Wearable Electronics Market to Hit Record Growth by 2030: Key Trends Unveiled

Wearable Electronics Market to Hit Record Growth by 2030: Key Trends Unveiled

WILMINGTON, DE, UNITED STATES, November 15, 2024 /EINPresswire.com/ -- Allied Market Research, titled, “Wearable Electronics Market¹ by Product, Component, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global wearable electronics market size was valued at $81.40 billion in 2020, and is projected to reach $459.58 billion by 2030, growing at a CAGR of 19.96% from 2021 to 2030.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/495

Wearable electronics refers to an integrated computing device or product, which helps the person or the user wearing it to enhance day-to-day activities. The dawn of mobile wireless systems, smartphones, has sparked a new era for wearable electronics globally. Gadgets which were deemed to be just used in industrial & commercial applications have now found their way into normal consumers enhancing their quality of life through various applications such as healthcare, sports & fitness, and lifestyle among a few.

The prominent factor that drives the wearable electronics market growth² include lower device cost due to the emergence of a large number of manufacturers and rise in awareness among customers for health-related activities and an increase in usage amongst customers of varied age profiles for patient tracking systems. However, the surge in several customers adopting digital devices and presence of internet mobility is expected to hinder the growth of the wearable electronics market trends. Conversely, a rise in investment in building a connected ecosystem is projected to offer remunerative wearable electronics market opportunities.

Wrist wristwear segment was the largest contributor of revenue in 2020 and is expected to grow at a CAGR of 17.5% from 2021 to 2030. Factors such as advancement and innovations in smartwatches by the key players help drive the wearable electronics market. The bodywear segment consumes 20.0% market share. The surge in the adoption of wearable devices such as smart watches, bands, headsets, and gloves in the manufacturing industry is one of the major factors for this growth.

The global wearable electronics market is segmented into product, application, and region. Based on product, the market is fragmented into wrist-wear, eye-wear, body-wear, and other-wear. Moreover, the application segment is divided into healthcare, entertainment, industrial, and others.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/495

Region-wise, the wearable electronics market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). The market share in Asia-Pacific is expected to grow at a faster rate as compared to other regions. Factors such as rapid technological advancements & innovations and transformation from automated devices to autonomous devices due to the integration and advancement of IoT and AI technologies increase the demand for the wearable electronics industry.

The global wearable electronics market size has been significantly impacted by the COVID-19 outbreak. New projects throughout the world have been stalled which, in turn, has declined the market growth. In the present pandemic scenario, health has become an utmost priority for people so demand for wearable products related to health and fitness such as fitness bands and smartwatches is expected to increase significantly.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

- In terms of revenue and volume, the wristwear segment contributed the maximum wearable electronics segment in 2020 and is expected to maintain its lead throughout the wearable electronics market forecast³ period.
- In 2020, North America accounted for over a 29% share globally and is witnessing significant growth in wearable electronics market share.

The key players profiled in the report include Adidas AG, Fitbit, Inc., Nike, Inc., Google, Inc., Apple, Inc., Sony Corporation, Samsung Electronics, Garmin Ltd., Sensoria Inc., and LG Electronics. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the wearable electronics market.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/495

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports consider significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on analyzing high-tech and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X

¹ https://www.alliedmarketresearch.com/body-adapted-wearable-electronics-market
² https://www.globenewswire.com/news-release/2022/03/09/2399595/0/en/Global-Wearable-Electronics-Market-Is-Expected-to-Reach-459-58-Billion-by-2030-Allied-Market-Research.html
³ https://www.alliedmarketresearch.com/press-release/wearable-electronics-market.html