The global wearable computing devices market size is estimated to be valued at USD 44.2 billion in 2023 and is projected to surpass a valuation of USD 258.87 billion by 2033. The demand for wearable computing devices is likely to rise at a CAGR of 19.3% from 2022 to 2032.
The global wearable computing devices market share is expected to increase significantly throughout the forecast period.
The sales of wearable computing devices are being driven by factors such as technological advancements in wearable devices, increased acceptance of wearable technology (for example, smartwatches and fitness bands), and the growing popularity of wearable medical and health equipment.
Smart watches and fitness bands among athletes, swimmers, gym-goers, runners, and cyclists are fast expanding, driving global demand for wearable computing devices.
However, the expensiveness of wearable gadgets, along with privacy concerns, is a key impediment to wearable computing devices' market expansion. Furthermore, increased investment in wearable technology is likely to open opportunities for the key players in the wearable computing devices market.
| Attribute | Details |
|---|---|
| Wearable Computing Devices Market Size (2023) | USD 44.2 billion |
| Wearable Computing Devices Market Size (2033) | USD 258.87 billion |
| Wearable Computing Devices Market Value CAGR (2023 to 2033) | 19.3% |
Owing to the benefits and wide selection for customers, the sales of wearable computing devices are anticipated to be on the surge over the forecast period.
Key players in the market are also introducing wearable devices that can connect to cell phones. Moreover, there has been a noticeable increase in the demand for wearable computing devices in the fields of health and fitness, medicine, gaming, music, transportation, and education.
Smart glasses, which are one of the types of wearable tech, are primarily responsible for developing curiosity amongst Gen Z and millennials. Smart glasses can be considered the latest trend in the industry as an image is projected into the inside of wearable computing glasses to supplement or replace the visual perception of the surroundings.
Some of the giants in the wearable computing devices industry, including Google, Epson, and Vuzix, are developing smart eyewear to give tough competition.
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As per the FMI study, the market for wearable computing devices in North America garnered a 26.5% value share in 2022 and is one of the most attractive markets, with the United States leading the way.
The United States is anticipated to hold more than 18.9% market share of wearable computing devices. The rise in disposable income, as well as the increased adoption and desire for new technical gadgets, are some of the primary drivers of market growth.
According to research, more than 80% of consumers want to wear fitness wearables, indicating their worry about monitoring their health.
The increased demand is likely to hasten the development of personalized healthcare services, smart hospitals, remote healthcare, and Internet of Things (IoT) healthcare solutions.
Due to the increasing technological developments in the healthcare industry, the demand for wearable computing devices in the region is expected to spike. The FDA approved the first wearable for hospital usage in 2019, an AI-powered solution by Current Health.
Europe's market value share reached 23.5% in 2022 and the same can be attributed to the increasing adoption of wearable devices among European consumers.
The convenience, real-time data tracking, and personalized user experiences offered by devices like smartwatches, fitness trackers, and healthcare monitoring devices have contributed to the expansion of the market.
These factors collectively contribute to the growth and expansion of the wearable computing devices industry in Europe, with the United Kingdom showcasing significant growth potential with a CAGR of 16.5%.
India's market for wearable computing devices is anticipated to surge at a CAGR of 25.4% during the forecast period.
According to the United Nations Population Fund (UNFPA), the overall geriatric population in India was 7.9 million in 2011, rising to 9.7 million in 2015. This, in turn, is predicted to raise demand for wearable computing devices for convenient and remote, real-time health diagnosis, hence, auguring well for the market trends in the region.
China is anticipated to be next in line for rapid growth potential in the wearable computing devices market with a CAGR of 23.2% during the forecast period.
One of the reasons driving wearable computing devices market expansion in the region is the growing elderly population in emerging economies such as India and China.
Smart watches are expected to lead the market by product type primarily due to their increasing functionality and the growing trend of health and fitness tracking, with a value share of 18.8% in 2022.
Smart watches offer a wide range of features and capabilities beyond timekeeping, making them a versatile accessories for consumers.
With the ability to receive notifications, make phone calls, access applications, and track fitness activities, smart watches have become a convenient all-in-one device for many users. Additionally, smart watches have gained significant traction in the health and wellness space.
They provide users with the ability to monitor their heart rate, track steps, measure sleep patterns, and even detect potential health issues.
As consumers become more conscious of their well-being, the demand for wearable devices that offer health monitoring and fitness tracking features has surged.
The combination of advanced features, convenience, and health-tracking capabilities positions smart watches as a leading product type in the wearable computing devices market, driving their market dominance and market share.
By application, the fitness and wellness sub-segment is leading the wearable computing devices market with a share of 32.8% in 2022.
Consumers have become more interested in fitness activities due to rising health concerns. Wearable devices like fitness trackers assist them in tracking their exercises, increasing the sales of wearable computing devices in this segment.
Economic factors, such as rising per capita healthcare expenditure, healthcare infrastructure, and increased investment in the healthcare sector are predicted to accelerate global wearable computing devices market expansion by 2032.
Due to the growing popularity of the Internet of Things, several startups are entering the market for wearable computing devices with their smart solutions (IoT).
To expand their market share, these startups are pursuing various tactics such as intellectual property strengthening and geographical development through mergers and acquisitions.
Powercast and Liquid X joined together to assist manufacturers in integrating wearable sensors directly into clothes.
The service also can monitor athletes and patients. At CES, the firms displayed a wireless rechargeable smart, athletic shirt lighted with printed electronics, inbuilt power harvesting technologies, and LEDs.
The wearable computing devices industry is fragmented and extremely competitive. With increased fitness awareness, these devices are seeing increased demand in the healthcare sector.
The various other applications of wearables are offering enormous business prospects in developing nations as citizens' spending power increases. Furthermore, as more new competitors enter the industry, competition in the market is growing.
Key Players:
Recent Developments in the Market Include:
The market for wearable computing devices is likely to be worth USD 258.87 billion in 2033.
By product type, smart watches are expected to lead the market with a share of 18.8% in 2022.
In the Asia-Pacific region, the wearable computing devices market in India is predicted to advance at a rapid pace.
The fitness & wellness sub-segment is expected to hold a sizeable stake during the forecast period in the market.
The North American market was estimated to garner a value share of 26.5% in 2022 in the wearable computing devices industry.
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Wearable Computing Devices Market
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