Global Wearable Technology Market to Reach 1,190.24 Million Units by 2032, Aided by the Rising Technology

The global wearable technology market is driven by the increasing advancements in technology along with the increased penetration of internet in the market. Asia Pacific is projected to be the most attractive regional market for wearable technology due to the rising disposable incomes, the growing tech-savvy population, and the increasing growth of many companies in the region. Rising number of participants are expected to shift their manufacturing facilities to Asia Pacific due to low labour and operational costs. In addition, a substantial proportion of the large population in the region is among the early adopters of this technology.

In 2019, Apple Inc (NASDAQ: AAPL), a leading technology company popular throughout the globe, launched its the second version of its wireless earbuds, Airpods. The new edition of the AirPods features a wireless charging case, hands-free access to the iPhone digital assistant, Siri, and improved battery life. The increased sales of the product propelled the market growth in the historical period.

In 2018, Fossil Group Inc (NASDAQ: FOSL), one of the leading designer brands, especially for wrist watches, introduced a new range of seven next-generation smartwatches. These watches have an aesthetic design and also the latest technological features which helped attract large consumer base, especially the millennials. This boosted the market growth in the historical period.

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Market Analysis by Component, Type, Technology, Applications, and Regions:

• The components used can be divided into software and service.
• The types of the product include wrist-wear, eye-wear and head-wear, foot-wear, neck-wear, and body-wear, among others.
• Based on technology, the industry can be divided into computing technology, display technology, networking technology, positioning technology, and sensor technology, among others.
• The product finds wide applications in consumer electronics, healthcare, enterprise, and industrial application, among others.
• The regional markets include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Increasing penetration of smartphones in the market is the primary factor bolstering the market growth.
• The rising awareness about the benefit of these devices among consumers is expected to propel the market growth.
• The rising social awareness and various benefits of wearable electronics is driving the growth of the market.
• Rising concerns about obesity and other chronic diseases have resulted in increased adoption of wearable devices, including body monitors and fitness trackers.

Key Offerings of the report:

• The EMR report gives an overview of the global wearable technology market for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for the component, type, technology, applications, and major regions of wearable technology.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global wearable technology market are Apple Inc., Samsung Electronics Co., Ltd., Fitbit, Inc., Xiaomi Corp, Alphabet Inc., LG Electronics, Inc., and Huawei Technologies Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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