Market Size of Europe Wearable Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 25.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Wearable Sensors Market Analysis
The Europe Wearable Sensor Market is expected to register a CAGR of 25.6% during the forecast period 2021 - 2026. Wearable Sensors are a type of sensors that are an integral part of the wearable devices attached to the body or the clothing.
- In Europe, wearable sensors are being used in various domains such as healthcare, sports, and fitness, defense, travel, etc. These sensors have been used in the military for various applications like a heads-up display. These sensors are being adopted in cinemas, gaming, and flight simulator in the entertainment industry.
- The wearable sensors market is helping the augmented reality market in entertainment. Products like Oculus Rift and Sony HMZ-T3Q are gaining a lot of popularity among gamers, and Europe is a big gaming market.
- Moreover, consumers in the UK have adopted wearable technology enthusiastically, particularly fitness trackers, becoming an increasingly commonplace accessory on people's wrists. According to the Office for National Statistics (UK), the United Kingdom contains one of Europe's largest fitness markets, with total revenue of about EUR 5.3 billion. Since 2012 there has been a consistent increase in the number of fitness facilities in the UK. Such instances are expected to boost the growth of the European Wearable Sensor market.
- With the outbreak of COVID-19, several enterprises are expected to use contact tracking wearables. For instance, in May 2020, IoT connectivity and security startup Nodle, technology solutions company Avnet, and non-profit foundation Coalition Network announced the creation of a new smart wearable contact tracing device, the Nodle M1. Also, Nodle announced that it had already received interest from large enterprises in Europe for several million units.
