The wearable technology market was valued at USD 116.2 billion in 2021 and is expected to reach USD 265.4 billion by 2026, with a CAGR of 18.0% between 2021 and 2026
Major factors contributing to the growth of wearable technology market include growing share of aging population and growing advantages of wearable devices in healthcare industry. The market is further driven by the advent of platforms such as IoT, AR and machine to machine (M2M); the growing interest of level 1 players in the mobile ecosystem; and the growing trend of smart life among end users.
New York, April 23, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Wearable Technology Market by Product, Type, Application and Geography – Global Forecast to 2026” – https://www.reportlinker.com/p04664172/?utm_source=GNW
The growing demand for wearable technologies in applications such as sports and fitness tracking and for multi-functional and hybrid mobile devices is expected to provide major growth opportunities for the wearable technology market.
Consumer Electronics Segment Recorded Largest Wearable Device Shipment in 2020
Consumer Electronics Segment Recorded the Largest Shipment of Wearable Devices in 2020 The reason for the growth of this market is that a majority of consumers are using wearable technology products to meet their tracking needs. their health and physical condition.
Wearable technology and the development of related mobile applications further increase the benefits of wearable devices (such as smartwatches and smart bracelets). In addition, sports companies are taking initiatives to develop new fitness-related applications suitable for bracelets.
For example, Under Armor, Inc. (US), a company developing sportswear and accessories, has launched apps such as MapMyRun, MyFitnessPal, and Endomondo. It has also added advanced features like a smart scale and a heart rate fitness tracker to its app. Considering all these developments, the consumer electronics market is expected to register the largest shipments by 2026.
Asia-Pacific is the fastest growing region in the wearable technology market
The APAC region is the fastest growing region in the wearable technology market and is made up of 4 main countries: China, Japan, South Korea and India. Applications such as consumer electronics, industry, healthcare and textiles are contributing significantly to the growth of the wearable technology market in this region.
Asia-Pacific has become a global focal point for significant investment and business expansion opportunities. Additionally, wearable technologies are widely used in oil refineries (for communication and security purposes).
The main consumer electronics companies operating in the APAC region are Samsung Group (South Korea), Sony Corp. (Japan), Panasonic Corp. (Japan) and LG Electronics (South Korea).
The breakdown of the primaries carried out during the study is illustrated below:
• By type of company: Tier 1 – 43%, Tier 2 – 36% and Tier 3 – 21%
• By designation: C-level senior executives – 38%, directors – 22% and others – 40%
• By region: Americas – 45%, Europe – 17%, APAC – 30% and ROW – 8%
The report segments the wearable technology market and forecasts its size, volume and value, based on region (Americas, Europe, Asia-Pacific and RoW), product (wrist wear, headgear, footwear, fashion and jewelry , Bodywear), type (Smart Textile, Non-Textile), Application (Consumer Electronics, Healthcare, Business and Industrial).
The report also provides a comprehensive examination of market drivers, restraints, opportunities, and challenges in the wearable technology market. The report also covers qualitative aspects in addition to quantitative aspects of these markets.
Key benefits of purchasing this report
• This report includes market statistics related to product, type, application and region.
• An in-depth value chain analysis has been performed to provide an in-depth overview of the wearable technology market.
• The major market drivers, restraints, challenges and opportunities have been detailed in this report.
• Illustrative market segmentation, analysis, and forecast on the basis of product, type, application, and region have been conducted to provide an overview of the wearable technology market.
• The report includes in-depth analysis and ranking of the major players.
Read the full report: https://www.reportlinker.com/p04664172/?utm_source=GNW
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