Wearable Technology Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Wearable Technology is Transforming With the Integration of MEMS Sensors Into Tech Wearables, Driven by Smartphone Influence On GPS or IMU. Companies Like Apple are Introducing Innovative Features in Smart Wearables, Boosting the Wearable Tech Gear Industry. Despite the Rising Popularity of These Wearable Devices Among Various Users, Data Security Concerns May Hinder Growth. The Market for Wearable Electronics, Featuring Key Players Like Samsung, Apple, and Xiaomi, is Segmented Into North America, Europe, Asia Pacific, and Other Regions, With Startups Escalating Competition.

Wearable Technology Market Size

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Wearable Technology Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 186.48 Billion
Market Size (2029) USD 493.26 Billion
CAGR (2024 - 2029) 17.60 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Wearable Technology Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Wearable Technology Market Analysis

The Wearable Technology Market size is estimated at USD 186.48 billion in 2024, and is expected to reach USD 493.26 billion by 2029, growing at a CAGR of 17.60% during the forecast period (2024-2029).

Wearable technology has evolved owing to the emergence of MEMS sensors. Incorporating these sensors into a dedicated wearable device is driven by the impact of smartphones being used daily on the GPS or the IMU (consisting of an accelerometer, gyroscope, and magnetometer). These have helped the fitness-tracking wearable monitor body activities using these sensors.

  • Technological advancements in consumerism have given way to wearable technology that tracks health, movements, and social media notifications. Various wearable devices such as smartwatches, fitness trackers, and VR/AR headsets have become more and more prevalent in society over the past several years. Thus, it is expected that wearables will only continue to grow in popularity, so naturally, companies are finding new and innovative ways to apply them to everyday lives.
  • Several studies have found that a rising number of individuals are purchasing wearable devices to promote fitness and manage their health. A recent study determined that consumers globally are motivated by health self-efficacy, health and autonomy, and technological innovativeness to adopt wearable healthcare devices. Furthermore, the COVID-19 pandemic encouraged a rapid, massive expansion of remote health management and firmly established telehealth as an accessible, validated model of healthcare.
  • Notably, smartwatches are seeing a surge in new users, including the older population, because wearable makers, such as Apple and Fitbit, are adding health-monitoring features that appeal to older people and keep them updated about their health status in real time. For instance, in September 2022, Apple introduced the Apple Watch Series 8 and the new Apple Watch SE with important safety innovations to the two best-selling smartwatches. Apple Watch Series 8 features include a large, Always-On Retina display and a strong crack-resistant front crystal. Moreover, with an all-day 18-hour battery life, the new product builds on best-in-class health and safety features like the ECG app and fall detection by introducing temperature-sensing capabilities, retrospective ovulation estimates, Crash Detection, and international roaming.
  • Furthermore, Amazon is already making attempts, and new competitors are anticipated in the upcoming years and beyond. The existing companies in the wearables market are likely to face intense rivalry due to Amazon's arrival. According to reports, the Amazon earphones, a product of Lab126, Amazon's hardware division, offer gesture controls for answering calls and changing the music. However, as the technological capabilities of smart wearables advance, the complexity and data security issues are likely to become more of a barrier to industry expansion. Still, ongoing research in the field of smart wearables should make it possible to solve these problems in the coming years.
  • During the COVID-19 situation, Asian countries such as China, India, South Korea, Taiwan, and Japan, which had a significant presence of manufacturers of the raw materials used in wearable product manufacturing, experienced lockdowns and impacted production schedules. The sales were down as the lockdown in most global economies resulted in deliveries being limited to essentials and companies revising their revenue targets.

