Wearable Electronics Market Definition and Overview
Wearable electronics are devices worn by a person as clothing to provide intelligent assistance that augments memory, intellect, creativity, communication, and physical senses. It includes products such as smart rings, wristwear such as wrist bands and smartwatches, smart earphones, smart clothing with sensors, fitness and sports shoes, athletic shoes, and other products such as neckwear and headbands. These are integrated computing devices that enable wireless networking and mobile computing for the users to enhance their day-to-day activities.
North America Wearable Electronics Market Outlook, Drivers and Challenges
The North America wearable electronics market is expected to witness annual growth around ~15% over the next five years driven by growth in technological advancements, increase in awareness & usage of wearable electronics and a rise in demand for constant connection between people, places, and things. The market is expected to grow because of the strong presence of leading companies within the United States and their focus on this region, an increase in the rate of urbanization, and a rise in demand for advanced electronics. Other major drivers of the industry include the increasing demand of consumers for communication, networking, and positioning. Also, increasing disposable income and internet penetration is leading to growth in the wearable electronics market.
The higher price of manufacturing these smart-wearable devices is considered to be one of the major challenges for manufacturers within this region and is anticipated to hinder the growth of the smart wearable electronics market. Other challenges are negative effects of radiation on human health.
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North America Wearable Electronics Market Value Chain Analysis
The wearable electronics value chain consists of a raw materials or components provider that supplies raw materials to the product assemblers who do it for the parent/partner company. These wearable electronics parent/partner companies manufacture the final product (also provide original design to assemblers) with their own branding. It is then distributed through different channels (online, traditional) and delivered to the consumers through retail or online stores, or through company websites.
North America Wearable Electronics Market Segmentation
North America Wearable Electronics market can be segmented into product-based categories such as Wrist-Wear, Eye-Wear, Foot-Wear, Neck-Wear, and Body-Wear. The Networking & Positioning, Power Supply, Sensing, Optoelectronic & Display, Control, and Interface are the components-based segments in the market. From the demand side, the market can be segmented based on end-user industries such as Fitness & Sports, Healthcare & Life Sciences, Media & Entertainment, Apparel & Fashion, and Government & Military Defense. Geographically, the major country markets in North America are the U.S, Canada, & Mexico.
North America Wearable Electronics Market Competitive Landscape of Major Players
Some key players in the North America Wearable Electronics Market include Apple Inc., Samsung Electronics, Google, Garmin, Fitbit, Huawei Technologies Co. Ltd., Sony Corporation, and Nike.
Impact of Covid-19 on North America Wearable Electronics Market
The Covid-19 situation resulted in the growth of the wearable electronics market in North America. The rise in remote work, business closures, furloughs, and increased interest in health monitoring during the COVID-19 pandemic secured a larger user base. It helped to boost the revenues of wearable electronics companies. Restrictions on import and export and shutting down of manufacturing units temporarily during lockdown restrictions adversely impacted the supply chain of the wearable technology market. Irrespective of these challenges, Covid-19 had a positive impact on the wearable electronics market in North America.
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Key Segments Covered in North America Wearable Electronics Market:-
North America Wearable Electronics Market By Product
Wrist-Wear Electronics
Eye-Wear Electronics
Foot-Wear Electronics
Neck-Wear Electronics
Body-Wear Electronics
North America Wearable Electronics Market By Components:-
Networking and Positioning Components
Power Supply Components
Sensing Components
Optoelectronic and Display Components
Control Components
Interface Components
North America Wearable Electronics Market By Connectivity:-
Cellular Network
Near Field Communication (NFC)
Bluetooth Technology
Wi-Fi Network
North America Wearable Electronics Market By End User:-
Fitness and Sports
Healthcare and Life Sciences
Media and Entertainment
Apparel and Fashion
Government and Military Defense
North America Wearable Electronics Market By Geography:-
U.S.
Canada
Mexico
Key Competitors in North America Wearable Electronics Market:-
Apple Inc.
Samsung Electronics
Garmin
Fitbit
Huawei Technologies Co. Ltd.
Sony Corporation
Nike
Time Period Captured in the Report:-
Historical Period: 2017-2021
Forecast Period: 2022-2027
Key Target Audience:-
Wearable Electronics Manufacturers
Wearable Electronics Product Assemblers
Consumer Electronics Companies
Wearable Technology Developers
Wearable Electronics Raw Materials and Components Suppliers
Value-Added Resellers (VARs)
Potential Investors in Wearable Electronics Companies
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