US Wearables Market is to grow by USD 7.82 billion from 2022 to 2027, Driven by the increasing focus on fitness and healthy lifestyle orientation - Technavio

NEW YORK, Sept. 29, 2023 /PRNewswire/ -- The "wearables market in US by distribution channel (online and offline) - Forecast and Analysis 2023-2027" report has been added to the technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the wearables market in US from 2022 to 2027 is USD 7.82 billion, according to Technavio. The increasing focus on fitness and healthy lifestyle orientation are key factors driving the market growth. Wearables provide an easy and convenient way of monitoring physical activity, keeping track of a person's health status, or achieving their fitness goals. As a result, consumers have become very aware of health and are using these products to meet their fitness objectives. So, in recent years, as Fitbit, Garmin, and Apple are the major players on the market, wearable devices like fitness trackers and wristwatches have gained increased popularity. In addition, there are several features offered on these devices, such as heart rate monitoring, step tracking, calorie counting, and sleeping tracking, besides the apps and other functionalities that help users set and achieve their fitness goals. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Challenge

The growing market for counterfeit products is a significant challenge restricting the market growth. 

Learn about additional key drivers, trends, and challenges available with Technavio. Read a FREE Sample PDF Report Now

Market Segmentation

The wearables market in US has been segmented by distribution channels (online and offline). 

• The market share growth by the smart watches segment will be significant during the forecast period. Smartwatches are computers tat have different functions, such as the ability to call, send text messages, and watch your health by keeping track of how many heartbeats you've been able to burn in calories or take steps. In addition, it also provides quick access to many apps on your mobile device. Apple Inc., SAMSUNG ELECTRONICS Ltd., Sony Corp., SONY Corporation, and Acer Inc. have a dominant position in the market. One of the major factors boosting the demand for smartwatches is the growing number of partnerships between retailers and other market participants in different sectors, including information technology. As part of partnerships and cooperation, manufacturers can upgrade their products with cutting-edge features and technology by using technology to exploit the opportunities offered by others on the market to produce innovative products and gain a greater share. Hence, these factors are expected to drive market growth during the forecast period.

Key Companies in the wearables market in US:

adidas AG, Alphabet Inc., Anhui Huami Information Technology Co. Ltd., Apple Inc., ASUSTeK Computer Inc., Capri Holdings Ltd., Casio Computer Co. Ltd., Fossil Group Inc., Garmin Ltd., HTC Corp., Huawei Technologies Co. Ltd., LG Electronics Inc., Motorola Solutions Inc., Nike Inc., Samsung Electronics Co. Ltd., Sony Group Corp., TomTom NV, Withings France SA, Xiaomi Communications Co. Ltd., and Polar Electro Oy

FAQS

• How do the major trends impact the market?
• How do the key drivers and challenges impact the market?

Related Reports:

The Internet of Things (IoT) enabled industrial wearables market is estimated to decline at a CAGR of 23.58% between 2022 and 2027. The size of the market is forecast to increase by USD 3,345.57 million. This report extensively covers market segmentation by product (hand-worn wearables, head-mounted wearables, and smart eyewear), end-user (automotive, manufacturing, aerospace, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The rise in digitalization and automation within industries is notably driving the market growth.

The wearables market is estimated to grow at a CAGR of 15.09% between 2022 and 2027. The size of the market is forecast to increase by USD 73,631.84 million. This report extensively covers market segmentation by product (smartwatches, wireless headphones, smart bands, and others), distribution channel (online and offline), and geography (North America, APAC, Europe, South America, and the Middle East and Africa). The growing preference for wearable devices for payment is notably driving the market growth.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product Type

Market Segmentation by Distribution Channel

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. 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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