Wearable Technology Market Trends

Head-Mounted Display is Expected to Witness Significant Growth

  • Over the forecast period, head-mounted display devices are expected to grow significantly. Additionally, developments in augmented reality (AR) and virtual reality (VR) are becoming increasingly popular in the healthcare industry. In order to aid surgical training and operations, medical professionals use VR technology and VR headsets. This aids them in lowering the possibility of surgical mishaps.
  • Owing to augmented, virtual, and mixed reality, digital projections are overlaid with real-life objects, providing contextual information and allowing users to manipulate their surroundings visually. While these technologies are possible through smartphones, tablets, and a host of other mediums, head-mounted displays (HMDs) have become more popular.
  • Immersive HMDs are primarily used to experience virtual reality (VR) and augmented reality (AR). Mainstream usage by consumers has been limited due to cost, availability, ergonomics, unfashionable design, and other factors. The primary driver for AR HMDs is enterprise usage, where they are used internally as hands-free tools for business process improvement and training.
  • Major gaming console producers like Nintendo and Microsoft are leading the charge because they recognize the potential of AR. With the help of AR, players can leave "their world" and play in the actual world. For instance, Human Pac-Man lets players wear goggles and chase each other in real life while looking exactly like the Pac-Man characters. Many players believe that more than holding a mobile device is required for AR gaming. To some extent, console devices can make up for that.
  • A survey conducted by Ericsson Consumer Lab on 7,000 people aged 15-69 in Brazil, China, France, Japan, South Korea, the UK, and the US indicated that two out of three participants were interested in immersive AR gaming. Around 32% of the users agreed that AR games would be more interesting if AR technology were combined with physical activity and exercise.
Wearable Technology Market: Number of connected wearable devices worldwide from 2016 to 2022

North America is Expected to Hold a Major Share

  • North America is known as the hub for all significant technological improvements in the world. With the advent of smart gadgets, the demand is growing for more powerful and sophisticated wearable technologies. The growth in disposable income and the rapid adoption and popularity of enhanced devices are some of the primary drivers in this geographical region. Furthermore, the region has a strong presence of wearable vendors such as Apple, Fitbit, and Garmin, among others, which contributes to the market's growth.
  • Numerous sports associations' increasing investments to eliminate the possibility of any preventable injuries to highly paid professional athletes are expected to fuel the region's wearables growth. The Golden State Warriors, for instance, are collaborating with smart clothing company Athos to use these products for injury prevention and player performance. This investment represents only a fraction of the involvement of the United States athletics sector in the smart clothing industry landscape.
  • Apart from the United States, the demand for wearables is also increasing in Canada. The country is expected to provide sufficient expenditures and funding for its military programs (including clothing). Bell has various patents in the United States and Canada that lay out a comprehensive vision for how its wearable technology could be used both by individuals looking to monitor ill loved ones and by institutions wanting to track large populations.
  • Further, the US wearable tech audience has a gender ratio of 50:50 and numbers around 24.1 million people. More than half of the audience is between the ages of 25 and 44, and more than half of the users are under 45. In addition, 50% of users are from high-income homes and work full-time jobs. Users of wearable technology are mostly motivated by interests in exercise and personal welfare, which is not surprising.

Wearable Technology Industry Overview

The wearable technology market is moderately competitive and consists of significant individual players. However, in terms of market share, companies such as Samsung, Apple, and Xiaomi occupy a considerable percentage. The wearable tech industry is also attracting a lot of startups, which, in turn, intensifies market competition. Thus, to maintain a competitive edge in this market, companies continuously invest in introducing new products, expanding their operations, or entering into strategic mergers and acquisitions.

In August 2023, Gizmore announced a strategic partnership with Staunch Electronics India to expand its presence in the hearable and wearable categories and bring innovative products to its customers. With this partnership, Gizmore plans to sell one million audio devices in 2023-24, with a major focus on the truly wireless earphones category.

In June 2023, Italian swimwear brand Arena Italia announced that it was looking for acquisition opportunities in the wearable devices for the sports market. Moreover, targets of interest could include companies with in-house technological backgrounds in sports science, producing a range of technological sensors and wearable devices to track swimmers' performances.

Wearable Technology Market Leaders

  1. Apple Inc.

  2. Samsung Group

  3. Xiaomi Inc.

  4. Fitbit Inc.

  5. Sony Corporation

*Disclaimer: Major Players sorted in no particular order

Wearable Technology Market Concentration
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Wearable Technology Market News

  • March 2023: Samsung, in collaboration with Google and Qualcomm, announced to work on an upcoming mixed-reality headset. While not much is known about Samsung's mixed reality headsets, a recent US trademark filed by the South Korean tech giant suggests that the product might have the brand name 'Galaxy Glasses.'
  • October 2022: Google unveiled the Pixel watch, a smartwatch. The price of the Pixel Watch is USD 349 for the Wi-Fi-only device and USD 399 for the cellular version. This is between USD 50 and USD 100 less than the comparable Apple Watch Series 8 versions. Speaking of Apple, none of these Pixel Watches are compatible with the iPhone. Google has decided to restrict the use of the Pixel Watch to Android phones only, taking a cue from Apple.

