Smart Wearables Global Market Report 2024

Smart wearables refer to devices that incorporate advanced technologies to monitor real-time information on various activities.

The primary categories of smart wearables include smartwatches, smart glasses, fitness and wellness devices, smart clothing, and others. Smart clothing, in particular, is an electronic device that interacts with other connected devices, such as smartphones, and the wearer's body. Equipped with various sensors, smart clothing gathers biometric and physical data, such as body temperature and heart rate. This sensor-generated data is transmitted via Bluetooth to relevant apps on a paired smartphone, allowing users to access and view the information. The technologies employed in smart wearables encompass memory and storage technology, speech and pattern recognition technology, communication and networking technology, sensing technology, computing technology, and display technology. These technologies find applications in diverse sectors, including healthcare, consumer smart wearables, defense, fitness and sports, as well as enterprise and industrial domains.

The smart wearables market research report is one of a series of new reports from The Business Research Company that provides smart wearables market statistics, including smart wearables industry global market size, regional shares, competitors with a smart wearables market share, detailed smart wearables market segments, market trends and opportunities, and any further data you may need to thrive in the smart wearables industry. This smart wearables market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart wearables market size has grown rapidly in recent years. It will grow from $23.33 billion in 2023 to $26.36 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The historical period witnessed growth driven by robust economic expansion in emerging markets, rising internet penetration, a growing millennial population, increased acceptance of smart technologies, and greater internet adoption.

The smart wearables market size is expected to see strong growth in the next few years. It will grow to $37.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be ascribed to the increasing adoption of 5G networks, the rise of smart cities, and the expanding implementation of the Internet of Things (IoT). Notable trends in the forecast period encompass strategic investments in AI solutions to deliver enhanced and more convenient services, fostering competitiveness in the market. Additionally, businesses are embracing 5G services to boost sales, optimize operational efficiencies, heighten customer satisfaction, and deliver superior services. The adoption of beacon technology is another trend aimed at refining data analysis, enhancing operational processes, elevating customer satisfaction, and providing improved services. Companies are also focusing on market strategies such as price adjustments, feature additions, and the expansion of the smart clothing and footwear segment to strengthen their presence, attract clients, and build a comprehensive smart ecosystem for their brand. Further efforts are directed towards the development of smart rings, aiming to offer more choices to premium clients and boost sales. Additionally, the acquisition of smaller tech companies specializing in niche services is seen as a strategy to augment market share.

The rising demand for wireless sports and fitness devices is expected to be a driving force behind the growth of the smart wearables market. Smart devices, particularly smartwatches, are experiencing rapid adoption among various fitness enthusiasts, including cyclists, runners, gym-goers, swimmers, and athletes. These devices enable users to monitor parameters such as calories burned, hourly activity, stationary time, and overall activity. As an illustration, in December 2021, Xiaomi, a China-based consumer electronics company, introduced three new smartwatches equipped with fitness tracking features. Notably, these products facilitate contactless payments on MasterCard terminals and feature NFC capabilities, including a microphone that supports Amazon Alexa for smart home device control. Consequently, the increasing demand for smart and wireless fitness devices is anticipated to drive the growth of the smart wearables market.

The surging adoption of the Internet of Things (IoT) is poised to contribute to the expansion of the smart wearables market. The IoT is a networked system that interconnects computing devices, mechanical and electronic machinery, each with unique identities (UIDs), allowing data transfer without requiring direct human-to-human or human-to-computer interaction. In the context of smart wearables, the IoT plays a crucial role by connecting these devices to the internet, facilitating data collection, and enabling remote monitoring for purposes such as fitness tracking and health management. For instance, a report by Ericsson, a Sweden-based telecommunications company, highlighted that global IoT connections reached 13.2 billion in 2022 and are projected to grow by 18% to reach 34.7 billion connections by 2028. Consequently, the increasing adoption of the Internet of Things (IoT) serves as a catalyst for the smart wearables market.

The adoption of smart rings stands out as a prominent trend influencing the trajectory of the smart wearables market. Smart rings are wearable electronic devices equipped with sensors and NFC chips, serving as peripheral tools that assist mobile devices for various purposes, often focusing on monitoring daily activities. As an illustration, in May 2022, Gucci x Oura, a Finland-based fitness tracker company, launched a smart ring priced at $950. Crafted from black PVD-coated titanium, this product offers highly personalized and responsive capabilities, featuring the designer's logo in 18-karat yellow gold along the outer band, contributing to the exploration of self through innovative wearable technology.

Major players in the smart wearables market are strategically developing wearable devices integrated with advanced Snapdragon chipsets to secure a competitive advantage. The incorporation of advanced Snapdragon chipsets in wearable devices enhances overall performance, enabling features such as seamless connectivity, extended battery life, and efficient health tracking. For instance, in August 2022, Oppo, a China-based consumer electronics manufacturer, introduced the Oppo Watch 3, distinguished as the world's first smartwatch featuring the Snapdragon W5 Gen 1 chipset. This smartwatch offers advanced health monitoring capabilities, including a skin temperature sensor, integrated ECG, heart rate sensor, and SpO2 sensor. It boasts an impressive battery life of up to 14 days, compatibility with blood glucose monitors, and support for over 100 sports modes.

In June 2022, Mensa, an Indian-based company, acquired Pebble for an undisclosed amount. This strategic partnership aims to leverage Pebble's online presence, enhance marketing and branding efforts, and strengthen Mensa's position as a leading digital brand in households. Pebble, based in California, specializes in smart wearables.

Major companies operating in the smart wearables market report are Apple, Fitbit Inc., Garmin Ltd., Xiaomi, Samsung Electronics Co., Huawei Technologies Co. Ltd., Fossil Group Inc., Qualcomm Inc., Sony Corporation, LG Electronics, Titan, Pebble Technology Corp., BioTelemetry, Inc., Lifesense , Sotera Wireless, Adidas, Microsoft , Nike, Ava, GymWatch, KardiaMobile, Motiv, My Skin Track UV, Owlet, TempTraq, Withings, Bionym, Recon Jet, InteraXon, Carre Technologies, PUSH, Kiwi Wearables, Mouser Electronics, Inc., Google, Jawbone, United Matbouli Group, aDawliah Universal Electronics, Modern Electronics Co. Ltd., Alesayi Electronics Co. Ltd., Pioneer Corp., Digital & Electronic Solutions Development Co. Ltd., Misfit

Asia-Pacific was the largest region in the smart wearables market in 2023. North America was the second-largest region in the global smart wearables market analysis. The regions covered in the smart wearables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the smart wearables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain

The smart wearables market consists of sales of fitness trackers, smartwatches, VR headsets, activity trackers, smart wristbands, and other smart wearables. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Smart Wearables Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on smart wearables market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for smart wearables? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The smart wearables market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Device Type: Smart Watches; Smart Glasses; Fitness & Wellness Devices; Smart Clothing; Others
• 2) By Technology: Memory And Storage Technology; Speech And Pattern Recognition Technology; Communication And Networking Technology; Computing Technology; Sensing Technology; Display Technology
• 3) By Application: Healthcare; Consumer Smart Wearables; Defense; Fitness And Sports; And Enterprise And Industrial Applications
• Companies Mentioned: Apple; Fitbit Inc; Garmin Ltd.; Xiaomi; Samsung Electronics Co.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.