The global wearable technology market size was US$ 41.1 billion in 2021. The global wearable technology market is forecast to grow to US$ 121.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 12.1% during the forecast period from 2022 to 2030.

COVID-19 Impact Analysis

The COVID-19 pandemic brought a significant downfall for the global wearable technology market, mainly during the initial phase. Due to the pandemic, the growth prospects of the market declined drastically. Manufacturing units had to shut their doors for a long time period, which ultimately hampered the supply chain flow. Furthermore, the shift in consumer preference during the pandemic and the drop in the demand for expensive technology further hampered the market growth. The global wearable technology market also witnessed a significant blow due to the cancellation and postponement of R&D activities.

On the contrary, the rising demand for e-healthcare has positively influenced the global wearable technology market. Due to the pandemic, it became highly essential for people to track their blood pressure and heart rate on a regular basis. Thus, it surged the demand for smartwatches and other wearable technology.

Factors Influencing the Market

The rising popularity of wearable technology among fitness enthusiasts and athletes will boost the growth prospects of the global wearable technology market.

The rising penetration of smartphones and tablets will contribute to the growth of the wearable technology market. Through wearable technology, it becomes easier for users to respond to texts, set alarms, and track their heart rate anytime and at any place. As a result of such benefits, the global wearable technology market will grow at an unexpected growth rate.

The growing trend of gaming will influence the demand for wearable technology. Moreover, the growing number of launches will offer ample growth opportunities for the market. For instance, Apple, Inc. unveiled the Apple Watch Series 2 in September 2016. The product includes advanced features like water resistance up to 50 meters and a built-in global positioning system (GPS). More such advancements will contribute to the growth of the wearable technology market.

Industry players may get benefits from acquisitions and partnerships aiming to expand product portfolios. For instance, Fitbit, Inc. announced the acquisition of Pebble Technology Corp.s software division in December 2016. The acquisition aims to expand the company's mobile application platform.

Regional Analysis

North America is forecast to dominate the global wearable technology market. It is due to the presence of a large population of internet users and the contribution of prominent industry players, like Alphabet, Garmin Ltd., and Apple Inc. In addition, the expansion of industry players in the region to expand their geographic presence will offer ample growth opportunities. For instance, Xiaomi Corporation announced its plan to expand in the North American market in May 2017.

The Asia-Pacific wearable technology market is forecast to grow at a substantial growth rate, owing to the increasing purchasing power, increasing urban population, and the presence of several industry players.

Competitors in the Market

Apple Inc.
FitBit Inc.
Sony Group Corporation
Garmin Ltd.
Samsung Electronics Co. Ltd.
Other Prominent Players
Market Segmentation

The global wearable technology market segmentation focuses on Product, Application, and Region.

Product Outlook

Wrist-Wear
Eye-Wear & Head-Wear
Foot-Wear
Neck-Wear
Body-Wear
Others
Application Outlook

Consumer Electronics
Healthcare
Enterprise & Industrial Application
Others
Regional Outlook

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America