Showing posts with label North America Wearable Electronics Industry. Show all posts
Showing posts with label North America Wearable Electronics Industry. Show all posts

Saturday, August 27, 2022

North America Wearable Electronics Market Revenues Forecasted to Reach Nearly USD 25 Bn by 2027, Growth is Propelled by Increased Healthcare Awareness and Digital Devices Adoption: Ken Research

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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.North America Wearable Electronics Industry                                                  North America Wearable Electronics Industry

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: -

The US Smart Wearable Devices Market By Type (Fitness Bands, Smart Watch, Smart Eyewear And Others), By Distribution Channel (Online, EBOs, MBOs, Others) - Outlook To 2021

India Consumer Wearables Market Outlook To 2025- By Type (Fitness Trackers And Smart-Watches), By Sales Channel (Online And Offline), By Price Segment (Under ₹ 1000 ,₹1000 - ₹ 10,000 , ₹10,000 - ₹ 20,000 And Above ₹ 20,000) And By Sales Region (North, South East And West)

Contact Us: -
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com

+91-9015378249