Portland, OR, March 9, 2022 (GLOBE NEWSWIRE) – According to the report released by Allied Market Research, the wearable electronics market generated $ 81.40 billion in 2020 and is projected to reach $ 459.58 billion by 2030, growing at a CAGR of 19.9% from 2021 to 2030. The report provides a detailed analysis of the changing dynamics of the market. of the main segments, of the value chain, of the key investment pockets, scenario and competitive landscape.
The lower cost of the device due to the emergence of a large number of manufacturers, the increased awareness among customers for health-related activities and the increased use among customers of various age profiles for tracking systems of patients drive the growth of the global wearable electronics market. However, the increase in the number of customers adopting digital devices and the presence of mobility on the Internet are holding back the market to some extent. On the other hand, the increased investment in building a connected ecosystem presents new opportunities in the coming years.
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- The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of the electronics and semiconductor industries, thus affecting the overall growth of the global wearable electronics market.
- It further disrupted the entire supply chain, leading to difficulties in sourcing raw materials. The lack of skilled labor has further affected the growth of the market.
- However, the wearable electronics market is expected to recover soon.
The report offers a detailed segmentation of the global Wearable Electronics market by product type, application and region.
Based on the product type, the wristwear segment held the higher market share in 2020, holding more than half of the total market share, and is expected to maintain its leadership position during the forecast period. However, the eyewear segment is estimated to have the highest CAGR of 23.13% from 2021 to 2030.
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Based on the application, the entertainment segment held the largest market share in 2020, holding over a third of the total market share, and is expected to maintain its leadership status during the forecast period. However, the industrial segment is expected to record the highest CAGR of 22.03% from 2021 to 2030.
Based on the region, Asia Pacific contributed the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is expected to continue its dominant share by 2030. In addition, it is expected to continue its dominant share by 2030. that the same region exhibit the fastest CAGR of 21.14% during the forecast period. Other regions discussed in the report include North America, Europe, and LAMEA.
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Major players in the global wearable electronics market analyzed in the research include Adidas AG, Fitbit, Inc., Nike, Inc., Google, Inc., Apple, Inc., Sony Corporation, Samsung Electronics, Garmin Ltd., Sensoria Inc. , and LG Electronics.
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research offers global enterprises and small and medium-sized businesses unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, CEO of Allied Market Research, is leading the organization towards delivering high-quality data and insights. We have professional business relationships with various companies and this helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy in our market forecasts. Any data presented in the reports published by us is extracted through primary interviews with senior officials of the main domain companies concerned. Our secondary data acquisition methodology includes in-depth online and offline research and discussions with industry-experienced professionals and analysts.