Global Wearable Technology Market Size To Grow At A CAGR Of 18.5% By 2028

12-Apr-2022 | Facts and Factors

According to the Facts & Factors report, the global wearable technology market was worth about 115.8 (USD billion) in 2021 and is predicted to grow to around 380.5 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 18.5%.

Wearable technology is primarily comprised of electronic items that have been integrated with a specific type of technology. The technology can easily be worn on the body to detect real-time data. Wearable technology refers to wristbands that are made to be worn on the wrist to track information such as heart rate, pulse, sleep hours, steps taken, and so on. Apple, Jawbone, Fitbit, and other companies have released wristbands that act as activity trackers. This has attracted a sizable customer base all over the world. The considerable customer base can be attributed to the fitness shift brought about by wearable technology. According to Fitbit's report, the company sold approximately 15 million units of its smart fitness wristbands.

Browse the full “Global Wearable Technology Market By Type of Product (Bodywear, Neckwear, Headwear, Wristwear, Footwear, and Eyewear), By Application (Defense, Healthcare, Enterprise & Industrial Applications, Fitness & Wellness, Infotainment, and Others), and By Region-Global and Regional Industry Trends, Market Insights, Data analysis, Historical Information, and Forecast 2022–2028” report at https://www.fnfresearch.com/wearable-technology-market

The entry of major players, compact & efficient usage, increased healthcare awareness, and technological developments are all factors influencing the global wearable technology market. These significant factors have accelerated the adoption of wearable devices in a variety of industries, including defense, healthcare, industries & enterprises, entertainment, and others. Wearable devices, such as smartwatches, smart clothing, and fitness trackers, are popular among consumers due to their numerous advantages, such as portability and the most recent technological advancements. Increased implementation of wearables across various verticals has an impact on their application. Furthermore, technological developments in software and hardware components, as well as their rising adoption in fitness support the growth of the wearable technology market. However, poor battery life and security considerations limit wearables' adoption among customers.

The global wearable technology market is segregated on the basis of type of product, application, and region. By type of product, the market is divided into bodywear, neckwear, headwear, wristwear, footwear, and eyewear. The wristwear accounts for the major portion of the market. By application, the market is classified into defense, healthcare, enterprise & industrial applications, fitness & wellness, infotainment, and others. Fitness & wellness are the most common applications for wearable gadgets.

North America is regarded as a global hub for technological advancement. With the integration of innovative gadgets, there is a greater demand for advanced and multi-functional devices. Increasing disposable income and a high adoption rate of the most recent wearable devices are major driving factors for the region's market. Furthermore, the existence of successful players such as Apple, Garmin, and Fitbit is contributing to the growth of the region's wearable technology market.

Report Scope

Some of the main competitors dominating the global wearable technology market are Xiaomi Global Community, Huawei Technologies Co., Ltd., Nike, Inc., Motorola Solutions, Inc., Sony Corporation, Google LLC, HTC Corporation, Michael Kors, ADIDAS AG, Polar Electro, TomTom International BV, Fossil Group, Inc., ASUSTeK Computer Inc, SAMSUNG, Apple Inc., LG Electronics, CASIO AMERICA, INC., Garmin Ltd., Withings, and Fitbit, Inc.

Recent Developments

• March 2020: Google invested USD 40 million in property rights from Fossil in 2019, and Google parent Alphabet announced in November that it would buy Fitbit for USD 2.2 billion. Optical sensors would be incorporated into the body of a smartwatch. The sensor will be capable of reading the wearer's wrists, fingers, and arms, and the Pixel Watch was slated to debut in 2020.
• April 2020: In a tweet on the Chinese social media platform Weibo, Xiaomi's Huami subsidiary announced the Mi Band 5's release date. According to the company, the Amazfit range will also get a new addition called the Amazfit Ares. Huami also stated that the Amazfit Ares would have 70 different sports modes and a rough "urban outdoor" style.

The global wearable technology market is segmented as follows:  

By Type of Product

• Bodywear
• Neckwear
• Headwear
• Wristwear
• Footwear
• Eyewear

By Application

• Defense
• Healthcare
• Enterprise & Industrial Applications
• Fitness & Wellness
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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