Wearable display are the devices that is worn on the human body and it uses wireless network connections which the device users can use to connect to the mobile handsets and any other devices. The device includes powerful sensors that collect and delivers the information, it can be connected to the devices and the device owners can send command for reporting, storage and analysis and can also receive instructions. Wearable device is smart wearable device such as smartwatches, fitness and head mounted display services like Augmented Reality (AR) and Virtual Reality (VR) with technology options of LED-backlit LCD and OLED.
The growing demand for connected devices which is estimated to shoot up in the coming years reaching 85.933 billion units in 2023, from 19.236 billion units in 2017, i.e., at a CAGR of 18.73% (Source: Knowledge Sourcing Intelligence Analysis). The manufactures of the wearable display are witnessing growing demand and internet mobility and are revolutionizing and launching the innovative wearable display devices with new features added. The global wearable display market is expected to grow at a compound annual growth rate of 20.84% over the forecast period to reach a market size of US$6.618 billion in 2026 from US$2.126 billion in 2020.
Smart Wearables for Fitness and More
The rising trend of fitness and health awareness, the healthcare sector is noticed to be the most dominating segment of the wearable display market. More consumers are demanding the smart wearables for its application and high market attractiveness. The smart wearables are useful in the purpose of keeping track of calories, footsteps and heartbeats, some even have the function of reminders and connecting to the social media and displaying the notification among various other functions. These functions make fitness and taking care of health better and easier.
The availability of variety of functions is major driver of the growth of the wearable display market. During Covid-19 pandemic, people were quarantined and due to which there was lack of movement and exercise, the quarantine weight became the new normal. However, currently the people are assured to lose the weight and are investing in the products such as smart wearable to help them in their journey. Along with the expansion of the wearable display market, the healthcare industry will also experience large benefits.
In April 2020, the authorities were testing the wristband to enforce lockdown. The band alerts the authorties if the wearer leaves home during quarantine or try to remove the device.While, In July 2020, All India Institue of Medical Science (AIIMS) in collaboration with IIT Jodhpur and IIT Nagpur Nagpur have designed and developed smart wristband for effective tracking and monitring of Covid-19 positive patients. The wristband will show the real-time, objective and reliable data of vitals of the wearer that includes pulse rate, respiratory rate, temperature and oxygen saturation.
Recent Market Developments
Emerging Asian Economies – Key Growth Region
There has been rise in the adoption of the display devices due to its wide application in the sectors of healthcare, industries, consumer electronics and in military. The region is also the manufacturing hub for the wearable display devices.
Asia Pacific region is predicted to be the major regional segment of the wearable display market over the years due to it being the manufacturing hub for the wearable display devices. The rise in the investments in the manufacturing sector of the developing countries like India, China and South Korea are anticipated to promote the demand for the wearable display devices in the forecasted period.
The growth in the adoption of the devices that work on the latest technology and the rapid technological advancement with increase in focus on the domestic manufacturing. The region consists of many developing and developed countries and have several manufactures that are implementing latest technologies. The manufactures are also adopting various market strategies to expand the market of the wearable display market such as market segmentation, market positioning and product differentiation.
The wearable was also being innovated and used during the times of pandemic, for instance the wristband was being used to alert the authorities when the person is trying to step out of home and in India, the Arogya setu app were using the wristband to monitor patients’ movements and help the front-line workers to take enough care.
The growing adoption of the display device and the high availability of the manufacturer and supplier in this region were increasing the high production and demand.