Wearable Band Market

Wearable Band Market Outlook (2023 to 2033)

The wearable band market is anticipated to secure a valuation of USD 42.09 billion in 2023 and is rising to USD 170.31 billion by 2033. The market is estimated at a CAGR of 15.0% during the forecast period.

• Factors Increasing the demand for Wearable Bands: Factors The growing popularity of innovation and technologies propels the demand for the wearable band.
• Changing lifestyles, integrating electronic devices, and rising consumer obsession are the factors increasing the adoption of the wearable band.
• Growing demand for advanced technology devices that look fashionable and authentic is fueling the market growth.
• Rising consumer fitness freak obsession and innovation of luxury and smartwatches are advancing the market opportunities.
• With the growing demand for health monitoring devices, the rising millennial generation is adopting wearable bands hugely.
• Rising disposable income, maintaining a healthy lifestyle, and providing quick information drive market expansion.
• The increasing workaholic population and target consumers have been expanding the market size in recent years.
• Increasing chronic disease patients and sedentary lifestyles are surging the demand for wearable bands to check instant health results.
• The rapidly rising e-commerce industry, collaborations, and new product launches continuously expand wearable band market opportunities.

Factors Restraining the Market Growth

Rising Product Prices and Data Security Threats Decline the Market Growth

• Growing technologies make it easy to handle the daily life of consumers in several prospects. On the other hand, the market has a few restraining factors that may limit market growth such as
• The increasing cost price of technology devices and products is restraining the market growth. Limiting the production of technology items and offering the least quantity of product items also slow down the market growth.
• Changing consumers' preference for low-cost products from luxury fitness tracker devices further limits the market growth. However, increasing security and data threats is another challenge faced by the market.
• Lack of distribution channels in the township areas also may limit the market growth.

Innovation of Smart Watches Bring Market Opportunities

Growing awareness-related health issues such as being overweight, diabetes, and sleeplessness are increasing the demand for wearable band equipment. Rising Artificial Intelligence and the Internet of Things to access smart devices are surging the demand for the wearable band. The adoption of the wearable band is growing to easily connect with a smartphone to check information about heartbeats, calories burned, sleep time, and others.

Manufacturers are developing types of fitness trackers for the end-users within budget prices, which results in driving market opportunities. The growing adoption of AR and wireless technologies in smartwatches is increasing the wearable band market opportunities.

Attributes	Details
Market CAGR (2023 to 2033)	15.0%
Market Valuation (2023)	USD 42.09 billion
Market Valuation (2033)	USD 170.31 billion

Wearable Band Market, 2017 to 2022 Historical Sales, Compared to 2023 to 2033 Future Outlook

According to Future Market Insights, the global wearable band market is predicted at a healthy 15.0% CAGR during the forecast period. Historically, the market registered a CAGR of 11.5% between 2017 and 2022.

During the COVID-19 situation, consumers are more conscious about wearable devices to monitor their daily health, which results in fueling market growth. Healthcare providers increase the adoption of advanced monitoring wearable devices to regulate patients' health updates and detect patients' early disease.

Increasing advanced and wearable device technology for excise routine, remote work, and others are prominently expanding the market during the forecast period. The innovation of Artificial Intelligence and machine learning in the healthcare sector for quick check-ups further enhance the market size. The development of wearable sensors equipped with the internet of things and novel technologies are driving market opportunities. Due to the rising popularity of wearable band devices, several countries are dropping the prices of their devices.

• Short Term (2023 to 2026): Increasing population, urbanization, changing lifestyle, and consumer obsession drive market growth.
• Medium Term (2026 to 2029): Growing AR technology, advanced wearable devices, and growing demand for luxury watches are surging the market expansion.
• Long Term (2029 to 2033): Notably growing e-commerce sector, innovations, and new launches propel market opportunities.

The market is estimated to reach USD 170.31 billion during the forecast period. Historically, the market stood at USD 36.60 billion from 2017 to 2022.

Top Three Segments  in the Market

Segment	Connectivity
Top Category	Bluetooth
Forecast CAGR	17.1%

Segment	Operating System
Top Category	Android
Forecast CAGR	16.6%

Segment	Distribution Channel
Top Category	Online
Forecast CAGR	16.5

Which Category is leading the Connectivity Segment?

Based on connectivity, Bluetooth is leading the global market by securing a significant CAGR of 17.1% during the forecast period. The increasing wireless connectivity is surging the demand for Bluetooth among consumers. The Bluetooth connectivity saves power and can wear easily with its standardized features.

