Australia Wearables Market Size (2024 - 2029)

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 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.