GITNUX MARKETDATA REPORT 2024

Wearable Technology Industry Statistics [Fresh Research]

Highlights: The Most Important Wearable Technology Industry Statistics

  • By 2022, the global market for wearable technology is expected to reach $54.5 billion.
  • In 2019, about 305 million wearable devices were sold globally.
  • 640 million wearable technology devices are expected to be shipped worldwide by 2027.
  • On average, 1 in 5 Americans use a smartwatch or fitness tracker.
  • In 2023, the wireless health monitoring segment of the wearable tech industry is projected to reach $212.4 billion.
  • By 2023, the global market for smart clothing is expected to cross $4 billion.
  • Asia-Pacific is projected to be the fastest-growing market for wearable technology during 2020–2025.
  • From 2020 to 2027, the wearable technology market is expected to grow at a CAGR of 15.9%.
  • In 2019, there were 336 million shipments of wearable devices worldwide.
  • As of 2021, Apple held a market share of 32.1% in the global wearable devices market.
  • From 2020 to 2024, the AR glasses segment of the wearable tech market is expected to grow by $13.4 billion.
  • The global market for fitness wearables is expected to reach $14.9 billion by 2028.
  • The smart wristwear segment accounted for a share of over 51% in 2020 within the wearable technology market.
  • Demand for fitness trackers surged by nearly 900% in January 2021 compared to January 2020.
  • With a growth rate of 195.1% for the 1st quarter of 2021, wristbands held the highest market share in the wearable technology market.
  • New market entrant Amazfit had a 12.9% worldwide market share in Q4 2020, achieving third place for the period.
  • The number of connected wearable devices worldwide is expected to jump to over 1 billion by 2022.
  • In the US, wearables’ penetration rate is 21%, meaning 1 in 5 US consumers now owning a wearable tech.
  • In 2025, connected clothing is predicted to reach shipment volumes of 19.91 million units.

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Navigating through the enigmatic world of technological advancements, arguably the most exciting avenue that has captured the imagination of millions worldwide is the realm of wearable technology. It’s as if the future has sprung to life from the pages of a science fiction novel and is strapped around our wrists or clinging onto our bodies. Our blog post today dives deep into the quantifiable heart of this burgeoning industry, the wearable technology industry statistics. We’ll be scrutinizing the staggering growth rates, revealing the market leaders, and projecting the future trends. It’s time to understand the numbers that are stitching the fabric of this digital revolution.

The Latest Wearable Technology Industry Statistics Unveiled

By 2022, the global market for wearable technology is expected to reach $54.5 billion.

Interpreting this foreseen surge in the wearable tech market to $54.5 billion by 2022 underlines the explosive growth and booming relevance this technology is poised to hold on a global stage. Its evident ascension in monetary value reflects an immersed interest and demand in this industry. A figure of such magnitude helps paint a picture of a rapidly evolving technological landscape where wearables could gradually replace traditional gadgets. So, within the narrative of wearable tech industry statistics, this projection not only offers a glimpse into the future but also showcases the incredible potential this sector has in shaping our everyday lives — clearly, a pulse not to be missed.

In 2019, about 305 million wearable devices were sold globally.

The pulsating heartbeat of the Wearable Technology Industry was vividly shown in 2019, when approximately 305 million wearable devices were sold globally. This staggering figure not only captures the high demand from consumers but also encapsulates the accelerated growth and expansion of the market. As digital tentacles sprawl into every aspect of our lives, these sales become a powerful testament to the industry’s thriving health and offer a telescopic view into a future where wearable technology could be as common as cell phones. By understanding these sales trends, one can forecast industry directions, identify growth opportunities, and appreciate the scale at which wearable technology affects our everyday lives.

640 million wearable technology devices are expected to be shipped worldwide by 2027.

Just picture it, by 2027, a staggering 640 million wearable technology devices will embark on a global shipping journey. This jaw-dropping figure not only demonstrates the escalating dominance of wearable technology in everyday life, but also uncloaks the enormous growth potential within this industry. When one dives into the implications further, one can see an undisputed case for investors to tap into this escalating market, entrepreneurs to innovate within this space, and consumers to adapt to the incoming wave of the wearable tech revolution. This prediction, like a spotlight cutting through the fog, plainly illuminates the investment worthiness of this industry, the opportunities for innovation, and the near-future reality for consumers worldwide.

On average, 1 in 5 Americans use a smartwatch or fitness tracker.

