In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Smart wearable devices refer to the incorporation of smart and advanced technologies into wearable objects such as watch, jewelries and others. Smart wearable devices include smart watches, VR headsets, fitness trackers, smart wrist bands, smart jewelries, sport watches, implantable devices. In addition to this, future of smart wearable devices is expected to be bright due to increasing adoption of these devices among consumers. Moreover, major players such as Apple, Sony and Acer are producing such smart wearable devices which are expected to lead wearable technologies to another level in future.
Global smart wearable devices market is anticipated to flourish at a robust compound annual growth rate (CAGR) of 16% during the forecast period. The global smart wearable device market stood at revenue around USD 16.2 Billion in year 2016 and is expected to reach at a valuation around USD 52.5 Billion by the end of 2024.
In terms of region, global smart wearable device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa Region. Among these regions, North America region is dominating the global smart wearable device market followed by Asia Pacific region. High adoption rate of wearable technology and rising consumer’s awareness towards wearable technologies are some major factors which have led the North America to leading position. Further, North America is expected to behold this position over the forecast period. Apart from this, Europe region is also expected to witness a remarkable growth during the forecast period due to high adoption rate of wearable technologies among consumers in this region.CLICK TO DOWNLOAD FREE SAMPLE REPORT
Rising population and increasing disposable income of consumers in Asia Pacific region are expected to foster the growth of smart wearable device market in Asia Pacific region. Additionally, inclination of consumers towards wearable technologies in Asia Pacific region is also expected to foster the growth of Asia Pacific regional market over the forecast period.
Our-in depth analysis of the global smart wearable device market includes the following segments:
Global smart wearable device market is further classified on the basis of region as follows:
Global smart wearable device market growth is driven by rising consumer’s awareness towards high technology gadgets and high adoption rate of smart wearable devices. Further, smart wearable devices offer many applications which are attracting the consumers towards them and this factor is anticipated to propel the demand for smart wearable devices in near future. Moreover, rising adoption of wearable technologies in healthcare and medical sector is driving the growth of global smart wearable device market. These factors are anticipated to spur the demand in near future.
Apart from this, implantable devices are advanced wearable technologies which are generally implanted under an individual’s skin. Further, rising application of these kinds of technologies in healthcare & medical sectors are anticipated to drive the growth of global smart wearable device market. Further, smart wearable devices such as smart watch and smart jewelries are highly sophisticated and fashionable. Rising popularity of fashionable smart wearable devices is expected to foster the growth of smart wearable devices market globally.
However, higher price of smart wearable devices is a major challenge confronting the major market players and is expected to restrain the growth of global smart wearable device market.