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Connected Wearable Devices Market - By Device (Fitness, Smart Watch, Smart Glasses, Smart clothing, others) By Product Type (Wrist Wear, eye wear, neck wear, Hearables, Health detector, Blood pressure/Glucose Meter, Body Wear, Others.) By End-users (Healthcare, Individual, Consumer electronic, enterprises and industries, Media and Entertainment By Region (Asia Pacific, North America, Europe, Middle East & Africa) Industries forecast (2022-2027)

Published: August, 2022
ID: 13355
Pages: 175

Connected Wearable Devices Market Values (2022 - 2027)

The worldwide Connected Wearable Device Market was worth $61.86 billion in 2021 and is expected to be worth $100.10 billion by 2027 increasing at a CAGR of 12.8 percent from 2022 to 2027.

Connected Wearable Devices Market Overview:

Wearable devices are electronic devices that are worn on the user's body or that are portable and carried easily anywhere, where they detect, analyze, and transmit important information to the user, for instance, body weakness, fitness, or blood pressure data. The wearable devices have motion sensors that take snapshots of the day-to-day activities of the users and sync them with their mobile devices, laptops, or monitors. The wearable devices are powered by a battery and Bluetooth, making them portable and convenient. Epidermal electronic devices are being developed in the fields of health care medical and fitness, which is an emerging field of wearable devices.

Wearable devices are expanding the market with varying rapid growth in the wearable technology industry and developing use of wearable devices. Wearable devices are popular in consumer electronics and are most commonly known for the smart Watch, which everyone has in today's era. Aside from smart watches and the rapid growth in smart rings and implants, apart from commercial users, wearable technology is being incorporated into healthcare, navigation systems, and advanced textiles.

The role and importance of wearable devices are increasing all over the world, playing a major role in the healthcare industry and in navigation systems by offering the information that is important for individuals and patients. For instance, some of the wearable assistive and diagnostic devices include cloud DX's vitaliti, iTBra by Cyrcadia Health, goggle smart cloud lenses, and many more.

Connected Wearable Devices Market Drivers

The number of internet users is increasing all over the world at an annual rate of 4.2%, while year-on-year growth is much higher in many developing economies. This is one of the major driving factors for the growth of connected wearable devices. On the other hand, the increase in awareness about health and the change in the mindset of people towards fitness, where everyone is conscious about their fitness and wants to stay fit, is a driving factor for the growth of connected wearable devices where they get all the trackers and data about their general health and fitness problems.

The rising income and per capita of the country, the change in lifestyle, the improvement in the standard of living, and the increase in consumer awareness about the need to adopt energy-efficient and advanced technology products are encouraging people to spend more on utilities, which supports the growth of the particular markets. Furthermore, because of the availability of technology and an increase in supply, end customers can obtain specific products at a reasonable price, which is one of the factors contributing to the growth of the connected wearable devices market.

The major driving factor from the government is the product linked incentive scheme. In order to improve India's export market share of hearables and wearables, the government is introducing the Production Linked Incentive Scheme (PLI scheme). Meity will launch the new PLI scheme for both hearable and wearable devices in mid-April.

Connected Wearable Devices Market Challenges

One of the challenges for wearable devices is that comfort and ergonomics are of prime importance, particularly in wearable devices that are meant to be worn for a long period of time. The comfort level should satisfy the user of the device. For instance, wearing for a long period of time may cause heat to the device, where the user may face discomfort, which leads to challenges for the connected wearable devices market.

One of the major challenges for wearable devices is the life of the battery, which is the biggest challenge in technology today. Wearable devices require effective power, whereas battery life is limited. Therefore, in order to overcome this, the devices should run for a reasonable time frame with maximum battery life. On the other hand, lithium batteries can be dangerous if these batteries are mishandled and with the wearable devices that contain these batteries, which will be so close to the body every time they may lead to potential safety risk.

