Global Wearable Devices Market - Trends and Forecast to 2022

DALLAS - May 28, 2016 - PRLog -- The global wearable devices market USD 15.1 Billion in 2015, and are expected to reach USD 46.7 billion by 2022, growing at a CAGR of 17.6% in the forecast period 2016 to 2022.

The global wearable devices market is segmented based on industry into consumer products, healthcare, industrial, and others. The growth of wearable devices market in the consumer products industry is owing to the increasing demands for wrist wear and body wear products growing in this market. Based on product type the wearable devices market is segmented into wrist wear, eyewear, footwear, neckwear, body wear, and others. Wrist wearable products are likely to grow in popularity in the coming years. The market is growing with increasing sales of smart watches expected to be launched by leading players. It is expected that with major companies foraying into the market such as Apple and Samsung, the look and feel for wearables would increase immensely. These devices are targeting the fashion sense and the health necessity hence doubling the growth of the market. Initially these products were for the privileged but with Chinese players launching their products in developing nations, the market in South Asian and South American countries are expected to drive the growth of the market.

Based on geography the wearable devices market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and rest of the world. The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others. North America is expected to dominate the market due to strong awareness of pedometers and smart watches in this region. The rising pool of chronic diseases like obesity and diabetes is also the major factors in development of this market. China, India, Brazil, Russia among some other developing nations is expected to grow at the highest CAGR in the forecast period 2016 to 2022.

There are a large number of players operating in this market, especially in the consumer devices market. Some of the major players in the wearable devices market are Adidas AG, Apple, Inc., Fitbit, Inc., Garmin, Ltd., Google, Inc., Jawbone, Inc., LG Electronics Inc., Nike, Inc., Pebble Technology Corp., Qualcomm, Inc., Samsung Electronics Co., Ltd., Sony Corporation, and Xiaomi Technology Co., Ltd. among other vernacular players.

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