31% of Wearables Market Growth to Originate from North America, Key Players are Developing Innovative Products and Constantly Increasing their R&D Investments to Compete in the Market

Market Size, Market Forecasts, Major Companies and their Market Share, Key
Strategies to Undertake, and More

NEW YORK, July 11, 2022 /PRNewswire/ — One of the key factors driving the Wearables Market is the growing preference for wearables devices for payment. The market is witnessing an increased preference for wearables electronic devices for contactless payment. As a result, wearables electronic device manufacturers are integrating NFC technology as a standard into most devices. NFC chips are integrated into wearable electronic devices such as smartwatches, smart bands, smart rings, and others to enable contactless payment by a direct tap and pay via a POS (point of sale) terminal. This process reduces the transaction time compared with the cash or card method and eliminates the need to carry cash or cards. Moreover, the rising popularity of this method is attributed to the growing adoption of contactless payment across the globe. Therefore, the growing adoption of contactless payment is increasing the number of partnerships among the market participants to facilitate the use of wearable electronic devices for payment. Furthermore, major vendors such as Apple, SAMSUNG ELECTRONICS, Garmin, and Xiaomi have products integrated with this feature. Therefore, with the growing preference for contactless payment through wearables devices and the rapid adoption of contactless payment terminals across the globe, the global wearables market is expected to grow during the forecast period.

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The Wearables Market value is set to grow by USD 23.03 billion, progressing at a CAGR of 6.70% from 2020 to 2025, as per the latest report by Technavio.

Wearables Market – Growing Market for Counterfeit Products to Challenge the Market Growth

The market is filled with fake copies of all the prominent products from major vendors such as Apple, SAMSUNG ELECTRONICS, Fitbit, and Xiaomi. Most of these counterfeit products are manufactured in APAC, owing to the presence of low-cost labor and other counterfeit product markets. Smartwatches and smart bands are the most counterfeited products available in the market due to their greater appeal to local consumers compared with other wearable electronic devices. Customers are buying counterfeit products knowingly or unknowingly due to the significantly reduced price of these products. For instance, in November 2019, more than 19,000 counterfeit smartwatches under the Jamsonic brand name were seized at the Canada-U.S. border. Smartwatches with the exact same hardware and software orientations as Apple watches were advertised in one of the biggest online retail stores in China. Those devices were available at significantly lower prices than the original products. Therefore, such counterfeiting of wearable devices will hinder market growth.

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Some of the Major Wearables Companies –

  • Acer Inc.
  • Apple Inc.
  • ASUSTeK Computer Inc.
  • Huawei Investment and Holding Co. Ltd.
  • Lenovo Group Ltd.
  • LG Electronics Inc.
  • Microsoft Corp.
  • Samsung Electronics Co. Ltd.
  • Sony Corp.
  • Xiaomi Corp.

The wearables market is fragmented, and the vendors are deploying growth strategies such as developing innovative products, and they are constantly increasing their R&D investments to compete in the market. Moreover, to make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. 

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Wearables Market Product Outlook (Revenue, USD bn, 2020-2025)

  • Smartwatches – size and forecast 2020-2025
  • Wireless headphones – size and forecast 2020-2025
  • HMDs – size and forecast 2020-2025
  • Smart bands – size and forecast 2020-2025
  • Others – size and forecast 2020-2025

Wearables Market Geography Outlook (Revenue, USD bn, 2020-2025)

  • North America – size and forecast 2020-2025
  • APAC – size and forecast 2020-2025
  • Europe – size and forecast 2020-2025
  • South America – size and forecast 2020-2025
  • MEA – size and forecast 2020-2025

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Contribution & Share of Various Segments & Regions on Higher Priority
 

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Wearables Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 6.70%

Market growth 2021-2025

$ 23.03 billion

Market structure

Fragmented

YoY growth (%)

5.11

Regional analysis

North America, APAC, Europe, South America, and MEA

Performing market contribution

North America at 31%

Key consumer countries

US, China, Germany, Canada, and India

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Acer Inc., Apple Inc., ASUSTeK Computer Inc., Huawei Investment and Holding Co. Ltd., Lenovo Group Ltd., LG Electronics Inc., Microsoft Corp., Samsung Electronics Co. Ltd., Sony Corp., and Xiaomi Corp.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization preview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Information technology spending