Recent Developments in The Connected Wearable Devices Market

  • In April 2022, Apple, the premium smartphone company, introduced the HidrateSpark smart water bottle. The price of the world's smartest water bottle starts at about Rs 4,600. Previously, the trillion-dollar corporation from the United States presented their cleaning cloth, which costs over Rs 1,900. The HidrateSpark water bottle is now available for $59.95 (approximately Rs 4,600) on Apple's website and in retail outlets in the United States.
  • In June 2021, at the Mobile World Congress (MWC), Samsung Debuted its One UI Watch user experience. The new interface is intended to strengthen the connection between the Galaxy Watch and the smartphone experience. Samsung also stated that One UI Watch will be available for Galaxy Watch on the new, unified platform it jointly built with Google, delivering speed improvements, a smoother interface between the Watch and Android smartphones, and access to an even larger number of apps.
  • On June 2022, Garmin has introduced the Vivosmart5 fitness band in the Indian market. The wearable has capabilities such as a larger screen, pulse oxygen tracking, body battery monitoring, and so on.
  • In May 2022, GOQii, a leading smart-tech-enabled preventive healthcare company focused on digital medicine, introduces the GOQii Diabetes Care, the first of its kind, comprehensive lifestyle medicine programme.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 – 2027

Base Year

2021

Forecast Period

2022 - 2027

CAGR

12.8%

Segments Covered

By Application, Type and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

  • GOQii,
  • Apple Inc. (US),
  • Fitbit Inc. (US),
  • Google LLC (US),
  • Samsung Electronics Co., Ltd. (South Korea),
  • Garmin Ltd. (Switzerland),
  • LG (South Korea),
  • Huawei (China),
  • Sony Corporation (Japan),
  • Xiaomi Corporation (China),
  • Microsoft (US)

 

This research report includes the Connected Wearable Devices Market Segmentation until 2027 with size, share, growth and forecast.

Connected Wearable Devices Market - By Type

  • Fitness
  • Smart Watches
  • Smart Glasses
  • Smart Clothing
  • Others

Because of the rising popularity of smart watches among millennials, the wrist-wear product sector is likely to dominate the market for wearable technology throughout the forecast period. By 2027, the segment is estimated to be worth USD 100.01 billion.

Connected Wearable Devices Market - By Products

  • Wrist Wear
  • Eyewear
  • Hearables
  • Neckwear
  • Body wear
  • Others

The most dominant wearable device is the wristwatch, which is one of the major devices people are using today to track their fitness and health issues, giving people easy access to information.

Connected Wearable Devices Market - By Applications

  • Lifestyle
  • Consumer Applications
  • Entertainment
  • Healthcare
  • Fitness and Sports
  • Defense
  • Enterprise

Healthcare is one of the dominant sectors in wearable devices that aim to predict the common cases for the patient and easily transmit the data and information to the patient, which helps them to keep track of every aspect.

Connected Wearable Devices Market – By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East

APAC has the presence of several major market participants. Wearable gadget manufacturers in China and India sell them at inexpensive prices, making them accessible to users. Many multinational players have their wearable gadgets produced and assembled in the region by local manufacturers before branding their names.

Throughout the region, Although North America is expected to dominate the worldwide market in 2020; Asia-Pacific is expected to be the fastest expanding region throughout the Wearable Technology Market Forecast period due to rising living standards, rapid urbanisation, and increased disposable income.

Over the forecast period, North America is expected to account for the bulk of the worldwide market. By 2027, the regional market is expected to be worth USD 3.53 billion. Some of the primary drivers of the regional market are raising disposable incomes and the increased acceptance and popularity of connected devices.

Connected Wearable Devices Market Key Players

  1. GOQii,
  2. Apple Inc. (US),
  3. Fitbit Inc. (US),
  4. Google LLC (US),
  5. Samsung Electronics Co., Ltd. (South Korea),
  6. Garmin Ltd. (Switzerland),
  7. LG (South Korea),
  8. Huawei (China),
  9. Sony Corporation (Japan),
  10. Xiaomi Corporation (China),
  11. Microsoft (US)

