Information Technology
Wearable Electronics Market to be Dominated by the Smartwatch Segment with a CAGR of 13.8 percent, Says Stellar Market Research
The Wearable Electronics Market was valued at USD 77.55 Billion in 2023 and is expected to grow at a CAGR of 13.8% reaching USD 191.69 Billion by 2030. As per the Stellar Market Research report, the global wearable electronics market is expected to be dominated by North America to grow at a significant growth rate over the forecast period.
North America , particularly the U.S. held the dominant position in the wearable electronics market as the region boasts a tech-savvy population driving the demand for advanced wearable devices. The inclination of the consumers in the region toward advanced technologies has been leading to high penetration rates and an increase in sales volume. Additionally, the leading key players like Apple headquartered in North America generated a revenue of approximately USD 39 Million in 2023 from the wearables segment indicating the growth of the wearable electronics market fueling innovation and the introduction of cutting-edge products. The region supports favorable trade policies and a well-established supply chain ensuring effective import-export of the components and finished products. For instance, North America imports premium-quality sensors and semiconductor components from China . Comparatively, Europe is also a significant player in the wearable electronics market with the UK and Germany focusing on high-quality health-oriented wearables.
Based on technology the Wearable Electronics Market is segmented into Wristbands, Smartwatches, Hearables, and AR Glasses. The Smartwatch segment dominated the wearable electronics market in 2023 and is expected to grow continuously during the forecast period. Smartwatches have integrated several features like health monitoring, communication, and entertainment functions driving their widespread adoption ranging from fitness enthusiasts to tech-savvy professionals. The Indian smartwatch market in 2023 observed a 50% YoY growth in smartwatch shipments, with regional manufacturers like Noise and Fire-Boltt using cutting-edge features and competitive rates to capture a major share of the market from global giants like Apple and Samsung. Additionally, cost-effectiveness plays an important role in making smartwatches more accessible to larger consumers given the advances in the semiconductor industry and the reduction in manufacturing costs. A decrease in the average selling price of smartwatches has led to a decrease in the cost of premium models without sacrificing performance, which has increased sales volume. The scope of the smartwatch segment is being increased through ongoing innovation in AI, IoT integration, and health analytics, which is anticipated to maintain customer interest and drive wearable electronics market development.
The Market was valued at US$ 130.93 Billion in 2030, growing from US$ 52.32 Billion in 2023. It is estimated that the Global Market is to grow at a CAGR of 14% over the forecast period.
The Market size was valued at USD 4.67 Bn . in 2023 and the Military Wearables revenue is expected to grow at a CAGR of 3% from 2024 to 2030, reaching nearly USD 5.6 Bn . by 2030.
The Market size was valued at USD 912 Mn . in 2023 and the total US Pet Wearable revenue is expected to grow at a CAGR of 13.6% from 2024 to 2030, reaching nearly USD 2226 Mn .
The Market is expected to reach US$ 524.89 Bn . in 2030 from US$ 162.44 Bn . in 2023 at a CAGR of 18.24%.
The Market size was valued at USD 1.62 Billion in 2023 the market is expected to reach USD 3.22 billion by 2030 with a CAGR of 10.3% from 2024 to 2030.
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.
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