Smart Wearable Market Global Outlook & Forecast 2024-2029, with Key Vendor Profiles for Apple, Fitbit, Huawei, Samsung, Xiaomi and more - ResearchAndMarkets.com

The "Smart Wearable Market - Global Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.

The Smart Wearable Market was valued at USD 109.34 billion in 2023, and is projected to reach USD 303.98 billion by 2029, rising at a CAGR of 18.58%.

The global smart wearables market is highly competitive, characterized by a diverse range of players from tech giants to specialized startups. Major technology companies such as Apple, SAMSUNG, Xiaomi, Huawei, and Fitbit, dominate the global smart wearables market, leveraging their extensive resources and technological expertise to maintain a competitive edge. Niche companies, such as Garmin, Imagine Marketing and more also contribute to the market by offering innovative solutions focused on health and wellness.

MARKET TRENDS & OPPORTUNITIES

Rising Adoption of AR and AI Technology in Smart Glasses

Smart glasses offer a seamless AR experience blending digital and physical worlds, with applications in gaming, education, and navigation. They enable hands-free communication via voice-activated assistants like Siri and Google Assistant, benefiting users in multitasking scenarios or with physical disabilities. For those with impairments, features like text-to-speech and live captions promote inclusivity. Safety features such as GPS tracking and emergency alerts enhance personal security, while in professional settings, smart glasses aid in real-time information access. Currently, privacy concerns are being addressed by manufacturers. Additionally, biometric sensors in smart glasses provide personalized health and fitness tracking, offering users coaching and motivation for achieving health goals. For instance, according to a news article published in 2023, at its October 2023 event, Google introduced the Pixel Watch 2 with upgraded sensors and AI-powered health tracking, enhancing user data accuracy. The company also launched the Fitbit Charge 6 smart band, leveraging AI for improved heart rate monitoring and integrating with Google Apps.

Technological Advancement in Smart Wearable

Technological advancements fuel innovation in the smart wearables market as companies compete with cutting-edge features like advanced sensors, longer battery life, seamless connectivity, and intuitive interfaces. Modern wearables offer vibrant AMOLED displays, precise health tracking (heart rate, sleep, SpO2, stress, and female cycles), augmented reality, noise cancellation, and single-chip designs. In 2023, Garmin Ltd. launched Garmin fenix 7 Pro and epix Pro Series smartwatches, with innovative features such as full-color AMOLED display, advanced optical sensors, and sport-specific algorithms to track performance across various activities, SatIQ for optimized battery life, and others. The company gained a competitive edge and enhanced its product portfolio in the market.

INDUSTRY RESTRAINTS

Ethical Issues in Smart Wearable Devices

The ban on smartwatches for children by German regulators is likely to have a significant impact on the smart wearables market, particularly in Europe. It sends a clear signal regarding concerns over privacy violations and surveillance, which are increasingly pertinent in the digital age. This regulatory action could lead to stricter analysis and potentially tighter regulations for wearable devices aimed at children across other regions as well. Manufacturers may need to reassess their product designs and privacy policies to comply with evolving standards and regain consumer trust, impacting both sales and innovation in the smart wearable sector aimed at younger users.

GEOGRAPHICAL ANALYSIS

North America holds the largest global smart wearables market share, accounting for over 32% in 2023. The demand driving factors are technological advancements and high consumer adoption rates. The U.S. and Canada are the primary contributors to this market, with a strong focus on health and fitness wearables, smartwatches, and innovations in wearable technology. Also, major cities like San Francisco, New York, and Los Angeles serve as trendsetters in wearable technology adoption, influencing consumer preferences and driving market growth.

Meanwhile, in Europe, the smart wearables market growth is driven by manufacturing facilities and investment in pharmaceutical R&D. Countries like Germany, the UK, and France are leading the market, driven by increasing health awareness and the integration of advanced technologies in wearables. The presence of major tech companies and a growing interest in smart textiles and wearable medical devices contribute to this region's growth. Furthermore, APAC exhibits the highest CAGR in the global smart wearables market of more than 20%, reflecting rapid growth and an expanding market. China, Japan, South Korea, and India are pivotal markets within the region. Factors such as rising disposable incomes, a tech-savvy population, and increasing investments in wearable technology fuel this growth. The region is also witnessing a surge in locally manufactured smart wearables, making them more accessible.

