Wearable Electronics Market to be Dominated by the Smartwatch Segment with a CAGR of 13.8 percent, Says Stellar Market Research

PUNE, India, July 11, 2024 /PRNewswire/ -- The research methodology utilized in analysing the Wearable Electronics Market encompasses a thorough approach that combines primary research through interviews with industry stakeholders and secondary research utilizing reports from government sources, industry publications, and financial statements. Market sizing and forecasting techniques are employed alongside competitive analysis to provide valuable insights into the market landscape. The report encompasses conducting material, technology, and application segments and their analysis, which elucidates their influence on the market. The estimation methodology often adopts a bottom-up approach to accurately determine market sizes.

Reports on competitive analyses encompass company overviews, financial performances, product portfolios, and strategies of key players in the Wearable Electronics Market. To assess strengths and weaknesses, a comprehensive SWOT analysis was conducted, while a PESTLE analysis was carried out to understand the impact of macroeconomic factors on the market. Also, the report includes detailed analyses of investments made by market players to enhance their global presence.

The Wearable Electronics Market was valued at USD 77.55 Billion in 2023 and is expected to grow at a CAGR of 13.8% reaching USD 191.69 Billion by 2030. As per the Stellar Market Research report, the global wearable electronics market is expected to be dominated by North America to grow at a significant growth rate over the forecast period.

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Wearable Electronics Market Scope

What's New: Recent Additions and Updates

• Biometric authentication features like fingerprint, iris, and facial recognition are being integrated into wearables for enhanced security and personalization
• Wearable devices are incorporating more sophisticated sensors to track a wider range of health and fitness metrics, such as blood oxygen levels, skin temperature, and even electrocardiogram (ECG) data.
• Wearable manufacturers are exploring the use of recycled materials and incorporating energy-efficient technologies to reduce the environmental impact.

Key Player Offerings

• Highlighting environmental sustainability, Apple Inc. has introduced the Apple Watch Series 8 and a redesigned Apple Watch SE with 100% recycled materials. The Series 8 adds new health features like temperature sensing for women's health, as well as Crash Detection.
• Fitbit Charge 6 with its appealing health tracking features like heart rate tracking and the ability to connect to the gym equipment is an affordable choice for health-conscious consumers. It also offers features like GPS and contactless payments with Google Wallet.

Wearable Electronics Market Regional Analysis

North America, particularly the U.S. held the dominant position in the wearable electronics market as the region boasts a tech-savvy population driving the demand for advanced wearable devices. The inclination of the consumers in the region toward advanced technologies has been leading to high penetration rates and an increase in sales volume. Additionally, the leading key players like Apple headquartered in North America generated a revenue of approximately USD 39 Million in 2023 from the wearables segment indicating the growth of the wearable electronics market fueling innovation and the introduction of cutting-edge products. The region supports favorable trade policies and a well-established supply chain ensuring effective import-export of the components and finished products. For instance, North America imports premium-quality sensors and semiconductor components from China. Comparatively, Europe is also a significant player in the wearable electronics market with the UK and Germany focusing on high-quality health-oriented wearables.

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Wearable Electronics Market Segment Analysis

Based on technology the Wearable Electronics Market is segmented into Wristbands, Smartwatches, Hearables, and AR Glasses. The Smartwatch segment dominated the wearable electronics market in 2023 and is expected to grow continuously during the forecast period. Smartwatches have integrated several features like health monitoring, communication, and entertainment functions driving their widespread adoption ranging from fitness enthusiasts to tech-savvy professionals. The Indian smartwatch market in 2023 observed a 50% YoY growth in smartwatch shipments, with regional manufacturers like Noise and Fire-Boltt using cutting-edge features and competitive rates to capture a major share of the market from global giants like Apple and Samsung. Additionally, cost-effectiveness plays an important role in making smartwatches more accessible to larger consumers given the advances in the semiconductor industry and the reduction in manufacturing costs. A decrease in the average selling price of smartwatches has led to a decrease in the cost of premium models without sacrificing performance, which has increased sales volume. The scope of the smartwatch segment is being increased through ongoing innovation in AI, IoT integration, and health analytics, which is anticipated to maintain customer interest and drive wearable electronics market development.

By Conducting Material

• Consumer Electronics
• Healthcare
• Enterprise and Industrial

By Application

• Infotainment
• Fitness and Wellness
• Fashion and Lifestyle
• Safety and Security
• Healthcare and Medical

Wearable Electronics Market Key Players

• Apple
• Xiaomi
• Huawei
• Samsung
• Fossil
• Others

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Key questions answered in the Wearable Electronics Market are:

• What are wearable electronics?
• What is the current growth rate of the Wearable Electronics Market?
• Who are the key players in the Wearable Electronics Market?
• What are the factors affecting growth in the Wearable Electronics Market?
• Who held the largest market share in the Wearable Electronics Market?
• What is the demand pattern for the Wearable Electronics Market?
• What are the key trends in the Wearable Electronics Market?
• What are the strategies used by competitors in the Wearable Electronics Market?
• What are the growth prospects in developing countries for the Wearable Electronics Market?
• Which segment is expected to witness the fastest growth and why in the Wearable Electronics Market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by Conducting Material, Technology, Application, and Region
• Competitive Landscape – Profiles of selected key players by region in a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Stellar Market Research is leading Machinery & Equipment research firm, has also published the following reports:

Smart Wearables market: The Market was valued at US$ 130.93 Billion in 2030, growing from US$ 52.32 Billion in 2023. It is estimated that the Global Market is to grow at a CAGR of 14% over the forecast period.

Military Wearables Market: The Market size was valued at USD 4.67 Bn. in 2023 and the Military Wearables revenue is expected to grow at a CAGR of 3% from 2024 to 2030, reaching nearly USD 5.6 Bn. by 2030.

US Pet Wearable Market: The Market size was valued at USD 912 Mn. in 2023 and the total US Pet Wearable revenue is expected to grow at a CAGR of 13.6% from 2024 to 2030, reaching nearly USD 2226 Mn.

Wearable Smart Device Market: The Market is expected to reach US$ 524.89 Bn. in 2030 from US$ 162.44 Bn. in 2023 at a CAGR of 18.24%.

Global Smartwatch Chips Market: The Market size was valued at USD 1.62 Billion in 2023 the market is expected to reach USD 3.22 billion by 2030 with a CAGR of 10.3% from 2024 to 2030.

About Stellar Market Research:

Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.

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