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Wearable Devices Market by Product Type (Smart Watches, Fitness & Activity Tracker, Smart Eyewear, Smart Clothing, Medical Devices, Others), by End-use Industries (Fitness & Wellness, Healthcare & Medical, Infotainment, Enterprise & Industrial, Military & Defense, Others), by Distribution Channel (Online Retailing, Exclusives Stores, Multi-brand Stores, Hypermarket, Pharmacies) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026

Industry Outlook

Wearable devices recorded the sale of 130.8 Mn units in 2017 and projected to witness the double-digit growth of 16.5% from 2018 to 2026. Wearable devices can be defined as clothing or accessories with advanced technologies that includes products such as smart watches, fitness & activity tracker, smart eyewear, smart clothing, medical devices, and others. These devices are designed to wear in daily life routine mostly available with wireless connectivity, processor, and user interface on the device itself or on the paired device. Smart watches was the dominant segment accounting for over 40% of the total shipment in 2017, while fitness & activity trackers projected to remain the most popular and fastest growing segment during the period from 2018 to 2026. Growth in the fitness and activity tracker segment can be attributed to their function of monitoring heart rate and tracking body activity with the ease of usability, portability, and integrating into everyday life. Rising consumer awareness of wearable in key markets such as China, UK, and U.S. coupled with technological advancements in software & hardware components and their adoption in fitness & wellness, healthcare & medical, military & defense, and other sectors augmenting the growth of the wearable devices market. Moreover, increasing penetration of smartphones and their compatibility with wearable devices, growing preference for wireless connectivity among healthcare providers, increasing awareness of fitness & health, and high penetration of IT in end-use industries such as healthcare, military & defense, enterprise & industrial, etc. are some other factors supplementing the growth of wearable devices across the globe. Although, the wearable devices market has positive growth outlook, premium cost of wearable devices, limited battery life, and data security issues are some of the factors expected to hinder the market growth during the forecast period.

North America is the largest market for wearable devices market and expected to dominate global demand over the forecast period owing to technological developments. Whereas, Asia Pacific is projected to exhibit substantial growth due to low production costs in India and China. Since, user friendly technological innovation is the key to success in the wearable devices market, players operating in the market are striving to cater consumer unmet needs such as long battery life, durability, and low cost by consistently introducing new products in the market, making new product development a preferred strategy of wearable devices manufacturers.

Market Synopsis

Wearable Devices Market

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Demand for Smart Watches from Infotainment and Fitness & Wellness Industry, Making it the Leading Segment

Smart Watches is the leading product type segment during 2017-2018. The segment is also projected to witness the robust growth during the forecast period owing to increasing demand from infotainment and fitness & wellness end-use industries. Smart Watches accounted for over 40% of total wearable devices sale across the world in 2017. Smart Watches are equipped with various camera, accelerometer, thermometer, compass, maps, calculator, picture gallery, music player, SD card, rechargeable battery, speaker, and various others user friendly features. The advent of Apple Inc. into Smart Watches segment disrupted the market in terms of value and volume both.

Fitness & Activity Tracker and Medical Devices product type also projected to witness high growth during the forecast period on account of rising health awareness among consumers and rising prevalence of lifestyle diseases such as hypertension, obesity, and diabetes, fuelling demand for continuous monitoring of various physiological factors that includes calorie intake, blood sugar levels, and blood pressure. Moreover, increasing penetration of smartphones and smartphone linked healthcare applications coupled with growth of remote patient monitoring are few other factors propelling the growth of these segment.

Wearable Devices Market

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Fitness & Wellness Dominated the End-Use Industry Segment Owing to Rising Lifestyle Diseases Globally

Fitness & Wellness segment represented over 30% of total wearable devices sale in 2017, followed by healthcare & medical and infotainment. Wearable devices used in fitness & wellness industry includes smart watches, smart clothing, smart glasses, sleep sensors, heads-up displays, foot pods & pedometers, fitness & heart rate monitors, activity monitors, and others. Rising average life expectancy, a higher ratio of seniors, and increased prevalence of chronic disease expected to drive the Fitness & Wellness segment in coming years.

Infotainment & Healthcare & Medical and segment closely follows the Fitness & Wellness segment in terms of market value in 2017. Healthcare & Medical segment includes following devices: continuous glucose monitoring, insulin pumps, blood pressure monitors, drug delivery products, defibrillators, patches, smart glasses, hearing aids, and others. Healthcare & Medical devices segment is projected to witness the significant growth during the forecast period.

Wearable Devices Market

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Online Retailing Projected to Witness Robust Growth during the Forecast Period

Exclusive Stores segment represented the largest share total wearable devices sale in 2017, closely followed by Multi-brand Stores and Online Retailing. Increasing demand for wearable products in retail outlets of developed economies boosting the demand for this segment. With an objective to improve consumers’ experience with the brand, companies aims to boost their market by using exclusive retail outlets These stores not only offers various products but also provides excellent post-sale services. The growth of this segment is attributed to the fact that the consumers in exclusives stores experience more intimate and personalized shopping experience compared to online retailing.

