Wearable technology has evolved dramatically from wristwatches to fitness bands in recent years. This has resulted in a drastic increase in the ownership of wearable technology components or wearables in the UK, the US, South Korea, and China among other countries. The market for wearable technology components is yet to expand and is currently dominated by health and activity tracking devices. Although, the scope of this market has grown beyond health and wellness, wearables are expected to be utilized for diverse purposes in the near future due to innovation, industry developments, and the increasing number of use cases.
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The latest advances in mobile networks have been one of the major factors contributing to the growth of the wearable technology component market. Also, the demand of wearable devices in sectors like infotainment, telemedicine, navigation (cycling and running), and others is likely to fuel the market. For instance, various fitness gadgets like Fitbit can be linked to satellites to facilitate navigation, while the Apple Watch can be used to check-in to hotels and make contactless payments.
Furthermore, some wearables are designed for hands-free call answering, while some come with a recording feature. According to a survey conducted by Ericsson, 43% of smartphones will be replaced by wearable devices by 2020. If we take this prediction into consideration, the wearable technology components are expected to witness significant demand by 2023.
However, privacy and security of shared data and lack of adequate network infrastructure are some of the restraining factors that coould potentially hamper the market for wearable technology component in the forecast period.
The global Wearable Technology Components Market is segmented into products, technology, components, and application. The segmentation by product includes wristwear, headwear and eyewear, neckwear, smart clothing, wearable cameras, and implants. According to MRFR study, Wristwear is gaining the highest market share in 2017 and is expected to grow at a healthy CAGR by the end of the forecast period. The growth in the segment is due to the inclination of major industry players towards introducing products with advanced features to serve customers’ need of fitness and healthcare.
The global wearable technology components market is expected to grow from USD 20.89 billion in 2017 to USD 51.50 billion in 2023 at a CAGR of 16.02%.
The prominent players in the wearable technology component market are Adidas AG (Germany), Xiaomi Inc. (China), Apple Inc. (US), Google Inc. (US), Garmin Ltd. (US), Fitbit (US), Jawbone (US), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Qualcomm Technologies, Inc. (US), and Nike, Inc. (US). Whereas, Lifesense Group (Netherlands), Misfit, Inc. (US) are among the other players.
The wearable technology component market is broadly segmented on the basis of products, technology, components, and application. These segments are further sub-segmented into the following:
- On the basis of products, the wearable technology component market is segmented into wristwear, headwear and eyewear, neckwear, smart clothing, wearable cameras, and implants
- By technology, it is segmented into computing technology, display technology, networking technology, and sensor technology
- By components, it is segmented into control, memory, battery, sensing, and connectivity
- By application, the market is segmented into fitness and wellness, healthcare, consumer electronics, defense, and enterprise and industrial applications.
The regional analysis of wearable technology component market is done for North America, Europe, Asia Pacific, and the rest of the world. North America is expected to account for the largest market share of the wearable fitness technology market during the forecast period. The increasing awareness about the latest advances in technology, new products, and adoption of the wearable technology components is contributing to the increasing ownership of wearables. Furthermore, the market in this region is driven by high disposable income of consumers which when coupled with the health awareness and willingness to maintain a healthy lifestyle, can accelerate the adoption of wearable technology components in the coming years.
Europe is also projected to register a considerable growth in the wearable technology component market during the forecast period. A number of innovations are being introduced in Europe, which is driving the demand for wearable technology in the region. Asia Pacific is projected to have a positive growth during the forecast period, due to the growing population in China, Japan, and India, which is receptive to the latest technology trends.
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- Technology investors
- Consumer wearable manufacturers
- Healthcare-related product manufacturers
- Integrated device manufacturers (IDMs)
- Wearable electronics technology platform developers
- Original manufacturers (OEMs)
- Smart grid integrators
- SMT providers
- Research/Consultancy firms
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