The global smart wearables market is expected grow from $18.08 billion in 2021 to $20.64 billion in 2022 at a compound annual growth rate (CAGR) of 14.1%. The market is expected to reach $31.95 billion in 2026 at a CAGR of 11.5%.
Major players in the smart wearables market are Apple Inc., Samsung, Google, Xiaomi, Nike, Motorola Solutions Inc., Garmin, Jawbone, Misfit, and Polar.
The smart wearables market consists of sales of smart wearable devices and related services for tracking vital pieces of data related to the health and fitness of the human body. Smart wearables are any form of an electronic device intended to be worn on the human body.
The main devices of smart wearables are smartwatches, smart glasses, fitness and wellness devices, smart clothing and others. Smart clothing is essentially an electronic device that communicates with other connected devices (such as smartphones) as well as the wearer’s body. Smart clothing collects biometric and physical data from the wearer, such as body temperature and heart rate, using a variety of sensors.
The sensor-generated data is transferred via Bluetooth to relevant apps on a paired smartphone, where it can be viewed by users. The various technologies of smart wearables are memory and storage technology, speech and pattern recognition technology, communication and networking technology, sensing technology, computing technology, display technology that are used in lifestyle, healthcare, consumer applications, defense, fitness and sports, enterprise and industrial applications.
Asia Pacific was the largest region in the smart wearables market in 2021. North America was the second-largest region in the smart wearables market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing demand for wireless sports and fitness devices is projected to drive the smart wearables market. There is a rapid growth in the use of smart devices such as smartwatches among cyclists, runners, gym-goers, swimmers, and athletes to track the calories burnt, hourly activity, stationary time, and activity time. Therefore, the demand for smart and wireless fitness devices is expected to propel the smart wearables market.
The use of smart rings is a key trend shaping the growth of the smart wearables market. A smart ring is a wearable electronic device equipped with mobile devices such as sensors and NFC chips that are used as a peripheral tool to assist mobile devices for a variety of purposes, often monitoring everyday tasks. For example, in September 2019, Amazon introduced the Echo Loop Smart Ring with the intention of keeping Alexa on finger. The Echo Loop Smart Ring vibrates to alert users to notifications, while built-in microphones and speakers will be enabled to communicate with Alexa.