The Wearable Sensors Market is anticipated to grow with a modest CAGR over the forecast period, i.e. 2022-2031, owing to the growing semiconductor industry, backed by the rising demand for advanced electronic devices. According to the statistics by the Semiconductor Industry Association, worldwide semiconductor sales was recorded at USD 412.3 billion in the year 2019. In 2021, the sales crossed USD 530 Billion.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Wearable Sensors Market products.
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Wearable sensors are devices that collect input information about the physical and biological properties of the body and environment. Further this information is utilized to do calculations which yields output information. Wearable sensors are implanted in wearable devices to track fitness, environmental and health activities such as heart rate, blood pressure, body temperature, stress level, movements, speed, local temperature etc. Wearable sensors are used in many devices such as fitness watch, smart shoes, glasses, VR headsets, jewelry (rings), hearable, sleep mask, body wear and others. The key factors driving the global wearable sensors market are compact size, low cost and miniaturization of sensors. Further, technological integration of wearable sensors with textiles is emerging trend in the market. Compact and advanced product development and merger and acquisition are the major strategies which the companies have adopted from the past 4-5 years. Innovation of specific sensors such as PIQ Multi -Sport wearable sensor is expected to boost the wearable sensor market in the upcoming years.
Market Size and forecast
The market of wearable sensors is anticipated to grow at considerable CAGR during the forecast period 2017-2024. The global wearable sensors market is expected to garner USD 1,943.68 million by 2024. Further, the market is expecting gigantic rise in the demand due to the miniaturization of sensors and advancement in healthcare industries. Further, the bolstering market of smartphones is going to augment the integrated wearable devices.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Currently, North-America and Europe region are the largest market occupying more than 60% market share in the global market. North-America is the leader in the global wearable sensor market and it is anticipated to maintain the dominance during the forecast period. Being a developed region, they encourage and adopt the new innovations and technologies. Moreover, rising concern towards health and fitness is another factor which is driving the market in North-America. European market captures the second place in the global wearable sensor market. With ongoing technological advancements and rise in demand of body wearable devices, Europe is expected to witness a robust growth in the global sensors market over the next five to six years.
On the other hand, Asia-Pacific is the swiftest emerging market of wearable sensors. The market of Asia-Pacific is driven by the increasing consumer awareness about the benefit and usage of wearable devices and low cost of sensors. In forecast period, Latin America is expected to showcase a remarkable rise in terms of demand for wearable sensors. Further, the Middle East and Africa is anticipated to witness a positive growth over the forecast period. Low cost of wearable sensors is the major factor which is driving the wearable sensors market in Latin America and The Middle East and Africa.
Market Segmentation
By Type
Accelerometers
Magnetometers
Gyroscopes
Chemical Sensors
Image sensors
Inertial Sensors
Temperature and Humidity sensor
Pressure and force sensor
Touch sensor
Motion sensor
eCompass
Others (UV index sensors, proximity sensors etc.)
By Application
Wrist wear
Eyewear
Body wear
Footwear
Neckwear
Others (finger wear, head wear etc.)
By End user
Enterprise & Industrial
Healthcare
Consumer
Others (clinical, non-clinical, transportation, aerospace, defense etc.)
By Region
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Based on region, global wearable sensors market id further classified as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers and Challenges
Low cost of sensors, evolving advancement of technologies and rising consumer awareness towards health are few factors which are driving the growth of global wearable sensors market. In addition to that, growing smart clothes technology is anticipated to boost the demand for wearable sensors. Moreover, rising healthcare sector and integration of new technologies like emergency cardiac arrest alarm and pre detection of diseases is expected to propagate the growth of wearable sensor market.
However, high cost of advanced technological sensors is likely to hamper the growth of wearable sensors market globally. Likewise, less awareness among the population towards smart wearable and low availability of wearable products in the market are also some of the major factors which re restraining the growth of global wearable sensor market.
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Key Players
Robert Bosch GmbH
Company Overview
Key Product Offerings
Business Strategy
SWOT Analysis
Financials
NXP semiconductors (Freescale Semiconductor, Inc.)
Broadcom Limited
ST Microelectronics
Shimmer technologies
Infineon Technologies AG
Analog devices Inc.
Texas Instruments (Measurement Specialties, Inc.)
mCube, Inc.
Knowles Electronics
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The Global Sensors Market is segmented as follows:
By Type Market Size & Y-O-Y Growth Analysis
By Application Market Size & Y-O-Y Growth Analysis
By End User & Y-O-Y Growth Analysis
By Region Market Size & Y-O-Y Growth Analysis
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
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