The global wearable electronics market is expected to post a CAGR of
more than 15% during the period 2019-2023, according to the latest
market research report by Technavio.
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Technavio has published a new market research report on the global wearable electronics market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global wearable electronics
market is the increasing digitization of the global economy. With the
growing Internet penetration, the growing mobile subscriber base, and
the rising number of IoT devices, an increasing number of developed and
emerging economies across the world are witnessing a significant surge
in digitization. As a result, there has been a substantial increase in
the integration of advanced technologies such as AI, VR, and contactless
payments into wearable electronics devices. This is resulting in the
rising demand for wearable electronic devices. Apart from these factors,
the development of a mobile app ecosystem will also play a vital role in
the growth of the market during the forecast period.
As per Technavio, the growing focus on the development of low-powered
electronics will have a positive impact on the market and contribute to
its growth significantly over the forecast period. This global
wearable electronics market 2019-2023 research
report also analyzes other important trends and market drivers that will
affect market growth over 2019-2023.
Global wearable electronics market: Growing
focus on the development of low-powered electronics
The growing popularity of wearable electronic devices such as smart
bands, smart rings, smart watches, and HMDs are resulting in the rising
need for high performance and low-power consumption electronics. There
is a high demand for low-power-consumption electronic components such as
sensors, processors, and batteries. As a result, companies are
increasingly adopting low power consumption components, from processors
to new IMUs, which will help them enhance the performance of their
wearable electronics. Further, wearable electronic devices have been
using CPUs which had phone architecture shrunk for a watch. However, the
usage pattern of the user for wearable electronic devices is different
from smartphones. Thus, manufacturers have developed a new processor
architecture with large, small, and tiny cores. The optimization of
these processors increases their battery life, making them reliable.
“Apart from the growing focus on the development of low-powered
electronics, factors such as the growing number of partnerships and M&A
activities, development of miniaturized electronic components, and the
emergence of hybrid smartwatch market will have a key impact on the
growth of the wearable electronics market during the forecast period,” says
a senior research analyst at Technavio.
Global wearable electronics market:
Segmentation analysis
This market research report segments the global wearable electronics
market by product (smartwatches, wireless headphones, HMDs, smart bands,
and smart clothing) and geographic regions (North America, APAC, Europe,
South America, and MEA).
The North American region led the market in 2018, followed by Europe,
Asia, and ROW respectively. The market growth in North American can be
attributed to the growing ecosystem of connected devices, constant
technological advances, and the presence of large crowdfunding platforms
such as Kickstarter and Indiegogo.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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