Wearable Computing Devices Market

Global Wearable Computing Devices Market Size (2024 to 2029)

The global wearable computing devices market is predicted to reach USD 0.46 billion in 2024 and USD 1.13 billion by 2029, growing at a CAGR of 19.9% during the forecast period.

Wearable computing devices can be worn directly on the body or clothing. These small electronic devices provide the user with wireless networks and mobile computing. Today's wearable devices come with wireless communication capabilities, microchips, and various sensors capable of tracking activity, collecting data, and providing a better customer experience. Portable computing devices allow the user to browse the Internet through applications, take and view videos or photos, and read e-mail and text messages. The advantages of portable computing devices include real-time data delivery, local storage, and portable design. Some examples of wearable computing devices include smartwatches, contact lenses, and smart glasses, as well as smart fabrics and electronic textiles.

Growing technological advancements in wearable devices are driving the market. Wearable technology is rapidly evolving into an important technology segment due to the growing number of technological innovations from several major vendors. The audible segment is experiencing significant momentum thanks to innovations. For instance, in January 2020, Nuheara published about its advanced hearing aids, the IQbuds MAX, which offers hybrid active noise cancellation and unique properties to customize and enhance the soundscape of users. In addition, front-facing displays, which have significant applications in the military and defense industry, are also spreading in the consumer and enterprise segments with the advent of AR and VR applications.

Global Wearable Computing Devices Market Drivers:

The advanced functionality of these devices is a key driver for the global market for wearable computing devices. Advanced features, such as data monitoring and lightweight applications, drive end users to adopt portable computing devices. Technological advancements in materials science and information technology have also driven the growth of the global market for wearable computing devices. However, the high cost of portable devices and privacy concerns are some of the main constraints in the global market for these devices. In addition, the lower battery reserve of these devices is also hampering the growth of the worldwide market. The study considers smart clothing, such as smart vests, bras, shoes, socks, and tights. These garments have numerous benefits, such as the ability to communicate with other devices, conduct energy, protect from environmental hazards, and transform into other materials. With the rising need for technical textiles, the market is foreseen to record significant expansion in the predicted years.

Recent advances in semiconductor and microelectromechanical systems (MEMS) have reduced both size and costs. The Advanced Textile Research Group (ATRG) hopes to integrate these components in the yarn manufacturing stage, expanding the scope of electronic textiles through temperature sensors, medical monitoring, motion detection, energy recovery, and lighting. In addition, with an increase in the number of chronic diseases worldwide, such as diabetes, cancer, respiratory disorders, and heart diseases, and the growth in the number of surgeries performed in the main health markets, such as the United States and Europe, the demand for smart fabrics in the healthcare industry is expected to grow exponentially.

Impact of COVID-19 on the global wearable computing devices market:

With the recent COVID-19 outbreak, global demand for electronics dropped significantly in the first quarter of 2020. According to the IPC survey of electronics manufacturers and suppliers, in February 2020, nearly 69% of those interviewed said they had been told by their suppliers that there would be delays in shipments due to the coronavirus outbreak. However, some other types of portable computing devices are experiencing significant growth in demand, supported by online sales. For example, the global demand for smartwatches increased significantly in the first quarter of 2020, and Apple continued to maintain a significant market share. The added benefits of health surveillance have allowed demand to increase.

In addition, during the COVID-19 pandemic, businesses deemed essential by the government are expected to adopt various portable computing devices to improve workplace safety and remain operational in accordance with regulations. For example, Avnet's Nodle M1 smart wearable device is a device that can be clipped onto an employee's shirt or worn as a collar to alert employees to keep their distance, as it rings to alert employees when they are in the area.

 GLOBAL WEARABLE COMPUTING DEVICES MARKET REPORT COVERAGE:

This research report on the global wearable computing devices market has been segmented and sub-segmented based on the application and region.

Global Wearable Computing Devices Market-By Applications:

The market is divided into consumer applications and non-consumer applications. The consumer applications segment is further divided into smart glasses, smart clothes, activity trackers, smart watches, wearable cameras, gaming devices, and others. Non-consumer applications are classified into health, defense, and industry. The increasing acceptance of smart fitness equipment, smart watches, and activity trackers in various fitness activities is expected to drive growth in the consumer applications segment over the outlook period.

Global Wearable Computing Devices Market-By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

The global wearable computing devices market is segmented into North America, Europe, Asia-Pacific, the Middle East, Africa, and South America. North America is likely to generate a significant portion of the revenue due to the presence of a substantial number of market players and the constant launch of technologically advanced products in the region. Additionally, the strong growth of wireless internet connectivity in the area and the emergence of China and India as manufacturing hubs in the Asia Pacific are expected to drive market growth in this locale.

KEY MARKET PARTICIPANTS:

The major companies operating in the global wearable computing device market include Apple Inc., Adidas AG, Fitbit Inc., LG Electronics Inc., Nike Inc., Garmin Ltd., Samsung Electronics Co., Ltd., Pebble Technology Corporation, Zephyr Technology Corporation, Sony Corporation, and AiQ Smart Clothing Inc.

RECENT HAPPENINGS IN THE MARKET:

• In May 2020, Garmin announced the quatix 6X Solar, the latest addition to its new series of marine GPS smartwatches, featuring a transparent solar charging screen that uses energy from the sun to extend battery life. As Garmin's first ocean-centric GPS smartwatch to offer solar charging, the Quatix 6X Solar combines all of the features of the Garmin 6X Pro Solar with specialization in navigation, fishing, cruising, and boating capabilities so that the users can spend more time in the water.

• In January 2020, Nuheara, the smart listening company, launched its IQbuds2 MAX headphones. This product has a hybrid active noise cancellation function and unique features to personalize and enhance the user's soundscape. Also, this product allows users to perfect their listening environment.