Online retailing is identified as the most popular and fastest growth distribution channel for wearable devices. Online retail mainly includes the various ecommerce stores that displays various products with special offers and price tags wherein the consumers can buy these products with hassle-free payment gateway through cart system. Online platforms enables the consumers to seek the best product according to their convenience without physically visiting the shop to buy these products. Hence convenience factor of consumer and rising penetration of online shopping expected to drive the online retailing segment during the forecast period.

Wearable Devices Market

Growing End-use Industries in Developed Economies Projected to Catapult the Market Growth

North America held the largest market share of over 35% in 2017, followed by Europe and Asia-Pacific in terms value and unit shipment. North America’s wearable devices market is mainly driven by huge demand U.S. end-use industries. Factor such as growing prevalence of chronic diseases and obesity, increasing application of remote patient monitoring and home care, aging population, increasing number of professional athletes, and clinical and military research propelling the demand for wearable devices in the region.

Asia-Pacific projected to witness the fastest CAGR during the forecast period. Increased government budgets for healthcare sector, increasing geriatric population base, rising disposable income, and rapid economic growth expected to boost the demand for wearable devices in the region.

Wearable Devices Market

Apple Seizes the Leader Position in Wearable Devices Market in the 4th Quarter of 2017

Apple’s is the market leader for smart watches segment owing to surge in smart watch shipment across the globe. Activity and Fitness tracker segment is being dominated by two giants Fitbit and Xiaomi. Product innovation and new product development are among preferred strategy adopted by key players to acquire more share and get an edge over other players in wearable devices market. For instance, Samsung and Huawei launching new wearable devices in the Middle East & Africa region to acquire greater share and strengthen their foothold in the region growing at the CAGR of over 15% annually. Key manufacturers of Wearable Devices market includes Apple, Samsung, LG, Fitbit, MI, Nike, Flex, Sony, Garmin, Huawei, Eurotech, Abbot, and Medtronic among others.

Wearable Devices Market

Historical & Forecast Period

Each market segment is analyzed in our study for the period of 2016 to 2026 with 2017 as the base year while period from 2018 to 2026 is considered for the CAGR calculation.

Report Scope

The report enlightens the thorough outline of global Wearable Devices market by categorizing the market in different segment given below:

ATTRIBUTE DETAILS
Research Period  2016-2026
Base Year 2017
Forecast Period  2018-2026
Historical Year  2016
Unit  USD Billion
Segmentation

 By Product Type Segment (2016–2026; Mn Units, US$ Bn)
 • Smart Watches
 • Fitness & Activity Tracker
 • Smart Eyewear
 • Smart Clothing
 • Medicals Devices
 • Others (cameras, smart jewelry, ear/head phones, etc.)

 By End-use Industry (2016–2026; Mn Units, US$ Bn)
 • Fitness & Wellness
 • Healthcare & Medical
 • Infotainment
 • Enterprise & Industrial
 • Military & Defense
 • Others (sports, lifestyle, etc.)

 By Distribution Channel (2016–2026; Mn Units, US$ Bn)
 • Online Retailing
 • Exclusives Stores
 • Multi-brand Stores
 • Hypermarket
 • Pharmacies

 Geography Segment (2016–2026; US$ Bn)
 • North America (United States and Canada)
 • Europe (U.K., Germany, France, Rest of Europe)
 • Asia Pacific (China, Japan, India, Rest of Asia Pacific)
 • Latin America (Brazil, Mexico, Rest of Latin America)
 • Middle East and Africa (GCC, Rest of MEA)

This research report describes leading continents and their major countries, along with profiles of key players operating in overall market and their planned developments. Our report further defines the overall market dynamics such as drivers, challenges, and opportunities prevalent in the market to understand global Wearable Devices market more explicitly. Our in-depth quantitative and qualitative analysis of each segment up to country level highlights investment opportunities and revenue pockets in the market.

Key questions answered in this report

  • What are the current market trends in the Wearable Devices market and valuable opportunities for the players?
  • Which is the most attractive region & segment for investment?
  • What is the market size and trends in emerging markets?
  • Which are the prime end-use industries of wearable devices across different geographies?
  • Which are the major product types of wearable devices and their market sizes?
  • Which is the leading distribution channel in Wearable Devices market?
  • Which are the leading players and their market position?
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Executive Summary - Brief Global Market Size - Current & Forecast
Regional Market Size - North America
Country Market Size - US
Company Profile – 1
Trusted By
Godaddy
Published Date:  Aug 2018
Category:  Consumer Goods
Report ID:   59271
Report Format:   PDF
Pages:   120
Rating:    4.3 (60)
Delivery Time: 24 Hours to 48 Hours   
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