Latin America Wearable Sensors Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 40.05 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Latin America Wearable Sensors Market Analysis
The Latin American wearable sensors market is expected to grow at a CAGR of 40.05% over the period 2021-2026. Wearable sensors are embedded in wearable devices to monitor bodily activities, including blood pressure, body temperature, and heart rate, driving the healthcare industry as it enables remote data access.
- The market is driven due to the rising awareness of health and fitness, where wearable sensors play a vital role. The falling price of the components used to manufacture the wearable sensors is making the wearable devices affordable.
- Increasing demand across various application sectors such as wearable technology for fitness, healthcare, and security is driving the Latin American wearable sensors market to grow lucratively.
- During the COVID-19 outbreak, the demand for wearable devices' sensors that offer real-time data to frontline healthcare workers and let them quickly screen individuals with a high temperature skyrocketed.
- However, the ongoing chip shortage is expected to result in a decline in chip availability. As fewer products become available to buy, and with increasing demands, prices of wearable sensors and wearable sensor-based devices are expected to increase in Latin America.
Latin America Wearable Sensors Market Trends
This section covers the major market trends shaping the Latin America Wearable Sensors Market according to our research experts:
Increase in demand of wearable devices is driving the market
- The rising market of smartphones and tablets is enabling the integration of wearable devices with smartphones. The wristwear segment holds the majority of the market share and is anticipated to dominate the market during the forecast period.
- The introduction of smartwatches from companies like Samsung, Sony, and Nike, among others, has given a boost to this market. Latin America is expected to account for about 4% of the global market in 2022, mainly due to advancements in sensor technologies in the region.
- For instance, according to Cisco Systems, the unit sales of wearable devices in Latin America are expected to reach 39 million by 2021. Thus, the growing penetration of smart wearables in the region is further expected to create a demand for a more diverse set of wearables with temperature sensing capabilities.
- Also, the changing digital landscape in the Latin America region and mobile penetration contributes to the growth of wearables. For instance, according to GSMA, the number of mobile devices in Latin America is expected to reach 424 million by 2025.
High technological advancements in the region are expected to drive the wearable sensor market in Latin America
- Latin America is undergoing a technology boom, owing to the government’s emphasis on telecommunications and the Chinese investment in the region, especially in emerging technologies. With the economy of the region expected to be driven by Brazil and Argentina, consumer spending is also expected to increase further.
- Automotive and healthcare production substantiates the region’s demand for wireless sensors. The region lacks the local production of aerospace and military equipment and other industrial control systems.
- The Mexican industrial sector can be associated with the growing number of automotive manufacturing plants in the country. Companies like Intel that are focusing on the autonomous vehicle space are investing in Mexico, which is the sixth global car exporter. The company is planning to contribute significantly to autonomous passenger vehicles in the market by the year 2024. As TPMS is mandated across most of the regions, the demand for wireless sensors is significant.
- The rising GDP and the emerging middle class are also driving automotive sales in the Latin American region. Various automobile production plants are expected to provide significant opportunities for the wireless sensors market.
Latin America Wearable Sensors Industry Overview
The wearable sensors market in North America is dominated by few international players amongst local players and is moderately fragmented.
- Countries such as Mexico, Brazil, and Argentina, among others, provide a potential opportunity for companies offering smart wearables devices across these emerging economies. For instance, Samsung has already established one of the most substantial smartwatch presence throughout these regions. Fitbit had launched its award-winning and top-selling Fitbit Versa, Fitbit Ionic, and Fitbit Ionic Adidas Edition smartwatches in Argentina. These significant developments are expected to boost the growth of wearables in these regions.
Latin America Wearable Sensors Market Leaders
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STMicroelectronics
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Infineon Technologies AG
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Texas Instruments Incorporated
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Analog Devices, Inc.
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Panasonic Corporation
*Disclaimer: Major Players sorted in no particular order
Latin America Wearable Sensors Market News
- July 2020: Samsung announced that smartwatches and fitness bands' production has commenced at its factory located in the city of Manaus, Amazonas. Moreover, at the moment, Samsung is also manufacturing the Galaxy Watch Active (black, silver, and rose gold), the 40mm Galaxy Watch Active 2 LTE (pink gold), the 44mm Watch Active 2 LTE (black), and the Galaxy Fit e (black and white) at its factory in Manaus.
Latin America Wearable Sensors 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 DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Market Drivers
4.4 Market Restraints
4.5 Value Chain Analysis
4.6 Assessment of the Impact of COVID-19 on the Market
4.7 Technology Snapshot
4.7.1 Key technology overview (MEMS, CMOS, etc)
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Health Sensors
5.1.2 Environmental Sensors
5.1.3 MEMS Sensors
5.1.4 Motion Sensors
5.1.5 Others
5.2 By Device
5.2.1 Wristwear
5.2.2 Bodywear and Footwear
5.2.3 Others
5.3 By Application
5.3.1 Health and Wellness
5.3.2 Safety Monitoring
5.3.3 Home Rehabilitation
5.3.4 Others
5.4 By Country
5.4.1 Brazil
5.4.2 Mexico
5.4.3 Argentina
5.4.4 Others
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 STMicroelectronics
6.1.2 Infineon Technologies AG
6.1.3 Texas Instruments Incorporated
6.1.4 Analog Devices Inc.
6.1.5 InvenSense Inc.
6.1.6 Freescale Semiconductor Inc
6.1.7 Panasonic Corporation
6.1.8 NXP Semiconductors N.V.
6.1.9 TE Connectivity Ltd.
6.1.10 Bosch Sensortec GmbH (Robert Bosch GmbH)
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Latin America Wearable Sensors Industry Segmentation
Report on Latin America wearable sensors market gives comprehensive coverage of the market with analysis and segmentation with individual market share, size, and trends. The report also includes growth prospects, trends, and forecasts for the future.
| By Type | |
| Health Sensors | |
| Environmental Sensors | |
| MEMS Sensors | |
| Motion Sensors | |
| Others |
| By Device | |
| Wristwear | |
| Bodywear and Footwear | |
| Others |
| By Application | |
| Health and Wellness | |
| Safety Monitoring | |
| Home Rehabilitation | |
| Others |
| By Country | |
| Brazil | |
| Mexico | |
| Argentina | |
| Others |
Latin America Wearable Sensors Market Research FAQs
What is the current LA Wearable Sensors Market size?
The LA Wearable Sensors Market is projected to register a CAGR of 40.05% during the forecast period (2024-2029)
Who are the key players in LA Wearable Sensors Market?
STMicroelectronics, Infineon Technologies AG, Texas Instruments Incorporated, Analog Devices, Inc. and Panasonic Corporation are the major companies operating in the LA Wearable Sensors Market.
What years does this LA Wearable Sensors Market cover?
The report covers the LA Wearable Sensors Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the LA Wearable Sensors Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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