Wearable Band Market is projected to reach a valuation of US$ 170.31 Billion in 2033

The Wearable Band Market generated US$36.60 Bn in revenue in 2022. The CAGR measured from 2018 to 2022 was 11.5%. The market is anticipated to grow at a 15.0% CAGR from 2023 to 2033, reaching US$ 42.09 billion in 2023 and US$ 170.31 billion by 2033.

The global wearable market is predicted to sell 50.55 million units in total by 2023. With a CAGR of 4.26%, the market is projected to grow to 76.71 Mn units by 2033. In Q2 2022, shipments of wearable bands grew globally by 2.0% to 41.7 million units, resuming recovery after a 3.7% decline in Q1.

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Competitive Landscape

Manufacturers Count on Advanced Technology to Gain a Competitive Advantage in the Market Ft. Apple, Samsung and Xiaomi

Apple Inc. develops, produces, and distributes smartphones, personal computers, tablets, wearables, and accessories, as well as a wide range of connected peripherals. In addition, the company provides payment, digital content, cloud, and advertising services. Users of Apple Inc. are largely found in the retail, small and medium-sized company, academic, corporate, and government industries. Apple grew 6.6% year on year during the quarter primarily to the success of Apple Watches, with the Apple Watch SE demonstrating unexpected durability (over 2 million sales) for a gadget that is nearly two years old.

Some other key players in the global fitness tracker market are

• Fitbit, Inc.
• Garmin Ltd.
• Beienda
• Ambiotex GmbH
• Hexoskin
• Huawei Technologies
• Nurvv
• Oura Health Ltd.

The Use of Smart Watches Serve as a Wearable Band Market Key Trend and Opportunities.

Growing health issues associated with desk-based occupations, such as sleeplessness, being overweight, depression, and diabetes, as well as increased awareness of the necessity of maintaining a healthy lifestyle, are the key trend driving demand for fitness equipment. The potential to access the internet and transfer information between a network and a device is fueling the wearables trend. The wearable band connects to a smartphone to deliver significant insights about heart rate, pace, and calories burnt, so boosting awareness and knowledge of well-being.

The growing number of manufacturers offering different fitness trackers at affordable costs for people of all economic statuses is opening up new business prospects. Organic light-emitting diodes (OLEDs) and AMOLED enhance the quality of the wearable band’s display.

KEY TAKEAWAYS

• North America accounts for more than 40% of the global wearable band market, which is predicted to grow at a 15.5% CAGR during the forecast period.
• The United States dominates the North American wearable market, which is expected to rise at an 8.92% CAGR during the projected period.
• The European wearable band market is expected to grow at a CAGR of 5.36% during the projected period.
• Over the projection period, the German wearable band market is expected to account for 31.1% of the European market.
• The Chinese wearable band market is expected to contribute more than 14% of the global market share throughout the projected period.
• Asia Pacific is expected to grow at the fastest rate in the global wearable band market, with a CAGR of 19.5%.
• Bluetooth is the market’s greatest contributor in terms of connectivity, and it is predicted to grow at a CAGR of 17.1% throughout the forecast period.
• Depending on the operating system, the Android sector has the biggest market share and is expected to grow at a CAGR of 16.6% over the forecast period.
• The online distribution channel leads the market and is expected to grow at a CAGR of 16.5% over the projected period.

Recent Developments

• In April 2021, Fitbit released Fitbit Luxe, a health and fashion-forward fitness tracker. This tracker will assist in the development of a more holistic approach to well-being and health. This tracker offers a stylish appearance, a five-day battery life, a color touchscreen, and a wide range of appealing accessories.
• In September 2021, In India, Apple Inc. launched seven next-generation touchscreen smartwatches under its six brands for tech-savvy millennials. Fossil Gen 4 Smartwatch Venture HR and Explorist HR for Fossil, Skagen Falster 2 for Skagen, Michael Kors Access Runway for Michael Kors, Emporio Armani Connected for Emporio Armani, A|X Armani Exchange Connected for Armani Exchange, and Diesel Full Guard for Diesel are among the seven smartwatches

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