The market for wearable electronics is expected to grow at a significant rate during the period 2013-2020. The market for wearable electronics was largely dominated by North America, followed by the European Union and Asia Pacific.
Overall, the market is poised to grow at a CAGR of 26% during the forecast period. Growth of this industry is majorly driven by factors such as high adoption rate of digital devices, convergence of technologies, and penetration of wireless connectivity. Wearable Electronics Market". Global wearable electronics market is forecast to reach $25.19 billion with a corresponding volume of 142.6 million units by 2020. The market revenue is expected to grow at a CAGR of 26%, while volume would witness a CAGR of 23% from 2014 to 2020. Certain applications such as Smart Glasses and Goggles, Contact Lenses and Other (HMD, HUD, Augmented) Displays will attract new players to the market. Furthermore, use of wearable electronics in Bodywear, Wristwear, Wrist Wear Computers and Watches and Wrist Bands would keep the future research and development in this sector.
Major challenges include lack of design features, higher power consumption of wearable devices, high initial cost and users concerns regarding data privacy. Wearable electronics refers to an integrated computing device or product, which helps the person or the user wearing it to enhance day to day activities. The technological advancement in wearable electronics, for e.g. body-borne computers and eyewear help the user to avail advanced features and characteristics.
The first form of electronic wearable electronic device was a calculator watch. Wearable devices such as wrist bands, and watches, which can record audio, video and process data on the go, were seen as something very futuristic; however, advancements made in the past decade has made it possible for users to realize the potential of these devices in the current age. Wearable technology forayed in as a technological advancement only a decade ago, and the interest in this sector still continues to grow. The interest is mostly led by wearable fitness trackers, smart watches, and bands. Lately, such is the impact of these wearable devices that, now mobile operators are moving towards offering smart watches along with fitness trackers, or smart phones with smart watches as a part of a bundled deal to woo customers. Presently, wearable electronics are only deemed to be an important advancement in terms of luxury; however, the way this innovation is catching up the imagination of current users, the global conglomerates and businesses see this as a major opportunity to expand and increase their market.
- The report looks at the various wearable electronic devices that are currently prevalent in the market and also sheds light on various factors which are driving its growth
- Wearable electronics market analysis includes market size estimate from 2013 through 2020, including market size by products, applications, components, and geography by both value in $billion and volume in million units. The volume figures are calculated based on average selling price of products and components, which were computed based on the market size of the particular year.
- Identify key areas of investment for wearable device manufacturers.
- Identify key issues and challenges, restraints and barriers that are prevalent in the market, gauging these restraints would aid in tackling the nuances
- Porter’s analysis to identify new entry barriers and impact of alternative technology on market growth.
- Identification of the top investment pockets in product and application segments.
- Analyze the market by geography such as North America, Europe, Asia Pacific and LAMEA.
- Estimation of 2013 -2020 by considering current market trends and future opportunities.
- Report includes profiles of key players who are primarily responsible for driving the growth and will further direct the course of wearable electronics market
WEARABLE ELECTRONICS MARKET SEGMENTATION (BY VALUE AND VOLUME)
Wearable devices find their usage in a variety of applications. In this report, the segments are broadly classified into two segments which are:
MARKET BY PRODUCTS
MARKET BY APPLICATIONS
- Life style
- Fitness and sports
MARKET BY COMPONENTS
MARKET BY GEOGRAPHY
- North America
- Latin America, Middle East, Africa (LAMEA)