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
  • 3.4 Market outlook: Forecast for 2020 – 2025
    • Exhibit 06: Global – Market size and forecast 2020 – 2025 ($ million)
    • Exhibit 07: Global market: Year-over-year growth 2020 – 2025 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 08: Five forces analysis 2020 & 2025
  • 4.2 Bargaining power of buyers
    • Exhibit 09: Bargaining power of buyers
  • 4.3 Bargaining power of suppliers
    • Exhibit 10: Bargaining power of suppliers
  • 4.4 Threat of new entrants
    • Exhibit 11: Threat of new entrants
  • 4.5 Threat of substitutes
    • Exhibit 12: Threat of substitutes
  • 4.6 Threat of rivalry
    • Exhibit 13: Threat of rivalry
  • 4.7 Market condition
    • Exhibit 14: Market condition – Five forces 2020

5 Market Segmentation by Product

  • 5.1 Market segments
    • Exhibit 15: Product – Market share 2020-2025 (%)
  • 5.2 Comparison by Product
    • Exhibit 16: Comparison by Product
  • 5.3 Smartwatches – Market size and forecast 2020-2025
    • Exhibit 17: Smartwatches – Market size and forecast 2020-2025 ($ million)
    • Exhibit 18: Smartwatches – Year-over-year growth 2020-2025 (%)
  • 5.4 Wireless headphones – Market size and forecast 2020-2025
    • Exhibit 19: Wireless headphones – Market size and forecast 2020-2025 ($ million)
    • Exhibit 20: Wireless headphones – Year-over-year growth 2020-2025 (%)
  • 5.5 HMDs – Market size and forecast 2020-2025
    • Exhibit 21: HMDs – Market size and forecast 2020-2025 ($ million)
    • Exhibit 22: HMDs – Year-over-year growth 2020-2025 (%)
  • 5.6 Smart bands – Market size and forecast 2020-2025
    • Exhibit 23: Smart bands – Market size and forecast 2020-2025 ($ million)
    • Exhibit 24: Smart bands – Year-over-year growth 2020-2025 (%)
  • 5.7 Others – Market size and forecast 2020-2025
    • Exhibit 25: Others – Market size and forecast 2020-2025 ($ million)
    • Exhibit 26: Others – Year-over-year growth 2020-2025 (%)
  • 5.8 Market opportunity by Product
    • Exhibit 27: Market opportunity by Product

6 Customer landscape

7 Geographic Landscape

  • 7.1 Geographic segmentation
    • Exhibit 29: Market share by geography 2020-2025 (%)
  • 7.2 Geographic comparison
    • Exhibit 30: Geographic comparison
  • 7.3 North America – Market size and forecast 2020-2025
    • Exhibit 31: North America – Market size and forecast 2020-2025 ($ million)
    • Exhibit 32: North America – Year-over-year growth 2020-2025 (%)
  • 7.4 APAC – Market size and forecast 2020-2025
    • Exhibit 33: APAC – Market size and forecast 2020-2025 ($ million)
    • Exhibit 34: APAC – Year-over-year growth 2020-2025 (%)
  • 7.5 Europe – Market size and forecast 2020-2025
    • Exhibit 35: Europe – Market size and forecast 2020-2025 ($ million)
    • Exhibit 36: Europe – Year-over-year growth 2020-2025 (%)
  • 7.6 South America – Market size and forecast 2020-2025
    • Exhibit 37: South America – Market size and forecast 2020-2025 ($ million)
    • Exhibit 38: South America – Year-over-year growth 2020-2025 (%)
  • 7.7 MEA – Market size and forecast 2020-2025
    • Exhibit 39: MEA – Market size and forecast 2020-2025 ($ million)
    • Exhibit 40: MEA – Year-over-year growth 2020-2025 (%)
  • 7.8 Key leading countries
    • Exhibit 41: Key leading countries
  • 7.9 Market opportunity by geography
    • Exhibit 42: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers
  • 8.2 Market challenges
    • Exhibit 43: Impact of drivers and challenges
  • 8.3 Market trends

9 Vendor Landscape

  • 9.1 Overview
  • 9.2 Landscape disruption
    • Exhibit 45: Landscape disruption
    • Exhibit 46: Industry risks

