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Classified in: Science and technology, Covid-19 virus
Subject: MRR

Outlook on the Smart Wearables Global Market to 2032: Increasing Demand for Wireless Sports and Fitness Devices is Projected to Drive Growth

DUBLIN, March 22, 2023 /PRNewswire/ -- The "Smart Wearables Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

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This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global smart wearables market will grow from $20.64 billion in 2022 to $23.33 billion in 2023 at a compound annual growth rate (CAGR) of 13.0%. The smart wearables market is expected to grow to $34.39 billion in 2027 at a CAGR of 10.2%. 

Major players in the smart wearables market are Apple Inc., Samsung, Google, Xiaomi, Nike, Motorola Solutions Inc., Garmin, Jawbone, Misfit, and Polar.

Reasons to Purchase

The smart wearables market consists of sales of fitness trackers, smartwatches, VR headsets, activity trackers, smart wristbands, and other smart wearables. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Smart wearables are defined as devices that are integrated with advanced technologies to keep a track of real-time information on activities.

Asia Pacific was the largest region in the smart wearables market in 2022. North America was the second-largest region in the smart wearables market. The regions covered in the smart wearables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main devices of smart wearables are smartwatches, smart glasses, fitness and wellness devices, smart clothing and others. Smart clothing is essentially an electronic device that communicates with other connected devices (such as smartphones) as well as the wearer's body. Smart clothing collects biometric and physical data from the wearer, such as body temperature and heart rate, using a variety of sensors.

The sensor-generated data is transferred via Bluetooth to relevant apps on a paired smartphone, where it can be viewed by users. The various technologies of smart wearables are memory and storage technology, speech and pattern recognition technology, communication and networking technology, sensing technology, computing technology, display technology that are used in lifestyle, healthcare, consumer applications, defense, fitness and sports, enterprise and industrial applications.

The increasing demand for wireless sports and fitness devices is projected to drive the smart wearables market. There is a rapid growth in the use of smart devices such as smartwatches among cyclists, runners, gym-goers, swimmers, and athletes to track the calories burnt, hourly activity, stationary time, and activity time. 

The lack of control over the data generated by owners through their smart wearable devices constraints the growth of the market. The privacy policy of most wearable devices states that data collected would be shared with a third-party vendor, inherently giving way for the data breach.

For instance, in 2021, Apple and Fitbit users' data was exposed online due to an unsecured database containing over 61 million records related to fitness trackers and wearables. Data breaches are a big concern to the users making it an obstacle for people to adopt the use of these devices and thus, impacts market growth negatively.

The use of smart rings is a key trend shaping the growth of the smart wearables market. A smart ring is a wearable electronic device equipped with mobile devices such as sensors and NFC chips that are used as a peripheral tool to assist mobile devices for a variety of purposes, often monitoring everyday tasks.

For example, in May 2022, Gucci x Oura, a Finland-based fitness tracker company launched a smart ring for $950. This product is made from black PVD-coated titanium and helps to discover self with highly personalized and responsive capability featuring the designer's logo in 18-karat yellow gold, running along the outside of the band.

In June 2022, Mensa, an Indian-based company acquired Pebble for an undisclosed amount. Through this partnership, Pebble's online footprint and amplify its marketing and branding strengthen its efforts to become a household digital brand. Pebble is a California-based company operating in smart wearables.

The countries covered in the smart wearables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

Key Topics Covered:

1. Executive Summary

2. Smart Wearables Market Characteristics

3. Smart Wearables Market Trends And Strategies

4. Smart Wearables Market - Macro Economic Scenario
4.1 COVID-19 Impact On Smart Wearables Market
4.2 Ukraine-Russia War Impact On Smart Wearables Market
4.3 Impact Of High Inflation On Smart Wearables Market

5. Smart Wearables Market Size And Growth
5.1. Global Smart Wearables Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Smart Wearables Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Smart Wearables Market Segmentation
6.1. Global Smart Wearables Market, Segmentation By Devices, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

6.2. Global Smart Wearables Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

6.3. Global Smart Wearables Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

7. Smart Wearables Market Regional And Country Analysis
7.1. Global Smart Wearables Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Smart Wearables Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/bv9y94

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SOURCE Research and Markets

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