Wearable Electronics Market Volume is Projected to Reach Nearly 290 Million Units & CAGR of more tha
United States, 15 February 2019 -- In recent years, the global wearable electronics market has witnessed a robust growth. This can be accredited to the rising demand for smartphones, advent of mobile wireless systems and increasing adoption of wearable electronics in industries like healthcare and sports and fitness.
According to the latest report by IMARC Group, titled “Wearable Electronics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global wearable electronics market reached a volume of around 116 Million Units in 2017. Wearable electronics refer to integrated computing devices that can be worn as an accessory or incorporated into clothing. They assist in managing time, reducing costs, handling emergency cases and improving the overall quality of life. In recent years, consumers have started to prefer wearable electronic gadgets like smartwatches and fitness bands to track their day-to-day physical activities. Moreover, progress in technology has led to the introduction of innovative wearable electronics which are gaining traction due to the inflating income levels of the consumers.
In the early 2000s, the wearable electronics market was at a nascent stage. However, with the emergence of mobile wireless systems and growing demand for smartphones, particularly in the developing regions, the market witnessed a healthy growth. Wearable electronics now find applications in diverse industries such as sports, fitness, medical, healthcare, entertainment and aerospace. In the healthcare industry, these devices are employed to efficiently monitor the health, quality of sleep and step count of the user accurately and effortlessly. Moreover, these devices record the physiological data of patients who suffer from chronic conditions and enable timely medical interventions for them. The market is also being driven by a number of other forces such as the convergence of technologies, growing awareness about the benefits of IoT devices and increasing adoption of digital services. Looking forward, the market volume is projected to reach nearly 290 Million Units by 2023, expanding at a CAGR of more than 16% during 2018-2023.
On the basis of products, the market has been segmented as smart bands, smart watches, smart clothing, smart glasses and head mounted displays (HMD). Currently, smart bands represent the most popular type of wearable electronics due to the rising health and fitness awareness among the global population.
Market Segmentation by Components
• Networking and Positioning Components
• Power Supply Components
• Sensing Components
• Optoelectronic and Display Components
• Control Components
• Interface Components
Based on components, the market has been segregated as networking and positioning components, power supply components, sensing components, optoelectronic and display components, control components, and interface components. Amongst these, power supply holds the majority of the market share.
Market Segmentation by Application
• Healthcare Applications
• Consumer Applications
• Sports and Fitness Applications
• Industrial and Commercial Applications
On the basis of applications, consumer applications account for the largest market share. Other application segments include healthcare, sports and fitness, and industrial and commercial.
Market Segmentation by Region
• North America
• Asia Pacific
• Middle East and Africa
• Latin America
Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Presently, North America is the leading market, holding the majority of the global wearable electronics market share.
• adidas (Numetrex)
• BAE Systems
• Carre Technologies
• LG Electronics
• Recon Instruments
• Rockwell Collins
• Seiko Epson
The competitive landscape of the market has also been examined with some of the key players being Sony, Apple, Adidas (NuMetrex), BAE Systems, Fitbit, Garmin, Carre Technologies, Google, Jawbone, Kopin, LG Electronics, Ohmatex, OMsignal, Nike, Recon Instruments, Rockwell Collins, Samsung, Seiko Epson, and Vuzix.
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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