What is the Size of North America Wearable Electronics Industry?
North America Wearable Electronics market is growing at a CAGR of ~% in 2017-2021P and is expected to reach ~USD Bn by 2027F. The major drivers for the increase in adoption of Wearable Electronics in North America is Rising Penetration of Smartphones and Digital Devices which are positively influencing an increase in the adoption of connected devices/wearable electronics in North America. Rising Consumer Awareness Regarding Health-Related Activities are prompting individuals for using digital tools, such as smartwatches, smart shoes, smart eyewear’s to identify major healthcare needs, such as monitoring heart rate, tracking activity, and delivering reminders throughout the day. Wearable technology functionalities are reducing hospital visits for health problems, such as high blood pressure and tachycardia as wearables allow them to keep track of their health information without having to visit hospitals.
According to a healthinsurance.com survey, heart health monitoring devices will become more popular as more doctors embrace digital tools to track and treat chronic illnesses. While doctors are generally thought to be less tech-savvy, 60% of Medicare-eligible seniors say they have embraced technology more since the pandemic. The user’s privacy concerns owing to rising cyber threats and vulnerability of digital devices in personal information protection is a challenge in growth of this market.
North America Wearable Electronics market by Product
The Neck Wear segment in North America Wearable Electronics market is growing at a fastest CAGR of ~% in 2017-2021 and is expected to reach ~USD Bn by 2027F. The growth is majorly attributed by the increasing prevalence of health issues such as spinal stenosis, herniated disc, and incorrect sleeping posture that leads to severe neck pain.
According to the National Library of Medicine, the world’s largest medical library and operated by U.S. federal government, the prevalence of the clinical symptoms of lumbar spinal stenosis in US adults is approximately 11% and tends to increase with age.
Following the Neck Wear segment, the Eye Wear segment will experience significant growth during the forecasted period, owing to the growing demand for health monitoring devices in the healthcare industry, particularly following the COVID-19 pandemic, is driving demand for Eye Wear.
Smart glass technology trends have also evolved immensely where the manufacturers now offering a variety of smart glasses styles, use cases, and features across multiple industry, including Automotive, Healthcare, and Industrial.
North America Wearable Electronics market by Components
The Power Supply Components in North America Wearable electronics market is growing at a fastest CAGR of ~% in 2017-2021 and is expected to reach ~USD Bn by 2027F. The increasing adoption of consumer electronics and medical devices, which necessitate an adequate power supply is driving the demand for Power Supply Components.
Furthermore, the rising demand for AC-DC and DC-DC power supplies with appropriate output voltage in devices, such as home lighting, wearable fitness devices, street lighting, health monitoring devices, and consumer electronics products is also fueling their demand.
The growing demand for optical solutions in the healthcare & automotive industries, smart consumer electronics devices, and the escalating necessity of durable and low power consuming components has accelerated the demand for Optoelectronic and Display Components.
Key Segments Covered in North America Wearable Electronics Market:-
North America Wearable Electronics Market By Product
Ear Wear and Head Wear
Body Wear and Smart Clothing
North America Wearable Electronics Market By Components
Networking and Positioning Components
Power Supply Components
Optoelectronic and Display Components
North America Wearable Electronics Market By Connectivity
Near Field Communication (NFC)
Other Connectivity Types
North America Wearable Electronics Market By Type of End User Industry
Fitness and Sports & Tracker
Entertainment and Travel & Hospitality
Industrial (Logistics & manufacturing)
Government (Defense, Security, and Public Administration)
North America Wearable Electronics Market By Geography and Major Countries:-
Key Target Audience:-
Wearable Electronics Products Manufacturers
Consumer Electronics Products Manufacturers
Wearable App Developers
Raw Material Suppliers for Wearable Electronics Products
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
Key Competitors in North America Wearable Electronics Market
Emerging Wearable Electronics Companies in North America
Strong Arm Technologies
Key Topics Covered in the Report:-
Snapshot of North America Wearable Electronics Industry
Industry Value Chain and Ecosystem Analysis
Market Size and Segmentation of North America Wearable Electronics Market
Historic Growth of Overall North America Wearable Electronics Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter’s 5 Forces Analysis of North America Wearable Electronics Industry
Overview, Product Offerings and SWOT Analysis of All the Key Competitors
Covid 19 Impact on the Overall North America Wearable Electronics Market
Future Market Forecast and Growth Rates of the Total North America Wearable Electronics Market and by Segments
Market Size of End User Industries with Historical CAGR and Future Forecasts
Analysis of North America Wearable Electronics Market in Major North American Countries
Major Production/Consumption Hubs in the Major Countries
Major Production/Supply and Consumption/Demand Hubs in Each Major Country
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging North America Wearable Electronics Companies within Each Major Country
For more information on the research report, refer to below link:-
Ankur Gupta, Head Marketing & Communications
Frequently Asked Questions:-
What is the Study Period of this Market Report?
The North America Wearable Electronics Market is covered from 2017 – 2027 in this report, which includes a forecast for the period 2022-2027.
What is the Future Growth Rate of North America Wearable Electronics Market?
The North America Wearable Electronics Market is expected to witness a CAGR of above 15% over the next 5 years.
What are the Key Factors Driving the North America Wearable Electronics Market?
Rising number of millennial parents who are increasingly health conscious and adopting natural, minimally processed food is expected to be the primary driver of this market.
Which is the Fastest Growing Product Segment within the North America Wearable Electronics Market?
Neck Wear is the fastest growing product segment within the North America Wearable Electronics Market.
Who are the Key Players in North America Wearable Electronics Market?
Apple, Garmin, Fossil Group, Huawei, Samsung Electronics, Sony, LG Electronics, Fitbit
Nike, Xiaomi and Bose are the major companies operating in North America Wearable Electronics Market.