Smart Wearable Market Growth Accelerating at a CAGR of 15.3% With Rise in Ongoing Trend of Tech-Savvy Customers

New York, April 13, 2023 (GLOBE NEWSWIRE) — The smart wearable market size is projected to surpass around USD 383.5 billion by 2032 from USD 95.7 billion in 2022, and it is poised to reach a registered CAGR of 15.3% from 2023 to 2032. 

The smart wearable market consists of electronic devices that can be worn on the body, such as watches, bracelets, glasses, clothing, and more accessories. These collect data about users’ movements such as heart rate, steps taken and sleep patterns then provide feedback and analysis based on this information. Common smart wearables include smartwatches, fitness trackers, smart glasses, and clothing with sensors built-in.

Smartwatches perform various functions including receiving notifications making phone calls tracking physical activity while fitness trackers monitor metrics like steps taken calories burned heart rate etc. Smart wearables have become increasingly popular due to their convenience, functionality, and capacity for collecting data on users’ health and fitness levels. They have numerous applications in healthcare, sports & fitness, entertainment, and other industries – with predictions that this trend will only continue to expand over the coming years.

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Key Takeaway:

• Based on type, in 2022, the smart wearable market was dominated by the wearable products and devices segment owing to their convenience and functionality.
• By product, in 2022, the wristwear segment dominated the largest market share at 38% in the product segment.
• Based on application, the consumer electronic segment holds a significant share of the application segment in 2022.
• In 2022, North America dominated the market with the highest revenue share of 37.8%.
• APAC is expected to have the highest CAGR among all regions, owing to growing awareness about health and fitness, and a large population.

Factors affecting the growth of the Smart Wearable Market

There are several factors that can have an impact on the growth of the smart wearable market including:

• Increasing adoption of smartphones: With the increasing adoption of smartphones, consumers are looking for wearable devices which can integrate seamlessly with their mobile devices, enabling them to stay connected and access information more easily.
• Advancement in technology: The advancements in technology have led to the development of more advanced and sophisticated smart wearables with enhanced features and functionalities, making them more attractive to the consumer.
• Growing healthcare and fitness consciousness: The growing awareness and concern for health and fitness among consumers led to the growth of the smart wearable market, as these devices can track various health & fitness metrics and provide personalized recommendations.
• The increasing popularity of IoT: The increasing popularity of IoT has contributed to the growth of the smart wearable industry, as these devices can connect with other IoT-enabled devices.
• Growing demand for fashion and style: As smart wearable becomes more mainstream there is increasing demand for stylish designs which can be worn as accessories rather than just functional devices.

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Market Growth

The smart wearable market is anticipated to experience significant growth over the coming years due to rising consumer adoption, an emphasis on health and wellness, as well as technological advances. Smartwatches, fitness trackers, and smart glasses have seen an exponential rise in popularity due to their convenience, functionality, and aesthetic appeal. Wearables that track physical activity, heart rate, sleep patterns, and other health metrics have become increasingly popular as consumers strive to enhance their overall well-being. Technology advancements such as advanced sensors, wireless connectivity, and artificial intelligence are expected to fuel the growth of this market. Furthermore, wearables are being adopted in enterprise and industrial applications like logistics and manufacturing to boost productivity levels and ensure worker safety.

Regional Analysis

North America is accounted as the most dominant market in the global smart wearable market with a market share of 35.3%, during the forecasted period. Due to the high technology adoption rate and abundance of tech-savvy customers who are willing to invest in wearable devices. As such, this area has become a prime target for health and fitness-related wearables.

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Scope of Report

Market Drivers

Nowadays, smart wearable technology has advanced significantly; manufacturers can easily create devices with improved battery life, better connectivity & greater functionality to appeal to more customers. This makes these smart watches increasingly suitable for buyers. The demand for fitness & health tracker smart wearable devices is on the rise. Not only can track steps but also provide health data and monitor heart rates, but they provide personal insights and feedback which can help users reach their fitness objectives. Consumers are becoming more educated on the advantages of smart wearable technology, like enhanced productivity, enhanced entertainment experiences & improved health and wellness. Manufacturers make these wearables with stylish designs and materials for attracting customers – leading to an increase in demand for smart wearables worldwide. Nowadays consumers seek out wireless devices which can connect to laptops or smartphones; thus their demand has also grown significantly.

