Smart Wearable Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Smart Wearable Market is segmented by Product (Smartwatch, Head-mounted Display, Smart Clothing, Ear Worn, Fitness Tracker, Body Worn Camera, Exoskeleton, and Medical Devices) and Geography.

Market Snapshot

Smart Wearable Market Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 19.48 %

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Market Overview

The shipment volume of smart wearables globally stood at 266.3 million units in 2020, and it is projected to reach 776.23 million units by 2026, registering a CAGR of 19.48% during the period of 2021-2026. Advancements in research have been leading to increased innovation in recent years and have been instrumental in driving the demand for the wearable market and led to new product categories like smart fabrics and hearables, among others which incorporate high-end technology and design in daily living. Lately, the focus has been on providing an aesthetic design to devices to attract customers.

  • Wearable technology, an emerging trend, integrates electronics into daily activities and addresses the changing lifestyles with the ability to be worn on any part of the body. Factors, such as the ability to connect to the internet and provide data exchange options between a network and a device, are leading to the trend of wearable technology.
  • Wearables have gained significant traction, owing to the boom in the fitness trend across consumers. According to Cisco Systems, the number of connected wearable devices is expected to increase from 593 million in 2018 to 1,105 million in 2022. The smartwatch category is experiencing a rise, owing to additional features, like the brand that suits the everyday lifestyle. Strong brands, such as Apple and Fossil, are keeping the pricing consistent with the price bands of traditional watches to maintain their revenues. With Google’s WearOS, many other premium watchmakers, such as TAG and Armani, have entered the segment.
  • Hearables are gaining traction with the increasing acceptance of smart assistants. Companies like Bragi, Google, Apple, Jabra, Samsung, and Sony have been actively contributing to the growth of this segment.
  • The COVID-19 outbreak and the lockdown restrictions across the world have affected industrial activities across the world. The electronics industry is hit severely with a significant influence on its supply chain and production facilities. The production came to stand still in China and Taiwan during February and March, which influenced various OEMs across the world.

Scope of the Report

Wearable technology is an emerging trend that integrates electronics into daily activities and fits into the changing lifestyles, and it can be worn on any part of the body. The market is divided based on product types, such as a smartwatch, head-mounted display, smart clothing, ear-worn, fitness trackers, body-worn, camera, exoskeleton, and medical devices.

Head-mounted Displays​
Smart Clothing
Ear Worn
Fitness Trackers​
Body-worn Camera​
Medical Devices
North America
United States
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Latin America
Middle-East and Africa

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Key Market Trends

Incremental Technological Advancements Aiding the Market Growth

  • Owing to the increasing penetration rates of urbanization, the demand for aesthetically appealing advanced featured products with the ability to better serve the consumers’ daily requirements, such as time schedules, has driven the market for smartwatches globally.
  • Moreover, the huge millennial population has been adopting smartwatches, owing to the increased spending for their regular work hours tracking as well as luxury standards. According to the International Council of Shopping Centers (ICSC), millennial expenditure is expected to increase across various major economies.
  • In addition, the use of fiber optic sensors (FOSs) has been widely accepted as a substitute for traditional sensors in smart fabrics/clothing. The reason being their small size and better metrological properties. Although the same may not be the case, in head-mounted displays, companies like Lucyd are focusing on the ergonomics aspect. By reducing the size and weight, companies expect to increase the applications of head-mounted displays across industries.
Smart Wearable Market Share

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Asia-Pacific to Witness the Fastest Growth Rate

  • Asia-Pacific is expected to witness the highest growth in the smart wearable market during the forecast period. The growing electronics industry and a rapid rise in disposable income in the region are driving the smart wearable market.
  • In China, the wearables market has taken on a different shape fuelled partly by the purchases of growing affluent consumers. For instance, a recent report by a government think tank in China stated that approximately 80% of the smart wearable devices in the world are manufactured in the southeastern Chinese port city and manufacturing hub. According to the China Center for Information Industry Development report, Shenzhen, the base camp of many Chinese tech giants, is the biggest R&D (research and development) and production center for smart wearables.
  • Moreover, increasing awareness regarding fitness, technological advancements, and the availability of high-speed Internet connectivity are the major factors propelling smart wearable market growth in the country.
Smart Wearable Market Growth By Region

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Competitive Landscape

The smart wearable market is highly competitive. The market has gained a competitive edge in recent years. Additionally, the players are being taken to gain a competitive edge in this fast-growing market, mainly catering to the demand from the millennial generation population.

