What is the market for wearable devices?

Market Overview The Wearable Technology Market was valued at USD 27.91 billion in 2020 and is expected to reach USD 74.03 billion by 2026 and work at a CAGR of 17.65\% over the forecast period (2021 – 2026). The wearable technology has evolved owing to the emergence of MEMS sensors.

What are the characteristics of the wearable device market?

The major driving factors of Global Wearable Devices Market are as follows: Customer preference for sophisticated devices. Increasing popularity of internet of things (IoT) and related devices. Reception of Wearables in Multiple Application Areas.

What is the current size of the global wearable technology market?

The global wearable technology market size was estimated at USD 40.65 billion in 2020 and is expected to reach USD 47.89 billion in 2021.

Why is wearable technology so popular?

Wearable technology provides us with the ability to monitor our fitness levels, track our location with GPS, and view text messages more quickly. Best of all, most of the devices that allow us to do this are hands free and portable, eliminating the need to take our devices out of our pockets.

Who is the leader in wearable technology?

Apple – market leader As of 2021, Apple is the leading wearable vendor, thanks to the successful introduction of the Apple Watch to the smartwatch market.

Who makes wearable technology?

Fitbit
Fitbit. Fitbit is a pioneer in wearable technologies. They offer a range of connected health and fitness devices. These include fitness and smartwatches, wristbands, activity trackers, and wireless headphones.

What are wearables examples?

Common examples of wearable technology include:

• Smart jewelry, such as rings, wristbands, watches and pins.
• Body-mounted sensors that monitor and transmit biological data for healthcare purposes.
• Fitness trackers, often in the form of wristbands or straps, that monitor things like physical activity and vital signs.

Who are the leading players in the wearable technology market?

Some prominent players in the wearable technology market include: Garmin Ltd. Apple Inc. Fitbit, Inc. Alphabet; SAMSUNG; Garmin Ltd.; Huawei Device Co., Ltd.; Apple Inc.; Sony Corporation; HTC Corporation; Fitbit, Inc.; Xiaomi Global Community Free report customization (equivalent up to 8 analysts working days) with purchase.

How competitive is the smart wearable market?

The smart wearable market is highly competitive. The market has gained a competitive edge in recent years. Additionally, the players are being taken to gain a competitive edge in this fast-growing market, mainly catering to the demand from the millennial generation population.

Which region is expected to witness the highest growth in smart wearable?

Asia-Pacific is expected to witness the highest growth in the smart wearable market during the forecast period. The growing electronics industry and a rapid rise in disposable income in the region are driving the smart wearable market.

What is the shipment volume of smart wearables in 2020?

The shipment volume of smart wearables globally stood at 266.3 million units in 2020, and it is projected to reach 776.23 million units by 2026, registering a CAGR of 19.48\% during the period of 2021-2026.