Smart Wearables Market Size to Record 17% CAGR Through 2028 | Fitbit, Apple Inc., Sony Corporation, Garmin Ltd, Samsung Electronics Co. Ltd., Fossil Group

Market Study Report: The Report 2022-2028 Global Smart Wearables Market Report explores the essential factors of the Smart Wearables market considering such as industry situations, market demands, market players adopted business strategies and their growth scenario. The Global Smart Wearables market has been separated by this report based on the key players profiles, Type, Application and Regions.

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The global smart wearables market size is expected to expand at a CAGR of around 17% during the forecast period. The market growth is attributed to the increasing demand for wireless sports and fitness devices. There is a rapid rise in the use of smart devices such as smartwatches among cyclists, runners, gym-goers, swimmers, and athletes in order to track the calories burnt, hourly activity, stationary time, and activity time. Therefore, the demand for smart and wireless fitness devices is expected to propel the smart wearables market. Rising standard of living and economic factors are also spurring the market. The smart wearables market consists of the sale of smart wearable devices and related services for tracking vital data related to the human body's health and fitness. The most prominent smart wearables available are smartwatches and fitness trackers.

Market Structure and Competition Landscape

The global smart wearables market is characterized by the presence of significant number of players. Some of the prominent players operating in the market include Apple Inc., Google LLC, Sony Corporation, Garmin Ltd, Samsung Electronics Co. Ltd., Amazon, Fitbit, Under Armour, Fossil Group, Solos Technology Limited, Xiaomi, Huawei, Bose, Nuheara, Starkey, BBK Group, and others. To maintain their market position, the key players in the smart wearable device market focus on various growth strategies such as partnerships, mergers and acquisitions, and product portfolio expansion. Technology leaders are boosting investments in their smart wearables business to help diversify income streams as smartphone demand stagnates.

Some of the key developments in the smart wearable market are:

In August 2021, Samsung announced the release of Galaxy Watch 4 and Galaxy Watch 4 Classic; these are new WearOS watches developed in collaboration with Google and run on the One UI Watch interface. They have advanced hardware performance to provide a connected and seamless user experience.

In 2020, Donut Robotics, a Japanese startup, developed a smart mask with voice recognition that allows us to make phone calls and send messages without touching phones.

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State of Global Economy, COVID-19 Outbreak, and the Russo-Ukraine War Impact

The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdue growth, while other countries continued to grapple with economic slowdowns. Also, intensifying tension between the US and Iran along with the tightening sanctions on Venezuela by the US further hampered global economic growth in 2019. Moreover, the heightened trade war between the US and China and the rising trade uncertainty continued to exert adverse effects on the global economy. Amid all these, the COVID-19 outbreak at the end of the year 2019 in Wuhan, China further deteriorated global economic growth.

The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, UK, Germany, India, Japan, South Korea, the UK, and many others. Many of these countries had announced partial or complete nationwide lockdowns. The governments of several nations have called on people to shelter in place at home, travel restrictions, shut down local businesses, and prohibited social gatherings.

Market Segmentation

The global smart wearables market has been analyzed on the basis of operating system, product type, end-user, connectivity, application, sales channel, and region. Based on the operating system, wear OS, watch OS, Tizen OS, Fitbit OS, and others. Further, on the basis of end-user, the market is segmented into individual, industrial & commercial, and others. Individual segment is projected to hold a prominent share in the market. Based on product type, the market is segmented into smart watches, glasses, wearable cameras, ear wearables (hearables), smart clothes, data gloves, footwear & shoes, fitness & wellness devices, head-mounted displays, smart jewelry, health wearables, and emerging wearables. Smart watch segment is estimated to contribute a significant share to the market.

On the basis of connectivity, the market is segmented into Wi-Fi, cellular data. Bluetooth, and near field communication. Among these, Wi-Fi technology is estimated to hold a prominent share in the market. Based on application, the market covers the analysis of infotainment, healthcare & medical, fashion & lifestyle, fitness & wellness, safety & security, and auxiliary applications. Further, on the basis of sales channel, the market is segmented into modern retail and conventional retail. Among these, conventional retail holds a prominent share while modern retail segment tends to exhibit significant growth during the forecast period. Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa.

Scope of the Report

- To analyze and forecast the market size of the global Smart Wearables market.

- To classify and forecast the global Smart Wearables market based on product, application, end user, region.

- To identify drivers and challenges for the global Smart Wearables market.

- To examine competitive developments such as mergers & acquisitions, agreements, collaborations and partnerships, etc., in the global Smart Wearables market.

- To identify and analyze the profile of leading players operating in the global Smart Wearables market.

Questions And Answers: Global Smart Wearables Market

Q1. What is the CAGR that the Smart Wearables Market is expected to register through the projected duration?

Answer: The Smart Wearables Market is likely to register a CAGR of 17% over the forecast period.

Q2. Which Are the Key Players in Global Smart Wearables Market?

Answer: Apple Inc., Google LLC, Sony Corporation, Garmin Ltd, Samsung Electronics Co. Ltd., Amazon, Fitbit, Under Armour, Fossil Group, Solos Technology Limited, Xiaomi, Huawei, Bose, Nuheara, Starkey, BBK Group, among others are the leading players in worldwide Smart Wearables Market.

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