Through the pairing of Bluetooth, one can easily access and use it for several things such as transferring data, files, music, and others. Recently, the popularity of Bluetooth earphones has been increasing the market trends due to their wireless connectivity. Wi-Fi, NFC, and Cellular are other categories

Android Operating System Drives the Global Market

Based on the operating system, the Android operating system is dominating the global market by registering a CAGR of 16.6% during the forecast period. The number of wide-ranging clients prefers to increase the adoption of Android compared to iOS and Windows due to its budget-friendly cost.

The manufacturers are increasing the production of the Android operating system as per consumers' requirements. Apart from it, growing disposable income and enhanced quality of android wearable bands with more advanced features than iOS are further propelling the market growth.

Prominently Growing Online Distribution Channel Fuels the Market Growth

Based on the distribution channel, the online distribution channel is the dominating distribution channel in the global market, capturing a CAGR of 16.5% during the forecast period. Increasing the internet of things, smartphones, tablets, and laptops are enhancing the adoption of online distribution channels. In recent years, end-users have been buying products through online channels due to several discounts and vouchers.

Key vendors attract consumers by adopting several marketing tactics such as buy 1 get 1 policy, discounts on re-purchase, and others. The increasing smartphone is another method of endorsing their products through mobile phone advertising, including emails and messages. Therefore, they habitually buy their essential products by preferring online distribution channels.

The Top Countries Advancing the Global Market Expansion are as Follows

Rising Advanced Technology Devices Upsurge the USA Market

The USA is dominating the global market by registering a CAGR of 15.5% during the forecast period. Increasing technology gadgets and innovative products are propelling the USA market expansion. Growing novel technology, advanced wearable sensor bands, and multi-functional devices drive market growth.

Rising disposable income, innovative technologies, and the presence of key manufacturers are propelling the USA wearable band market growth. The popularity of smartwatches series among millennial are influencing the USA market.

Advanced Functioning Features Propel the United Kingdom Market

The United States is progressively growing worldwide by securing a CAGR of 5.36% during the forecast period. The increasing popularity of smart wearable bands due to easy access and providing information-related moments throughout the day are further driving the market in the region. The adoption of a wearable band with multi-functional features, including GPS, biometrics, mapping, and others flourishing the United Kingdom wearable band market.

Germany is one of the leading nations in Europe which holds around 31.1% of the share. The increasing generic population and present key players are bolstering the German market growth during the forecast period. Adopting wearable tracker devices in the healthcare sector for several chronic disease patients fuels German Market further.

Technology Improvement Drives Asia Pacific Market Growth

Asia Pacific is a significantly growing region in the global market securing a CAGR of 19.5% during the forecast period. The increasing e-commerce sector, smartphone users, and fashion trends are raising the demand for wearable bands.

China is one of the significant producers of advanced technology gadgets in the Asia Pacific. China secures a share of 14% in the region by increasing the production of wearable band devices at low costs. The top companies are investing huge amounts to upsurge the market by acquiring maximum output in China.

Rising government initiatives, research & development activities, and low-cost innovative product launches are the few factors propelling China's wearable band market. Moreover, Innovation in technology and built-in connections such as smartwatches and wearable advanced fitness bands are the factors driving the market growth. Key manufacturers such as Huawei, Realme, and Xiaomi are uplifting the Market by providing online services to their consumers in China.

Start-up Ecosystem

How are Start-ups Experimenting with Latest Technologies in the Market?

The wearable band gained huge popularity in recent years. The fashion and healthcare sector is significantly growing by increasing the adoption of the wearable band. The start-ups are developing new products with the latest technologies to improve the technical results in the devices and gadgets. They are investing and developing a unique product with better features to satisfy customers.

Top Two Start-ups in the Wearable Band Market

Zepp Labs

The United States-based company develops wearable bands with unique technical methods to enhance interactive tools, 3D images, and more. The company also inbuilt several health-related features, including heartbeats, sleep, and sports monitoring. Their application is accessible for iOS and android.

Withings

Withings provides computing and storing properties for app development. Wi-Fi BodyScale can assess weight and fat mass. It can further transfer and upload data to the cloud through Wi-Fi. The company also offers Withings Home, a video monitoring and security system.

