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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.
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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.
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