  • September 2020 - Apple Inc. launched seven next-gen touchscreen smartwatches under its six brands for the tech-savvy millennials in India. The seven smartwatches are Fossil Gen 4 Smartwatch Venture HR and Explorist HR for Fossil, Skagen Falster 2 for Skagen, Michael Kors Access Runway for Michael Kors, Emporio Armani Connected for Emporio Armani, A|X Armani Exchange Connected for Armani Exchange, and Diesel Full Guard for Diesel.
  • August 2020 - Samsung Electronics Co. Ltd launched the Galaxy Watch 3, among its new product lineup. The Galaxy Watch 3 is available in 41 mm and 45 mm models, both in LTE and Bluetooth variants. The stainless-steel version comes in Mystic Bronze, Mystic Black, and Mystic Silver, while the titanium model is available in Mystic Black. Galaxy Watch3 uses red LED and infrared rays to estimate SpO2 levels. Galaxy Watch3 automatically detects hard falls with its enhanced accelerometer. Galaxy Watch3 records REM cycles, deep sleep, and total sleep time to score and help improve the quality of sleep.

Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Consumers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Intensity of Competitive Rivalry

      5. 4.2.5 Threat of Substitute Products

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Impact of COVID-19 on the Smart Lighting Market

    5. 4.5 Market Drivers

      1. 4.5.1 Incremental Technological Advancements Aiding the Market Growth

    6. 4.6 Market Challenges 

      1. 4.6.1 High Cost and Data Security Concerns


    1. 5.1 Product

      1. 5.1.1 Smartwatches

      2. 5.1.2 Head-mounted Displays​

      3. 5.1.3 Smart Clothing

      4. 5.1.4 Ear Worn

      5. 5.1.5 Fitness Trackers​

      6. 5.1.6 Body-worn Camera​

      7. 5.1.7 Exoskeleton​

      8. 5.1.8 Medical Devices

    2. 5.2 Geography

      1. 5.2.1 North America

        1. United States

        2. Canada

      2. 5.2.2 Europe

        1. United Kingdom

        2. Germany

        3. France

        4. Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      4. 5.2.4 Latin America

      5. 5.2.5 Middle-East and Africa


    1. 6.1 Company Profiles

      1. 6.1.1 Ekso Bionics Holdings Inc.

      2. 6.1.2 Cyberdyne Inc.

      3. 6.1.3 Transcend Information Inc.

      4. 6.1.4 GoPro Inc.

      5. 6.1.5 Sensoria Inc.

      6. 6.1.6 AIQ Smart Clothing Inc.

      7. 6.1.7 Medtronic PLC

      8. 6.1.8 Withings

      9. 6.1.9 Huami Corporation

      10. 6.1.10 Omron Healthcare Inc.

      11. 6.1.11 Nuheara Limited

      12. 6.1.12 Bragi GmbH

      13. 6.1.13 Microsoft Corporation

      14. 6.1.14 Sony Corporation

      15. 6.1.15 Huawei Technologies Co. Ltd

      16. 6.1.16 Fitbit Inc.

      17. 6.1.17 Fossil Group Inc.

      18. 6.1.18 Garmin Ltd

      19. 6.1.19 Samsung Electronics Co. Ltd

      20. 6.1.20 Apple Inc.

    2. *List Not Exhaustive


**Subject to Availability

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Frequently Asked Questions

The Smart Wearable Market market is studied from 2018 - 2026.

The Smart Wearable Market is growing at a CAGR of 19.48% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Apple Inc., Fitbit Inc., Fossil Group Inc., Medtronic PLC, Transcend Information Inc. are the major companies operating in Smart Wearable Market.

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