Recent report published by research nester titled “Smart Wearable Device Market : Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global smart wearable devices market in terms of market segmentation by product, by function, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global smart wearable devices market is segmented into product type such as wearable smart textiles and wearable devices (non-textile). Among these segments, wearable technology (non-textile) segment is expected to occupy the top position in the market during the forecast period. The rise of the wearable technology (non-textile) segment is backed by growing demand for products such as smart watches, fitness bands and other health monitors. Moreover, wearable smart textiles segment is also anticipated to witness significant growth over the forecast period owing to growing demand for smart cloths in developed regions.
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Global smart wearable devices market is expected to register a 16.0% CAGR over the forecast period. Moreover, the global smart wearable devices market was valued at USD 16.2 Million in 2016 and is anticipated to reach at a valuation of USD 52.5 Billion by the end of 2024. Further, high adoption rate of advanced technologies and growing disposable income of the consumers are expected to be the dynamic factors which are fostering the growth of global smart wearable device market.
The fitness & wellness segment by application is likely to grow at remarkable pace during the forecast period. Increasing demand for wearable devices that can monitor heart rate, blood sugar and other health parameters is anticipated to foster the growth of this segment in near future.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Wearable technologies in healthcare & medical sector
Smart wearable devices such as heart rate monitor and glucose monitor are some of the very highly used wearable technologies in healthcare & medical sector. Further, the demand for smart wearable devices in health care and medical sector is expected to rise in near future due to rising need for continuous monitoring of patient’s health in hospitals.
Technological advancements with wearable technologies
Rapid technological advancements with wearable technologies in order to improve their performance are likely to impel the growth of global smart wearable devices. However, continuous introduction of innovative and advanced smart wearable technologies in consumer market is bolstering the growth of global smart wearable devices market. However, high cost of smart wearable devices and lack of technological maturity are some of the major factors that are likely to inhibit the growth of the smart wearable devices market in the near future.
This report also provides the existing competitive scenario of some of the key players of the global smart wearable devices market which includes company profiling of Apple Inc., Sony Corporation, LG Electronics Inc., Adidas Group, Samsung Electronics Co. Ltd., Fitbit Inc., Xiaomi Technology Co. Ltd., Garmin Ltd., Alphabet Inc., and Misfit Inc.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart wearable devices market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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