PUBLISHER: Grand View Research | PRODUCT CODE: 1587420
PUBLISHER: Grand View Research | PRODUCT CODE: 1587420
The global luxury smart jewelry market size is expected to reach USD 429.97 million by 2030, registering a CAGR of 18.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. Factors such as the increasing demand for multifunctional and aesthetically appealing jewelry and the growing adoption of wearable technology fuel the market growth. Smart jewelry, equipped with advanced features such as personalized communication, notifications, and fitness tracking, is gaining popularity among consumers. In addition, the integration of Internet of Things (IoT) technology and the rising focus on wellness and health are expected further to propel the market's growth over the forecast period.
The growing focus on fitness and personal health is one major factor in the increase in the popularity of smart rings. Consumers increasingly prioritize their health, seeking devices that track essential health metrics such as physical activity levels, sleep patterns, and heart rate. Smart jewelry offers sophisticated biometric monitoring features, making it a vital tool for fitness and health enthusiasts. In addition, the growing prevalence of chronic diseases necessitates continuous health monitoring. For instance, according to an article published by the Centers for Disease Control and Prevention (CDC) in February 2024, in the U.S., an estimated 129 million individuals have at least one major chronic disease.
Demand for fitness and wellness items would increase owing to the rising popularity of these gadgets among professional and amateur athletes. Moreover, the industry is expected to profit from rising public awareness regarding the advantages of wearable electronics, rising disposable incomes, and expanding smartphone penetration. The R&D efforts of several market participants further aid the growth opportunities. For example, market players such as Bellabeat Inc., RINGLY, and invisaWear offer smart jewelry products.
Market players implement strategic initiatives, such as expanding their distribution networks, product development and launches, and global footprint through partnerships and subsidiaries. Moreover, companies are investing in advanced technologies to enhance the functionality and accuracy of their products. For instance, in July 2024, Samsung introduced the Galaxy Ring, a novel and innovative wearable device. It uses tiny sensors to track various health metrics. The company launched this smart ring at its Galaxy Unpacked event.