With various applications in a wide range of verticals such as fitness and wellbeing, medical and healthcare, entertainment and infotainment, industrial, commercial, aerospace, and military, wearable electronics facilitate a variety of functions.
The market witnessed significant growth in 2015 and is expected to grow impressively by 2020 end, at a double digit CAGR.
Consumers have been wearing electronics such as Bluetooth headsets, pacemakers, hearing aids, and wristbands sincea couple of decades. The wearable electronics industry is witnessing innovation with each wearable hitting the market, including smart garments, sports watches, smart glasses, chest straps, head-mounted displays, body-worn cameras, health monitoring sensors, and other fitness monitors. FMI’s research reflects attractive growth opportunities for the wearable electronics industry in the near future.
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Key Drivers: Wearable Electronics Market
The impressive growth of the wearable electronics market is attributed to growing consumer interest in health and fitness monitoring. Moreover, a variety of wearable products are available online, which boost the popularity of wearable electronics.
The market is constantly witnessing innovative product development, offering enhanced functionality and display. This plays a key role in pushing the demand for wearable electronics in the market. Increasing user-friendliness of electronic wearable gadgets is another factor supporting their popularity among consumers.
Rising proliferation of smart glasses and smart watches is attributed to their data-sharing ability with smartphones. Smart watches have been representing the largest market revenue share since the last two years, owing to their ability to manage phone calls and social media, and play music and games, in addition to primarily track individual fitness.
Key Restraints to Market Growth
A few factors such as limited battery life, expensive initial costs, and privacy concerns may hamper their demand, eventually impacting the growth of the market.
In developing nations, sufficient consumer population is still not aware of the functionality of wearable electronics. Moreover, research observes low perception of the advantages offered by sophisticated wearable electronic devices.
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Segmentation: Global Wearable Electronics Market
FMI’s research on the global wearable electronics market offers a five-year forecast, segmenting the market on the basis of product, component, application, technology, and geography.
According to the product, the market is segmented into eye wear, wrist wear, neck wear, head wear, footwear, and body wear. The products are further segmented as watches, bands, goggles, ties, collars, lenses, headsets, and head band.
Based on the component, the market is segmented into sensors, controllers, power supply units, networking components, displays, memory cards, and interface components.
On the basis of technology, the market is further segmented into computing technology and display technology. Display technology majorly includes networking technologies, positioning technologies, sensor technologies, and speech recognition technologies.
Based on the application, the wearable electronics market is segmented as consumer electronics, healthcare, industrial and business, training and development, and defence and military. The consumer electronics market is further segmented into lifestyle and fitness, sports, fashion, garments, and infotainment and multimedia. The lifestyle and fitness segment is estimated to account for the largest market share globally.
Based on the geographical region, the wearable electronics market is segmented into North America, Latin America, Asia Pacific, Japan, Western Europe, Eastern Europe, and Middle East and Africa. The current market scenario representssubstantial market for wearable electronics in the U.S., Canada, Mexico, Japan, China, South Korea, India, the U.K., France, Germany, and the Middle East. While North America is leading the market, Asia Pacific is projected to witness strong growth by 2020 end. Driven by technological innovation and rapid adoption of advanced technology, the Americas are expected to retain their position of the top market during the forecast period.
Notable Trends in the Industry
- Injected electronics and thin, printed electronic sensors are likely to be the next big things in the healthcare and fitness industry.
- Electronic wearables are being developed for remotely or wireless monitoring of patients by healthcare staff.
- Electronic textiles are already witnessing significant adoption, and are currently undergoing R&D innovation.
- Hybrid, stretchable electronics have recently hit the market and support various applications.
- Researchers at the Case Western Reserve University have developed flexible wire-shaped micro-super-capacitors that can be woven into a jacket, shirt or dress, in order to be used as a wearable power source for electronics.
- A flexible, wearable electronic in form of a skin patch helps to personally monitor alcohol levels.
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Global Wearable Electronics Market: Key Players
Some of the key players in the global Wearable Electronics market are Apple, Inc., Google, Inc., Samsung Group, Sony Corporation, Nike, Inc., Adidas AG, Qualcomm, Inc., Texas Instruments, Optis SAS, Recon Instruments, Inc., Jawbone, Inc., AT&T Inc., and System Technologies Incorporated are some of the key players capturing remarkable market shares globally.
Other players include Oculus VR, Inc., Rockwell Collins, Kopin Corporation, Thales SA, BAE Systems, Glassup SRL, Epson Corporation, Infineon Technologies AG, Emagin Corporation, Shimmer Research Inc., and Weartech S.L.
While Apple has been pioneering in the popularisation of wearables as a lifestyle trend, many other brands are also competing in the market with new products. In 2015, Samsung Electronics Pvt. Ltd. witnessed considerable sales in the autonomous wearable electronics sector. The company sells smart watches with a different brand name – Gear. Sony Corporation also enjoys higher sales compared to most of the other brands. Key players might gain new revenue generation opportunities in the near future, with the saturation of the smartphone business.