Wearable Technology Statistics By Market, Consumers And Region
Updated · Aug 26, 2024
Table of Contents
Introduction
Wearable Technology Statistics: The wearable technology statistics show size is estimated to grow at a growth rate of 17.28% between 2023 and 2028. The growth of the wearable technology market hinges on various factors, including the popularity of wearable devices for payment, the increasing digitization of the global economy, and advancements in miniaturized electronic components.
These devices, serving as easy payment methods, are becoming increasingly sought-after by consumers as they are easily accessible and very easy to understand. Moreover, as the global economy continues its digital transformation, the demand for wearable technology is expected to surge.
Additionally, ongoing developments in miniaturization techniques for electronic components are enabling the creation of smaller, more efficient wearable devices, further fueling market expansion.
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- The fitness and healthcare sector is expected to grow at a rate of 11.2% between 2024 and 2033.
- The North American region has had the biggest market share of 39.14% in
- The eye-wear and head-wear product segment is expected to grow at a CAGR of 14.3% from 2024 to 2033.
- The global shipments of wearable medical sensors are likely to expand to 160 million units in 2024.
- The global market for wearables is assumed to reach USD 93.9 billion by 2026.
- Approximately 40% of global wearable technology users find these devices indispensable; on the other hand, 25% of people wear the devices while sleeping.
- The consumer electronics application segment contributed the largest revenue share of 49% in 2023.
- The trend continues with anticipated revenues of USD 79.0 billion in 2024 and USD 94.0 billion in 2025
- The trend continues as individuals reach the age of 75 and above, with an adoption rate of 0.8%.
- The fitness trackers segment is expected to see a CAGR of 13.5% from 2022 to 2030.
(Source: scoop.market.us)
The above chart explains the global wearable technology market with the help of a bar graph representing different wearable devices. The chart shows the data on wearable devices like wristwatches, eyewear, headwear, footwear, neckwear, and bodywear. The wearable device market growth from 2022 to 2032 will be 14.6% (CARG). The most used product in wearable devices is wrist watch, with almost 43% of the market share. The forecasted amount of the wearable device market is 231 billion by 2032. In 2022, the amount touched by the wearable device market was 61 billion, and in 2024, it is 79 billion.
General Bearable Technology Statistics
- The global wearable sensors market revenue is projected to reach USD 10.19 billion by 2032.
- Samsung maintained consistent growth with figures of 7.90% in Q4 2022 and around 7-9% throughout 2023.
- The global market for smart athletic wear is expected to reach $14.74 billion by 2025.
- Smartwatches account for 61% of the total wearables market in terms of revenue.
- Fitbit is the leading wearable device vendor, with a market share of 28.5%.
- The global market for wearables is assumed to reach $93.9 billion by 2026.
- The global market for smart textiles is assumed to reach $4.2 billion by 2024.
- The global market for pet wearables is assumed to reach $2.36 billion by 2024.
- The global market for smart helmets is expected to reach $1.2 billion by 2027.
(Source: scoop.market.us)
Consumer Behaviour
According to a report by MarketsandMarkets, the wearable technology statistics market is expected to reach $94 billion by 2024. Understanding consumer behavior related to wearable technology is more important than ever. Analyzing consumer behavior can provide valuable insights for product marketing managers and research executives, enabling them to design products that meet different consumer segments’ needs and choices and develop effective marketing and pricing strategies. Consumers have adopted wearable technology so well that it has become part of their attire.
#1. Adoption rate:
- Approx 29% of global consumers have at least one wearable gadget in 2024; there has been a slight increase in the number from the previous year. The growth in the numbers is because we are now more health-conscious
#2. Demography
- Age: wearable technology is more hyped in the age group of 25-34, with over 40% infiltration in this age group. The 18-24 and 35-44 age groups also depict strong adoption, each with around 30-35%
- Gender: the assumption is slightly higher among men 55% as compared to females 45% and this difference in numbers is reducing because women are including wearables in their health and wellness routines
#3. Types of wearable
- Smartwatch: This device is the most popular and demanded wearable, accounting for 55% of the market. Fitbits and other tracking devices account for 30% of the total, with other wearables(for example, smart clothing and VR glasses) making up the remaining 15%.