1. Introduction                            

          1.1 Market Definition                  

          1.2 Scope of the report               

          1.3 Study Assumptions               

          1.4 Base Currency, Base Year and Forecast Periods              

2. Research Methodology                      

          2.1 Analysis Design          

          2.2 Research Phases                   

                    2.2.1 Secondary Research 

                    2.2.2 Primary Research     

                    2.2.3 Data Modelling        

                    2.2.4 Expert Validation     

          2.3 Study Timeline            

3. Report Overview                     

          3.1 Executive Summary               

          3.2 Key Inferencees          

4. Market Dynamics                    

          4.1 Impact Analysis           

                    4.1.1 Drivers

                    4.1.2 Restaints       

                    4.1.3 Opportunities 

          4.2 Regulatory Environment                  

          4.3 Technology Timeline & Recent Trends                  

5. Competitor Benchmarking Analysis                        

          5.1 Key Player Benchmarking                 

                    5.1.1 Market share analysis         

                    5.1.2 Products/Service      

                    5.1.3 Regional Presence    

          5.2 Mergers & Acquistion Landscape               

          5.3 Joint Ventures & Collaborations                 

6. Market Segmentation                        

          6.1 Connected Wearable Devices Market , By Type               

                    6.1.1 Fitness          

                    6.1.2 Smart Watches         

                    6.1.3 Smart Glasses          

                    6.1.4 Smart Clothing        

                    6.1.5 Others 

                    6.1.6 Market Size Estimations & Forecasts (2021-2026)        

                    6.1.7 Y-o-Y Growth Rate Analysis         

                    6.1.8 Market Attractiveness Index         

          6.2 Connected Wearable Devices Market , By Application                

                    6.2.1 Lifestyle        

                    6.2.2 Consumer Applications      

                    6.2.3 Entertainment          

                    6.2.4 Healthcare     

                    6.2.5 Fitness and Sports   

                    6.2.6 Defense        

                    6.2.7 Enterprise     

                    6.2.8 Market Size Estimations & Forecasts (2021-2026)        

                    6.2.9 Y-o-Y Growth Rate Analysis         

                    6.2.10 Market Attractiveness Index       

          6.3 Connected Wearable Devices Market , By Products                   

                    6.3.1 Wrist Wear     

                    6.3.2 Eyewear        

                    6.3.3 Hearables      

                    6.3.4 Neckwear      

                    6.3.5 Body wear     

                    6.3.6 Others 

                    6.3.7 Market Size Estimations & Forecasts (2021-2026)        

                    6.3.8 Y-o-Y Growth Rate Analysis         

                    6.3.9 Market Attractiveness Index         

7. Geographical Landscape                    

          7.1 Global Connected Wearable Devices Market , by Region            

          7.2 North America - Market Analysis (2021 - 2026)             

                    7.2.1 By Country     

                              7.2.1.1 USA

                              7.2.1.2 Canada

                    7.2.2 By Type         

                    7.2.3 By Application

                    7.2.4 By Products   

          7.3 Europe             

                    7.3.1 By Country     

                              7.3.1.1 UK

                              7.3.1.2 France

                              7.3.1.3 Germany

                              7.3.1.4 Spain

                              7.3.1.5 Italy

                              7.3.1.6 Rest of Europe

                    7.3.2 By Type         

                    7.3.3 By Application

                    7.3.4 By Products   

          7.4 Asia Pacific                 

                    7.4.1 By Country     

                              7.4.1.1 China

                              7.4.1.2 India

                              7.4.1.3 Japan

                              7.4.1.4 South Korea

                              7.4.1.5 South East Asia

                              7.4.1.6 Australia & NZ

                              7.4.1.7 Rest of Asia-Pacific

                    7.4.2 By Type         

                    7.4.3 By Application

                    7.4.4 By Products   

          7.5 Latin America             

                    7.5.1 By Country     

                              7.5.1.1 Brazil

