Wearables Market Size and Outlook
To understand the current wearables market and the industry outlook for all types of wearables.
The outlook for the wearables market globally looks promising, having grown at a CAGR of 16.2% between 2016 and 2020. There are additional applications for wearables being developed all the time, thereby increasing the market size.
- The global market size for wearables was $19.633 billion in 2016 and was expected to climb to $57.653 billion by 2022. Growing at a CAGR of 16.2%, the following market sizes can be calculated.
- In 2017, the global market size would have been $22.814 billion.
- In 2018, the global market size would have been $26.510 billion.
- In 2019, the global market size would have been $30.805 billion.
- In 2020, the global market size is expected to reach $35.795 billion.
- In 2021, the global market size is expected to reach $41.594 billion.
- In 2019, the global market shipped 305.2 million wearable products and this number is expected to increase 489.1 million units by 2023.
- Earwear holds the largest share of the market at 45.7% of units shipped in 2019, followed by smartwatches at 22.7%, wristbands at 22.4%, and other at 9.2%.
- In 2023, earwear is expected to increase its share of the market to 56%, with smartwatches holding nearly steady at 22.3%, and writsbands falling to 14.3%. The "other" category is expected to decrease to 7.5%.
- The global growth rate of the wearables market between 2016 and 2022 was expected to be 16.2%.
Market Applications and Drivers
- The applications for wearables are expanding, with products for nearly every part of the body:
- Head: helmets, military apparel, and immersive infotainment
- Ear: Headphones, hearing aids, and ear-worn trackers
- Eyes: Smart eyewear, AR/VR, and smart contact lenses
- Body (Torso): Smart clothing, chest straps, and skin patches
- Arms: Medical smartwear, arm-worn trackers, skin patches, and sports apparel
- Wrist: Smartwatches, wrist-worn fitness trackers
- Legs & Feet: Smart footwear, medical devices, military apparel, and sports apparel.
- Other: Implantable devices and multi-location devices
- Two major drivers of the wearables market in 2019 were healthcare and enterprise adoption.
- Healthcare providers are using wearables to develop digital health systems and enterprises are using wearables to help employees work more efficiently.
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