GITNUX MARKETDATA REPORT 2024

Must-Know Wearables Industry Statistics [Current Data]

Highlights: The Most Important Wearables Industry Statistics

  • Global wearable device shipments are expected to exceed 200 million units by 2022. Source: Statista
  • The wearables industry is projected to be worth $54 billion by 2023.
  • Apple accounted for approximately 33.1 percent of the wearable technology market share in 2020.
  • North America accounted for over 38.5 percent of the global wearable technology revenue in 2019.
  • 589 million wearable devices were sold globally in 2020, increasing by 28.4% to 337 million units in 2019.
  • China is the largest market in the world for wearable devices, with a market share of 49% in 2020.
  • The global wearable device end-user spending is expected to reach $81.5 billion in 2021.
  • Fitness trackers are the most popular type of wearable, with a 46.9% market share in 2020.
  • Nearly 370 million wearable devices will be sold worldwide in 2021.
  • Wearable device unit shipments grew by 28.4 percent worldwide in 2020.
  • About 80% of consumers in the United States, UK, and Australia own at least one wearable device.
  • 11% of consumers stopped using their wearable device within three months of getting it.

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Fasten your smartwatches and gear up as we dive into the buzzing world of wearables – an industry which has dramatically transformed the way we monitor our health, fitness, and lifestyle. The Wearables Industry, riding the technology wave, is evolving faster than ever. With promising advancements and broader adoption across multiple sectors, this industry is capturing the market at a breathtaking pace. Immerse yourself in our latest blog post that uncovers intriguing statistics about the Wearables Industry, further reflecting its growth trajectory, market dynamics, and potentially game-changing future trends. Let’s embolden our digital understanding and explore how these smart, wearable devices are literally shaping our lives, right on our wrists.

The Latest Wearables Industry Statistics Unveiled

Global wearable device shipments are expected to exceed 200 million units by 2022. Source: Statista

As we chart the trajectory of the wearables industry, a crucial waypoint emerges from Statista’s forecasts – an impressive landmark of 200 million units in global wearable device shipments projected for 2022. This milestone deepens our understanding of the growth momentum within the sector, transforming it from just a speculative trend into a concrete market potential.

Carved against the backdrop of this information, the wearables industry seems ablaze with opportunities. These opportunities stretch beyond just the business community, extending to developers, users, and stakeholders alike. A figure as emphatic as 200 million units discloses a steadily broadening consumer base, signaling proliferating applications and a widening scope for innovation.

With this projection, we get to grasp the sheer magnitude of consumer demand and the massive scope for new entrants, spurring further competition and variety. It also underscores the fact that wearables, once a niche sector, is sprouting into a predominant force within the technology landscape. Hence, this information acts as a beacon guiding us through the evolving topography of the wearables industry.

The wearables industry is projected to be worth $54 billion by 2023.

This intriguing projection catapults the wearables industry into a whole new stratosphere, painting a vivid picture of its future worth. The benchmark value of $54 billion by 2023 is not just a number, but a beacon, signaling the robust growth potential this industry holds. In an extensive sea of tech innovations, wearables are set to become the pearl within the oyster by 2023, if these estimations hold true. Highlighting this projection emphasizes the rising tide of this industry, making it essential reading for anyone tracking tech-trends, studying market dynamics, or considering investments in the wearables market.

Apple accounted for approximately 33.1 percent of the wearable technology market share in 2020.

Casting the spotlight on the pulsating heart of the wearables industry, we delve into the noteworthy credentials of Apple, reigning supreme with an impressive slice of approximately 33.1 percent of the market share in 2020. Such a commanding foothold exemplifies Apple’s undeniable dominance and influence in the wearables landscape, setting the bar for innovation and user preference. These figures serve as a compass, directing attention towards key market trends, consumer inclinations and the competitive milieu, offering integral insights for both industry frontrunners and emerging challengers navigating the dynamic terrain of wearable technology.

North America accounted for over 38.5 percent of the global wearable technology revenue in 2019.

