The global smart wearables market size is expected grow from $18.08 billion in 2021 to $20.64 billion in 2022 at a compound annual growth rate (CAGR) of 14.1%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The smart wearable market is expected to reach $31.95 billion in 2026 at a CAGR of 11.5%.
What is the Global Smart Wearables Market?
The smart wearables market consists of sales of smart wearable devices and related services for tracking vital pieces of data related to the health and fitness of the human body. Smart wearables are any form of an electronic device intended to be worn on the human body.
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What drives the Global Smart Wearables Market?
The increasing demand for wireless sports and fitness devices is projected to drive the smart wearables market. There is a rapid growth in the use of smart devices such as smartwatches among cyclists, runners, gym-goers, swimmers, and athletes to track the calories burnt, hourly activity, stationary time, and activity time. For instance, in September 2019, Garmin, a US-based technology company, launched the Garmin Vivo active 4, a smartwatch that is featured with a fitness tracker to track every move of the human body. Therefore, the demand for smart and wireless fitness devices is expected to propel the smart wearables market.
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Global Smart Wearables Market Segments
The global smart wearables market is segmented:
By Devices: Smart Watches, Smart Glasses, Fitness and Wellness Devices, Smart Clothing, Others
By Application: Lifestyle, Healthcare, Consumer Applications, Defense, Fitness and Sports, Enterprise and Industrial
By Technology: Memory and Storage Technology, Speech and Pattern Recognition Technology, Communication and Networking Technology, Sensing Technology, Computing Technology, Display Technology
By Geography: The regions covered in the smart wearables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Smart Wearables Global Market Report 2022provides market size and growth forecasts for the global smart wearables market, global smart wearables market share, smart wearables market segments and geographies, smart wearables market competitive landscape including leading competitors’ revenues, profiles and market shares. The smart wearables market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Smart Wearables Industry Players include Apple Inc., Samsung, Google, Xiaomi, Nike, Motorola Solutions Inc., Garmin, Jawbone, Misfit, and Polar. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
