Wearable Technology Market Size, Share & Trends Analysis Report By Product (Head & Eyewear, Wristwear), By Application (Consumer Electronics, Healthcare), By Region (Asia Pacific, Europe), And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the wearable technology market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for wearable technology market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of wearable technology market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Wearable Technology Market Categorization:

The wearable technology market was categorized into three segments, namely product (Wrist-Wear, Eyewear & Headwear, Footwear, Neckwear, Body-Wear), application (Consumer Electronics, Healthcare, Enterprise & Industrial Applications), region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The wearable technology market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The wearable technology market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into ten countries, namely, the U.S.; Canada; the UK; Germany; France; China; India; Japan; Brazil; Mexico..

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Wearable technology market companies & financials:

The wearable technology market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Alphabet, Inc. - Alphabet, Inc. is the parent company of Google, Inc. The company has several other subsidiaries, such as Android, Inc.; Google Payment Corp.; Picasa LLC; Youtube LLC; Endoxon Ltd.; Google Japan, Inc.; Ignite logic, Inc.; and Google Germany GmbH, among others. Google, Inc. is a technology company that specializes in Internet-related services and products. It also includes cloud computing, online advertising technologies, search engine, software, and hardware. Alphabet Inc. offers an extensive and comprehensive product and service portfolio for various industries and industry verticals. The company’s product offerings include Google Maps, Google Chrome, YouTube, Chromecast, Pixel, Google Wi-Fi, Wear OS by Google, Chromebook, Gmail, Google+, Google Drive, Google sheets, AdSense, and Google Analytics, among others. Alphabet, Inc. puts a strong emphasis on innovation through extensive research and development. The company invested USD 27,573 million in research and development in 2020. The company has offices worldwide, spanning North America, Latin America, Europe, Asia Pacific, Africa, and the Middle East.

• Samsung Electronics Co., Ltd. - Samsung Electronics Co., Ltd. is a multinational company engaged in the manufacturing, marketing, and distribution of wearable devices, consumer electronics, computer devices & peripherals, electronic devices & components, and network systems. The company operates through four business divisions, namely Information Technology & Mobile Communications (I.M.); Consumer Electronics (C.E.); Device Solutions (D.S.); and Harman, which operates independently. Samsung’s Consumer Electronics (C.E.) business division offers various products, including wearable devices, television sets, monitors, washing machines, air conditioners, and refrigerators. Television sets forms the business division's core product. The Information Technology & Mobile Communications (I.M.) business division is engaged in the manufacturing and sales of smart mobile devices, including smartphones, wearables, and tablets. The business division also invests in technologies, such as Augmented Reality (A.R.), Virtual Reality (V.R.), Cloud, IoT, and 5G. The Device Solutions (D.S.) business division comprises Memory business, System LSI business, Foundry business, and Display Panel business.

• Sony Group Corporation - Sony Group Corporation is engaged in the designing, development, and manufacturing of electronic instruments, equipment, and devices. The company’s products are designed to cater to various applications across professional, consumer, and industrial markets. The company is also engaged in the music recording business and is responsible for the production, distribution, management, and licensing of recorded music. The company also has a presence in motion pictures, television programming, digital networks, financial services, and non-life insurance businesses. Sony Group Corporation operates its business through six segments, namely Imaging & Sensing Solutions (I&SS), Music, Pictures, Financial, Electronic Products & Solutions (EP&S), and Game & Network Services (G&NS). The EP&S and G&NS segments contributed significantly toward the company’s revenue in fiscal 2019. The G&NS segment offers network services, add-on content, digital software, hardware, packaged software, gaming consoles, and peripheral devices.

• Huawei Technologies Group Co., Ltd. - Huawei Technologies Group Co., Ltd. is engaged in providing smart devices, PCs, phones, tablets, watches, headphones, routers, speakers, and accessaries. The company also offers information and communication technology infrastructure. Services offered by the company include smart services for enterprises, Huawei cloud migration service, and service & software for carrier networks. The company operates its business through segments, namely, carrier business, consumer business, enterprise business, etc. Huawei Technologies Group Co., Ltd. operates in over 160 countries across North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The company’s consumer business segment witnessed 3.3% growth over the year in 2020. The company has built over 1,500 networks in more than 170 countries.

• Apple Inc. - Apple Inc. designs, manufactures, and distributes smartphones, personal computers, tablets, wearables, and accessories. The company also offers a variety of related services, software, peripherals, and networking solutions. The company operates its business based on products and service performance, namely iPhone, Mac, iPad, Wearable Home & Accessories, and Services. Apple Inc. sells its products through online stores, retail stores, resellers, direct sales force, and third-party wholesalers globally. The company’s research & development expenditures increased from USD 14,236 million in the fiscal year 2018 to USD 16,217 million in the fiscal year 2019, and to USD 18,752 million in the fiscal year 2020. The company’s geographical presence spans North America, South America, Europe, the Middle East, Asia Pacific, and Africa. In 2020, the company generated 45.3% of its revenue from the American market, with the rest of the regions contributing toward the remainder.