Market Restraints

Smart wearables, particularly premium smartwatches and fitness trackers, can be expensive, which may limit their adoption among price-sensitive consumers. Many smart wearables have limited battery life, which can be a major inconvenience for users who need to charge their devices frequently. As wearable devices collect sensitive personal data, such as health and location information, there are concerns about data privacy and security. The lack of compatibility and interoperability between different smart wearable devices and platforms can limit their usefulness for users who use multiple devices. Many consumers consider the design and fashion of wearables to be important, and there may be a lack of options that are both functional and stylish.

Market Opportunities

The growing use of wearables in healthcare and medical applications presents exciting growth prospects. Smart wearables can be employed for remote monitoring, disease management, patient engagement, and more. Personalization and customization are major trends in the smart wearable market. Manufacturers can design customized wearables for different user groups, such as athletes, seniors, and children, to meet the customer’s requirements. The integration of smart wearables with other home automation devices, such as smart speakers, thermostats, and locks, offers new growth and innovation opportunities. The smart wearable market is still in its early stages in many emerging markets, offering significant potential for expansion. Countries such as India, China, and Southeast Asia are projected to experience strong growth over the coming years. Wearables can also be employed in enterprise and industrial applications like logistics or manufacturing to boost productivity and worker safety.

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Report Segmentation of the Smart Wearable Market

Type Insight

The wearable products and devices segment market share will remain at 43.6% in 2022, and this segment drives the market in type segment which is driven by their advantage & functionality in receiving notifications, tracking health & fitness, and controlling other smart devices. Additionally, the availability of advanced features like GPS, voice assistance, and LTE connectivity. Many consumers use smartwatches as an extension of their smartphones.

Product Insight

Smart wearable market share is dominated by wristwear with a share of 53.4%, due to its functionality, convenience, and fashion appeal. Wristwear offers lots of customization and help to an individual regarding their health & activity. Additionally, wristwear’s designed to be fashionable, which appeals to a wide range of consumer who is looking for functionality as well as style. Many smartwatches and fitness trackers are interchangeable bands and customizable watch faces.

Application Insight

Consumer electronics market share will remain dominant in the application segment in 2022, with 45.8% of revenue share due to the rise of wearable technology, such as fitness bands and AR/VR headsets, which can be attributed to its high share in this segment. Manufacturers such as Garmin Ltd., Apple Inc, Omron., and Nemaura focus on creating gadgets that deliver data containing both clinical and non-clinical info. For instance, Nemaura’s sugarBEAT Wearable Technology eliminates daily finger prick calibration by enabling frequent blood glucose monitoring for diabetic patients.

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Key Market Segments:

Based on Type

• Wearable Smart Textiles
• Wearable Products and Devices

Based on Product

• Bodywear
• Neckwear
• Headwear
• Wristwear
• Footwear
• Eyewear

Based on Application

• Defense
• Healthcare
• Enterprise & Industrial Application
• Fitness & Wellness
• Consumer Electronics
• Other Applications

Recent Developments of the Smart Wearable Market

• In September 2022, U&i recently unveiled three premium wearables designed with an active lifestyle in mind. These smartwatches boast Sports Modes that detect multiple body activities like walking, running, and jogging to help users stay fit and motivated.
• In October 2022, Garmin recently unveiled two new wearables, Venu SQ 2 and nu SQ 2 Music Edition, for the Indian market. Both smartwatches come complete with fitness tracking, health monitoring, and connected features that are tailored to all Indian consumers.

Key Market Players:

Listed below are some of the most important smart wearable industry players.

• Xiaomi Global Community
• Huawei Technologies Co., Ltd.
• Nike, Inc.
• Motorola Solutions Inc.
• Sony Corporation
• Google LLC Company
• HTC Corporation
• SAMSUNG
• Apple Inc.
• LG Electronics
• Casio India Co., Pvt. Ltd.
• Garmin Ltd
• Withings
• Fitbit Inc.
• Fossil Group Inc.
• Other Key Players

Related Reports

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• Pet wearable market is expected to be worth around USD 14.54 billion by 2032 from USD 2.9 billion in 2022, growing at a CAGR of 17.9% during the forecast period from 2023 to 2032.
• Wearable adhesives market  was valued at USD 294.21 million in 2020 and is expected to reach USD 617.43 million by 2026, at a CAGR of 13.15%
• 3D Printed Wearables Market accounted for USD 3,570.84 million in 2021. It is projected to grow at a 9.1% CAGR, between 2023 to 2032.
• Birth Control Wearables Market is projected to reach USD 63,361.54 Mn by 2032 at a CAGR of 13.2%, from USD 18,338.40 Mn in 2022.

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