The wearable devices market is projected to grow at a CAGR of 21.63% to reach US$80.438 billion by 2025, from US$24.486 billion in 2019. Wearable devices keep a track of real-time information on the activities of its user and can be worn on the body with ease and comfort.
They include inter-alia, analog watches, smartwatches, glasses, and fitness trackers. With technological advancements, wearable devices are becoming a target for innovation and development. For instance, synchronization of watches with smartphones is an evolving technology with a slew of novel features being incorporated into the devices; the Internet of Things (IoT) is being integrated into devices to bring sophistication to them; Smart Shirts make tracking health-related metrics seamlessly. Eye-wear or glasses have been embedded with a calling feature to expedite and ease the task of receiving the phone.
The rise of social media usage and the underlying tendency towards remaining updated with its posts is driving the demand for this market. Increasing Convenience in the handling of devices is a reason why people use wearable devices. The Global Wearable Device Market is growing due to its increasing adoption of diverse applications. The number of functions performed by smartwatches is on rising spree with heavy investments by companies in their Research and Development projects. The development of smartwatches has brought a radical transformation in the watch industry and made wearing smartwatches a status symbol.
The growing health awareness at the global level is contributing to the market growth in the forecast period. A plethora of obesity and diabetes cases are getting added every day which requires people to keep track of their activities, calorie intake, cholesterol levels, heartbeat rate, blood pressure, sleeping patterns, etc. Wearable devices serve this purpose. Personal grooming is also a booming industry that indirectly impacts the growth of this market, for instance- people doing gym can maintain their calorie intake through such devices. On the flip side, there is also a privacy or security concern that gets attached to the use of such devices. Information of the user that gets populated in the devices is vulnerable to being misused. Battery life and a shorter life span are some of the constraints that deter people from buying such products. Companies have to incur a lot of expenditure towards Research & Development to remain competitive in the industry.
The Asia Pacific region is expected to show higher growth prospects in the forecast period with the rising demand, adoption rate, and varied applications for wearable devices. A rising tech-friendly population and increasing disposable incomes in this region are escalating the growth prospects of the Asia-Pacific region. North America is expected to hold a large share of the market due to increasing investments and innovations in the Wearable Device market in that region. Under-developed regions across the globe are expected to face challenges with regard to infrastructure facilities and internet services.
|Market size value in 2019||US$24.486 billion|
|Market size value in 2025||US$80.438 billion|
|Growth Rate||CAGR of 21.63% from 2019 to 2025|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Products, End Users, Connectivity Medium, Technology, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Apple, Inc., Zephyr Technology Corporation, AiQ Smart Clothing, Fitbit, Xiaomi Technology Co. Ltd., LG Electronics, Garmin Ltd., Luxottica, Huawei Technologies Co., Ltd, Fossil Group|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the wearable devices market?
A1. The wearable devices market was valued at US$24.486 billion in 2019.
Q2. What will be the wearable devices market size by 2025?
A2. Wearable Devices Market is projected to reach US$80.438 billion by 2025.
Q3. What are the key factors behind the wearable devices market growth?
A3. The growing health awareness at the global level is contributing to the market growth in the forecast period.
Q4. Which region holds the maximum market share in the wearable devices market?
A4. The Asia Pacific region is expected to show higher growth prospects in the forecast period with the rising demand, adoption rate, and varied applications for wearable devices.
Q5. What are the growth prospects for the wearable devices market?
