According to Goldstein Research, “Growing innovations in wearable technology and designs in wearable devices which can keep the fitness track and identifies medical conditions are propelling the demand for wearable devices across the globe. Wide acceptance of wearable devices by consumers due to its multiple health benefits are expected to raise the sales of wearable devices in the near future. Moreover, integration of wearables with smartphones is accelerating the adoption of wearable devices.”
The global wearable device market is segmented on the basis of product type and by end-user. Product type is further categorized into neckwear, bodywear, footwear, headwear/eyewear and wristwear. Among these segments wristwear accounted for the largest share of global wearable device market and is estimated to dominate the market during the forecast period. In 2016, over 90 million units of wearable wristwear devices were sold across the globe and are projected to reach nearly 320 million units by the end of 2024. Smart watches accounted for over 46% market share of total wearable market in 2016.
Asia-Pacific region is the fastest growing region for global wearable device market owing to the changing lifestyle and growing awareness towards wellness and fitness in the region. Asia-Pacific wearable device market valued USD 1.81 billion in 2016 and is estimated to reach USD 8.67 billion 2024, growing at a CAGR of 22% during the forecast period.
Wearable Technology based Start-ups: Fuelling Market Competitiveness
Wearable technology is giving rise to new start-ups which is increasing market competitiveness and helping to expand the wearable market with their innovative products. For instance, BSX Technologies is planning to launch consumer friendly wearable devices which can track fitness, heart rate and sleep with the application of optical technology. Moreover, in 2017, Interaxon launched smartglasses smartglasses, under the Safilo X platform and Kronaby is gaining huge consumer interest with their stylish collection of hybrid smartwatches.
“Global Wearable Device Market Outlook 2024” contains detailed overview of the global wearable device market in terms of market segmentation by product type by end-user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global wearable device market also provides competitive outlook of some of the major players of global wearable device market which includes profiling of companies such as Google Inc., Apple Inc., Garmin Ltd., Samsung, Pebble Technology Corporation, Fitbit Inc., Xiaomi, Omron Corporation, Adidas, Jawbone, Sony Corportation, Philips Healthcare, Vital Connect, Sotera Wireless, Intelesens Ltd., Basis Science, Inc., Covidien Plc, Gentag Inc., Intel Corporation, Polar Electro, Winmedical Srl, InteraXon, Jabra, Johnson & Johnson, Murata Manufacturing Co., Ltd., Misfit Wearables, iHealth Lab, MC10, Hillcrest Labs, Bragi, Valencell, Motorola Solutions, Plantronics and Recon Instruments. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global wearable device 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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