The wearable electronics market revenue by the end of 2021 was US$ 45.5 Bn. The wearable electronics market is expected to reach US$ 199.5 Bn by 2032, as it is estimated to grow at a CAGR of 14.5% for 2022-2032. Wearable electronics refers to any form of electronic products which is supposed to worn on the body or any body part of the user.
The applications of this technology is diverse since it could be used for communication or displaying bodily information like heart rates or footsteps. Wearable devices can also act as computers and allow processing and computation of information specific to the scope of the device’s use.
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2017-2021 Wearable Electronics Market Demand Outlook Compared to 2022-2032 Forecast
The wearable electronics market is estimated to grow at a CAGR of 14.5% for the forecast period of 2022–2032. Wearable electronics is growing diverse and there can be several applications for this technology, ranging from health and medicine, communication and calling, listening to music. As the diversity and applications grow, so will the demand for the wearable technology.
Developing technologies like Internet of Things can be implemented alongside wearable devices, to expand the scope of tasks which could be accomplished and as of 2022, several technologies integrating IoT with wearable devices are being developed.
Wearable Electronics Improves the Efficiency and Improve Access to Resources and Information
The most basic driver of wearable technologies is that they grant consumers the ability to carry out tasks and be provided with data and information, which could help them make better decisions and carry out tasks that otherwise would require different devices or instruments.
The smart glasses built for industrial purposes have the ability to improve the efficiency of the employees and workers by providing them with necessary work-related information. The same goes for healthcare-related wearable technologies, which provide the patients and healthcare professionals necessary insights regarding the patient’s health in a more user-friendly and immediate manner.
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Country wise insights
United States Has a High Use of Wearable Technologies Because of Strong Market Players and People with High Disposable Income
The market in the US will rule in the coming years due access to fast speed internet which could allow the lucrative use of several wearable devices. Presence of numerous enterprises in this region will be vital to the market’s growth. Enterprises like Google and Apple take a number of steps to enhance the functionality of their equipment. The reason behind the US market growth rate is linked to the presence of important stakeholders like Apple, Inc. and Google LLC.
The use of the latest technology has increased the need for sophisticated, multipurpose equipment. The marketplace in this place is, in the main, pushed by growing disposable profits and an excessive adoption rate of the latest wearable technology. For these reasons, US held a market share of 15.3% for the year 2021.
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.
- 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.
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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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