According to the latest report by IMARC Group, titled “Wearable Electronics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global wearable electronics market value reached of around 134.8 Million Units in 2018. Wearable electronics refer to integrated computing devices that can be worn as an accessory or incorporated into clothing. They assist in managing time, reducing costs, handling emergency cases and improving the overall quality of life. In recent years, consumers have started to prefer wearable electronic gadgets like smartwatches and fitness bands to track their day-to-day physical activities. Moreover, progress in technology has led to the introduction of innovative wearable electronics which are gaining traction due to the inflating income levels of the consumers.
Some of the major players operating in the industry include Sony Corporation (SNE), Apple Inc. (AAPL), ADIDAS AG (ADDYY), BAE SYSTEMS (BAESY), Fitbit, Inc. (FIT), Garmin Ltd. (GRMN), LGELECTRONICS (066570.KS), Ohmatex, OMsignal, Nike, Recon Instruments, Rockwell Collins, Samsung, Seiko Epson, and Vuzix.
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In the early 2000s, the wearable electronics market was at a nascent stage. However, with the emergence of mobile wireless systems and growing demand for smartphones, particularly in the developing regions, the market witnessed a healthy growth. Wearable electronics now find applications in diverse industries such as sports, fitness, medical, healthcare, entertainment and aerospace. In the healthcare industry, these devices are employed to efficiently monitor the health, quality of sleep and step count of the user accurately and effortlessly. Moreover, these devices record the physiological data of patients who suffer from chronic conditions and enable timely medical interventions for them. The market is also being driven by a number of other forces such as the convergence of technologies, growing awareness about the benefits of IoT devices and increasing adoption of digital services. Looking forward, the market volume is projected to reach nearly 335.3 Million Units by 2023, expanding at a CAGR of more than 16.4% during 2019-2024.
- On the basis of products, the market has been segmented as smart bands, smart watches, smart clothing, smart glasses and head mounted displays (HMD). Currently, smart bands represent the most popular type of wearable electronics due to the rising health and fitness awareness among the global population.
- Based on components, the market has been segregated as networking and positioning components, power supply components, sensing components, optoelectronic and display components, control components, and interface components. Amongst these, power supply holds the majority of the market share.
- On the basis of applications, consumer applications account for the largest market share. Other application segments include healthcare, sports and fitness, and industrial and commercial.
- Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Presently, North America is the leading market, holding the majority of the global wearable electronics market share.
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