How big is the Global Consumer Smart Wearable Market?

The Global Consumer Smart Wearable Market size is expected to reach 0.50 billion units in 2024 and grow at a CAGR of 19.58% to reach 1.22 billion units by 2029. Read More

What is the current Global Consumer Smart Wearable Market size?

In 2024, the Global Consumer Smart Wearable Market size is expected to reach 0.50 billion units. Read More

Who are the key players in Global Consumer Smart Wearable Market?

Vuzix Corporation, Lenovo, Transcend Information Inc., GoPro Inc. and Sensoria Inc. are the major companies operating in the Global Consumer Smart Wearable Market. Read More

Which is the fastest growing region in Global Consumer Smart Wearable Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Global Consumer Smart Wearable Market?

In 2024, the Asia-Pacific accounts for the largest market share in Global Consumer Smart Wearable Market. Read More

What years does this Global Consumer Smart Wearable Market cover, and what was the market size in 2023?

In 2023, the Global Consumer Smart Wearable Market size was estimated at 0.42 billion units. The report covers the Global Consumer Smart Wearable Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Consumer Smart Wearable Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Global Consumer Smart Wearable Market Trends

Market Trends of Global Consumer Smart Wearable Industry

This section covers the major market trends shaping the Consumer Smart Wearable Market according to our research experts:

Incremental Technological Advancements Aiding the Market Growth

Increasing disposable incomes and changing lifestyles have led to the demand for wearable technology. Demand from industries like military, sports and fitness, healthcare, and entertainment, among others., have also increased due to the increased functionality wearables offer in the era of IoT.
This demand has been supported by new product launches and new entrants into the market. As more companies venture into the consumer smart wearables market, the need for differentiating their product offerings becomes essential. For instance, in June 2022, Ambraneannounced its portfolio expansion with the Wise Roam smartwatch series launch. The smartwatch is offered with Bluetooth calling and provides 100+ cloud-based watch faces and is IP68 water-resistant.
The Wise Roam smartwatch has sensors for heart rate, blood pressure, SpO2, menstrual health, sleep, and other wellness metrics. Additionally, it offers breath training, weather forecasts, High AR Alert, and sedentary reminders. The smartwatch offers more than 60 different sports modes and the Da Fit software, which works with both Android and iOS devices. Additionally, the wristwatch can be linked to Apple Health and Google Fit.
Companies like LG Chem and Panasonic have been instrumental in developing printable and flexible batteries that can power wearable devices. Using these flexible and sleek designs of the batteries, vendors in the market were able to utilize the additional space to add more components and improve battery capacity, which translates into longer battery life.
The growing advancement and reduction in the size of sensors, especially pressure sensors and activators, also expanded the scope of the consumer smart wearables market. Many companies are investing in developing advanced MEMS and digital sensors, which are further decreasing their sizes, hence covering a wide range of market applications.

Understand The Key Trends Shaping This Market

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Asia Pacific is Expected to Register the Fastest Growth

The government's support for making China one of the prominent innovation leaders compared to a low-cost manufacturing hub is also driving the market, as many Chinese companies are investing tremendously in research and development. For instance, KUMI successfully supplied 400 thousand smartwatches and moved internationally to compete in various markets, including India, the United States, Europe, and many Southeast Asian nations.
Chinese companies are developing advanced technologies for the emerging market of wearable devices, such as fitness bands and smartwatches, with built-in connectivity. Device manufacturers, such as Xiaomi and Huawei, are very active in the market and are partnering with, as are online service providers, such as WeChat and mobile operators.
In Japan, head-mounted displays (HMD) are becoming more advanced. An HMD, worn like a pair of goggles, projects video pictures directly in front of the user. Japanese firms have been producing HMD video entertainment systems with 3D capabilities one after the other. These systems combine computer graphics (CG), which Japan specializes in, with high-definition flat-panel display technology.
According to the India Brand Equity Foundation (IBEF), the Indian appliances and consumer electronics (ACE) market is expected to register a 9% CAGR to reach INR 3.15 trillion (USD 48.37 billion) in 2022. This is expected to boost the consumer smart wearable market growth over the forecast period.
Further, Asiatic FiberCorporation offers the iQmaxbrand of smart textiles, which aims to combine fiber with electronics to offer a functional, innovative product for use in apparel for a variety of markets. The iQmaxproduct line was developed with a lighting module, and it features an LED Yarn, a DC jack, and a two-in-one power battery and controller. The product line offers a textile for bendable, soft, lightweight, waterproof, and washable clothing that is also designed to endure folding over time.