Authored By: Sarah
28 Dec 2022

Wearables Market Analysis 2023-2027: Growing Preference for Wearable Devices for Payment to Boost Market Growth     

The wearables market share is expected to grow at a CAGR of 15.09% between 2022 and 2027. The growing preference for wearable devices for payment and the growing number of partnerships and M&A activities provides a promising ground for the wearables market. 

The market is witnessing an increased preference for wearable electronic devices for contactless payments. wearables electronic device manufacturers are integrating NFC technology as a standard into most of their devices. This process reduces the transaction time when compared with making payments using cash or card methods and eliminates the need to carry cash or cards.

Technavio’s analysis on “Wearables Market by Product, Distribution Channel, and Geography - Forecast and Analysis 2023-2027” projects that the market share is expected to increase by USD 73,631.84 million at an accelerating CAGR during 2023-2027. 

Wearables Market Analysis 2023-2027: Growing Preference for Wearable Devices for Payment to Boost Market Growth  

Smartwatch to be the Fastest-Growing Wearables Market Segment 

The wearables market is segmented by by product (smartwatches, wireless headphones, smart bands, and others), distribution channel (online and offline), and geography (North America, Apac, Europe, South America, and Middle East and Africa).

The market share growth by the smartwatch segment will be significant during the forecast period. The strategic partnerships and collaborations among market participants are opening up new areas for the potential use of smartwatches, which is expected to drive the demand for smartwatches.

Wide Range of Counterfeit Products Pose a Significant Challenge 

Wide range of counterfeit products has become a major challenge to the adoption of wearables. The growth of the counterfeit wearable electronic devices market reduces sales, as well as the reliability and brand value of the original products, which is expected to limit the growth of the market during the forecast period.

Major Wearables Market Vendors 

The market structure is fragmented, and the vendors are implementing various strategies such as technological innovations to compete in the market.  

Some of the major wearables market vendors are Acer Inc., Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., CINOPTICS, Citizen Watch Co. Ltd., Fossil Group Inc., Garmin Ltd., GoPro Inc., Huawei Technologies Co. Ltd., Kopin Corp., Lenovo Group Ltd., LG Electronics Inc., Microsoft Corp., Nexxbase Marketing Pvt. Ltd., Omate Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., and Sony Group Corp. - The company offers wearables such as liquid leap active wireless activity wristband.

Download the Free PDF Sample Report for highlights on the market size, growth momentum, regional growth opportunities, vendor analysis, and other factors influencing the market growth.   

Key Data Covered in the Wearables Market Report  

  • Precise market size estimation during the forecast period 2023-2027. 

  • CAGR of the wearables market forecast during 2023-2027.  

  • Market-level data on units, average selling prices, and values of the wearables market share.  

  • Prediction of the upcoming trends, drivers, and factors that challenge the wearables market.  

  • Wearables market growth across North America, APAC, Europe, South America, and Middle East and Africa.

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