Global Wearable technology components Market
Author : Aarti ghodke | Published On : 24 Apr 2021
Global Wearable technology components Market was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at CAGR of XX% during forecast period of 2020 to 2027.
Global Wearable technology components Market
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Global Wearable technology components Market Drivers and Restrains:
Wearable devices have become a hot commodity in today’s tech landscape. Several application like fitness, healthcare, and infotainment, wearable technology has improved the way consumers receive and send data across the world, which will help the wearable market to exponentially grow in the forecast period. Wearable technology has developed intensely from wristwatches to fitness bands in recent years, which will drastically increase in the ownership of wearables or wearable technology components in the US, the UK, China, and South Korea, among other countries. The market for wearable technology components are earlier to expand and is presently dominated by health and activity tracking devices. The growing demand for wearable components due to the increase in disposable income of the people and awareness about the new technology are expected to fuelling the global wearable technology components market growth over the forecast period.The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
The recent advancement in mobile networks is one of the major factors contributing to the wearable technology component market growth. Increasing adoption of wearable devices in sectors such as telemedicine, infotainment, navigation, and others are also likely to fuel the market. e.g., several fitness gadgets such as Fitbit can be connected to satellites to facilitate navigation, however, the Apple Watch is used to make contactless payments and check-in to hotels. Moreover, some wearables are designed for hands-free call answering, while some come with a recording feature. According to the Ericsson Company, 43% of smartphones will be replaced by wearable devices by 2020, therefore, the wearable technology components, are expected to witness significant demand during the forecast period. However, lack of adequate network infrastructure and security and privacy of collective data are restraining the market growth at the global level.
Global Wearable technology components Market Segmentation Analysis:
Based on the products, the wrist wear segment has led the wearable technology components market in 2019 and is estimated to generate more than US$ XX Mn market revenue by 2027, with a CAGR of X5%. The inclination of major industry players towards introducing products with advanced features to serve customers need of fitness and healthcare, which helps to increasing the segment growth in the market. Wrist wear devices are electronic computing devices that are linked with smart technologies and have sensors and scanning capabilities. These devices are designed for tracking of physiological functions of the individual’s body for accessing real-time data with the help of another connected device or medium.
Global Wearable technology components Market Regional Analysis:
Geographically, the wearable technology components market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the dominant market share of XX% in 2019 for wearable technology component market and is expected to reach US$ Mn by end of 2027, with a CAGR of XX%. Owing to the presence of well-established key companies such as Imprint Energy Inc., E Ink Corporation, Invensense Inc., and HZO Inc., in the region. Growing awareness about the recent developments in technology, new products, and adoption of the wearable technology components are increasing demand for wearable components. Moreover, the market in North America is driven by such as the health awareness and willingness to maintain a healthy lifestyle and the high disposable income of consumers, which will increase the adoption of wearable technology components in the near future.
The market in Asia Pacific is expected to witness a positive growth rate of XX% during the forecast period thanks to emerging semiconductor industries in the region. The rising population in China, India, and Japan, which is receptive to the modern technology trends will impel the market growth in the region. Moreover, the rising investments in research and development activities for the introduction of advanced wearable technology components are predicted to accelerate the growth of this region in the near future.
The European market is projected to grow at a significant CAGR of XX% from 2020 to 2027. Several number of component innovations are being introduced in Europe, which is boosting the demand for wearable technology in the region.
The objective of the report is to present a comprehensive analysis of global Wearable technology components market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding global Wearable technology components market dynamics, structure by analyzing the market segments and project the global Wearable technology components market size. Clear representation of competitive analysis of key players By Type, Price, Financial position, Product portfolio, Growth strategies, and regional presence in the global Wearable technology components market make the report investor’s guide.
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Global Wearable technology components Market, by Products:
• Wrist wear
• Headwear and eyewear
• Smart clothing
• Wearable cameras
Global Wearable technology components Market, by Technology:
• Computing technology
• Display technology
• Networking technology
• Sensor technology
Global Wearable technology components Market, by Components:
Global Wearable technology components Market, by Application:
• Fitness and wellness
• Consumer electronics
Global Wearable technology components Market, by Region:
• Asia Pacific
• North America
• Latin America
• Middle East Africa
Global Wearable technology components Market, Major Players:
• Adidas AG
• Xiaomi Inc.
• Apple Inc.
• Google Inc.
• Garmin Ltd
• Samsung Electronics Co.,Ltd
• Sony corporation
• Qualcomm Technologies Inc.
• Nike Inc.
• Lifesense Group
• Misfit, Inc.
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