Smart wearable technology is expected to grow at a CAGR of around 17%, during 2022-2028, against the backdrop of rising consumer demand for connected devices and smart wearables, technological innovations in the consumer electronics industry, an increase in working remotely, and renewed interest in healthcare monitoring since the COVID-19 pandemic. Rising standard of living and economic factors are also spurring the market. The smart wearables market consists of the sale of smart wearable devices and related services for tracking vital data related to the human body’s health and fitness. The most prominent smart wearables available are smartwatches and fitness trackers.
The absence of control over personal information generated by users through their smart wearable devices limits the market’s growth. For example, due to an unsecured database containing over 61 million records related to health and wellness apps and wearables, Apple and Fitbit users’ data was exposed online in 2021. Furthermore, 5G devices have the potential to unlock new possibilities for wearable tech, allowing several devices to operate within a geographical area.
Improved accuracy of sensors, miniaturization, and better user data protection to influence the rise in the smart wearables market
The introduction of wearable operating systems other than Apple and Google, and the growing shift toward wearable interfaces and analytics, are driving the market growth. The majority of adults between the ages of 18 and 55 prefer to wear smartwatches as a fashion statement, which is driving the wearable technologies market. Smart clothing is catching the customers’ interest because it allows them to change the color of their clothes according to their preferences. Nike and Adidas are investing heavily in developing T-shirts with sensors for tracking health-related entities such as calories, heart rate, and so on. Wearable ECG monitors are also gaining traction in the healthcare sector, further accelerating the wearable technology market.
Greater emphasis on fitness and health supports the growth of smart wearables across the globe
The US, Europe, and the Middle East & Africa are among the leading geographies for adopting smart wearables. North America is one of the leading markets in smart wearable technology. The main drivers of consumer growth in this market are increased disposable income and the rapid adoption of new wearable devices. Europe also has tremendous potential for growth, followed by the Asia Pacific Region. France, Germany, the UK, and Italy dominate the Europe smart wearables market on account of strong penetration of smart wearables, including smartwatches, smart clothes (e-wearables), etc.
The Asia Pacific is also expected to make a significant contribution due to the rising internet penetration levels in the Asia Pacific are driving growth in the regional e-commerce sector, which is driving the market growth. Australia, Japan, and South Korea observe a significant level of smart wearables penetration. In the Middle East and Africa, UAE leads the regional smart wearables market, supported by remote working and home-schooling policies. The Latin American smart wearables market is led by Mexico and Brazil, with the latter accounting for the majority of the share with an annual sales of a million units.
Market structure and competition landscape
The key players operating in the global smart wearable market include Apple Inc., Google LLC, Sony Corporation, Garmin Ltd, Samsung Electronics Co. Ltd., Amazon, Fitbit, Under Armour, Fossil Group, Solos Technology Limited, Xiaomi, Huawei, Bose, Nuheara, Starkey, and BBK Group, among others. To maintain their market position, the key players in the smart wearable device market focus on various growth strategies such as partnerships, mergers and acquisitions, and product portfolio expansion. Technology leaders are boosting investments in their smart wearables business to help diversify income streams as smartphone demand stagnates. Some of the key developments in the smart wearable market are;
- In August 2021, Samsung announced the release of Galaxy Watch 4 and Galaxy Watch 4 Classic; these are new WearOS watches developed in collaboration with Google and run on the One UI Watch interface. They have advanced hardware performance to provide a connected and seamless user experience.
- In 2021, Google completed the acquisition of Fitbit.
- In 2020, Donut Robotics, a Japanese startup, developed a smart mask with voice recognition that allows us to make phone calls and send messages without touching our phones.
- In October 2019, Samsung released the Galaxy Watch Active 2 and Galaxy Watch LTE in India. This new product is inexpensive, which will entice users in India and open up new opportunities for the wearable technology market.
- In September 2019, Amazon introduced the Echo loop smart ring to keep Alexa on user’s finger.
- In January 2019, Omron Healthcare released the highly anticipated HeartGuide, the first wearable blood pressure monitor with EKG capability.
Key Market Segmentation
RationalStat has segmented the global smart wearables market based on the operating system, end user, product type, connectivity, application, sales channel, and region.
- By Operating System
- Wear OS
- Watch OS
- Tizen OS
- Fitbit OS
- Others (Asteroid OS, Free RTOS, Zepp OS, etc.)
- By End User
- Industrial and Commercial
- Sports and Fitness
- Others (Manufacturing, Fashion, etc.)
- By Product Type
- Basic Smartwatches
- Advanced Smartwatches
- Basic Smartwatches
- Wearable Cameras
- Ear Wearables (Hearables)
- Smart Clothes
- Data Gloves
- Footwear and Shoes
- Fitness & Wellness Devices
- Head-mounted Displays
- Smart Jewellery
- Health Wearables
- Patient Gowns and Vests
- Caps and Gloves
- Auxiliary Wearables
- Emerging Wearables (Pet Trackers, Child Trackers, etc.)
- By Connectivity
- Cellular Data
- Near Field Communication
- By Application
- Healthcare & Medical
- Fashion & Lifestyle
- Fitness & Wellness
- Safety & Security
- Auxiliary Applications
- By Sales Channel
- Modern Retail
- Online (e-commerce stores)
- Specialty and Discount Stores
- Conventional Retail (Retail Stores)
- Modern Retail
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, white papers, research reports, trade fairs, and company documents.
- Available industry and market-related documents in the public domain.
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, Thomson Reuters, among others.
- Whitepapers, research papers, and industry blogs
Why Buy this Report?
The report is intended for smartwatch manufacturers, smart wearables manufacturers, smart clothing & apparel companies, electronics & semiconductor producers, sensor suppliers, operating system providers, smartphone manufacturers, telecommunication and electronics associations, distribution companies, logistics players, investment firms, government organizations, educational organizations, regulatory agencies, research organizations, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global smart wearables market is expected to grow at a CAGR of over 17% during the forecast period 2022-2028.
The global unit shipment for smart wearables was nearly 270 million units in 2021.
Increasing penetration of advanced wearable technology in the healthcare sector is the major trend in the market.
North America and Europe are collectively dominating the market in 2021.
Major companies operating in the global smart wearables market are Apple Inc., Google LLC, Sony Corporation, Garmin Ltd., Samsung Electronics Co. Ltd., Amazon, and Fitbit among others.