With the surge of the Wearable Technology Industry, the snapshot revealing that 1 in 5 Americans utilize smartwatches or fitness trackers underscores an intriguing trend. This figure provides a tangible demonstration of the industry’s permeation into the daily lives of Americans, representing a significant portion of the population embracing this technology. As readers delve into the blog post, this statistic sets a crucial foundation, illuminating the industry’s relevance and growth potential. Furthermore, it aids in understanding the market penetration and acceptance of wearables throughout the U.S, thereby offering predictive insights into future trends and opportunities for entrepreneurs, innovators, and tech enthusiasts. Such statistical insights are vital in shaping strategies and paving the roadmap for industry stalwarts and newcomers.

In 2023, the wireless health monitoring segment of the wearable tech industry is projected to reach $212.4 billion.

Forecasting a significant expansion to a staggering $212.4 billion by 2023, the wireless health monitoring sector of the wearable technology industry represents a seismic shift in how we approach healthcare. This projection not only amplifies the monumental transition towards sophisticated, wearable health devices, but it also underscores the colossal economic impact this sector will imminently have.

As this sector thrives, it weaves a tale of how health technology, consumer preferences, and economics intertwine, succinctly encapsulating the direction of the Wearable Technology Industry. Every dollar in this predicted figure echoes consumer trust and interest, solidifying the importance of wearables in our daily life. Within the context of a blog post about Wearable Technology Industry Statistics, this forecast acts as a compass, highlighting a profitable trajectory and reinforcing the ongoing vitality and relevance of this sector.

By 2023, the global market for smart clothing is expected to cross $4 billion.

Forecasting the wearable technology space to eclipse $4 billion by 2023 cements the growing influence and potential that smart clothing brings to the market. This projection validates the enrichening integration of technology with everyday fashion, and underscores how essential wearable technology is becoming in our daily lives. For the savvy investor or the inquisitive tech enthusiast, these figures serve as a beacon, guiding us to observe this expanding industry with increased interest and diligence. They hint broadly at the ample growth opportunities and invigorating innovation potential in the coming years, marking the Wearable Technology Industry as an undisputed heavyweight contender within the realm of global business.

Asia-Pacific is projected to be the fastest-growing market for wearable technology during 2020–2025.

As we navigate through the post about Wearable Technology Industry Statistics, take a moment to feast your eyes on the vibrant panorama of opportunities that lie on the horizon. Let’s shift our gaze towards the Asia-Pacific region, marked as the accelerating heartbeat of market growth for wearable technology in the span of 2020–2025. This pivotal projection shines light on the potential of emerging markets in influencing the global wearable technology landscape.

Here’s an interesting narrative – booming populations, burgeoning middle classes, fast-paced tech adoption, and forward-thinking governmental policies in the Asia-Pacific region form an irresistible concoction fueling this swift growth. This narrative isn’t merely a projection; it’s a call to policymakers, industry leaders, and trendsetters worldwide, highlighting the need to weave Asia-Pacific’s potentials into their strategic blueprints.

In essence, this statistic paints a vivid techno-futuristic landscape where the Asia-Pacific region holds the baton of leadership. Can you envision just how monumental this development could be for the world of wearable technology? A splendid tapestry woven with data-driven threads, indeed.

From 2020 to 2027, the wearable technology market is expected to grow at a CAGR of 15.9%.

An intriguing expansion forecast is painting a vibrant image of the future for the wearable technology industry. As we embark from the threshold of 2020 and make our march towards 2027, we observe a remarkable trend: The Wearable Technology market is projected to inflate at a Compound Annual Growth Rate (CAGR) of 15.9%. This number isn’t just a fractional percentage in an analyst’s report, it’s an indicator of the pulsating momentum that this industry is poised to maintain over the next several years. This dynamic growth in the sector is a testament to the promising and transformative potential of wearable tech, heralding a leap towards more connected, personalized and data-driven lifestyles and providing an economic boost. This bold augmentation pace being witnessed in the arena is a perfect amalgam of innovation, market acceptance and consumer demand, and this fact holds immense value when examining the industry dynamics.

In 2019, there were 336 million shipments of wearable devices worldwide.

Understanding the gravity of the statistic ‘In 2019, there were 336 million shipments of wearable devices worldwide’ is crucial as it unveils the dynamic growth of the wearable technology industry. This tangible figure underlines the accelerating momentum of wearables amongst consumers, giving a clear indicator of their worldwide acceptance and increasing popularity. It paints a prolific scenario, sparking an escalation in the tech market while opening up a new field for innovation and competition. The sheer volume of these shipments illustrates both the emerging trends and the staggering potential for growth in this sector. Incorporating this data into a blog post about the wearable technology industry can underline the significance of this market, allowing readers to appreciate the scale upon which this industry operates in a global context.

