Alphabet Inc., Apple Inc, Samsung Electronics Co., Ltd, LG Electronics Inc, Fitbit Inc, Xiaomi Corporation, and Huawei Technologies Co., Ltd., among others, are the major players in the global market.
The global wearable technology market reached a volume of about 181 million shipments in 2020. The industry is further expected to grow at a CAGR of about 17% in the forecast period of 2022-2027. As per the analysis by Expert Market Research, the market is expected to be driven by the increasing penetration of the Internet of Things (IoT) and connected devices, and the increasing technically sound population.
Obesity and other chronic conditions have prompted the introduction of wearable devices such as body monitors and activity trackers, which provide real-time health data. These wearable gadgets can monitor blood pressure, calorie intake, pulse monitoring, oxygen levels, sleep quality and quantity, cholesterol levels, and other information needed by the body for day-to-day activities. Increased awareness of the benefits of these devices among professional athletes and leisure fitness clients is likely to drive the demand for fitness and wellness goods over the forecast period.
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North America is known for being one of the world's technological centres. The need for sophisticated and multi-functional devices is increasing as smart gadgets are becoming more popular. The region's market expansion is driven by rising disposable income and a high rate of adoption of new wearable devices. Significant players such as Garmin, Apple, and Fitbit also contribute to the wearable technology industry's growth. Various North American sports associations are investing capital in the regional market. The wearable technology industry in the region is expected to be fuelled by these investments.
Headquarters: Cupertino, California, United States
Apple is the largest technology company in the world by revenue, totalling USD 275 billion in 2020. Apple is ranked as the most valuable brand in the world. As of 2021, more than 1.65 billion Apple products are in use worldwide. Apple Inc. designs, produces, and markets personal computers, smartphones, wearables, and tablets, among other accessories, worldwide. The company also offers various services like Apple Music, Apple News+, Apple TV+, Apple Arcade, and Apple Pay, among others.
Headquarters: Suwon-Si, South Korea
Samsung Electronics is a global leader in technology and is recognised as one of the top 10 international brands. Samsung is also a leader on the Internet of Things field through Smart Home and Digital Health initiatives. Through discovery and innovation, Samsung is transforming the world of smartphones, wearable devices, TVs, tablets, network systems, medical devices, semiconductors, and LED solutions, among others.
Headquarters: Seoul, South Korea
LG Electronics is a multinational electronics company. Services offered by the company include LG Smart Solution, a cloud service that connects machines and businesses to business owners, as well as content management systems and softwares. Products offered by LG Electronics include televisions, computer monitors, wearable devices, refrigerators, home theatre systems, washing machines, solar modules, and smart appliances, among others.
Headquarters: San Francisco, California, United States
Fitbit is an American fitness and consumer electronics company. Google completed its USD 2.1 billion acquisition of Fitbit in January 2021. Products offered by Fitbit include smartwatches, activity trackers, wireless-enabled wearable technology devices that measure data such as heart rate, number of steps walked, quality of sleep, steps climbed, and other personal metrics involved in fitness.
Headquarters: Beijing, China
Xiaomi is the fourth-largest smartphone brand globally, and it has established the world's largest consumer IoT platform, with over 196 million smart devices connected to it. Xiaomi products are currently available in over 80 countries and regions worldwide, with a significant presence in many of them. Products offered by Xiaomi include smartphones, laptops, smartwatches, smart bands, and smart home products, among others.
Headquarters: Shenzhen, China
Huawei is an information and communications technology (ICT) infrastructure and smart device provider worldwide. The company has more than 1,80,000 employees and operates in more than 170 countries and regions. Huawei invests heavily in basic research, focussing on technological breakthroughs that drive the world forward. Apart from ICT and smart devices, the company specialises in enterprise solutions, consumer devices, and carrier networks, among others.
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.