What is Smart Wearables Market?
Smart wearable are the devices or components having intelligent functionality or storage capabilities and can be located on the organism. Additionally, they have the capabilities to sense the body. The devices include smart watches, fitness trackers, VR headsets, smart wristbands, Activity tracker, sports watches, and other smart wearable devices. With this technology high end fashion garments is benefited the most. Smart wearable has larger economic potential due to the wide range of applications and increasing popularity.
Highlights from Smart Wearables Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Apple (United States), Nike (United States), Addidas (Germany), Sony (Japan), Fitbit (United States), Xiaomi (China), Garmin (United States), Samsung (South Korea), Jawbone (United States) and Misfit (United States) |
Smart Wearables market is a fragmented market due to the presence of various players. Companies are focusing on developing innovative products and solutions to improve quality, enhances and promotes performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Smart Wearables market throughout the forecasted period.
Apple (United States), Nike (United States), Addidas (Germany), Sony (Japan), Fitbit (United States), Xiaomi (China), Garmin (United States), Samsung (South Korea), Jawbone (United States) and Misfit (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Polar (Finland), Moto (United States), Huawei (China), BBK(XTC) (China), Lifesense (South Africa) and Razer (United States). Smart Wearables Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Sports and fitness, Medical, Military and Lifestyle |
Type | Wrist wear, Eye wear and Body wear |
End users | Sportsmen,Caregivers,First Responders |
Technology | Wearable health technology,Wearable textile technology,Wearable consumer electronics |
On the basis of geography, the market of Smart Wearables has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Advancements in Wearable Technologies and Rising Expenditure on Health Care Technologies
Market Growth Drivers:
Inclination of People towards the Health Consciousness and Convenience in Usage and Wide Applications of Smart Devices
Challenges:
Stiff Competition due to the Presence of Large Players
Restraints:
High Costs Associated with the Manufacturing and Security Concerns can hamper the Market
Opportunities:
High Demand in Developed and Developing Economies and Increasing Sports Activities Globally
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies and Organisations
Market Leaders & Development Strategies
In 2018, Myntra has acquired Witworks which allows the company to enter the wearable business
In September 2022, Apple today introduced Apple Watch Series 8 and the new Apple Watch SE. This expand its presence in smart wearables market