Wearable Technology Market Size & Share, Growth Trends 2035

Global Wearable Technology Market Size, Forecast, and Trend Highlights Over 2023 – 2035

The global wearable technology market size is estimated to reach ~USD 1358.18 Billion by the end of 2035 by growing at a CAGR of ~21.00% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of wearable technology was ~USD 137.89 Billion. The growth of the market can be attributed to growing adoption of internet of things (IoT). By 2023, there are projected to be about 14 billion IoT devices that are connected, or slightly under two times as many as there would be humans on the planet across the globe. Hence, the demand for wearable devices is estimated to grow. These practical hands-free gadgets are driven by microprocessors and improved with the capacity to transmit and receive information over the internet. Wearable technology is at the forefront of the Internet of things (IoT) owing to the quick adoption of such devices, and it is expected to boost the growth of the market.

There is a wide range of wearable technology available today, from smartwatches to fitness trackers such as the Fitbit Charge, VR headsets, smart jeweler, web-enabled spectacles, and Bluetooth headphones. A smartwatch or fitness tracker is now owned by about 2 out of 10 internet users who are of working age globally. Depending on the category to which they belong, such as health, fitness, or entertainment, wearables operate in a different way. However, outside its commercial applications, wearable technologies have been incorporated into healthcare, enhanced fabrics (e-textiles), and navigation systems. Hence, the market for global wearable technology is estimated to increase over the forecast period.

Global Wearable Technology Market: Growth Drivers and Challenges

Growth Drivers

Growth in Obesity Among People - In the world, 650 million adults, 340 million teenagers, and 39 million children are obese. This quantity is still rising. By 2025, the WHO predicts that 167 million adults and children would lose some of their health owing to being overweight or obese. Hence, the demand for wearable technology is estimated to increase. Wearable-based therapies typically produced better short-term BMI improvements for participants who were overweight or obese. Wearable technology as a physical activity intervention could therefore be helpful for treating and preventing childhood and teenage obesity.
Rise in Adoption of Mobile Phones - With about 5 billion smartphone users worldwide as of 2023, this means that approximately 85% of the world's population would be smartphone owners. Smartphones and wearable technology could be linked to relay data via the internet. Hence, with the growing adoption of smartphones the market for wearable technology is also expected to boost.
Surge in Preference for Workout Among People - In 2022, about 25% of the U.S. adults examined visited a health club, fitness center, or gym at least once each week. On the other hand, approximately 6% of the Americans questioned participated in at least weekly home workouts. Hence, the demand for smart clothes is expected to increase. Biometric data, such as pulse rate, temperature, muscle strain, heart rhythm, and physical movement, are provided through smart shirts and body suits and transferred in real time to an app via Bluetooth.
Growth in Usage of Smart Glasses - About 7 million American workers were expected to adopt smart glasses by the year 2021 in the United States.
Upsurge in Disposable Income - In the United States, disposable personal income climbed to about USD 19706 billion in February 2023 from approximately USD 19616 billion in January 2023. With the growing disposable income, people are estimated to spend more on consumer electronics, hence further boosting market growth.

Challenges

Limited Life of Battery - The market for wearable technology is constrained by the lack of an effective and reliable battery solution that doesn't compromise the wearable device's portability and compactness. Managing power use, power requirements, and battery recharge is a significant difficulty. Controlling power consumption in a cost-effective manner to match the power efficiency of wearable devices is projected to have a constraining impact on the market.
High Price of Wearable Devices
Vulnerability of Healthcare Information

Global Wearable Technology Market Segmentation

The global market is segmented and analyzed for demand and supply by device into smart watches, smart glasses, and smart clothing. Out of which, the smart watches segment is anticipated to garner the highest revenue by the end of 2035. The growth of the segment can be attributed to growing adoption of smart watches by large number of people. Globally, there were about 200 million smartwatch users in 2021. The number of users is predicted to grow in the future years, reaching approximately 230 million in 2026. Moreover, to boost their product sales, a number of makers of smartwatches and fitness trackers are targeting customers including athletes, outdoor enthusiasts, and sports fanatics. These gadgets track fitness-related parameters and promote a healthy lifestyle by reporting on calorie consumption, water intake, and step counts. Hence, with the growing number of athletics the segment is estimated to boost. Additionally, if users want to prolong the battery life of the phone, smartwatches are worthwhile. The smartphone's battery life could be significantly depleted throughout the day when using a variety of apps, listening to music, responding to texts, seeking directions, or any other activity. The smartphone could be used indirectly through the smartwatch to access all of its features. Hence, also owing to its benefits to the smartphone users, the adoption of smartwatches is anticipated to increase.

