Market Scenario
Evolving over the years, the wearable technology has gone wristwatches to fitness bands. Market Research Future (MRFR) has published a research report about the global wearable technology components market that forecasts expansion for this market at 16.02% CAGR between 2017 and 2023. By value, the market has been figured to be worth the USD 51.50 Bn by the end of the forecast period.
The global Wearable Technology Components Market is yet to achieve its full growth potential. With the scope of this market gone beyond wellness, the paramount market drivers for the global wearable technology components market growth include increasing innovation, growing technological advancement, remarkable industry developments, and the increasing number of use cases.
Other important factors aiding the market growth include the latest advances in mobile networks and growing demand for wearable devices in sectors like infotainment, navigation (cycling and running), and telemedicine. Today many wearable gadgets can be linked to satellites for navigation purposes. However, lack of adequate network infrastructure and concerns related to privacy as well as security of shared data can hurt the market growth.
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Segmentation
The global wearable technology components market segmentation has segmented the market into application, components, products, technology, and region. The application-based segmentation segments this market into consumer electronics, defense applications, enterprise application, fitness & wellness applications, healthcare applications, and industrial applications.
Based on components, the market has been segmented into the battery, control, connectivity, memory, and sensing. Regarding products, the market is to be segmented into headwear & eyewear, implants, neckwear, smart clothing, wearable cameras, and wristwear. In the context of technology, the market has been segmented into display technology, computing technology, networking technology, and sensor technology.
Key Players:
The prominent players in the wearable technology component market are Adidas AG (Germany), Xiaomi Inc. (China), Apple Inc. (US), Google Inc. (US), Garmin Ltd. (US), Fitbit (US), Jawbone (US), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Qualcomm Technologies, Inc. (US), and Nike, Inc. (US). Whereas, Lifesense Group (Netherlands), Misfit, Inc. (US) are among the other players.
Regional Analysis
The regional segmentation of the global wearable technology components market has segmented the market into the regional markets that are Europe, North America, Asia Pacific, and rest of the world (RoW). During the forecast period, North America can be the largest regional market due to the adoption of the wearable technology components and increasing awareness about the latest advances in technology. Other factors leading towards the market growth include the launching of new products, high disposable income of consumers in the United States of America (USA) and Canada, presence of many key market players in these two countries, health awareness among consumers, and willingness to maintain a healthy lifestyle. Mexico is another significant country-specific market in this region.
The Europe market can also grow considerably due to technological advancement and the growing number of innovations being introduced in Europe. The decisive country-specific markets in this region are Germany, France, Italy, Spain, and the United Kingdom (UK).
In the Asia Pacific region, the market can grow rapidly during the forecast period, due to the growing population in China, India, and significantly in Japan. Compared to most Asian countries, these three countries are among the technologically advanced countries. Remaining countries of Asia Pacific region also form a significant market.
The RoW segment covers the countries of Middle East & Africa (MEA) region and Latin America. In Latin America, the market is static because the available technology in this region is not as advanced as it is North America. In the MEA region, market growth is slow due to limited availability of technology.
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Target Audience
- Technology investors
- Consumer wearable manufacturers
- Healthcare-related product manufacturers
- Integrated device manufacturers (IDMs)
- Wearable electronics technology platform developers
- Original manufacturers (OEMs)
- Smart grid integrators
- SMT providers
- Research/Consultancy firms
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