Market Trends of Australia Wearables Industry
This section covers the major market trends shaping the Australia Wearables Market according to our research experts:
Head-Mounted Display will Drive the Growth of this Market
- The vital factors that support the penetration of head-mounted displays in the consumer industry are a result of reducing prices of components such as microdisplays and head-mounted displays in Australia. These microdisplays are a vital component for both eyewear displays and helmet-mounted displays. Moreover, lightweight wearable device technology has led to rapid innovation for several products. Virtual prototyping provides an essential opportunity for automobile manufacturers where customers can use this wearable technology by evaluating accurate positions of unique components and communicating additional customization to the designers.
- According to an IGEA survey, around 68% of gamers in Australia played video games on consoles. According to the Australian government's E-safety research, 60% of the Australian adult population are gamers. The increasing demand for games supports this region's growth of head-mounted displays. Moreover, most head-mounted displays are highly suitable for playing on the PC and console. Henceforth, the rapid increase of console and PC gamers fuels the growth of wearable devices.
- Immersive Head-mounted Displays (HMDs) are primarily used to experience VR (virtual reality) and augmented reality (AR). Mainstream consumers' use has been limited due to availability, prices, unfashionable design, ergonomics, and several other factors. Moreover, an increase in the adult population size, especially younger generations, with a rise in computer gamers, video gamers, and interest in VR-enabled gaming, is expected to create tremendous demand for head-mounted wearables in the country.
- Additionally, head-mounted displays are used rapidly in the defense industry. Advanced Military head-mounted displays are used in airborne (rotary and fixed-wing) and ground-based applications (combat vehicle, simulator, and soldier applications). Hence, the increasing defense industry's expenditure can create a vast market opportunity for head-mounted displays in this country's military and defense sectors.
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Growing Number of Adult Population Will Drive this Market
- Major vendors in this market continuously innovate to create a unique differentiation from their competitors. The increasing young and adult population and rising awareness of health pertaining issues among the young generation is fuelling the growth of the wearables devices market.
- Moreover, the growing GDP in the country and the rapidly increasing urbanized population create a substantial market opportunity for smartwatches, fitness trackers, HMDs, and other smart wearable devices. According to the Australian Bureau of Statistics, the overall urban population is 86.1%, which will increase by 1.43% in future years.
- There have been several advancements for adults in the healthcare sector, such as introducing hearables, wireless computing earpieces, and brainwave-reading technology. For instance, continuous glucose monitors (CGMs) are becoming increasingly popular with diabetic patients, who can always wear devices to monitor their glucose levels.
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