                              7.5.1.2 Argentina

                              7.5.1.3 Mexico

                              7.5.1.4 Rest of Latin America

                    7.5.2 By Type         

                    7.5.3 By Application

                    7.5.4 By Products   

          7.6 Middle East and Africa          

                    7.6.1 By Country     

                              7.6.1.1 Middle East

                              7.6.1.2 Africa

                    7.6.2 By Type         

                    7.6.3 By Application

                    7.6.4 By Products   

8. Key Player Analysis                           

          8.1 GOQii,              

                    8.1.1 Business Description

                    8.1.2 Products/Service      

                    8.1.3 Financials      

                    8.1.4 SWOT Analysis         

                    8.1.5 Recent Developments         

                    8.1.6 Analyst Overview      

          8.2 Apple Inc. (US),           

          8.3 Fitbit Inc. (US),            

          8.4 Google LLC (US),                   

          8.5 Samsung Electronics Co., Ltd. (South Korea),                 

          8.6 Garmin Ltd. (Switzerland),               

          8.7 LG (South Korea),                  

          8.8 Huawei (China),                    

          8.9 Sony Corporation (Japan),               

          8.10 Xiaomi Corporation (China),                    

          8.11 Microsoft (US)           

9. Market Outlook & Investment Opportunities                     

Appendix                         

          List of Tables          

          List of Figures                  

  1. Global Connected Wearable Devices  Market By Region, From 2022-2027 ( USD Billion )
  2. Global Connected Wearable Devices  Market By Type, From 2022-2027 ( USD Billion )
  3. Global Fitness  Market By Region, From 2022-2027 ( USD Billion )
  4. Global Smart Watches  Market By Region, From 2022-2027 ( USD Billion )
  5. Global Smart Glasses  Market By Region, From 2022-2027 ( USD Billion )
  6. Global Smart Clothing  Market By Region, From 2022-2027 ( USD Billion )
  7. Global Others  Market By Region, From 2022-2027 ( USD Billion )
  8. Global Connected Wearable Devices  Market By Application, From 2022-2027 ( USD Billion )
  9. Global Lifestyle  Market By Region, From 2022-2027 ( USD Billion )
  10. Global Consumer Applications  Market By Region, From 2022-2027 ( USD Billion )
  11. Global Entertainment  Market By Region, From 2022-2027 ( USD Billion )
  12. Global Healthcare  Market By Region, From 2022-2027 ( USD Billion )
  13. Global Fitness and Sports  Market By Region, From 2022-2027 ( USD Billion )
  14. Global Defense  Market By Region, From 2022-2027 ( USD Billion )
  15. Global Enterprise  Market By Region, From 2022-2027 ( USD Billion )
  16. Global Connected Wearable Devices  Market By Products , From 2022-2027 ( USD Billion )
  17. Global Wrist Wear  Market By Region, From 2022-2027 ( USD Billion )
  18. Global Eyewear  Market By Region, From 2022-2027 ( USD Billion )
  19. Global Hearables  Market By Region, From 2022-2027 ( USD Billion )
  20. Global Neckwear  Market By Region, From 2022-2027 ( USD Billion )
  21. Global Body wear  Market By Region, From 2022-2027 ( USD Billion )
  22. Global Others  Market By Region, From 2022-2027 ( USD Billion )

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FAQ's

Mention some of the key players in the connected wearable devices market.

Some of the key players are: GOQii, Apple Inc., Fitbit Inc., Google LLC, Samsung Electronics Co., Ltd., Garmin Ltd., and LG.

What are the major drivers of the connected wearable devices market?

The increase in awareness about health and the change in the mindset of people towards fitness, where everyone is conscious about their fitness and wants to stay fit, is a driving factor for the growth of connected wearable devices where they get all the trackers and data about their general health and fitness problems.

Mention some of the leading countries dominating the Connected Wearable devices Market in the APAC region.

Some of the leading countries from this region are:

o        China

o        India

o        Japan 

Mention one recent development in the connected wearable devices market

In May 2022, GOQii, a leading smart-tech-enabled preventive healthcare company focused on digital medicine, introduces the GOQii Diabetes Care, the first of its kind, comprehensive lifestyle medicine programme.

What is the market value and growth rate of the connected wearable devices market?

The worldwide Connected Wearable Device Market was worth $61.86 billion in 2021 and is expected to be worth $100.10 billion by 2027 increasing at a CAGR of 12.8 percent from 2022 to 2027.

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