A5. The wearable devices market is projected to grow at a CAGR of 21.63% over the forecast period.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Wearable devices Market Analysis, by Products
5.5. Fitness Trackers
6. Wearable devices Market Analysis, by End Users
6.2. Personal Users
7. Wearable devices Market Analysis, by Connectivity Medium
8. Wearable devices Market Analysis, by Connectivity Medium
8.2. Computer Technology
8.3. Display Technology
8.4. Networking Technology
8.5. Positioning Technology
8.6. Sensor Technology
9. Wearable devices Market Analysis, by Geography
9.2. North America
9.2.1. North America Wearable Device Market, By Products, 2019 to 2025
9.2.2. North America Wearable Device Market, By End Users, 2019 to 2025
9.2.3. North America Wearable Device Market, By Connectivity Medium, 2019 to 2025
9.2.4. North America Wearable Device Market, By Technology, 2019 to 2025
9.2.5. By Country
184.108.40.206. United States
220.127.116.11.1. By Products
18.104.22.168.2. By End Users
22.214.171.124.3. By Connectivity Medium
126.96.36.199.4. By Technology
188.8.131.52.1. By Products
184.108.40.206.2. By End Users
220.127.116.11.3. By Connectivity Medium
18.104.22.168.4. By Technology
22.214.171.124.1. By Products
126.96.36.199.2. By End Users
188.8.131.52.3. By Connectivity Medium
184.108.40.206.4. By Technology
9.3. South America
9.3.1. South America Wearable Device Market, By Products, 2019 to 2025
9.3.2. South America Wearable Device Market, By End Users, 2019 to 2025
9.3.3. South America Wearable Device Market, By Connectivity Medium, 2019 to 2025
9.3.4. South America Wearable Device Market, By Technology, 2019 to 2025
9.3.5. By Country
220.127.116.11.1. By Products
18.104.22.168.2. By End Users
22.214.171.124.3. By Connectivity Medium
126.96.36.199.4. By Technology
188.8.131.52.1. By Products
184.108.40.206.2. By End Users
220.127.116.11.3. By Connectivity Medium
18.104.22.168.4. By Technology
9.4.1. Europe Wearable Device Market, By Products, 2019 to 2025
9.4.2. Europe Wearable Device Market, By End Users, 2019 to 2025
9.4.3. Europe Wearable Device Market, By Connectivity Medium, 2019 to 2025
9.4.4. Europe Wearable Device Market, By Technology, 2019 to 2025
9.4.5. By Country
22.214.171.124.1. By Products
126.96.36.199.2. By End Users
188.8.131.52.3. By Connectivity Medium
184.108.40.206.4. By Technology
220.127.116.11.1. By Products
18.104.22.168.2. By End Users
22.214.171.124.3. By Connectivity Medium
126.96.36.199.4. By Technology
188.8.131.52.1. By Products
184.108.40.206.2. By End Users
220.127.116.11.3. By Connectivity Medium
18.104.22.168.4. By Technology
9.5. The Middle East and Africa
9.5.1. Middle East and Africa Wearable Device Market, By Products, 2019 to 2025
9.5.2. Middle East and Africa Wearable Device Market, By End Users, 2019 to 2025
9.5.3. Middle East and Africa Wearable Device Market, By Connectivity Medium, 2019 to 2025
9.5.4. Middle East and Africa Wearable Device Market, By Technology, 2019 to 2025
9.5.5. By Country
22.214.171.124. Saudi Arabia
126.96.36.199.1. By Products
188.8.131.52.2. By End Users
184.108.40.206.3. By Connectivity Medium
220.127.116.11.4. By Technology
18.104.22.168. United Arab Emirates
22.214.171.124.1. By Products
126.96.36.199.2. By End Users
188.8.131.52.3. By Connectivity Medium
184.108.40.206.4. By Technology
220.127.116.11.1. By Products
18.104.22.168.2. By End Users
22.214.171.124.3. By Connectivity Medium
126.96.36.199.4. By Technology
9.6. Asia Pacific
9.6.1. Asia Pacific Wearable Device Market, By Products, 2019 to 2025
9.6.2. Asia Pacific Wearable Device Market, By End Users, 2019 to 2025
9.6.3. Asia Pacific Wearable Device Market, By Connectivity Medium, 2019 to 2025
9.6.4. Asia Pacific Wearable Device Market, By Technology, 2019 to 2025
9.6.5. By Country
188.8.131.52.1. By Products
184.108.40.206.2. By End Users
220.127.116.11.3. By Connectivity Medium
18.104.22.168.4. By Technology
22.214.171.124.1. By Products
126.96.36.199.2. By End Users
188.8.131.52.3. By Connectivity Medium
184.108.40.206.4. By Technology
220.127.116.11.1. By Products
18.104.22.168.2. By End Users
22.214.171.124.3. By Connectivity Medium
126.96.36.199.4. By Technology
10. Competitive Environment and Analysis
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. Company Profiles
11.1. Apple, Inc.
11.2. Zephyr Technology Corporation
11.3. AiQ Smart Clothing
11.5. Xiaomi Technology Co. Ltd.
11.6. LG Electronics
11.7. Garmin Ltd.
11.9. Huawei Technologies Co., Ltd
11.10. Fossil Group
AiQ Smart Clothing
Xiaomi Technology Co. Ltd.
Huawei Technologies Co., Ltd
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