The global wearable technology market is also segmented and analyzed for demand and supply b application into lifestyle, consumer applications, entertainment, healthcare, fitness & sports, defense, and enterprise. Amongst which, fitness & sports segment is anticipated to have the significant growth over the forecast period. The growth of the segment can be attributed to growing number of people having obesity and other chronic disease. In general, doing sports is a great approach to increase overall fitness and health. According to studies, being active is essential for the process of losing weight. Energy is expended by the body during digestion, maintaining bodily processes including breathing and heartbeat, and exercise. When people regularly engage in sports, the metabolic rate rises, helping one burn more calories and aiding in weight loss while a reduced calorie intake slows it down. Hence, the demand for wearable technology is estimated to increase, in order to track the achievements.

Our in-depth analysis of the global wearable technology market includes the following segments:

By Device	Smart Watches Smart Glasses Smart Clothing
By Application	Lifestyle Consumer Application Entertainment Healthcare Fitness & Sports Defense Enterprise

Global Wearable Technology Market Regional Synopsis

The market share of wearable technology in North America, amongst the market in all the other regions, is projected to have the highest growth, backed by growing prevalence of chronic disease in this region, along with surge in aging population. Six in ten Americans have at least one chronic illness, such as diabetes, cancer, heart disease, and stroke. In America, these and other chronic diseases are the main causes of mortality and disability. They are also the main contributor to rising health care expenses. Moreover, the development of smart wearables by many well-known companies in North America is expected to propel wearable technology in the future. With more advanced ways to experience digital technology, including virtual reality headsets and augmented reality glasses, smart wearable devices have also surfaced in the entertainment sector in this region. Also, smart wearables are used in a variety of other industries, including defense, lifestyle, fitness, and sports in North America. Hence, the market is anticipated to boost in this region.

The Asia Pacific wearable technology market is estimated to be the second largest, to have the highest growth. The benefits of wearable technology are their flexibility in operational efficiency, convenience of use, and capacity to deliver real-time data. This has led to a huge demand for wearable technology in Asia Pacific. The value of physical fitness activities is being more and more recognized by consumers, which has resulted in a significant increase in market growth rate in Asia Pacific. Moreover, increasing disposable income and expanding research and development skills in sensor technology are other two market growth factors. In addition, the growing acceptance of the internet of things would open up favorable chances that would drive the wearable devices market forward over the forecast period.

Additionally, the market in Europe region is also estimated to have significant growth over the forecast period. Healthcare professionals all across the world are increasingly employing next-generation technology to provide remote patient monitoring services as a result of the quick uptake of modern technologies. In the upcoming years, it is predicted that this element would fuel sales in the European market for wearable technology as it is largest exporter of various digital manufactured products in the world. Moreover, remote patient monitoring technology is becoming more widely used since it helps patients manage chronic diseases by checking important risk factors including blood pressure, glucose, and other vital signs. In consequence, this is opening up lucrative opportunities in the European market for wearable technology.

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Top Featured Companies Dominating the Global Wearable Technology Market

Alphabet Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
Samsung Electronics
Sony Corp.
Huawei Technologies Group Co., Ltd.
Apple Inc.
Xiaomi Group
Adidas AG
Nike, Inc.
Fitbit International Limited
Garmin Ltd.

In The News

HSBC Bank, USA N.A., a member of the HSBC Group, one of the largest banking and financial services companies in the world, and Samsung Electronics, unveiled information about how HSBC is utilizing Samsung wearable technology to improve the customer and employee experiences at their flagship retail bank "branch of the future" at 452 Fifth Avenue in the centre of New York City. The announcement was made against the backdrop of the Money20/20 in Las Vegas.
Apple, Inc. unveiled the new Apple Watch SE and Apple Watch Series 8, which upgrade the two top-selling smartwatches with ground-breaking performance and technology as well as significant safety improvements. The popular Apple Watch design is present in Apple Watch Series 8, which has a sizable, Always-On Retina display and a sturdy, crack-resistant front crystal.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the wearable technology market?

Ans: The major factors driving the growth of the market are growing obesity among people, rise in adoption of mobile phones, surge in preference for workout among people, and others.

2) What would be the CAGR of wearable technology market over the forecast period?

Ans: The market size of wearable technology is anticipated to attain a CAGR of ~21.00% over the forecast period, i.e., 2023 – 2035.

3) What are the challenges affecting the wearable technology market growth?

Ans: Limited life of battery, high price of wearable devices, and vulnerability of healthcare information are estimated to be the growth hindering factors for the market expansion.

4) Which region will provide more business opportunities for growth of wearable technology market in future?

Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

5) Who are the major players dominating the wearable technology market?

Ans: The major players in the market are Alphabet Inc., Samsung Electronics, Sony Corp., Huawei Technologies Group Co., Ltd., and more.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the wearable technology market?

Ans: The market is segmented by device, application, and by region.

8) Which segment captures the largest market size in the device segment in the wearable technology market?

Ans: The smart watches segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Base Year	2022
Forecast Year	2023-2035
CAGR	~21.00%
Base Year Market Size (2022)	~ USD 137.89 Billion
Forecast Year Market Size (2035)	~ USD 1358.18 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)