The global market for wearable electronic devices was valued at around USD 22.0 billion in 2016 and is expected to reach USD 97.8 billion by 2023, growing at a CAGR of around 24.1% during the forecast period of 2017 to 2023. Wearable electronic devices are the products that must be worn on the user’s body for an extended period of time, significantly enhancing the user’s experience as a result of the product being worn. Furthermore, it contain advanced circuitry, wireless connectivity and at least a minimal level of independent processing capability. The global market for these wearable technology devices has been slowly growing since the 1970s and has recently exploded with the popularity of fitness trackers and smart watches. Much like the evolution of smartphones and tablets, wearable technology devices has been well received by early adopters and is now poised to grow into a leader of the consumer electronics market.
Wearable devices are evolving as part of a growing trend to move data analysis and communication from the smartphone directly to the body. Technologists are using a combination of sensors, machine learning, and big data analysis to provide consumers more data about their bodies and lives than ever before. This emerging field of products will have a dramatic impact on human computer interaction. The wearable devices market has several categories of personal devices, all of which are worn or attached to the body. The categories include smart watches, head-mounted display, wearable cameras, bluetooth headset, wristband, smart clothing, chest strap, sports watch and others.
Key contributing factors for the growth of this market include increasing consumer preference for sophisticated devices, growing demand for IOT and connected devices, easy communication convenience, and significant growth prospects on next-generation displays in wearable devices through innovations. In addition, the potential for data collection with wearable technology and providing insight into user interaction, ever-growing number of apps, sleek designs in the areas of aesthetics, and rapid health monitoring with the help of these devices further expected to drive the market growth. However, there are certain restraining factors associated with market are expected to hinder the market growth, which includes high cost of devices, design constraints, high power consumption, data security issues, and usage restrictions.
Geographically, North America is the leading contributor to the market and is expected to retain its position during the forecast period due to high awareness, better product availability, well connected distribution network and large base of population with greater affordability to purchase and use wearable devices.
Xiaomi Technology Co. Ltd.,
Samsung Electronics Ltd.,
LG Electronics Inc.,
The report delivers a strategic analysis of the global market for wearable electronic devices and growth forecast for the period from 2017 – 2023. The scope of the report includes competitive analysis of various market players who are operating in the market, segmental analysis based on type of device. It also covers geographical analysis of the market with growth forecast for the period of 2017 – 2023. The Porter’s Five Forces analysis and value chain analysis included in the report provides an insight into market dynamics and industry competition.
Moreover, the report also includes growth strategies and entry barriers to be considered to cater to the exact business opportunities in this market. Additionally, to aid in strategic decision making, the report also includes competitive profiling of leading players, recent developments in the industry and various business strategies adopted by them. This report will help players in global wearable electronic devices market to plan and implement their strategies in different market areas such as emerging geographies, and new technologies.