- Health monitoring: Over 60% of consumers use these gadgets primarily for health monitoring, including tracking steps, heart rate, sleep pattern, and more.
#4. Purchase drivers
- Health and fitness: 70% of users cite health and fitness tracking as the main reason for purchasing wearables. The integration of advanced health features like heart monitoring, ECG monitoring, and blood oxygen levels has increased consumer interest.
- Convenience: 25% of consumers purchase wearables for easy access to their other electronic devices like notifications, mobile payment, and voice assistants
#5. Purchase channels
- Online shopping: 60% of wearables tech purchases are made online, with e-commerce platforms and brand websites being the preferred channel
- In-store purchase: 40% of purchases still occur in physical stores, where consumers can try out devices before purchasing
#6. Consumer concern
- Privacy: 45% of the consumers and users of the wearable device show concern about data privacy and security, especially regarding health data
- Battery life: 30% of users prioritize battery life as a crucial factor in choosing a wearable. The consumer indicated a preference for devices that require less frequent charging.
(Source: technavio.com)
Economic Impact
- The global wearable technology market is set for remarkable growth, with its value estimated at USD 120.54 billion in 2023 and projected to soar to USD 1415.26 billion by 2033, reflecting a growth rate of 31.5% from 2024 to 2032.
- The latest global forecast offers a detailed outlook on the wearable technology industry’s market share, highlighting emerging trends in 2024, market dynamics, and global growth opportunities. This comprehensive report provides stakeholders with valuable insights into the evolving landscape of the global economy, particularly as wearable technology drives significant growth, creating new employment opportunities across various industries and regions.
- In 2022, the wearable technology market was valued at USD 62.60 billion and is expected to grow at a compound annual growth rate (CAGR) of 14.6% from 2023 to 2030.
- The wearable payment industry experienced a substantial increase, with a 42.5% rise in users from 2022 to 2023, reaching 173.3 million users. This figure is projected to grow to 278.3 million by 2025.
- According to Strait Research, the overall wearable technology market is expected to reach USD 10.3 million by the end of 2029.
- The wearable technology market is projected to reach USD 97.8 billion in 2024, up from USD 85.6 billion in 2023.
- The wearable industry has contributed to the creation of 400,000 jobs globally.
- Wearable technology, especially health monitoring devices, is estimated to reduce healthcare costs by USD 15 billion globally in 2024.
- The healthcare and fitness sectors account for the largest share of wearable tech revenue, contributing approximately 60% of the total market.
- Consumer electronics, driven by the integration of wearable tech with smartphones and other devices, generate around 30% of market revenue.
- Corporate and enterprise use of wearable tech for employee health monitoring and productivity tracking contributes approximately 10% to the overall market.
- In 2024, global consumer spending on wearable technology is expected to surpass USD 60 billion.
- The rise of wearable gadgets has led to a 15% increase in retail sales for electronic devices.
- North America and Europe are the largest markets for wearable technology, accounting for 50% of global sales. However, the Asia-Pacific region is experiencing significant growth, with a market expansion rate of 12% annually.
(Source: globalinsightservices.com)
Regional Impact
The U.S. wearable technology market statistics show the size was estimated at 45.12 billion in 2024 and is predicted to be worth around 167.65 billion by 2033, at a CAGR of 14.4% from 2024 to 2033. North American region was the early user of these devices and technologies. This region is expected to have a decent market share shortly. The North American region had a revenue of about 39.14% of the total share in 2024. The Asia Pacific region is also expected to have a good demand for these products soon. Advanced technological literacy has created a greater demand for these products.
- North America operates the largest share of the market, accounting for 33.8% of the total. The wearable technology statistics Show a strong presence and adoption of wearable tech in this region.
- Europe is closely behind, with a market share of 25.4%, reflecting a significant market presence and consumer interest in wearable devices.
- The Asia-Pacific (APAC) region holds a substantial market share of 30.1%, which indicates the growing popularity and adoption of wearable technology in this dynamic and tech-savvy area.
