Latest News- Wearables Market: Smartwatches is expected to lead the Product segment during 2024-2028

The Wearables Market is being driven by Growing preference for wearables devices for payment

The Wearables Market is expected to grow at a CAGR of 18.08% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 106440.7 million. In the dynamic and evolving wearables market, there is a growing emphasis on the integration of energy-efficient semiconductor components to cater to the specific requirements of wearable devices. The rising demand for advanced wearable electronics, including smartwatches, fitness bands, rings, and Head-Mounted Displays (HMDs), necessitates the development of high-performance and low-power-consumption electronic components. These components, such as sensors, processors, and batteries, are essential for enabling innovative features and extended battery life in wearable devices. Consequently, vendors are prioritizing the adoption of low-power-consumption components, including processors and new Inertial Measuring Units (IMUs), to deliver superior performance and longer battery life in their wearable offerings. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Smartwatches
  • Wireless headphones
  • HMDs
  • Smart bands
  • Others
• Distribution Channel
  • Online
  • Offline
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • Japan
  • Europe
    • Germany
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing preference for wearables devices for payment
• Rising digitization of global economy
• Development of miniaturized electronic components

However, the market also witnesses some limitations, which are as follows:

• Growing market for counterfeit products
• Increasing concerns over data security and privacy
• Unappealing designs

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Market Scope in Wearables Market Research Report

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Research Analysis Overview

In digitally mature markets with high population and per capita income, the wearable technology industry is witnessing significant growth. Smart electronic devices, such as watches, headwear, and eyewear, are popular choices for health-conscious individuals. They offer real-time health tracking solutions, including monitoring cholesterol levels, calories burnt, and oxygen levels. Fitness modes and healthcare applications cater to gym goers and industrial segments, expanding the product demand. Fashion and jewelry trends also influence the market, with wearable technology blending into accessories like body tattoos.

Market Research Overview

The wearables market, a segment of the larger technology hardware, storage, and peripherals industry, is experiencing significant growth due to the increasing demand for health tracking solutions. Smart wearable technology, including watches with features such as cholesterol level monitoring, calories burnt tracking, and blood oxygen saturation measurement, caters to health-conscious consumers. Factors like magnetic charge capabilities, multiple sports options, and a large display add to the appeal of these devices. Consumer demographics with active lifestyles and lifestyle patterns prioritizing fitness are the primary target markets. Technavio projects that this growth will continue, driven by factors such as the expanding fitness modes, improved battery life, and rugged metal casings. The global technology hardware, storage, and peripherals market, which encompasses manufacturers of cellular phones, personal computers, servers, and peripherals, is expected to grow significantly due to the increasing demand for data centers and the shift towards remote work brought about by the COVID-19 pandemic.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/