The wearables market report offers a comprehensive analysis segmented by Product (smartwatches, wireless headphones, HMDs, smart bands, and others) and Geography (North America , APAC, Europe , South America , and MEA)
NEW YORK , Aug. 8, 2022 /PRNewswire/ -- The wearables market is expected to grow by USD 23.03 billion from 2020 to 2025, progressing at a CAGR of 6.70% according to Technavio's latest market report. The key factor driving the wearables market is the growing preference for wearables devices for payment. The market is witnessing an increased preference for wearables electronic devices for contactless payment. As a result, wearables electronic device manufacturers are integrating NFC technology as a standard into most devices. NFC chips are integrated into wearable electronic devices such as smartwatches, smart bands, smart rings, and others to enable contactless payment by a direct tap and pay via a POS (point of sale) terminal. This process reduces the transaction time compared with the cash or card method and eliminates the need to carry cash or cards. Moreover, the rising popularity of this method is attributed to the growing adoption of contactless payment across the globe. Therefore, the growing adoption of contactless payment is increasing the number of partnerships among the market participants to facilitate the use of wearable electronic devices for payment.
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The growing market for counterfeit products will be a major challenge for the wearables market during the forecast period. One of the prominent factors that are hindering the growth of the global wearables market is the growing market for counterfeit wearables electronic devices. The market is filled with fake copies of all the prominent products from major vendors such as Apple, SAMSUNG ELECTRONICS, Fitbit, and Xiaomi. The majority of these counterfeit products are manufactured in APAC, owing to the presence of low-cost labor and other counterfeit product markets. Smartwatches and smart bands are the most counterfeited products available in the market due to their greater appeal to local consumers compared with other wearable electronic devices. Customers are buying counterfeit products knowingly or unknowingly due to the significantly reduced price of these products.
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The wearables market is fragmented and the vendors are deploying growth strategies such as developing innovative products, and they are constantly increasing their R&D investments to compete in the market. The wearables market report also offers information on several market vendors, including Acer Inc., Apple Inc., ASUSTeK Computer Inc., Huawei Investment and Holding Co. Ltd., Lenovo Group Ltd., LG Electronics Inc., Microsoft Corp., Samsung Electronics Co. Ltd., Sony Corp., and Xiaomi Corp. among others.
Apple Inc. - The company offers wearables that are swim-proof, crack-resistant with certified IP6X dust resistant, under the brand name of Apple Series 7.
LG Electronics Inc. - The company offers wearables that have a full metal body with a beautifully stitched leather strap and a full circle P-Oled display with a narrow bezel for sleeker lines as well as water and dust resistance, under the brand name LG.
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Reasons to Buy Wearables Market Report:
CAGR of the market during the forecast period 2021-2025
Detailed information on factors that will assist wearables market growth during the next five years
Estimation of the wearables market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the wearables market across North America , APAC, Europe , South America , and MEA
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of wearables market vendors
The competitive scenario provided in the Wearables Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.Don't wait, Make a strategic approach & boost your business goals with our Wearables Market Forecast Report - Buy Now!
The electric pocket lighter market share is expected to increase to USD 632.3 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.65%.
The thermal imaging camera market share is expected to increase to USD 1.04 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.69%.
Accelerate at a CAGR of 6.70%
North America, APAC, Europe, South America, and MEA
US, China, Germany, Canada, and India
Leading companies, competitive strategies, consumer engagement scope
Acer Inc., Apple Inc., ASUSTeK Computer Inc., Huawei Investment and Holding Co. Ltd., Lenovo Group Ltd., LG Electronics Inc., Microsoft Corp., Samsung Electronics Co. Ltd., Sony Corp., and Xiaomi Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments.
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3.4 Market outlook: Forecast for 2020 - 2025
5.3 Smartwatches - Market size and forecast 2020-2025
5.4 Wireless headphones - Market size and forecast 2020-2025
5.5 HMDs - Market size and forecast 2020-2025
5.6 Smart bands - Market size and forecast 2020-2025
5.7 Others - Market size and forecast 2020-2025
7.3 North America - Market size and forecast 2020-2025
7.4 APAC - Market size and forecast 2020-2025
7.5 Europe - Market size and forecast 2020-2025
7.6 South America - Market size and forecast 2020-2025
7.7 MEA - Market size and forecast 2020-2025
10.6 Huawei Investment and Holding Co. Ltd.
11.2 Currency conversion rates for US$
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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