North America Wearable Electronic Devices Market, By Type (Head-Mounted Displays, Smartwatches, Ear-Worn Devices (Hearables), Sports Watches, Wristbands, Smart Garments), Application (Sports and Fitness, Healthcare, Security and Proximity, Automotive, Electronics, Automation, Industrial, Others), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2027
Wearable electronic devices market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 25.1% in the forecast period of 2020 to 2027 and is expected to reach USD 71,243.87 million by 2027 from USD 18,692.95 million in 2019. Rising disposable income with high adoption of digitalization and changing lifestyle of people are the major drivers which propelled the demand of the market in the forecast period.
Wearable electronic devices are all those devices that help in disease diagnosis and monitoring to protect people from damage of long-term chronic disease. These devices play an important role in remote monitoring of patients in health centers or at home by tracking the vital signs such as heart rate, pulse rate, ECG and sleep cycle among others. Regulatory bodies regulate the wearable electronic devices to demarcate them from normal consumer electronics.
Wearable electronic devices demand has increased as compared to the precise year with increased demand of minimally invasive and contactless diagnostic and therapeutic uses of wearable electronic devices along with introduction of increased technologically advanced wearable electronic devices. In addition demand of wearable electronic devices has increased because of increasing health consciousness among people across world. Further high cost of wearable electronic devices is expected to restraint the usage of wearable electronic devices and is expected to slow down the growth of the wearable electronic devices market in the forecasted period.
The wearable electronic devices market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the wearable electronic devices market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Wearable electronic devices market is segmented on the basis of type and application. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the wearable electronic devices market is segmented into head-mounted displays, smartwatches, ear-worn devices (hearables), sports watches, wristbands and smart garments. In 2020, smartwatches are dominating in the market due to smartwatches demand is continuously increasing around the world due to increasing demand of smart gadgets for health monitoring (fall detection), fitness monitoring, notifications and voice calls, reminders, contactless payment, entertainment and among others.
- On the basis of application, the wearable electronic devices market is segmented into sports and fitness, healthcare, security and proximity, automotive, electronics, automation, industrial and others. In 2020, sports and fitness segment is expected to dominate the market as due to continuous increasing adoption of wearable electronic devices for sports and fitness in the order to enhanced sports, fitness, and well-being by monitoring physiological conditions of wearers.
Wearable Electronic Devices Market Country Level Analysis
The wearable electronic devices market is analysed and market size information is provided by country, type and application as referenced above.
The countries covered in the wearable electronic devices market report are the U.S., Canada, and Mexico.
North America is expected to dominate the market due to the high adoption of wearable electronic devices for the remote monitoring of patients in the region. The U.S is dominating in North America due to rise in chronic diseases that need routine monitoring and presence of sophisticated healthcare infrastructure.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing acquisition and merger in Wearable Electronic Devices Market is Creating New Opportunities for Players in the Wearable Electronic Devices Market
Wearable electronic devices market also provides you with detailed market analysis for every country growth in particular industry with wearable electronic devices sales, impact of advancement in the wearable electronic devices and changes in regulatory scenarios with their support for the wearable electronic devices market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Wearable Electronic Devices Market Share Analysis
Wearable electronic devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breath, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to wearable electronic devices market.
The major players covered in the report are Apple Inc., PUMA SE, Seiko Epson Corporation, Fitbit, Inc., LG Electronics., SAMSUNG, Sony Corporation, Garmin Ltd., FOSSIL GROUP, INC., Huawei Technologies Co., Ltd., Polar Electro, Vuzix Corporation, Kopin Corporation, ASUSTeK Computer Inc., HTC Corporation., HK SMARTMV LIMITED., Montrichard (H.K.) Ltd., UMIDIGI and among other domestic and global players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launch and agreement are also initiated by the companies’ worldwide which are also accelerating the wearable electronic devices market.
- In October 2019, Apple Inc. launched AirPods Pro which is a best-selling headphone in the world. The AirPods Pro brings all advanced features with active noise cancellation for immersive sounds. The new feature will add competitive advantage over other headphones and would enhance the revenue and profit maximization for the company
Collaboration, joint ventures and other strategies by the market player is enhancing the company market in the wearable electronic devices market which also provides the benefit for organisation to improve their offering for wearable electronic devices.