An Increase in Smartwatch Demand is Anticipated to Boost the Global Wearable Electronic Devices Market in the Forecast Period

As smartphones and tablets have emerged with digitalization, similarly wearable technologies have also developed with advanced features and independent processing capabilities. The increasing demand for IOT devices for single remote access has been much in use in recent years. The rise in the demand for several advanced gadgets along with features is a major element driving market expansion.  

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Data Bridge Market Research analyses that the Global Wearable Electronic Devices Market was valued at USD 67,373.95 million in 2021 and is expected to reach the value of USD 4,09,355.4 million by 2029, at a CAGR of 25.3% during the forecast period. The increasing demand for the Wearable electronic devices across pharmaceutical sector will provide potential opportunities for the market growth in the forecast period.

Rising awareness about health and fitness is expected to drive the market's growth rate

The beginning of advanced and smart wearable in the healthcare vertical and the increasing occurrence of IoT and smartphones are anticipated to boost the market growth during the forecast period. The increasing usage of smart electronic wearable electronic devices for runners aids in determining their burnout or physical activities. The device shows correct amount of calories burnt and also restrict the consumer towards unhealthy diets having advanced software in built in it.  

Report Scope and Market Segmentation

Segment Analysis:

Global wearable electronic devices market is categorized into two notable segments which are based on type and application.

• On the basis of type, global wearable electronic devices market is segmented into head-mounted displays, smartwatches, ear-worn devices (hearables), sports watches, smart garments and wristbands.

The smartwatches segment of type is anticipated to dominate the wearable electronic devices market

The smartwatches segment is dominating the market with a CAGR of 40.3% in the forecast period of 2022 to 2029 as smartwatches demand is endlessly increasing around the world because of the growing demand of smart gadgets for contactless payment, health monitoring, reminders, fitness monitoring, notifications and voice calls, entertainment and among others. Furthermore, smartwatches adoption and preference has increase in last few years in numerous industries healthcare, well-being, sports, fitness, work safety, security and proximity, fashion.

• On the basis of application, global wearable electronic devices market is segmented into sports and fitness, healthcare, security and proximity, automotive, electronics, automation, industrial and others.

The sports and fitness segment of type is anticipated to dominate the wearable electronic devices market

The sports and fitness segment is dominating the market a CAGR of 48.29% in the forecast period of 2022 to 2029 due to increasing adoption of wearable electronic devices for sports and fitness to improve sports activities, fitness, and well-being by monitoring physiological conditions of wearers. Wearable electronic devices are helping wearers to optimize behavior during training and competition is desirable for athletes to achieve high performance.

Major Players

Data Bridge Market Research recognizes the following companies as the major wearable electronic devices market players in wearable electronic devices market are SAMSUNG (South Korea), Garmin Ltd. (U.S.), Huawei Technologies Co., Ltd. (China), Apple Inc. (U.S.), Sony Corporation (Japan), HTC Corporation (Taiwan), Fitbit, Inc. (U.S.), Xiaomi Global Community (China), ADIDAS AG (Germany), Nike, Inc. (U.S.), LG Electronics. (South Korea), Motorola Solutions, Inc. (U.S.), Fossil Group, Inc. (U.S.).

Market Development

• In 2020, PROTXX, INC. launched a collaboration to enhance its "data analytics" capabilities of AltaML Inc. with a healthcare platform to support automated diagnoses of different neurodegenerative medical conditions. This platform will substitute bulky and expensive clinical equipment which delays the process of neurodegenerative medical conditions that leads to multiple physiological systems.
• In 2020, TATA ELXSI. Launched its own software middleware platform "Autonomai" that will create AI enabled perception system that helps in Level 3+ autonomous driving. This perception system based platform is going to be responsible for smooth functioning of autonomous car by sensors for detecting objects

 Regional Analysis

Geographically, the countries covered in the wearable electronic devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America

As per Data Bridge Market Research analysis:

North America is the dominant region in wearable electronic devices market during the forecast period 2022 to 2029

North America dominates the wearable electronic devices market because of the presence of major market players and technical innovations that are associated with these devices.  

Asia-Pacific is estimated to be the fastest growing region in wearable electronic devices market the forecast period 2022 to 2029

Asia-Pacific is expected to grow during the forecast period of 2022 to 2029 due to the increasing demand for advanced technical gadgets and advanced features in this region.

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