Wearable Technology Market Revenue Trends and Growth Drivers | MarketsandMarkets

The wearable technology market size is projected to reach USD 265.4 billion by 2026, growing at a compound annual growth rate (CAGR) of 18.0% during the forecast period. It was observed that the growth rate was 41.51% from 2021 to 2022. Consumer Electronics is expected to grow at a highest CAGR of 39.12%.

Increasing growth prospects of next-generation displays in wearable devices, surge in demand for IoT devices and growing demand for smart devices in the healthcare applications are the factors driving the growth of the market during the forecast period.

APAC to register highest CAGR during the forecast period

The APAC region is known as a major manufacturing hub. Countries such as India and China have major manufacturing facilities for various industrial segments (including consumer electronics, car manufacturing, and heavy materials, among others).

This creates huge opportunities for the wearable technology industry to grow at the highest rate for the enterprise and industrial application. Increase in per capita income in developing countries, high population in many countries of the region and affordability of wearable devices for customers at a low price by manufacturers in India and China and countries such as Japan, Singapore, China and Australia, which are proving to be digitally mature markets are the major reasons for APAC to capture largest market share.

Wristwear to hold the largest market share during the forecast period

Wearable technology market share is broadly segmented into products such as wristwear, headwear and eyewear, footwear, fashion & jewelry, bodywear, and others.

The wearable technology market for wristwear is expected to be valued at USD 77.9 billion in 2021, while headwear is expected to grow at the highest CAGR of 30.0% between 2021 and 2026. Wristwear gained importance because of its multi-functional applications. With the integration of advanced technologies, the wristwear segment currently provides opportunities for the wearable technology market and would continue to do so in the coming years as well.

Moreover, wristwear, headwear & eyewear, and bodywear would be the best segments to invest in the next few years. Headwear & eyewear includes products such as AR and product and technology used in various high-class applications such as the industrial segment, video gaming, and entertainment.

The major consumer electronic players in the region include Sony Corp. (Japan), Panasonic Corp. (Japan), Samsung Corp. (South Korea) and LG Electronics (South Korea).

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