The wearable band market is anticipated to secure a valuation of US$ 42.09 billion in 2023 and is rising to US$ 170.31 billion by 2033. The market is estimated at a CAGR of 15.0% during the forecast period.
The wearable band is becoming increasingly popular as a useful tool for tracking daily activities. In addition to the distance walking or running, it takes into account calories consumed, heart rate, and sleep quality. These bands are wirelessly linked to smartphones, tablets, laptops, and desktop computers for long-term data storage.
A wearable device that can monitor activities such as swimming laps, running distance, heart rate, and walking steps.A fitness tracker watch communicates with a mobile device via Bluetooth with an app that uploads the wearer’s activity data and configures the device. The majority of smartwatches enable some physical activities via a health app; however, specialized trackers frequently monitor more activities.
As the rate of urbanization accelerates, so does the demand for aesthetically pleasing and technologically advanced items that can meet customers’ basic needs. Wearable fitness technology is becoming increasingly popular as people become more aware of the benefits of leading a healthy lifestyle and as the demand for health monitoring devices grows.
Health and fitness The target market for wearable bands, the young and working-age population, is becoming more mindful. As a result of the expanding e-commerce industry and its limited distribution network, the market is expanding even further.
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An increasing number of vendors offering low-cost wearable bands at easy-to-get prices for individuals of all economic positions is opening up first-hand business openings. Businesses possibly will provide very cutting-edge functionality to their gadgets by using IoT, AI, wireless networking, and AR technologies.
The global wearable device market is dominated by North America. This region is regarded as a global hub for technological innovation. The introduction of new gadgets has raised the desire for cutting-edge, multi-functional equipment. Most of the global players have a presence in the region and operate from here.
KEY TAKEAWAYS
- North America accounts for more than 40% of the global wearable band market, which is predicted to grow at a 15.5% CAGR during the forecast period.
- The United States dominates the North American wearable market, which is expected to rise at an 8.92% CAGR during the projected period.
- The European wearable band market is expected to grow at a CAGR of 5.36% during the projected period.
- Over the projection period, the German wearable band market is expected to account for 31.1% of the European market.
- The Chinese wearable band market is expected to contribute more than 14% of the global market share throughout the projected period.
- Asia Pacific is expected to grow at the fastest rate in the global wearable band market, with a CAGR of 19.5%.
- Bluetooth is the market’s greatest contributor in terms of connectivity, and it is predicted to grow at a CAGR of 17.1% throughout the forecast period.
- Depending on the operating system, the Android sector has the biggest market share and is expected to grow at a CAGR of 16.6% over the forecast period.
- The online distribution channel leads the market and is expected to grow at a CAGR of 16.5% over the projected period.
COMPETITIVE LANDSCAPE
Key players operating in the wearable band market are Apple, Samsung, Xiaomi, Fitbit, Inc., Garmin Ltd., Beienda, Ambiotex GmbH, Hexoskin, Huawei Technologies, Nurvv, Oura Health Ltd. and others.
These companies have used a variety of techniques to improve their market share for wearable bands. To extend their client base and increase revenue, they have used both organic and inorganic growth strategies, such as new product releases, acquisitions, corporate expansions, and collaborations.
RECENT DEVELOPMENTS
- In April 2021, Fitbit released Fitbit Luxe, a health and fashion-forward fitness tracker. This tracker will assist in the development of a more holistic approach to well-being and health. This tracker offers a stylish appearance, a five-day battery life, a color touchscreen, and a wide range of appealing accessories.
- In September 2021, In India, Apple Inc. launched seven next-generation touchscreen smartwatches under its six brands for tech-savvy millennials. Fossil Gen 4 Smartwatch Venture HR and Explorist HR for Fossil, Skagen Falster 2 for Skagen, Michael Kors Access Runway for Michael Kors, Emporio Armani Connected for Emporio Armani, A|X Armani Exchange Connected for Armani Exchange, and Diesel Full Guard for Diesel are among the seven smartwatches.
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Key Segmentation of the Wearable Band Market
By Product Type:
- With Screen
- Without Screen
By Operating System:
- Android
- Windows
- iOS
- Others
By Category:
- Basic Watches
- Smart Watches
By Connectivity:
- Bluetooth
- Wi-Fi
- Cellular
- NFC
- Others
By Application:
- Personal Assistance
- Wellness
- Healthcare
- Sports
- Others
By Distribution Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Oceania
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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