Delving into the intriguing sphere of wearable technology, it’s fascinating to observe the bullish trend in North America, where it commanded over 38.5 percent of the global revenue in 2019. Imagine the powerhouse this region is becoming in wearable technology landscape, quite a testament to its vast consumer base, advanced technical infrastructure, and robust investment. This financial number serves as a beacon highlighting North America’s compelling influence and its strategic importance for businesses planning to tread the pathway of wearable technology.

589 million wearable devices were sold globally in 2020, increasing by 28.4% to 337 million units in 2019.

In the world of wearables, these numbers play an imperative role in painting a vivid picture of the industry’s exciting narrative. The leap from 337 million units in 2019 to a staggering 589 million units in 2020 encapsulates not merely an annual growth, but a phenomenal upsurge of 28.4%. This impressive growth rate underscores the growing influence and acceptance of wearables on a global level, attesting the fact that these tiny smart devices are here to stay and thrive. The story these numbers narrate, therefore, provides an indispensable backdrop to any analysis or discussion about the future of the wearables industry.

China is the largest market in the world for wearable devices, with a market share of 49% in 2020.

The vibrant kaleidoscope of the Wearables Industry Statistics whirls around one astounding facet – China, which majestically commands a market share of 49% in the realm of wearable devices in 2020. Painting nearly half of the global picture, China’s colossal share truly epitomizes its central role in shaping and driving the future growth of this industry. A market this vast offers both seasoned and emerging players a fertile testing ground to innovate, strategize and carve their stronghold. This staggering dominance is not just a figure, rather an emblem of enormous consumer demand, trends shaping this sector, promising profit potential, and an invitation to delve deeper into demographics, consumer behavior, and market dynamics unique to China. A blog about Wearables Industry Statistics that doesn’t spotlight this facet would indeed be incomplete.

The global wearable device end-user spending is expected to reach $81.5 billion in 2021.

Forecasting a monumental leap to $81.5 billion in end-user spending for wearable technology in 2021, underscores the meteoric rise this industry has witnessed. This figure highlight the momentum that wearables command, making it vital business intelligence for investors, stakeholders, and innovators alike. With such impressive growth, it is a clarion call to all involved in the sector – be it in design, production, distribution or marketing – to expand their horizons; realizing that global consumers are not just warming up to this tech, but exponentially embracing it. Hence, plugging this power-packed statistic into the equation serves to emphasize the promising future of the industry, a key pointer that this industry is no longer peripheral, but progressively becoming central to our digital lives.

Fitness trackers are the most popular type of wearable, with a 46.9% market share in 2020.

Highlighting the dominance of fitness trackers in the wearables industry, the 46.9% market share they held in 2020, directs a spotlight on not only the widespread use of these devices but also their formidable position in the market. In a competitive landscape brimming with smartwatches, medical wearables, and virtual reality devices, this particular statistic illustrates the preferential tilt consumers have towards fitness trackers. While peeling back the layers of the Wearables Industry Statistics, one cannot overlook the importance of this figure. It conveys a persuasive narrative, hinting towards both current consumer behavior and potential breakthrough areas for industry players and innovators. It is invaluable input for trend forecasts, product development, and marketing strategies. In essence, it is a numerical narration of the users’ pulse, resonating throughout the framework of this dynamic market.

Nearly 370 million wearable devices will be sold worldwide in 2021.

Highlighting the projected sale of nearly 370 million wearable devices worldwide in 2021 paints a dynamic picture of the unstoppable momentum in the wearables industry. It encapsulates the profound global consumer demand, acting as a clear indicator of the industry’s robust growth potential. As we delve into the intricate world of wearables, this staggering figure serves as a vibrant tapestry weaving together threads of technological innovation, market trends, consumer behavior, and forward-thinking business ventures. It does more than just echo the pulsating beat of progress in the wearables market; it underscores its accelerating tempo.

Wearable device unit shipments grew by 28.4 percent worldwide in 2020.

