Wearable technology market was valued at USD 116.2 billion in 2021 and is anticipated to reach USD 265.4 billion by 2026, growing at a CAGR of 18.0% between 2021 to 2026

New York, April 23, 2021 (GLOBE NEWSWIRE) – announces the release of Wearable Technology Market by Product, Type, Application and Geography – Global Forecast to 2026 report.

The growing demand for wearable technology in applications such as sports and fitness tracking, as well as multi-function mobile devices and hybrid applications, is expected to provide great growth opportunities for the wearable technology market.

The consumer electronics segment saw the largest shipments of wearable devices in 2020
The consumer electronics segment saw the largest shipments of wearable devices in 2020. The reason this market is growing is because the majority of consumers are using wearable technology products to meet their health and fitness tracking needs.

Wearable technology and the development of related mobile apps continue to increase the benefits of wearable devices (such as smartwatches and smart bands). In addition, sports companies are taking the initiative to develop new fitness applications for wrist wear.

For example, Under Armor, Inc. (USA), a company that develops sportswear and accessories, has launched applications such as MapMyRun, MyFitnessPal and Endomondo. In addition, advanced features such as a smart scale and a heart rate fitness tracker have been added to the app. With all of these developments in mind, the consumer electronics market is expected to see the largest shipments by 2026.

Asia Pacific is the fastest growing region in the wearable technology market
APAC is the fastest growing region in the wearable technology market and consists of four major countries: China, Japan, South Korea and India. Applications such as consumer electronics, industrial, healthcare, and textiles are major contributors to the growth of the US wearable technology market in this region.

The Asia-Pacific region has become a global hub for large investments and business expansion opportunities. In addition, portable technologies are widely used in oil refineries (for communication and security purposes).

The main consumer electronics companies operating in APAC include the Samsung Group (South Korea), Sony Corp. (Japan), Panasonic Corp. (Japan) and LG Electronics (South Korea).

The division of the primaries carried out during the study is shown below:
• By type of company: Tier 1 – 43%, Tier 2 – 36% and Tier 3 – 21%
• By title: C-level executives – 38%, directors – 22% and others – 40%
• By region: America – 45%, Europe – 17%, APAC – 30% and ROW – 8%

Research reporting
The report segments the Wearable Technology Market and forecasts its size by volume and value based on Region (Americas, Europe, Asia Pacific and RoW), Product (Wrists, Headgear, Shoes, Fashion & Jewelry, Bodywear), Type (Smart) Textile, non-textile), application (consumer electronics, healthcare, business and industry).
The report also provides a comprehensive view of market drivers, restraints, opportunities, and challenges in the Wearable Technology Market. In addition to the quantitative aspects of these markets, the report also deals with qualitative aspects.

Key Benefits of Buying This Report
• This report provides market statistics on product, type, application and region.
• An in-depth value chain analysis was performed to gain an in-depth look at the wearable technology market.
• This report detailed key market drivers, restraints, challenges, and opportunities.
• Illustrative segmentation, analysis, and forecast of the market based on product, type, application, and region have been performed to provide an overall view of the Wearable Technology Market.
• The report provides an in-depth analysis and ranking of the key players.
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