10 Vendor Analysis

  • 10.1 Vendors covered
    • Exhibit 47: Vendors covered
  • 10.2 Market positioning of vendors
    • Exhibit 48: Market positioning of vendors
  • 10.3 Acer Inc.
    • Exhibit 49: Acer Inc. – Overview
    • Exhibit 50: Acer Inc. – Business segments
    • Exhibit 51: Acer Inc. – Key News
    • Exhibit 52: Acer Inc. – Key offerings
    • Exhibit 53: Acer Inc. – Segment focus
  • 10.4 Apple Inc.
    • Exhibit 54: Apple Inc. – Overview
    • Exhibit 55: Apple Inc. – Business segments
    • Exhibit 56: Apple Inc. – Key News
    • Exhibit 57: Apple Inc. – Key offerings
    • Exhibit 58: Apple Inc. – Segment focus
  • 10.5 ASUSTeK Computer Inc.
    • Exhibit 59: ASUSTeK Computer Inc. – Overview
    • Exhibit 60: ASUSTeK Computer Inc. – Product and service
    • Exhibit 61: ASUSTeK Computer Inc. – Key offerings
  • 10.6 Huawei Investment and Holding Co. Ltd.
    • Exhibit 62: Huawei Investment and Holding Co. Ltd. – Overview
    • Exhibit 63: Huawei Investment and Holding Co. Ltd. – Business segments
    • Exhibit 64: Huawei Investment and Holding Co. Ltd. – Key News
    • Exhibit 65: Huawei Investment and Holding Co. Ltd. – Key offerings
    • Exhibit 66: Huawei Investment and Holding Co. Ltd. – Segment focus
  • 10.7 Lenovo Group Ltd.
    • Exhibit 67: Lenovo Group Ltd. – Overview
    • Exhibit 68: Lenovo Group Ltd. – Business segments
    • Exhibit 69: Lenovo Group Ltd. – Key offerings
    • Exhibit 70: Lenovo Group Ltd. – Segment focus
  • 10.8 LG Electronics Inc.
    • Exhibit 71: LG Electronics Inc. – Overview
    • Exhibit 72: LG Electronics Inc. – Business segments
    • Exhibit 73: LG Electronics Inc. – Key News
    • Exhibit 74: LG Electronics Inc. – Key offerings
    • Exhibit 75: LG Electronics Inc. – Segment focus
  • 10.9 Microsoft Corp.
    • Exhibit 76: Microsoft Corp. – Overview
    • Exhibit 77: Microsoft Corp. – Business segments
    • Exhibit 78: Microsoft Corp. – Key News
    • Exhibit 79: Microsoft Corp. – Key offerings
    • Exhibit 80: Microsoft Corp. – Segment focus
  • 10.10 Samsung Electronics Co. Ltd.
    • Exhibit 81: Samsung Electronics Co. Ltd. – Overview
    • Exhibit 82: Samsung Electronics Co. Ltd. – Business segments
    • Exhibit 83: Samsung Electronics Co. Ltd. – Key offerings
    • Exhibit 84: Samsung Electronics Co. Ltd. – Segment focus
  • 10.11 Sony Corp.
    • Exhibit 85: Sony Corp. – Overview
    • Exhibit 86: Sony Corp. – Business segments
    • Exhibit 87: Sony Corp. – Key News
    • Exhibit 88: Sony Corp. – Key offerings
    • Exhibit 89: Sony Corp. – Segment focus
  • 10.12 Xiaomi Corp.
    • Exhibit 90: Xiaomi Corp. – Overview
    • Exhibit 91: Xiaomi Corp. – Business segments
    • Exhibit 92: Xiaomi Corp. – Key offerings
    • Exhibit 93: Xiaomi Corp. – Segment focus

11 Appendix

  • 11.1 Scope of the report
  • 11.2 Currency conversion rates for US$
    • Exhibit 94: Currency conversion rates for US$
  • 11.3 Research methodology
    • Exhibit 95: Research Methodology
    • Exhibit 96: Validation techniques employed for market sizing
    • Exhibit 97: Information sources
  • 11.4 List of abbreviations
    • Exhibit 98: List of abbreviations

About Technavio

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With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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