Wearable Technology Market by Product, Application | COVID-19 Impact Analysis | MarketsandMarkets

The global wearable technology market size is projected to grow from USD 116.2 billion in 2021 to USD 265.4 million by 2026; it is expected to grow at a CAGR of 18.0% from 2021 to 2026. Factors such as growing demand for smart devices in the healthcare sector and surge in demand for IoT devices are driving the growth of the market during the forecast period.

COVID-19 Impact on the Global Wearable technology market

COVID-19 is expected to adversely impact the supply chain of the wearable technology market as a few prominent players are based in China, which is the epicenter of the pandemic. Moreover, in light of the current situation, the key wearable technology is presently focusing on maintaining and generating operating revenue, which led to fewer developments within the wearable technology market in 2020. The impact of COVID-19 is expected to reduce during the forecast period as many scheduled product launches and related developments which were postponed will be realized.

The wearable technology market is dominated by a few globally established players such as Apple Inc. (US), Fitbit Inc. (US), Google LLC (US), Samsung Electronics Co., Ltd.(South Korea), Garmin Ltd.(Switzerland), LG(South Korea), Huawei(China), Sony Corporation(Japan), Xiaomi Corporation(China), and Microsoft (US)

Opportunity: Demand for wearables that integrate all computing requirements in one compact device

Consumers prefer to have a single compact device that could integrate all the computing and monitoring requirements. This preference presents an opportunity for the development of multi-function and hybrid wearable devices that provide convenience to users as well as integrates the functionality of many devices into a single compact wearable device. The number of such devices is expected to increase in the coming years. With a steady transformation from the Plain Old Telephone System (POTS) to cellular gateways and mobile phones, cellular technologies have become a leading medium for data transmission and communication. This factor is expected to present a good opportunity for companies to launch wearables connected with mobile devices such as smartphones and tablets.

Challenge: Demand for continuous developments in devices

The consumer electronics sector is a rapidly evolving marketplace. However, market players face high price erosion as products with old technology lose their significance when a new technology is developed. Technology advances at an incredible speed, and keeping up with these advancements is quite difficult as by the time engineers come up with a prototype, the technology changes. New technologies are being developed at a rapid pace and integrated with various products as an additional function. Consumers also prefer products that have more features and are technologically advanced.LCDs were the most extensively used technologies in the global wearable technology market.

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APAC held the largest market for the wearable technology market in 2026

APAC accounted for the largest share in the wearable technology market in 2026. APAC has the presence of prominent market players. Manufacturers in China and India offer wearable devices at a low price, making them affordable for customers. Many international players get their wearable devices manufactured and assembled by local manufacturers based in the region and then brand their names. The region has many highly populated countries, which account for the high adoption rate of consumer electronics. Wearable device manufacturers are continuously innovating their wearable devices to attain a competitive advantage. Several manufacturers have integrated NFC technology into their wearable devices to enable payment functionalities. Also, increasing per capita income in developing countries in the region as well as improving the standard of living have led to the growing demand for wearable devices. Besides, the wearable technology market in APAC is moderately impacted by the COVID-19 pandemic. The consumer electronics industry in China witnessed a decline in production owing to the outbreak of COVID-19. The global prices of consumer electronics witnessed a rise initially owing to the partial clamp down on manufacturing facilities in China.

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