smart wearable

Smart Wearable Market to Grow by 19.48% from 2021 – 2026

The shipment volume of smart wearable ‘s globally stood at 266.3 million units in 2020 and is projected to reach 776.23 million units by 2026, registering a CAGR of 19.48% during the period of 2021-2026.

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Wearable technology, an emerging trend, integrates electronics into daily activities and addresses changing lifestyles with the ability to be worn on any part of the body. Factors, such as the ability to connect to the internet and provide data exchange options between a network and a device, are leading to the trend of wearable technology.

Wearables have gained significant traction, owing to the boom in the fitness trend across consumers. According to Cisco Systems, the number of connected wearable devices is expected to increase from 593 million in 2018 to 1,105 million in 2022. The smartwatch category is experiencing a rise, owing to additional features, like the brand that suits the everyday lifestyle. Strong brands, such as Apple and Fossil, are keeping the pricing consistent with the price bands of traditional watches to maintain their revenues. With Google’s WearOS, many other premium watchmakers, such as TAG and Armani, have entered the segment.

The COVID-19 outbreak and the lockdown restrictions across the globe have affected industrial activities across the world. The electronics industry is hit, with a significant influence on its supply chain and production facilities. The production came to stand still in China and Taiwan during February and March, which influenced various OEMs across the globe.

Smart Wearable  Key Market Trends

Incremental Technological Advancements Aiding Market Growth

  • Owing to the increasing penetration rates of urbanization, the demand for aesthetically appealing, advanced-featured products with the ability to better serve consumers’ daily requirements, such as time schedules, has driven the global market for smartwatches.
  • Moreover, the huge millennial population has been adopting smartwatches, owing to the increased spending for their regular work hours tracking as well as luxury standards. According to the International Council of Shopping Centers (ICSC), millennial expenditure is expected to increase across various major economies.
  • In addition, the use of fiber optic sensors (FOSs) has been widely accepted as a substitute for traditional sensors in smart fabrics/clothing. The reason is their small size and better metrological properties. Although the same may not be the case, in head-mounted displays, companies, such as Lucyd, are focusing on the ergonomics aspect. By reducing the size and weight, companies expect to increase the applications of the head-mounted displays across industries.

Asia-Pacific to Witness the Fastest Growth Rate

  • Asia-Pacific is expected to witness the highest growth in the smart wearable market during the forecast period. The growing electronics industry, coupled with a rapid rise in disposable income in the region is driving the smart wearable market.
  • In China, the wearables market has taken on a different shape, fuelled partly by the purchases of growing affluent consumers. For instance, a recent report by a government think tank in China stated that approximately 80% of the smart wearable devices in the world are manufactured in the southeastern Chinese port city and manufacturing hub. According to the report published by the China Center for Information Industry Development, Shenzhen, the base camp of many Chinese tech giants, is the biggest R&D (research and development) and production center for smart wearables.
  • Moreover, increasing awareness regarding fitness, technological advancements, and the availability of high-speed Internet connectivity are the major factors propelling smart wearable market growth in the country.

Competitive Landscape

The smart wearable market is highly competitive. The market has gained a competitive edge in recent years. Additionally, several efforts are being made by the players to gain a competitive edge in this fast-growing market, mainly catering to the demand from the millennial population.

  • September 2020 – Apple Inc. launches seven next-gen touchscreen smartwatches under its six brands for tech-savvy millennials in India. The seven smartwatches are Fossil Gen 4 Smartwatch Venture HR and Explorist HR for Fossil, Skagen Falster 2 for Skagen, Michael Kors Access Runway for Michael Kors, Emporio Armani Connected for Emporio Armani, A – X Armani Exchange Connected for Armani Exchange, and Diesel Full Guard for Diesel.
  • August 2020 – Samsung Electronics Co. Ltd launched the Galaxy Watch 3, in its new product lineup. The Galaxy Watch3 is available in 41mm and 45mm models, both in LTE and Bluetooth variants. The stainless-steel version comes in Mystic Bronze, Mystic Black, and Mystic Silver, while the titanium model is available in Mystic Black. The Galaxy Watch 3 uses a red LED and infrared rays to estimate SpO2 levels. The Galaxy Watch 3 automatically detects hard falls, with its enhanced accelerometer. Galaxy Watch3 records REM cycles, deep sleep, and total sleep time to score and help improve the quality of sleep.

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