The size of the smart wearables market in the Asia-Pacific region is estimated to be growing at a CAGR of 24.2% during the forecast period.
Factors such as the increase in adoption of Artificial Intelligence (AI) assistants, the expanded deployment of AI in healthcare and the development of IoT, and the introduction of wireless technologies in portable electronic devices drive market growth. However, the short lifespan of smart wearable devices makes it difficult to develop the market period.
The massive growth in consumer electronics applications has been seen in recent years due to the fact that customers all over the world are committed to their health and can adopt the technologies to stay fit. In fact, AR / VR has been widely adopted in multimedia and entertainment applications. The application of AI in AR / VR technologies provides a simple and realistic experience by successfully enhancing high-end graphics. Advances in technology, entry of major players, growth in utility watches, and demand for high-end devices drive the smart wearables market in the Asia-Pacific region.
Consumer portable electronic devices include various wearable products used in various applications, such as health and athletics, entertainment and multimedia, etc. These fitness devices target health-conscious consumers. In addition, wearable devices are commonly used to record activities and personal health goals, such as wireless ECG machines, wireless heart rate monitors, blood glucose meters, etc. Smart wearables manufacturing companies invest heavily in R&D to design optimal solutions to gain greater market share. The smart wearables industry is growing steadily continuously with an improved range of features such as notification alerts, internet connectivity, and others. Technological developments are expected to drive the smart wearables market during the forecast period.
However, the smart wearables market growth in Asia-Pacific is hampered by factors such as the shorter life cycle of the consumer electronics industry, limited battery life, design complexities, an increased need for standardization, and a high manufacturing cost. However, the impact of these factors is estimated to be minimal due to the introduction of new technologies.
Impact of COVID-19 on the APAC smart wearables market:
The COVID-19 outbreak and global lockdown restrictions have affected industrial activities around the world. The electronics industry is severely affected by great influence on its supply chain and production facilities as production was halted in China and Taiwan in 2020, influencing various OEMs worldwide. The pandemic has a negative impact on the market.
This research report on the APAC Smart Wearables market has been segmented and sub-segmented into the following categories:
Geographically, China has the highest consumer adoption for smart wearables. The Indian and Australian markets are expected to register high CAGR during the forecast period. The Japanese market is predicted to dominate the market due to the advanced knowledge of pedometers and smartwatches in the region. The growing group of chronic diseases such as obesity and diabetes is also the major factors in the development of this market. Therefore, increased awareness of fitness and preventive care has increased the demand for smart wearables.
Also, according to the World Bank, Macau had the highest gross domestic product (GDP) per capita with 88.56 thousand. By comparison, India had a gross domestic product (GDP) per capita of 2.12 thousand USD. The use of smart wearables has also reduced the frequency of visits to the health consultant, which has proven to be one of the important benefits for people living in remote areas of India.
Besides the countries mentioned above, Taiwan and South Korea also hold a significant share of the smart wearables market in the Asia-Pacific region. Apple is the world's leading brand in the APAC region with a 38.88% market share in revenue, followed by Fitbit, Samsung, and Huawei. In addition, the upward trend of cheap smart wearable products launched in China and India is expected to enable these countries to generate key revenue for this market during the estimated time period of 2021 to 2026.
KEY MARKET PLAYERS:
Apple, Covidien Plc, Philips Electronics, Fitbit Inc., LifeWatch AG, Polar Electro, Jawbone, Sotera Wireless, Pebble Technology Corp., Drägerwerk AG & Co. KGaA, Omron Corp., Samsung, Huawei, Lifesense Group, Adidas Group, Qualcomm Technologies, Inc, Sony Corporation, Garmin, Nokia Technologies, Vital Connect, and Everist Genomics are some of the prominent companies operating in the APAC smart wearables market.