• Xiaomi Corporation - Xiaomi Corporation is an Internet company engaged in providing hardware, software, and Internet services. The company offers a wide range of products, which can be categorized under smartphones, laptops & tablets, power supplies, audio, MI trackers & watches, MI TV and VR, smart devices, personal transport, and spare parts, among others. Xiaomi Corporation operates its business through Internet Services, Smartphones, IoT & Lifestyle Products, and Others segments. The Smartphone segment is engaged in selling smartphones and related accessories. The IoT and Lifestyle Products segment offers AI speakers, laptops, smart TVs, smart routers, various IoT & other innovative hardware products, and lifestyle products. The Internet Services segment provides Internet value-added services and advertising services. The Others segment offers repair services for the company’s products. Xiaomi Corporation’s geographic presence spans Asia Pacific and internationally. Xiaomi witnessed revenue increment of 8.6% for its IoT & Lifestyle Products in 2020.

• Adidas AG - Adidas AG is engaged in the designing, manufacturing, and sales of shoes, clothing, and accessories. The company offers various products, including footwear, apparel, fitness equipment, golf products, accessories, and other gear, such as bags and balls, under the Adidas and Reebok brands. The company sells its products through retail stores, wholesale channels, mono-branded franchise stores, and the e-commerce channel. The company focuses in offering various sports apparels and footwear, and lifestyle products Adidas AG’s geographical presence spans the Americas, Europe, Asia Pacific, and the Middle East & Africa. The company operates its business based on geographical distribution, including North America, Latin America, Russia/CIS, Europe, Asia Pacific, and emerging markets. The company generates the majority of its revenue from Asia Pacific, which accounted for 33% of the company’s total revenue in 2020.

• Nike, Inc. - Nike, Inc. is engaged in the designing, development, marketing, and sales of footwear, apparel, equipment, and accessories. The company offers various products, including bags, socks, sports balls, eyewear, timepieces, digital devices, bats, gloves, footwear, protective equipment, and other equipment. Nike, Inc. offers a range of wrist-worn devices, which provide end users with a variety of functionalities from tracking basic activities to monitoring the heart rate. The company has also created the Nike+ platform to leverage technology to offer new and engaging fitness experiences. Nike, Inc. offers its products under various brands names, including Running, NIKE Basketball, Jordan Brand, Football (Soccer), Training, and Sportswear. The company sells its products directly to the consumers through Nike retail stores, digital platforms, retail accounts, and a mix of independent distributors, licensees, and sales representatives worldwide.

• Fitbit, Inc. - Fitbit, Inc. is engaged in delivering fitness solutions. The company’s platform combines wearable devices with software to help end users in reaching their health & fitness goals. The company offers various wearable devices, including health & fitness trackers and watches, which allow end users to monitor their daily activities, exercise, and sleep patterns in real time. The company also offers software and services, which include an online dashboard and a mobile app that provides users with data analytics, motivational & social tools, and virtual coaching through interactive workouts and fitness plans. Fitbit, Inc. operates its business based on geographic distribution, including the U.S.; Europe, Middle East, and Africa; and Asia Pacific. The company generates the majority of its revenue from the United States, which accounted for 56% of the company’s total revenue in 2020. The company invested USD 300.3 million in research and development in 2020. The company’s geographical presence spans the Americas, Europe, Asia Pacific, and Middle East & Africa.

• Garmin Ltd. - Garmin Ltd. is engaged in the designing, development, manufacturing, and distribution of a range of navigation, communication, and information devices. The company operates its business through five business segments, including Fitness, Outdoor, Aviation, Auto, and Marine. Garmin Ltd.’s Fitness segment offers a broad range of products designed for use for fitness and lifestyle purposes. The products offered by the segment are further categorized under running & multisport watches, cycling products, activity tracking & smartwatch devices, Garmin connect & Garmin connect mobile, and connect IQ. The company offers various products including smartwatches, accessories, maps, and others. Garmin Ltd. sells its products through online retailers, independent retailers, dealers, distributors, installation & repair shops, original equipment manufacturers, and an online webshop. The company invested USD 605.3 million in research and development in 2019. The company’s geographical presence spans the Americas, Europe, Asia Pacific, and the Middle East & Africa.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Wearable Technology Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Wearable Technology Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.