The global connected wearable devices market was worth USD 61.86 billion in 2023. The global market is further is expected to be worth USD 127.43 billion by 2029 from USD 69.78 billion in 2024, growing at a CAGR of 12.8% from 2024 to 2029.
Wearable devices are electronic devices that are worn on the user's body or that are portable and carried easily anywhere, where they detect, analyse, 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 known for the smart Watch, which everyone has in today's era. Aside from smartwatches 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 information that is important for individuals and patients. For instance, some of the wearable assistive and diagnostic devices include Cloud DX's Vitality, iTBra by Cyrcadia Health, google smart cloud lenses, and many more.
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 government's major driving factor is the product-linked incentive scheme (PLI scheme). To improve India's export market share of hearables and wearables, the government is introducing the PLI scheme. Meity will launch the new PLI scheme for both hearable and wearable devices in mid-April.
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 it 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, 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 risks.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
12.8% |
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Segments Covered |
By Application, Type and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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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) and Microsoft (US) |
Because of the rising popularity of smartwatches 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.
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.
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.
APAC has several major market participants. Wearable gadget manufacturers in China and India sell their products 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.
Although North America is expected to dominate the worldwide market in 2023, Asia-Pacific is expected to be the fastest-expanding region throughout the Wearable Technology Market Forecast period due to rising living standards, rapid urbanization, 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 rising disposable incomes and the increased acceptance and popularity of connected devices.
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) and Microsoft (US) are some of the major companies in the global market.
By Type
By Product
By Application
By Region
Frequently Asked Questions
Some of the key players are: GOQii, Apple Inc., Fitbit Inc., Google LLC, Samsung Electronics Co., Ltd., Garmin Ltd., and LG.
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.
Some of the leading countries from this region are:
o China
o India
o Japan
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.
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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