Wearable Electronics Market Overview:
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% during forecast period (2014 - 2020). 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 market for wearable electronics was largely dominated by North America, followed by the European Union and Asia Pacific.
The technological advancement in wearable electronics, 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, watches which can record audio, video and process data on the go was 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, 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 part of a bundled deal to woo customers.
The global wearable electronics market is segmented on the basis of product, component, application and geography. The product type segment namely wrist-wear, eye-wear, foot-wear, neck-wear, body-wear and other-wear are covered under the scope of this report. Component segment is further bifurcated into PCBs, memory, battery, sensor, connectivity, audio, display, camera and others. Moreover, application segment is divided into consumer, life style, fitness and sports, healthcare, entertainment, commercial, industrial and government. . Based on geography, the global wearable electronics market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Global Wearable Electronics Market Scenario
Usage of wearable is still at a nascent stage, the dawn of mobile wireless systems, smart phones has sparked a new era for wearable electronics globally. Gadgets which were deemed to be just used in industrial, commercial applications are now finding its way into normal consumers enhancing their quality of life through various applications such as healthcare, sports and fitness, lifestyle among a few.
Global Wearable Electronics Market by Products
Drivers of Global Wearable Electronics Market
Convergence is a real game changer when it comes to technology adoption. It started off with mobile phones where people not only use it for making calls, but also take videos, watch movies, listen to songs etc. This has become much more interesting with inclusion of information technology and web based applications. Dependence on convergence, would lead consumers to try out new devices, which open new avenues and adoption rate for wearable electronics.
Presence of Internet Mobility
The presence of internet mobility for wearable electronics has given products an added dimension. This works as a two way system. First the user can gauge their fitness, health levels using the wearable devices. Second, they can share their achievements using the device to their friends in real time. So is also the case with patients, which can be monitored using these devices to check the status of their health condition, and in case need arises the concerned medical authorities are reported in time through these wearable electronics.
Wearable Electronic Market by Application Segment
- The report looks at the various wearable electronic devices that are currently prevalent in the market and looks at the various factors which are driving its growth
- Identify key areas of investment for wearable device manufacturers
- Identify key issues and challenges, restraints 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.
- Estimation of 2012-2020 by considering current market trends and future opportunities.
- Report includes profiles of key players who are primarily responsible for driving growth and will further direct the course of wearable electronics market
Wearable Electronics Market Segmentation
- Life style
- Fitness and sports
- North America
- Latin America, Middle East, Africa (LAMEA)