Global Wearable Technology Market: Overview
It is estimated that the Global Wearable Technology Market to witness growth at a CAGR of 15.1% during the forecast period of 2022 to 2030. The market witnessed growth at a CAGR of 12.8% during the forecast period of 2018 to 2021. Wearable technology is any kind of electronic device designed to be worn on the user's body. Such devices can take many different forms, including jewelry, accessories, medical devices, and clothing or elements of clothing.
Global Wearable Technology Market Growth Factors
The growing use of electronic applications around the world is the major factor for the growth of the market during the forecast period. The growing use of smartphones and the accessories attached to them is also a major factor that is driving the growth of the market during the forecast period. Also, the decreasing cost of these variable devices along with the availability of the aftermarket at a much-decreased cost is also a factor that is driving the growth of the market during the forecast period. The use of the various devices is often associated with the status symbol and thus has been the increasing purchase of these devices and this factor is also boosting the growth of the market during the forecast period. However, the various life-harming concerns associated with these devices, especially the aftermarket devices are causing a major threat to the growth of the market as customers often take a backstep before choosing such devices by preferring their health ahead of these devices.
Global Wearable Technology Market Market Trends
The growing use of smartphones and the accessories attached to them is also a major factor that is driving the growth of the market during the forecast period.
Also, the decreasing cost of these variable devices along with the availability of the aftermarket at a much-decreased cost is also a factor that is driving the growth of the market during the forecast period.
However, the various life-harming concerns associated with these devices, especially the aftermarket devices are causing a major threat to the growth of the market as customers often take a backstep before choosing such devices by preferring their health ahead of these devices.
Global Wearable Technology Market Segmentation
The Global Wearable Technology Market has been sub-classified into product type and application type.
By Product Type
Wrist-Wear
Eye-Wear & Head-Wear
Foot-Wear
Neck-Wear
Body-Wear
Others
By Application Type
Consumer Electronics
Healthcare
Enterprise & Industrial Application
Others
Global Wearable Technology Market Regional Analysis
It is estimated for the region of the US to drive the growth of the market during the forecast period. The growth in the technological advancements in the food sector in the region is estimated to foster the growth of the market during the forecast period. The region of Europe is estimated to witness growth at a healthy rate during the forecast period. The Asia Pacific region is also estimated to witness a notable growth rate in the market.
Global Wearable Technology Market Key Market players
Alphabet Inc.; Xiaomi Corporation; Samsung Electronics Co. Ltd.; Garmin Ltd.; Apple Inc. are the major players that are driving the growth of the market during the forecast period.
