Wrist Wearable Device Market Projected To Grow At 19 CAGR to Reach $36 Billion in 2020 Due To Growing Demand and Entry of Leading Consumer Electronics Companies
Wearable devices are new forms of electronic technologies that can encompass several accessories and clothing capable of digital computation and comfortably be worn on body. The wrist wearable devices refer to a subcategory of wearable devices market that can be worn on the wrist. Wrist Wearable Device Market can be segmented based on type of product used into activity trackers, healthcare monitors, infotainment devices, lifestyle bands and others.
The infotainment segment is projected to exhibit high growth due to entry of leading companies such as Google and Apple into this market as well as growing applications and innovative product launches leading to increased awareness and adoption. The improving technology and integration of medical application features by fitness trackers is the major driver for this fast growing segment.
According to a recent report by IndustryARC, due to the growing product launches, influx of companies, consumer demand for fitness and wellness products, the global wrist wearable devices are forecast to reach a $35.8bn market size by 2020.
Global Wrist Wearable Devices Market, 2014 and 2020 ($m)
The wrist wearable device market is led by fitness tracking manufacturers Nike, Jawbone and Fitbit as well as wearable device manufacturers Basis and Pebble. The wrist wearable device market growth is projected on the back of strong demand in the healthcare and fitness tracking markets as well as their penetration across geographic regions. A recent report created by IndustryARC examines this market and including the dynamic nature of the market.
Global Wrist Wearable Device market, By Geography, 2014 (%)
Source: IndustryARC Analysis, Expert Insights
The wrist wearable device market has also been segmented based on product type into activity trackers, healthcare monitors, lifestyle bands and infotainment devices. The growth is driven by increasing economy and awareness leading to rising demand, particularly in APAC region.
Technological advancements such as development of motion sensing capability and blood glucose monitoring devices is set to lead to a larger potential market for these devices. The European market has shown signs of recovery in 2013 and the market is projected to exhibit increased demand for wrist wearable devices for the next few years. American market is currently the biggest market in 2014 followed by Europe. However APAC region is poised to grow at a very high CAGR and is projected to surpass American market size by 2019. The significant growth in APAC region is due to growing economy and awareness leading to high growth in the wrist wearable device market. The ROW region is also poised to exhibit high growth due to growing wearable medical device market particularly in the Middle East.
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The top 5 companies in terms of revenue in the wrist wearable devices market are Basis Science, Pebble, Fitbit, Jawbone and Nike accounting for 56% of the total market. These companies have looked to acquisitions, and product launches as key strategies for growth. Acquisitions have been completed in order to leverage capabilities of component manufacturers or to enter new markets. For instance, Jawbone acquired BodyMedia, a wearable health technology company to augment its product portfolio by leveraging BodyMedia’s wearable technology expertise. Jawbone also intends to leverage BodyMedia’s personal data analytics to enhance the features of its fitness tracking devices. New product launches and agreements have been undertaken in order to enhance the product portfolio and strengthen core capabilities.
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