Australia Wearables Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.53 Billion |
| Market Size (2029) | USD 6.47 Billion |
| CAGR (2024 - 2029) | 12.90 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Australia Wearables Market Analysis
The Australia Wearables Market size is estimated at USD 3.53 billion in 2024, and is expected to reach USD 6.47 billion by 2029, growing at a CAGR of 12.90% during the forecast period (2024-2029).
Smart wearable devices offer many features, including managing daily tasks, fitness tracking, checking emails, making contactless payments, etc. Hence, the change in consumer lifestyle and rising awareness of advanced technology will influence the growth of this market.
- The wearable market in Australia is rapidly increasing due to the rapid adoption of advanced technologies into wearable devices such as a wristband, eyewear, and watch. These technologically advanced products are used in the military, health and wellness, and the fitness of general people.
- Additionally, researchers and technology companies in Australia have been focusing on pandemic contact tracing using wearables. Several vital vendors also focused on this opportunity to grab the market potential during this unprecedented time. For instance, the Australian scale-up RightCrowd announced Right Crowd HQ to create awareness among company staff, monitor all close contact events, and store that data.
- However, the high manufacturing cost and the shorter lifecycle of these electronic products pose a significant threat to the wearables market. Furthermore, the manufacturer of wearable devices has to spend hugely on research and development, marketing, the promotion, which incurs a considerable cost for several manufacturers. So, a rapidly changing technological environment and high prices can influence the growth of this market.
- Moreover, rising awareness about health concerns among the Australian people is fuelling the growth of the wearables market. The COVID-19 pandemic crisis has expanded the role of wearable devices in the healthcare sector. These wearable products can offer different information types, including blood pressure, oxygen levels, quality and quantity of sleep, calorie intake, cholesterol levels, etc. However, data piracy threats are restraining the growth of this market.
Australia Wearables Market Trends
This section covers the major market trends shaping the Australia Wearables Market according to our research experts:
Head-Mounted Display will Drive the Growth of this Market
- The vital factors that support the penetration of head-mounted displays in the consumer industry are a result of reducing prices of components such as microdisplays and head-mounted displays in Australia. These microdisplays are a vital component for both eyewear displays and helmet-mounted displays. Moreover, lightweight wearable device technology has led to rapid innovation for several products. Virtual prototyping provides an essential opportunity for automobile manufacturers where customers can use this wearable technology by evaluating accurate positions of unique components and communicating additional customization to the designers.
- According to an IGEA survey, around 68% of gamers in Australia played video games on consoles. According to the Australian government's E-safety research, 60% of the Australian adult population are gamers. The increasing demand for games supports this region's growth of head-mounted displays. Moreover, most head-mounted displays are highly suitable for playing on the PC and console. Henceforth, the rapid increase of console and PC gamers fuels the growth of wearable devices.
- Immersive Head-mounted Displays (HMDs) are primarily used to experience VR (virtual reality) and augmented reality (AR). Mainstream consumers' use has been limited due to availability, prices, unfashionable design, ergonomics, and several other factors. Moreover, an increase in the adult population size, especially younger generations, with a rise in computer gamers, video gamers, and interest in VR-enabled gaming, is expected to create tremendous demand for head-mounted wearables in the country.
- Additionally, head-mounted displays are used rapidly in the defense industry. Advanced Military head-mounted displays are used in airborne (rotary and fixed-wing) and ground-based applications (combat vehicle, simulator, and soldier applications). Hence, the increasing defense industry's expenditure can create a vast market opportunity for head-mounted displays in this country's military and defense sectors.
Growing Number of Adult Population Will Drive this Market
- Major vendors in this market continuously innovate to create a unique differentiation from their competitors. The increasing young and adult population and rising awareness of health pertaining issues among the young generation is fuelling the growth of the wearables devices market.
- Moreover, the growing GDP in the country and the rapidly increasing urbanized population create a substantial market opportunity for smartwatches, fitness trackers, HMDs, and other smart wearable devices. According to the Australian Bureau of Statistics, the overall urban population is 86.1%, which will increase by 1.43% in future years.
- There have been several advancements for adults in the healthcare sector, such as introducing hearables, wireless computing earpieces, and brainwave-reading technology. For instance, continuous glucose monitors (CGMs) are becoming increasingly popular with diabetic patients, who can always wear devices to monitor their glucose levels.
Australia Wearables Industry Overview
The Australia Wearables Market is very competitive in nature. The market is highly concentrated due to the presence of various small and large players. All the major players in the market are focusing on expanding their consumer base across the world. Some of the significant players in the market are Huawei Technologies Co. Ltd, Oppo, Apple Inc., Samsung Electronics Co. Ltd, Nuheara limited., and many more.