Latin American demand driving factors for the smart wearables market are the increasing mobile penetration & internet connectivity, and product Innovation. Brazil and Mexico are the primary markets driving this growth. The increasing penetration of smartphones and internet connectivity, coupled with rising health consciousness, are significant factors contributing to the adoption of smart wearables in this region. In the Middle East and Africa demand driving factors for smart wearables are rising urbanization, increasing disposable income, and a growing interest in fitness and health tracking devices. The adoption of wearable technology in the healthcare sector is also boosting industry growth.

COMPETITIVE LANDSCAPE

Vendor Activities in the Global Smart Wearables Market

• In 2023, Razer Inc. launched the Razer Facial Interface for Meta Quest 3, with key features such as ultra-thin textured membranes to distribute weight evenly and reduce pressure points, cleverly adapts to the Meta Quest 3 charging dock for seamless mounting and charging, made from hypoallergenic silicone, free from latex and PU/TPE additives, more. Through this, the company expanded its product portfolio and captured more shares in the market.
• In 2023, Noise launched Luna Ring, with innovative features such as infrared Photoplethysmography (PPG) sensors for deeper heart rate tracking, skin Temperature sensors for accurate body temperature measurement, opto-mechanical design with 3 LEDs, 2 PDs, and 3 bumps for precise sensor alignment and data accuracy, Bluetooth Low-Energy (BLE 5) technology for efficient.

KEY QUESTIONS ANSWERED

• How big is the global smart wearables market?
• What is the growth rate of the global smart wearables market?
• Which region dominates the global smart wearables market share?
• What are the significant trends in the smart wearables market?
• Who are the key players in the global smart wearables market?

Key Attributes:

Report Attribute	Details
No. of Pages	337
Forecast Period	2023 - 2029
Estimated Market Value (USD) in 2023	$109.34 Billion
Forecasted Market Value (USD) by 2029	$303.98 Billion
Compound Annual Growth Rate	18.5%
Regions Covered	Global

Key Topics Covered:

Premium Insights

• Opportunity Pockets
  • Market Maturity Indicator
  • Regional Insights
• Market Definitions
• Report Overview
• Opportunities & Challenges Analysis
• Segment Analysis
• Regional Analysis
• Competitive Landscape
  • Vendor Activities

Market at a Glance

• Overview
  • Future of Smart Wearable Technology
  • Trends in Wearable Technology
• Risk Factors in Smart Wearables
• Payment Through Smart Wearable Devices

Market Opportunities & Trends

• Rise in Adoption of AR and AI Technology in Smart Wearables
• Increase in Demand for Fitness Rings
• Technological Advances in Smart Wearables

Market Growth Enablers

• Growth in Awareness for Health and Wellness
• Increase in Smartphone Users
• Smart Wearables Adopting Subtle and Elegant Designs

Market Restraints

• Long-Term Health Risks
• Ethical Issues in Smart Wearable Devices
• Limited Battery Life and Charging Concerns

Key Company Profiles

• Apple Inc.
• Fitbit
• Huawei
• Samsung
• Xiaomi

Other Prominent Vendors

• AiQ Smart Clothing
• Baidu
• BBK Electronics Corporation
• BioSensive Technologies Inc.
• Boltt Games
• Bose Corporation
• Boult Audio
• Caeden, Inc.
• Ekso Bionics
• Fossil Group
• Garmin
• GOQii
• Hexoskin
• HTC Corporation
• Huami Co., Ltd.
• Imagine Marketing Limited
• INMO
• iQIBLA
• Koninklijke Philips
• LG Electronics
• Meta
• Microsoft
• Motorola Solutions, Inc.
• Movano Health
• Myontec
• Nike
• Noise
• NUHEARA
• OrCam
• Oura Health Oy
• Pi Ring
• Polar Electro
• RayNeo
• Razer Inc.
• Sensoria Inc.
• Shenzhen Starmax Technology Company Limited
• Solos
• Sony Corporation
• Technaid
• ThirdEye Gen, Inc.
• Titan Company
• Transcend Information, Inc.
• U&I
• Ultrahuman Healthcare
• Under Armour
• Vuzix
• Wearable X
• Withings
• Zepp Health Corporation

For more information about this report visit https://www.researchandmarkets.com/r/yr08ym

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