spain
- 5.2.5. France
- 5.2.6. Rest of Europe
5.3. Asia-Pacific
- 5.3.1. China
- 5.3.2. India
- 5.3.3. Japan
- 5.3.4. South Korea
- 5.3.5. Rest of Asia-Pacific
5.4. Rest of the World

6. Company Profiles

6.1. Adidas AG.
6.2. Apple Inc.
6.3. Fitbit International Ltd.
6.4. Fossil Group, Inc.
6.5. Garmin Ltd.
6.6. Google LLC
6.7. Huawei Technologies Co. Ltd.
6.8. LG Electronics
6.9. Motorola Solutions, Inc.
6.10. Nike, Inc.
6.11. Samsung Electronics Co., Ltd.
6.12. Shimmer Research Ltd.
6.13. Sony Corp.
6.14. Xiaomi Group