The wearable electronics market is expected to generate $45.5 billion in revenue by the end of 2021. The wearable electronics industry is predicted to reach US$ 199.5 billion by 2032, with a CAGR of 14.5% from 2022 to 2032.
Wearable electronics are any electronic products that are intended to be worn on the user’s body or any part of the user’s body. This technology has a wide range of uses because it may be used for communication as well as displaying physical information such as heart rates or footsteps. Wearable devices can also function as computers, allowing the processing and computation of information particular to the device’s use.
Forecast for the Wearable Electronics Market in 2017-2021 vs 2022-2032
The wearable electronics industry is expected to develop at a 14.5% CAGR between 2022 and 2032. Wearable electronics is becoming more diverse, with numerous uses ranging from health and medical to communication and calling to music listening. As the variety and applications of wearable technology expand, so will the need for it.
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Developing technologies such as the Internet of Things can be integrated with wearable devices to broaden the breadth of tasks that can be completed, and numerous technologies integrating IoT with wearable devices are being developed as of 2022.
Wearable electronics boost efficiency and provide easier access to resources and information.
The most fundamental driver of wearable technologies is that they enable customers to carry out chores while receiving data and information that might help them make better decisions and carry out tasks that would otherwise require other devices or instruments.
Smart glasses designed for industrial use have the potential to improve employee and worker efficiency by presenting them with important work-related information. The same is true for healthcare-related wearable devices, which offer patients and healthcare providers with critical health information in a more user-friendly and rapid manner.
Country-specific insights
Because of strong market players and people with high disposable income, the United States has a high utilisation of wearable technologies.
The market in the United States will dominate in the coming years due to easy availability to high-speed internet, which may allow for the profitable usage of a variety of wearable gadgets. The presence of various businesses in this area will be critical to the market’s success. Google and Apple, for example, take a variety of efforts to improve the functionality of their equipment. The existence of significant stakeholders such as Apple, Inc. and Google LLC is the reason for the US market growth rate.
The utilisation of cutting-edge technology has boosted the demand for sophisticated, versatile machinery. The market in this sector is primarily driven by rising disposable income and a rapid adoption of cutting-edge wearable technologies.
Growth in the Purchasing Power of People in India, especially in the Urban Areas is Driving the Growth of Wearable Electronics
India is currently witnessing the entry of several international electronic vendors into its market and, along with it, domestic companies have begun dealing in wearable electronics as well. The driving factors in India can be attributed to the growing population in the country with increasing income, which increases the scope of the consumer electronics market. Considering that the average age in this country is quite young, it also creates an attraction towards wearable devices like smart watches and fitness bands.
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Competitive Landscape
Wearable technology is provided by several electronic companies, most of which develop consumer electronic devices. For most of these companies, wearable electronics is one of the products they offer, but there are certain companies that primarily run their businesses on their wearable technology offerings.
- In September 2022, Apple launched a new Apple Watch with the watchOS 9 operating system. Users diagnosed with AFib can turn on the FDA-cleared Atrial Fibrillation History feature to access important information, including an estimate of how often the user’s heart rhythm is indicative of atrial fibrillation. The new launch provides a deeper insight into the user’s condition. Users can also receive weekly notifications, understand their frequency, and see a detailed history in the Health app. This includes lifestyle factors that may affect his AFib, such as alcohol consumption, exercise, and sleep.
- In April 2022, Sony unveiled its first-ever portable AC unit, called the Leon Pocket, in July 2020. The company has now launched a successor to its own portable device, calling it the Reon Pocket 2. This is a portable air conditioner for Android and iOS. The device supports both cooling and heating and is intended to be worn around the neck. For this purpose, the company has designed an undershirt with a pocket behind the neck.
Wearable Electronics by Category
By Component:
- Sensor
- Power Supply Component
- Positioning & Networking Component
- Controller
- Display
- Memory
- Others (Interface)
By Product:
- Head Wear
- Eye Wear
- Neck Wear
- Hand Wear
- Leg Wear
- Body Wear
By Technology:
- Computing Technology
- Display Technology
By Application:
- Consumer Electronics
- Healthcare & Medical Application
- Automotive & Transportation Application
- Military & Defense Application
- Others
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