Wearable Technology Market – Growth, Trends, And Forecast (2020 – 2025)
Wearable Technology market has been thoroughly scrutinized and then carefully demarcated by geographic locations which are based on major economic regions and their topographical regions. Growing competition and the changing market dynamics has been highlighted. Aggressive market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio and recent developments. The Market share and Market size prominent players for 2020 to 2025 are profiled in this report.
The Wearable Technology market is highly competitive and consists of a number of major players: Samsung Group, Oculus VR LLC (Facebook), Alphabet Inc., Sony Corporation, HTC Corporation, Fitbit Inc., Xiaomi Inc., Apple Inc., Microsoft Corporation, DAQRI Company, AIQ Smart Clothing Inc. and Others
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Scope of the Report
The Wearable Technology Market was valued at USD 27.91 billion in 2019 and is expected to reach USD 74.03 billion by 2025, at a CAGR of 17.65% over the forecast period 2020 – 2025.
Wearable technology is an emerging trend that integrates electronics to the daily activities and fits into the changing lifestyles and can be worn on any part of the body. The ability to connect to the Internet, and enabling data exchange between a network and a device, is the driving factor that leads to the trend of wearable technology.
Key Market Trends
Smartwatches are Expected to Hold a Significant Share
– Owing to the increasing penetration rates of urbanization, the demand for aesthetically appealing advanced featured products with the ability to better serve consumers daily requirements, such as time schedules, have driven the market for smartwatches, globally. Moreover, the huge millennial population has been adopting smartwatches, owing to increased spending for their regular work hours tracking as well as luxury standards. For instance, European millennials are projected to witness an average expenditure rise by 18%, to just above USD 53,000, by 2022.
– Additionally, several efforts are being taken by the players in the market to gain a competitive edge in this fast-growing market mainly catering to the demand from the millennial generation population. In 2018, Fossil Group launched seven next-generation smartwatches, amplifying the technological features on the wrist, while maintaining the aesthetically fashioned designs for Indian millennials.
North America is Expected to Hold a Major Share
– North America is known as the hub for all significant technological improvements in the world. With the advent of smart gadgets, the demand is growing for more active and sophisticated wearable technologies. The growth in disposable income and the rapid adoption and popularity of enhanced gadgets are some of the primary drivers for the market in this geographical region. Moreover, the region has a strong foothold of wearable vendors, such as Apple, Fitbit, and Garmin, among others, adding to the growth of the market.
– The growing investments by numerous sports associations to eliminate the possibility of any preventable injuries of highly paid professional athletes is anticipated to fuel the growth of the wearables in the region. For instance, the US-based basketball team Golden State Warriors is working with smart clothing company Athos to use these products for injury prevention and optimizing the player performance. This investment represents only the fraction of involvement of the United States athletics sector in the smart clothing industry landscape.
– Apart from the United States, the demand for wearables is also increasing in Canada. The country is expected to provide sufficient expenditure and funding for its military programs (including clothing). In 2018, Wearable Technology Company, North received a multi-million dollar investment from the Government of the country. The company will use the money to expand its existing wearable technology facility and implement advanced testing, assembly, and production systems.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Wearable Technology Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2025 to 2020 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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