Australia Wearables Market Report and Forecast 2024-2032

Australia Wearables Market Outlook

The Australia wearables market size was approximately USD 770.4 million in 2023. The market is estimated to grow at a CAGR of 12.20% between 2024 and 2032, reaching a value of USD 2170.9 million by 2032.

Key Takeaways

• Wearable technology companies have been working on strengthening device protection from external threats and data breaches, which is boosting the confidence of Australian consumers.

• Smart watches have become increasingly popular owing to their ability to track and monitor different health indicators, besides other features that provide convenience to users.

• The growing health awareness in Australia is also fuelling the growth of the market. Wearable medical devices offer information on calorie consumption, oxygen levels, blood pressure, sleep quality, and more.

Today, one in every five people in Australia own a wearable device that they use for tracking and monitoring their physical fitness and wellbeing. It is expected that with advancements in the field of IoT, the demand for wearable technologies is set to increase.

As per the Australia wearables market analysis, fitness and activity trackers are very popular among Australian people because they help them in making smarter and healthier choices every day. More than 20% of the adult population in Australia owns some kind of fitness tracking device and this number is expected to increase in the forecast period. Wearable devices for medical applications help monitor the pulse and breathing rate of people and detect anomalies in the breathing pattern to indicate early signs of infection or illness.

Further, with the miniaturisation of parts used in wearable devices (like sensors, semiconductors, and processors), they have become compact and portable, which is increasing their utility in various applications like medical, industrial, and others. For example, there is a surge in adoption of wearable devices to track the health and wellness status of employees, especially in the mining industry, and ascertain their position at any given point of time. The travel industry also utilises wearable devices to take tourists on a virtual tour of their hotels and disclose important landmarks in the region, which helps enhance visitor’s travel experience. The continuous advancements in technology and the advent of connected systems are expected to favour the Australia wearables market growth.

Market Segmentation

Australia Wearables Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Smartwatches

• Head Mounted Displays

• Ear Worn

• Fitness Tracker and Activity Trackers

• Others

Market Breakup by Application

• Consumer Electronics

• Healthcare

• Enterprise and Industrial Applications

Competitive Landscape

The manufacturers are placing a greater emphasis on technological improvements and product upgradation to meet the evolving demands of consumers and stay relevant in the market.

• Apple Inc.

• Samsung Electronics Co. Ltd.

• Google LLC (Fibit LLC)

• Xiaomi Corp.

• Fossil Group Inc.

• Meta Platforms Inc.

• Huawei Technologies Co., Ltd.

• Garmin Ltd.

• BBK Electronics Corp. Ltd. (Oppo)

• Nuheara Limited

• Others

Key Highlights of the Report