Wearable Technology Market Report - 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 Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 Market Drivers

      1. 5.1.1 Increasing customer preference for svelte and small devices for use in fitness and healthcare

      2. 5.1.2 Rising Growth Prospects for Wearable Devices' Next-Generation Displays

      3. 5.1.3 Rising use of Head-Mounted display is expected to flourish the market growth

    2. 5.2 Market Restraints

      1. 5.2.1 Short battery Life

    3. 5.3 Impact of COVID-19 on Wearable Technology Market


    1. 6.1 By Type of Device

      1. 6.1.1 Smart Watches

      2. 6.1.2 Head-mounted Displays

      3. 6.1.3 Wristbands

      4. 6.1.4 Ear-wearables

      5. 6.1.5 Other Device Types (Smart Clothing)

    2. 6.2 By Geography

      1. 6.2.1 North America

        1. United States

        2. Canada

      2. 6.2.2 Europe

        1. United Kingdom

        2. Germany

        3. France

        4. Rest of Europe

      3. 6.2.3 Asia-Pacific

        1. China

        2. Japan

        3. South Korea

        4. India

        5. Rest of Asia-Pacific

      4. 6.2.4 Rest of the World


    1. 7.1 Company Profiles*

      1. 7.1.1 Samsung Group

      2. 7.1.2 Oculus VR LLC (Facebook)

      3. 7.1.3 Alphabet Inc.

      4. 7.1.4 Sony Corporation

      5. 7.1.5 HTC Corporation

      6. 7.1.6 Fitbit Inc.

      7. 7.1.7 Xiaomi Inc.

      8. 7.1.8 Apple Inc.

      9. 7.1.9 Microsoft Corporation

      10. 7.1.10 DAQRI Company

      11. 7.1.11 AIQ Smart Clothing Inc.



**Subject to Availability
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Wearable Technology Industry Segmentation

Wearable technology is an emerging trend that integrates electronics into daily activities, fits into changing lifestyles, and can be worn on any body part. The main thing that makes wearable technology possible is the ability to connect to the Internet and exchange data between a network and a device.

The report covers top wearable technology companies, and the market is segmented by type of device (smartwatches, head-mounted displays, smart clothing, wristbands, ear-wearables, and other device types) and geography (North America (United States, Canada), Europe (Germany, United Kingdom, France, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By Type of Device
Smart Watches
Head-mounted Displays
Other Device Types (Smart Clothing)
By Geography
North America
United States
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Rest of the World
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Wearable Technology Market Research FAQs

The Wearable Technology Market size is expected to reach USD 186.48 billion in 2024 and grow at a CAGR of 17.60% to reach USD 493.26 billion by 2029.

In 2024, the Wearable Technology Market size is expected to reach USD 186.48 billion.

Apple Inc., Samsung Group, Xiaomi Inc., Fitbit Inc. and Sony Corporation are the major companies operating in the Wearable Technology Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Wearable Technology Market.

In 2023, the Wearable Technology Market size was estimated at USD 153.66 billion. The report covers the Wearable Technology Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Wearable Technology Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Smartwatches are the fastest-growing segment in the wearable technology market, due to their diverse functionalities and increasing demand for health monitoring features.

Wearable Device Industry Report

The wearable technology market is thriving, with a surge in consumer adoption of smart devices like smartwatches, fitness trackers, and health monitoring gadgets. These devices are popular for tracking health metrics and are seeing increased demand in consumer electronics and healthcare for their data monitoring capabilities. Innovations such as AI and AR integration are enhancing functionalities, appealing to a wide audience including athletes and healthcare professionals. The rise of smart clothing further integrates technology seamlessly into apparel. Despite challenges like counterfeit products, the market is set for growth, driven by technological advancements and a focus on health and fitness. Products tailored to various sports and activities meet diverse consumer needs, with North America and the Asia Pacific leading in market share and growth rate. The future of wearable technology is promising, with vast opportunities for innovation and market development. For detailed market share, size, and revenue growth rate, access a free report PDF download from Mordor Intelligence™ Industry Reports.

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Wearable Technology Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)