Global Wearable Electronics Market Overview:
The latest report by IMARC Group, titled “Wearable Electronics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022- 2027”, offers a comprehensive analysis of the industry, which comprises insights on the Wearable Electronics Market Forecast. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global wearable electronics market size reached US$ 97.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 294.2 Billion by 2027, exhibiting a growth rate (CAGR) of 20.2% during 2022-2027.
Wearable electronics are smart devices that are worn by the users on clothing or their bodies as accessories or implants for tracking information on a real-time basis. These devices enable the exchange of data through the internet in a convenient manner without the requirement of human intervention. They consist of motion sensors that record day to day activities of users and sync them with mobile devices or computers. These electronic devices offer enhanced convenience to the users within everyday functionality, owing to which they are gaining widespread preference on a global level.
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Global Wearable Electronics Market Trends:
The global market is primarily driven by a significant increase in the uptake of smartphones and the growing internet penetration across the globe, especially in developing economies. Additionally, the increasing incidences of lifestyle diseases have led a majority of the population to incorporate healthy lifestyle choices. Consequently, they are increasingly participating in physical activities, such as walking, running or swimming. This has boosted the sales of smart wearables as they are used to count steps, monitor the quality of sleep and calculate the heart rate of users during workout sessions.
Moreover, these devices are now being utilized in the healthcare sector to record physiological data of patients suffering from chronic conditions. Furthermore, extensive research and development (R&D) activities undertaken by manufacturers have resulted in the introduction of advanced variants in the market, thereby creating a positive outlook for the market. For instance, OrCam, a company based in Israel, launched MyEye 2.0, which is designed for both blind and visually impaired users and employs artificial vision technology to assist them in reading texts and recognizing objects.
Global Wearable Electronics Market 2022-2027 Analysis and Segmentation:
Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Sierra Wireless SA
- BAE Systems
- Carre Technologies
- LG Electronics
- Smart Bands
- Smart Watches
- Smart Clothing
- Smart Glasses
- Head Mounted Displays (HMD)
Breakup by Component:
- Networking and Positioning Components
- Power Supply Components
- Sensing Components
- Optoelectronic and Display Components
- Control Components
- Interface Components
- Healthcare Applications
- Consumer Applications
- Sports and Fitness Applications
- Industrial and Commercial Applications
Breakup by Region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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