Market Overview
Wearable devices track the movement and activities of several individuals moving around the US. Countless application areas begin adopting these devices which will propel the growth of the wearable devices market during the near future. Wearable devices have succeeded to garner a position of implication in the consumer electronics market during a short time as well as are considered a new means of addressing the needs of several industries. The construction industry has studied the usage of wearable devices in the workplace for health and safety management by immediacy detection and physiological monitoring of construction workers. The logistics industry has begun utilizing wearable barcode scanner gloves (Pro Gloves) to streamline work that does not involve the usage of hands. Moreover, some insurance companies are encouraging the usage of wearable devices to motivate the healthier eating habits and advance the corporate wellness among workers.
Furthermore, countless wearable devices, such as fitness trackers are utilized by medical professionals to attain the physiological, behavioral, and contextual data for the diagnosis, treatment, and management of chronic diseases. During recent years, some applications of wearable devices have been described in the mining industry to assist the production procedure control in hard rock mines as well as health and safety management in coal mines. Thus, the increasing adoption of wearables across these several application areas is underwriting to the growth of the US wearable devices market.
Market Revenue Forecast
According to the latest market analysis report by Ken Research, ‘North America Wearable Electronics Market Outlook and Forecast to 2027 – Driven by Growing Smartphone & Digital Device Adoption, Technological Advancement, and Heightened Awareness of Health-Related Activities’, the Wearable Electronics market in North America is predicted to observe strong growth of over 15% during the next five years and forecasted to approach a figure of USD 25 Bn by 2027, driven by the growing penetration of smartphones in US and other countries within the region, which is propelling adoption of Wearable Electronics that are linked to smartphones. The benefits with these linked wearable electronics, such as the ease of taking calls from a watch without a handset, fitness tracking, and all-day heart monitoring, GPS location are propelling demand for them.
The report broadly classifies this market into 4 segments – by Product Type, by Component Type, by Connectivity Type and by End User Industry. In addition, it covers Geographic segmentation analysing major countries market in detail.
According to the findings of this Ken Research report, among the market segments, Wrist Wear leads in terms of Product type while Fitness & Sports is the leading end user industry in this market. And Mexico is the fastest growing individual country market within entire region.
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Market Growth Drivers and Challenges
The growing adoption of Medical Monitoring and Healthcare Wearable Devices among individuals, specifically those affected by the COVID-19 virus, as most individuals felt weak and faced several health issues, such as breathing issues, anxiety, which also causes blood pressure, led to a greater adoption of wearable electronics to uninterruptedly monitor their health without visiting the hospital or medical center. According to a healthinsurance.com survey, heart health monitoring devices will become more prevalent as more doctor’s encirclement digital tools to track and treat chronic illnesses. While doctors are commonly thought to be less tech-savvy, 60% of Medicare-eligible seniors say they have embraced technology more since the pandemic.
Furthermore, technological enhancements in software and hardware components, as well as their growing adoption in fitness assistance along with their integration with smartphones is driving the growth of the wearable electronics market.
Battery life is one of the foremost challenges in wearable tech industry. The wearable devices necessitate operative power management as battery space is restricted in wearable devices. Therefore, proficient utilization of available battery life is critical in order for the devices to run for a decent length of time. As a result, most wearable devices connect via Bluetooth rather than Wi-Fi, as Bluetooth technology consumes less energy than Wi-Fi when functioning the same tasks.
Key Trends and Opportunities
The COVID-19 pandemic has disrupted the supply side of wearable electronics, but demand has increased significantly due to more time spent at home.
Individuals are now working out more as a result of the pandemic, particularly those who were affected by the virus, as most people felt weak and faced numerous health issues, such as breathing problems, anxiety, that also causes blood pressure. This encourages them to opt for wearable electronics products to regain their good health without visiting a gym, yoga studio, and ground for jogging or running.
Wearable electronics also break down barriers between patient and doctor location and provide better healthcare assistance regardless of the patient’s location.
Furthermore, many manufacturers of wearable electronics have seen a significant increase in their sale through e-commerce platforms rather than retail stores since 2020 due to the store closure across countries.
Key Segments Covered in North America Wearable Electronics Market: –
North America Wearable Electronics Market by Product
Wrist Wear
Ear Wear and Head Wear
Eye Wear
Foot Wear
Neck Wear
Body Wear and Smart Clothing
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
Near Field Communication (NFC)
Cellular Network
Bluetooth Technology
Wi-Fi Network
Other Connectivity Types
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North America Wearable Electronics Market by Type of End User Industry
Fitness and Sports & Tracker
Healthcare
Entertainment and Travel & Hospitality
Industrial (Logistics & Manufacturing)
Government (Defense, Security & Public Administration)
North America Wearable Electronics Market by Geography and Major Countries
U.S.
Canada
Mexico
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report:
Wearable Electronics Products Manufacturers
Consumer Electronics Products Manufacturers
Wearable App Developers
Raw Material Suppliers for Wearable Electronics Products
Components Manufacturers for Wearable Electronics
Potential Investors in Wearable Electronics
Wearable Electronics Distributors
Wearable Electronics Advocacy Groups
Time Period Captured in the Report:
Historical Period: 2017-2021
Forecast Period: 2022-2027F
Major Wearable Electronics Product Companies in North America Mentioned in the Report:
Apple
Garmin
Fossil
Huawei
Samsung Electronics
Sony
LG Electronics
Fitbit
Nike
Xiaomi
Bose
Notable Emerging Wearable Electronics Product Companies in North America Mentioned in the Report:
Strong Arm Technologies
Whoop
Nextiles
Nymi
Muse
Hexoskin
ADES Technologies
Machina
For More Information on the research report, refer to below link: –
North America Wearable Electronics Market Outlook and Forecast to 2027
Related Reports by Ken Research: –
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