Competitive Landscape

Manufacturers Count on Advanced Technology to Gain a Competitive Advantage in the Market Ft. Apple, Samsung, and Xiaomi

Apple Inc. develops, produces, and distributes smartphones, personal computers, tablets, wearables, accessories, and a wide range of connected peripherals. In addition, the company provides payment, digital content, cloud, and advertising services. Users of Apple Inc. are largely found in the retail, small and medium-sized company, academic, corporate, and government industries. Apple grew 6.6% year on year during the quarter, primarily to the success of Apple Watches.

Samsung Electronics Co., Ltd. produces semiconductors, desktop computers, accessories, displays, TVs, and household appliances such as air conditioners and microwave ovens. In addition, the company manufactures Internet access network systems and telecommunications devices such as mobile phones and wearables.

In many areas, Samsung has traditionally been dependent on strong smartphone sales to package wearables (particularly wearables). The firm, like Apple, was not immune to competition from lower-cost manufacturers and the sheer number of brands producing wearables.

Xiaomi is committed to becoming a user-centric mobile internet company, always exceeding expectations via software, hardware, and service breakthroughs. Its crew is enthusiastic about technology and persistently pursues excellence to defy convention and push limits, all to ensure that our products stay distinctive and provide an unrivaled user experience. Furthermore, mobile phones, smartphone software, wearables, set-top boxes, and associated accessories are manufactured and sold by the company.

Other Key Prominent Players Operating in the Wearable Band Market

• Fitbit, Inc.
• Garmin Ltd.
• Beienda
• Ambiotex GmbH
• Hexoskin
• Huawei Technologies
• Nurvv
• Oura Health Ltd.

Recent Developments in the Wearable Band Market

• In June 2022, Garmin introduced its new and one of the world's first GPS-running smartwatches, the 955 with solar charging and the forerunner 255 series in India. The new additions to Garmin's Forerunner line, the favorite option of runners globally, are triathlon-ready smartwatches with training capabilities for professional and mid-level runners and athletes.
• In July 2021, in India, Garmin introduced two health-focused smartwatches. The Venu 2S and Venu 2 smartwatches have features such as an AMOLED display with Gorilla Glass 3 protection, a health snapshot function, and more than twenty-five built-in sports applications.
• In April 2021, Fitbit Luxe, a health and fashion-forward fitness tracker was introduced by Fitbit. This tracker is likely to aid in developing a more comprehensive approach to wellness and health. This tracker has a sleek design, a five-day battery life, a color touchscreen, and a wide choice of attractive accessories.
• In September 2020, Apple Inc. introduced seven next-generation touchscreen smartwatches under its six brands in India for tech-savvy millennials. The seven smartwatches include Fossil Gen 4 Smartwatch Venture HR and Explorist HR for Fossil, Skagen Falster 2 for Skagen, Michael Kors Access Runway for Michael Kors, Emporio Armani Connected for Emporio Armani, A|X Armani Exchange Connected for Armani Exchange, and Diesel Full Guard for Diesel.

Scope of Report

Attribute	Details
Forecast Period	2023 to 2033
Historical Data Available for	2017 to 2022
Market Analysis	USD billion for Value
Key Countries Covered	USA, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Northern Africa, and South Africa
Key Segments Covered	Product Type, Operating System, Distribution Channel, Application, Category, Connectivity, Region
Key Companies Profiled	Fitbit, Inc.; Garmin Ltd.; Beienda; Ambiotex GmbH; Hexoskin; Huawei Technologies; Nurvv; Oura Health Ltd.
Report Coverage	Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing	Available upon Request

Market Segmentation

By Product Type:

• With Screen
• Without Screen

By Operating System:

• Android Windows
• iOS
• Others

By Category:

• Basic Watches
• Smart Watches

By Connectivity:

• Bluetooth
• Wi-Fi
• Cellular
• NFC
• Others

By Application:

• Personal Assistance
• Wellness
• Healthcare
• Sports
• Others

By Distribution Channel:

• Online
• Offline

By Region:

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• The Middle East & Africa (MEA)

Frequently Asked Questions

What is the Wearable Band Market ’s Size?

The wearable band market is valued at USD 42.09 billion in 2023.

How Big Will be the Wearable Band Market?

The wearable band market is expected to be worth USD 170.31 billion by 2033.

What is the Growth Rate of the Wearable Band Market?

The wearable band market is rising at a 15.0% CAGR through 2033.

Which Operating System Will Lead the Wearable Band Market?

The Android segment is leading the wearable band market at a 16.6% CAGR through 2033.

Which Country Will Dominate the Wearable Band Market Sales?

China is expected to dominate the wearable band market sales.