- Latin America and Middle East & Africa have comparatively smaller market shares, 6.9%, and 3.8%, respectively. Suggesting potential growth opportunities for wearable technology in these emerging markets.
(Source: market.us)
The above chart explains the regional segmentation of wearable device statistics. The regional analysis shows that North America has the biggest market cap at 33.8 %, followed by Europe at 25.4%, Asia-Pacific at 30.1%, and Latin America and Middle East Africa at 6.9% and 3.8%. The chart shows the regional market statistics for wearable devices.
Future Outlook
The wearable technology statistics show the future outlook of the wearable technology market to touch 265.4billion by 2026 at a growing rate of 18%, which anticipates steady growth of shipments of 205.3 million and maintaining a 31.90% market share in 2027 with the growth rate of 6.10%. By 2026, most wearables will incorporate health-related features such as heart rate monitoring, sleep tracking, and ECG capabilities. AI has become very interesting in the wearable industry, making tasks easy and accessible for consumers. AI will be introduced in wearables by around 40% with AI capabilities by 2026. also, by 2025, 25%of most wearable devices will be eco-friendly and sustainable
- The wearable technology market is assumed to reach 265.4 billion by 2026, growing at an 18.0% annual rate during the assumed duration.
- They are anticipated to see steady growth, reaching 205.3 million shipments and maintaining a 31.90% market share in 2027, with a CAGR of 6.10%.
- The wearable device market is forecasted to reach 523.2 million shipments in 2023 and grow to 644.5 million by 2027, with an overall CAGR of 5.40% during these five years.
- By 2026, all the devices will be corporate and have health-related features such as heart rate monitoring, sleep tracking, and ECG capabilities.
- The Asia Pacific region is expected to see growth projected to account for 30% of global wearable sales by 2026
- AI-powered wearables are set to become more common, with 40% of new devices expected to feature AI capabilities by 2026
- The AR wearable market is expected to grow at a rate of 20%, with significant applications in gaming, education, and professional services.
- By the end of 2025, 25% of wearable devices are expected to be made from eco-friendly materials, reflecting the demand for sustainability.
- Wearables used for payments are projected to rise from 15% annually to 20% of global consumers by 2026.
- The global market for smartwatches is expected to grow at a growth rate of 19.5% from 2021 to 2028.
- The market for wearable health and Fitbit devices is assumed to reach $75 billion by 2026.
Conclusion
The wearable technology statistics show wearable technology has truly come into its own as a dynamic and significant industry. Wearable technology has evolved from simple fitness trackers to advanced devices that help us in our daily lives. In 2024, the global wearable market is experiencing fast growth, driven by advancements in healthcare visualization, connectivity, and consumer demand for smart solutions.
Wearables have expanded beyond health and fitness, searching applications in sectors like health, finances, etc. As the technology continues to rise, the integration of AI, enhanced sensors, and improved battery life will further drive the adoption and functionality of wearables.
The trend towards personalization and the development of more niche products suggest that wearable technology will continue to play a specific role in enhancing personal well-being, productivity, and lifestyle in the coming years.
FAQ.
The market size of smartwatches in the wearable industry is 55% and leading as a product.
The North American region is mostly influenced by all wearable devices and technology, accounting for 33.8 % of the market share.
The age group which is mostly infiltrated by wearable devices are 25-34, over 35% and 18-24, over 40%.
AI-powered wearables are set to become more common, with 40% of new devices expected to feature AI capabilities by 2026.
Maitrayee Dey has a background in Electrical Engineering and has worked in various technical roles before transitioning to writing. Specializing in technology and Artificial Intelligence, she has served as an Academic Research Analyst and Freelance Writer, particularly focusing on education and healthcare in Australia. Maitrayee's lifelong passions for writing and painting led her to pursue a full-time writing career. She is also the creator of a cooking YouTube channel, where she shares her culinary adventures. At Smartphone Thoughts, Maitrayee brings her expertise in technology to provide in-depth smartphone reviews and app-related statistics, making complex topics easy to understand for all readers.
