Global Wearable Electronics Market 2018-2022
About Wearable Electronics
Wearable electronics are smart electronic devices that can be connected to the internet and be worn on the body as accessories. These devices are a key segment of loT devices, and they can exchange data through internet with the user and other connected devices. loT overall is a network of physical objects interconnected through various network technologies. The objects part of this network can communicate among themselves and with external environment when required. Wearable electronics include smart watches, smart bands, smart rings, smart glasses, head-mounted displays (HMDs), and smart clothing. Wearable devices offer benefits like optimized decision-making, ease of handling emergencies, cost cutting, enhanced quality of living, remote control access, healthy lifestyle, time management, commercial benefit, and better safety. Technavio believes that this market will witness significant growth during the forecast period.
Technavio’s analysts forecast the global wearable electronics market to grow at a CAGR of 23.30% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global wearable electronics market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of wearable electronics.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Wearable Electronics Market 2018-2022
Technavio recognizes the following companies as the key players in the global wearable electronics market: Apple, Samsung, Fitbit, Xiaomi, and ODG.
Other Prominent Vendors in the market are: ASUSTek Computer, Garmin, Huawei Technologies, LG Electronics, Motorola Mobility, Omate, Polar Electro, Pebble Technology, Sony, Lenovo, LG, Razer, BAE Systems, Cinoptics, Elbit Systems, EPSON, HTC, Kopin, Rockwell Collins, Sensics, Thales Group, Trivisio Prototyping, Vuzix, AiQ Smart Clothing, Sensoria, Athos, DAQRI, Google, Laster Technologies, Meta, Microsoft, Jakcom Technology, Kerv Wearables, Logbar, Mota, NFC Ring, Nimb, Oura, and Ringly.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is growing crowdfunding campaigns. There are several vendors in the wearable electronics market. Few of the prominent vendors are startups. These companies were backed by several venture capitalists. There is high support in terms of investments through crowdfunding platforms such as Indiegogo, GoFundMe, and Kickstarter. Multiple vendors in the wearable electronics market have adopted crowdfunding to raise funds for their projects. This also helped increase awareness among potential customers and provided many opportunities to small vendors to innovate and succeed in stiff competition. It allows vendors to know customer interest in their products and directly communicate with potential buyers to involve them in product development stage, which helps them develop right products for the market.”
According to the report, one of the major drivers for this market is growing awareness of wearable devices. The wearable electronics market in APAC is expanding due to the proliferation of low-cost smart bands in this region and a decline in their ASP. Increasing disposable income and internet penetration are encouraging wearable device vendors to tap the growth potential of the market in the region. Vendors are focusing on developing countries to expand their revenue and market base. The ASP of these devices is expected to decline during the forecast period, making them attractive for price-sensitive consumers. Multiple vendors have adopted online and offline channels to enter APAC.
Apple, Samsung, Fitbit, Xiaomi, and ODG.
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