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Global Wearable Technology Market to Reach 464 Million Shipments by 2026, Aided by the Rising Technology

According to a new report by EMR titled, ‘Global Wearable Technology Market Report and Forecast 2021-2026’, 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 2021-2026 to reach a value of around 464 million shipments by 2026.

The global wearable technology market is driven by the increasing advancements in technology along with the increased penetration of internet in the market. Asia Pacific is projected to be the most attractive regional market for wearable technology due to the rising disposable incomes, the growing tech-savvy population, and the increasing growth of many companies in the region. Rising number of participants are expected to shift their manufacturing facilities to Asia Pacific due to low labour and operational costs. In addition, a substantial proportion of the large population in the region is among the early adopters of this technology.

In 2019, Apple Inc (NASDAQ: AAPL), a leading technology company popular throughout the globe, launched its the second version of its wireless earbuds, Airpods. The new edition of the AirPods features a wireless charging case, hands-free access to the iPhone digital assistant, Siri, and improved battery life. The increased sales of the product propelled the market growth in the historical period.

In 2018, Fossil Group Inc (NASDAQ: FOSL), one of the leading designer brands, especially for wrist watches, introduced a new range of seven next-generation smartwatches. These watches have an aesthetic design and also the latest technological features which helped attract large consumer base, especially the millennials. This boosted the market growth in the historical period.

Market Analysis by Component, Type, Technology, Applications, and Regions:

  • The components used can be divided into software and service.
  • The types of the product include wrist-wear, eye-wear and head-wear, foot-wear, neck-wear, and body-wear, among others.
  • Based on technology, the industry can be divided into computing technology, display technology, networking technology, positioning technology, and sensor technology, among others.
  • The product finds wide applications in consumer electronics, healthcare, enterprise, and industrial application, among others.
  • The regional markets include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Increasing penetration of smartphones in the market is the primary factor bolstering the market growth.
  • The rising awareness about the benefit of these devices among consumers is expected to propel the market growth.
  • The rising social awareness and various benefits of wearable electronics is driving the growth of the market.
  • Rising concerns about obesity and other chronic diseases have resulted in increased adoption of wearable devices, including body monitors and fitness trackers.

Key Offerings of the report:

  • The EMR report gives an overview of the global wearable technology market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecasted (2021-2026) markets for the component, type, technology, applications, and major regions of wearable technology. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global wearable technology market are Apple Inc., Samsung Electronics Co., Ltd., Fitbit, Inc., Xiaomi Corp, Alphabet Inc., LG Electronics, Inc., and Huawei Technologies Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*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.

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