Market Share of Wearable Technology Industry
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
Apple Inc.
Samsung Group
Xiaomi Inc.
Fitbit Inc.
Sony Corporation
*Disclaimer: Major Players sorted in no particular order
