Global Wearable Devices Market Growth Analysis by Apple, Google, Huawei Technologies

Rising demand for wearable devices in healthcare applications and increasing consumer preference for sophisticated wearables are expected to drive the growth of the wearable devices market. However, high initial cost of manufacturing wearable devices is expected to impede the growth of the market in the coming years.

The global wearable devices market was valued at USD 34.5 Bn in 2020 and is expected to reach USD 208.6 Bn by 2027, growing at a CAGR of 12.9% during the forecast period (2017-2027).

Increasing concern about chronic diseases and obesity has led to the adoption of wearable devices such as health activity trackers, which provide real-time updates about our overall health. Wearable devices can show information such as cholesterol levels, calorie intake, heartbeat, sleeping time, blood pressure levels, oxygen levels, and other information required by a person for day-to-day activities.

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Customers' requirement to maintain an active and healthy lifestyle is leading to an increasing demand for wearable devices. Fitness and sports wearable devices are mainly used for sports analytics. Activity parameters are tracked by wearable devices which helps in better decision-making in training a player. These wearable devices are frequently used for monitoring speed, distance covered, heart rates, and also for monitoring the performance and fitness levels of players. The emerging fitness and healthcare trends are accentuating the growth of the wearable devices market.

Increasing geriatric population in many countries is creating opportunities for the wearable devices market. This segment requires continuous long-term care. Preventive care and monitoring through wearable devices decrease patient readmission rates, improves patient outcomes, and reduces the length of hospital stays.

Wearable technology-enabled devices have evolved as an important consumer interface for IoT-based applications. The wearable device technology such as smart wristwear is compatible with multiple devices such as home automation units and connected automobiles, with the functionality of remote access.

Key Findings:

  • Based on product type, the wristwear segment is expected to dominate the market throughout the forecast period
  • Based on the mode of operation, the dual segment is expected to grow at a significant rate throughout the forecast period
  • Based on applications, the consumer electronics segment is expected to dominate the market throughout the forecast period
  • Asia Pacific is expected to grow at a significant rate in the global wearable devices market during the forecast period

Recent News:

  • In November 2019, Google Inc. acquired Fitbit with a spending of US$ 2.1 billion. Fitbit Inc. is one of the major players in the wearable devices market. Fitbit products have recently found it hard to compete with other major players like Apple Watch, Xiaomi Smart Fitness Trackers. Google Inc. on the other hand, has developed android wear operating system but till date, they didn't have their own wearable devices. As a result of this transaction, Google Inc. will position its android wear OS to other ecosystem partners, and they will work closely with Fitbit to produce more smart wearable devices such as smartwatch and fitness trackers. As a result of this acquisition, Google will have the benefit to take on Fitbit hardware devices and combine them with Google’s software capabilities to enter the competitive landscape of the wearable devices market.
  • In December 2018, Fossil Group Inc. launched their next-generation touchscreen smartwatches under six brands for the consumers in India. Some of these smartwatches are Fossil Gen 4 Smartwatch, Michael Kors Access Runway, and Skagen Falster 2. These newly launched products will give a better company positioning to Fossil in the global wearable devices market.

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