As of 2021, Apple held a market share of 32.1% in the global wearable devices market.

In the grand arena of the wearable technology industry, Apple’s strapping presence is undeniably prominent. Shouldering a hefty 32.1% chunk of the global market share as of 2021, the fruit-monikered tech giant wields considerable influence. Within the tapestry painted in the blog post on Wearable Technology Industry Statistics, this facet serves as a pivotal thread, highlighting Apple’s dominance in shaping trends, dictating consumer choice, and setting the technology and design benchmark in the industry. This numerical testament to Apple’s stranglehold provides readers, investors, and competitors with a quantifiable landscape of the market’s current state, informing on investment opportunities and competition assessment. Overall, it offers a crisp snapshot of one tech titan’s market command, resonating beyond mere numbers into industry dynamics and future speculation.

From 2020 to 2024, the AR glasses segment of the wearable tech market is expected to grow by $13.4 billion.

Picture this – a horizon brimming with evolving tech wearables, and standing tall amidst it all is the AR glasses segment, anticipated to surge by an imposing $13.4 billion from 2020 to 2024. This financial leap underscores the accelerating rate of technological advancement, and moreover, reaffirms the increasing consumer appetite for immersive experiences. Notably so, it acts as a compelling catalyst, nudging both existing tech giants and budding start-ups to delve into developing more innovative and user-friendly AR glasses. So, for anyone keeping an eye on the wearable tech industry trends, this staggering growth prospect isn’t just a number, but a mirror to the escalating momentum of the AR glasses market, shaping the contours of the future.

The global market for fitness wearables is expected to reach $14.9 billion by 2028.

Highlighting estimations like the anticipated growth of the fitness wearables market to $14.9 billion by 2028, provides a vivid illustration of the escalating trend and potential profitability within the arena of wearable technology. In the backdrop of an article discussing wearable technology industry statistics, figures like these serve to provide substantial context for the readers, underscoring the scale of opportunity and the rate of growth expected in this sector. Moreover, such figures act as a guiding light for stakeholders, tech-enthusiasts, and prospective investors, illuminating the expansiveness of the wearable market, and its prominence in the future of technology. It is information like this that helps draw a comprehensive picture of the competitive landscape, depicting a domain pulsating with growth and driving both business strategies and consumer interest.

The smart wristwear segment accounted for a share of over 51% in 2020 within the wearable technology market.

Highlighting the weighty dominance of the smart wristwear segment, which seized over half of the market share in 2020, underscores the pulsating importance of this category within the wearable technology sphere. The wieldy influence of this statistic not only magnifies the unprecedented traction smart wristwear has gained but also delineates the potential orbit for market stakeholders. As the compass of the blog post points towards understanding industry statistics, this data piece unfurls the sails of insights, detailing key trends and shifting paradigms significantly shaping the wearable technology industry. Hence, at the core of conversations around wearables, this giant slice of smart wristwear’s contribution becomes innately pivotal.

Demand for fitness trackers surged by nearly 900% in January 2021 compared to January 2020.

Integrating this remarkable statistic into a blog post on wearable technology industry benchmarks paints a vivid portrait of the unprecedented boom taking place within this sector. It’s a clear witness to the momentum gathering in favor of fitness trackers, demonstrating a near tenfold surge in demand for these devices in merely 12 months’ duration between January 2020 and 2021. This statistic not only signals the mounting popularity and consumer preference for fitness trackers, but also reveals pivotal shifts in consumer behaviour and market trends. It serves as a prodigious testament to the fact that the wearable technology industry, particularly fitness trackers, is not simply thriving but is experiencing a veritable explosion in growth. This eye-opening statistic therefore significantly enriches our understanding of the current market dynamics and potential future trajectories within the burgeoning realm of wearable technology.

With a growth rate of 195.1% for the 1st quarter of 2021, wristbands held the highest market share in the wearable technology market.

This formidable 195.1% growth rate ascent in wristbands’ market share paints an impressive portrait of the wearable technology industry’s first quarter in 2021 — illuminating just how pivotal wristbands have become in this rapidly evolving sphere. More than just numbers, it underscores the growing affinity of consumers towards wearable wristbands, crafting a narrative of their dominant footprint in the gadget landscape. For any astute observer or participant in the wearable tech industry, such a statistic adds fervor to discussions, maps out potential trends, and serves as a precursor to the industry’s future anticipated trajectory.

New market entrant Amazfit had a 12.9% worldwide market share in Q4 2020, achieving third place for the period.