Highlighting the robust growth of 28.4 percent in worldwide wearable device unit shipments in 2020 signals a trend of expanding consumer adoption and increasing market penetration for this industry. It’s an impressive testament to the strength and vitality of the wearables industry, even in a year challenged by unprecedented global events. This figure distinctly reflects the escalating momentum and the resilient dynamism that underpins the wearable technology landscape globally. It underscored that behind each percentage point is a story of continuous innovation, budding consumer trust, and increased utility of wearable devices amongst the end-users. Certainly, such a remarkable growth rate paints a promising future for the wearables industry, underpinning the prevalent narrative of the blog post.

About 80% of consumers in the United States, UK, and Australia own at least one wearable device.

Highlighting that an astounding 80% of consumers in major markets such as the United States, UK, and Australia now own at least one wearable device underscores the wide-reaching impact of the wearables industry. This key figure not only underlines the mounting importance of wearables in the day-to-day lives of consumers, but it also denotes a thriving industry ripe with potential. The golden thread it weaves through the intricate tapestry of the wearables narrative helps demonstrate the industry’s significant growth wave, potential to transform various other sectors, and its undeniable influence on contemporary and future market trends.

11% of consumers stopped using their wearable device within three months of getting it.

Shining a light on the underbelly of the wearables industry, this 11% statistic serves as a revealing tell-tale heart. It voices that within merely three months following purchase, over one in ten consumers discarded their wearable devices. This abandonment rate signifies a potential disconnect between the expectations set by manufacturers and the reality experienced by users. This figure could be an important bellwether of the industry’s challenges such as device longevity, user engagement, satisfaction and importantly, its market stability. Thus, it’s a critical numerical testament that needs addressing for businesses delving into or already immersed in the wearables market.

Conclusion

The wearables industry stands at an intriguing juncture. Its expansive growth in the past years, as demonstrated by industry statistics, is incredibly promising. The growing integration of AI, big data, IoT, and the consumer’s increasing fashion and health awareness have revolutionized how we interact with technology in our daily lives. However, a collective effort from manufacturers, consumers, and tech innovators is necessary to overcome looming challenges such as data privacy, battery life, and device interoperability. Regardless of the hurdles, the potential impact of wearables on our lifestyle, healthcare, and business operations is immense. As we anticipate further advancements and increased adoption rates in the wearables market, one thing is crystal clear: the future of wearable technology is not just bright – it’s dazzling.

References

0. – https://www.www.statista.com

1. – https://www.www.counterpointresearch.com

2. – https://www.www.grandviewresearch.com

3. – https://www.www.gartner.com

4. – https://www.www.idc.com

5. – https://www.www.forbes.com

6. – https://www.blog.globalwebindex.com

7. – https://www.www.gfk.com

FAQs

What is the expected growth of the wearables industry in the upcoming years?

According to International Data Corporation, the wearables market is expected to grow at a compound annual growth rate (CAGR) of 18.1% from 2020 to 2024. This will lead to approximately 637.1 million units shipped in 2024.

Which types of wearables are the most popular?

The most popular types of wearables are smartwatches and fitness trackers. These products account for the majority of the market share due to their multi-functionality, sleek designs, and the consumers' increasing attention towards health and fitness.

Which region contributes the most towards the global wearables market?

North America leads the global wearables market, primarily driven by the United States. High levels of consumer disposable income, technological advancements, and growing health consciousness are the main factors driving demand in this region.

Who are the leading companies in the wearables market?

The leading companies in the wearables market are Apple, Xiaomi, Samsung, Huawei, and Fitbit. Their market lead can be attributed to their established brand names, innovative product offerings, and large distribution networks.

What are the main drivers for the growth in the wearables industry?

The main drivers for growth in the wearables industry include advancements in technology, increased consumer interest in health and fitness, the development of innovative products, and the growing adoption of IoT (Intenet of Things) and connected devices. Additionally, the COVID-19 pandemic has boosted the demand for health-tracking wearables.

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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