- September 2022 - Google Cloud collaborated with Fitbit Health solutions and launched the Device Connect for Fitbit solution, which focuses on giving healthcare organizations a more holistic view of patients outside clinical settings using data from wearable devices. Through the solution's launch, Google seeks to help people live healthier lives and accelerate time to insights for healthcare organizations while ensuring security and privacy. The data, which includes temperature, heart rate, oxygen levels, sleep, stress, and activity, is then filtered through a data connector with automated normalization and standardization capabilities for analytics via Google Cloud BigQuery.
- April 2022 - Oppo partnered with Anytime Fitness. OPPO and Anytime Fitness are producing a 10-part short Digital Workout series, which will be published on the OPPO youtube channel and Anytime Fitness digital platform AF connect. The mini-series will feature top Anytime Fitness coaches with their customized workouts using the Oppo watch free to showcase its features for health and fitness. With this collaboration, OPPO aims to encourage the users to lead this kind of lifestyle with our wearables as it helps them track their work and play, night or day. This factor makes it more convenient for users s to stay strong and healthy, especially amid these uncertain times.
Australia Wearables Market Leaders
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Huawei Technologies Co. Ltd
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Oppo
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Apple Inc.
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Samsung Electronics Co. Ltd
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NUHEARA LIMITED.
*Disclaimer: Major Players sorted in no particular order
Australia Wearables Market News
- August 2022 - Samsung Electronics Co., Ltd. announced the Galaxy Watch5 Pro and Galaxy Watch5, shaping consumers' wellness and health habits with advanced features, intuitive insights, and even more powerful capabilities. With an increasing desire to better understand and act on consumers' health goals, the company has provided depth monitoring and experimental data, offering the information needed to help users along their health and wellness journey. Galaxy Watch5 is equipped with Samsung's unique BioActive Sensor that drives the next era of digital health monitoring.
- May 2022 - Huawei technologies launched Watch GT 3 Pro smartwatch, the Watch D with Blood Pressure and ECG monitoring, and the Band 7 for global markets. The Watch D smartwatch comes with an IP68 rating which makes it water-resistant. The wearable offers GPS and NFC support. Huawei Watch D promises to provide seven days of battery life on a single charge. Watch GT 3 Pro smartwatch offers more than 100 workout modes and can also keep track of the user's sleep and daily activities, and the smartwatch promises to offer up to 8 days of backup on a single charge.
Australia Wearables Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the Australia Wearables Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Incremental Technological Advancements Aiding the Market Growth
5.1.2 Increase in Health Awareness among the Consumers
5.2 Market Challenges
5.2.1 Growing Complexity of Wearable Devices and Limited Use of Features, augmented With Security Risks
5.2.2 Data Privacy Concerns
6. MARKET SEGMENTATION
6.1 By End-user
6.1.1 Babies
6.1.2 Kids
6.1.3 Adults
6.1.4 Elderly
6.2 By Product
6.2.1 Smartwatches
6.2.2 Head Mounted Displays
6.2.3 Ear Worn
6.2.4 Fitness Trackers/Activity Trackesr
6.2.5 Other Wearables
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Huawei Technologies Co. Ltd
7.1.2 Oppo
7.1.3 Apple Inc.
7.1.4 Samsung Electronics Co. Ltd
7.1.5 Nuheara Limited
7.1.6 Garmin Ltd
7.1.7 OnePlus
7.1.8 Wear OS
7.1.9 Microsoft
7.1.10 Fitbit Inc.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Australia Wearables Industry Segmentation
The wearables include the devices such as smartwatches and fitness trackers, among others, that are worn by users of various age groups on their bodies. The market size comprises the value of wearable devices sold by various vendors in the market.
The Australia Wearables Market is segmented by End-User (Babies, Kids, Adults, Elderly) and by Product (Smartwatches, Head Mounted Displays, Ear Worn, Fitness Trackers/Activity Trackers). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments. The vast availability of smart devices, including tablets, smartwatches, and fitness/activity trackers in the country, supports the growth of the wearable devices market.
| By End-user | |
| Babies | |
| Kids | |
| Adults | |
| Elderly |
| By Product | |
| Smartwatches | |
| Head Mounted Displays | |
| Ear Worn | |
| Fitness Trackers/Activity Trackesr | |
| Other Wearables |
Australia Wearables Market Research FAQs
How big is the Australia Wearables Market?
The Australia Wearables Market size is expected to reach USD 3.53 billion in 2024 and grow at a CAGR of 12.90% to reach USD 6.47 billion by 2029.
What is the current Australia Wearables Market size?
In 2024, the Australia Wearables Market size is expected to reach USD 3.53 billion.
Who are the key players in Australia Wearables Market?
Huawei Technologies Co. Ltd, Oppo, Apple Inc., Samsung Electronics Co. Ltd and NUHEARA LIMITED. are the major companies operating in the Australia Wearables Market.
What years does this Australia Wearables Market cover, and what was the market size in 2023?
In 2023, the Australia Wearables Market size was estimated at USD 3.13 billion. The report covers the Australia Wearables Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Australia Wearables Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Australia Wearables Industry Report
Statistics for the 2024 Australia Wearables market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Australia Wearables analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