Highlighting the encroachment of new player Amazfit into the worldwide market share, with an impressive 12.9% in Q4 2020, paints a vivid picture of the dynamic and ever-evolving wearable technology landscape. It underscores Amazfit’s remarkable breakthrough and swift ascension to third place, speaking volumes about the changing tides in the fiercely competitive industry. Furthermore, it hints at consumers’ shifting preferences and the potential disruptions that emerging players can cause, significantly shaping the future direction of the wearable technology sector.

The number of connected wearable devices worldwide is expected to jump to over 1 billion by 2022.

Painting an impressive landscape of the wearable technology industry, this stunning forecast indicates a colossal leap to more than 1 billion connected wearable devices worldwide by 2022. It vividly encapsulates the rapid growth and escalating demand of wearables, making it a crucial jewel in the crown of our industry insights. Acting as a beacon, this number guides potential investors towards a rising tide of opportunities, symbolizing more than just a figure, but a powerful testament to the industry’s potential. In the ever-evolving narrative of the wearable technology sector, this projection asserts itself as a phenomenal chapter, waiting to be explored and understood by readers worldwide.

In the US, wearables’ penetration rate is 21%, meaning 1 in 5 US consumers now owning a wearable tech.

This tantalizing figure gives a clear snapshot of the current standing of the wearable technology industry in the U.S. It paints a compelling picture of rapid adoption, highlighting the fact that wearable tech, once an outsider in the realm of gadgets, has marched into mainstream consumer usage. As a testament to the acceleration of this industry’s growth trajectory, one can’t ignore the fact that every fifth U.S. consumer’s pocket, wrist, or eyewear now houses some form of wearable tech. This commonality underlines the significance of wearable technology as an integral part of today’s lifestyle, evidencing its transformation from being a niche product to a go-to gadget. It underscores the large-scale acceptance of these devices, hinting at a future where they pervade every aspect of life, from fitness to healthcare to entertainment. To cast aside the shades of doubt, one may safely leverage this figure as proof of a potential boom in the wearable technology industry.

In 2025, connected clothing is predicted to reach shipment volumes of 19.91 million units.

Interpreting this fascinating prophecy, it becomes evident that the wearable technology industry is accelerating into uncharted territories. By 2025, the projection of connected clothing reaching shipment volumes of 19.91 million units vibrantly paints a future thriving with technological advancements and novel consumer behavior. This riveting figure unleashes an exciting wave of possibilities for producers, investors and consumers within the industry. It further illuminates that the wearable technology frontier isn’t just limited to wrist-worn devices but is conclusively expanding towards incorporating technology into everyday wearables such as clothing. Hence, these lines of thought resonate a call to continually innovate, bracing ourselves for a world abundant with smart attire.

Conclusion

The wearable technology industry is experiencing a dynamic expansion, driven by innovative trends, technological advancements, consumer demands, and investment opportunities. Market statistics validate the potential, growth, and importance of wearable technology in today’s digital era. From fitness trackers to smartwatches, wearable devices have become an indispensable facet of our everyday lives. This growing demand for smart wearable technology not only signifies an upward shift in consumer habits but also highlights the enormous possibilities for businesses and individuals in the tech sphere. However, as the industry advances, it will also face new challenges that require comprehensive solutions. To maintain a competitive edge, businesses must continuously adapt to emerging trends, deliver value, and address the ever-evolving needs of their customers.

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FAQs

What is the projected growth of the wearable technology market?

According to the research and consulting firm, GlobalData, the global wearable tech market is projected to grow at a rate of 19.1% from 2020 to 2024, reaching a total market value of $54 billion by 2023.

What types of wearable technology are most prevalent in the market?

The most prevalent types of wearable technology are smartwatches and fitness trackers. However, other areas includes health monitors, augmented reality glasses, wearable cameras and smart clothing.

Who are the primary consumers of wearable technology?

Currently, millennials and Generation Z are the primary consumers of wearable technology, however, growth is also occurring in sectors catered towards seniors, like health monitoring devices.

Which companies are leading in the wearable technology industry?

As of now, major players in the wearable technology industry include Apple, Fitbit, Garmin, Samsung, and Huawei, all of whom offer a range of wearable devices.

How has wearable technology impacted healthcare?

Wearable technology has greatly impacted the healthcare industry. Devices can monitor heart rate, blood pressure, sleep patterns, and more, allowing for better patient monitoring, preventive care, and personal fitness tracking. In addition, wearable tech can also support the management of chronic diseases by remotely monitoring patients' symptoms and medication effects.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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