Global Wearable Electronics Market to Post 15% CAGR during 2019-2023
May 13, 2019 | Business WireEstimated reading time: 2 minutes
The global wearable electronics market is expected to post a CAGR of more than 15% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global wearable electronics market is the increasing digitization of the global economy. With the growing Internet penetration, the growing mobile subscriber base, and the rising number of IoT devices, an increasing number of developed and emerging economies across the world are witnessing a significant surge in digitization. As a result, there has been a substantial increase in the integration of advanced technologies such as AI, VR, and contactless payments into wearable electronics devices. This is resulting in the rising demand for wearable electronic devices. Apart from these factors, the development of a mobile app ecosystem will also play a vital role in the growth of the market during the forecast period.
As per Technavio, the growing focus on the development of low-powered electronics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global wearable electronics market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
The growing popularity of wearable electronic devices such as smart bands, smart rings, smart watches, and HMDs are resulting in the rising need for high performance and low-power consumption electronics. There is a high demand for low-power-consumption electronic components such as sensors, processors, and batteries. As a result, companies are increasingly adopting low power consumption components, from processors to new IMUs, which will help them enhance the performance of their wearable electronics. Further, wearable electronic devices have been using CPUs which had phone architecture shrunk for a watch. However, the usage pattern of the user for wearable electronic devices is different from smartphones. Thus, manufacturers have developed a new processor architecture with large, small, and tiny cores. The optimization of these processors increases their battery life, making them reliable.
“Apart from the growing focus on the development of low-powered electronics, factors such as the growing number of partnerships and M&A activities, development of miniaturized electronic components, and the emergence of hybrid smartwatch market will have a key impact on the growth of the wearable electronics market during the forecast period,” says a senior research analyst at Technavio.
This market research report segments the global wearable electronics market by product (smartwatches, wireless headphones, HMDs, smart bands, and smart clothing) and geographic regions (North America, APAC, Europe, South America, and MEA).
The North American region led the market in 2018, followed by Europe, Asia, and ROW respectively. The market growth in North American can be attributed to the growing ecosystem of connected devices, constant technological advances, and the presence of large crowdfunding platforms such as Kickstarter and Indiegogo.
Suggested Items
Warm Windows and Streamlined Skin Patches – IDTechEx Explores Flexible and Printed Electronics
04/26/2024 | IDTechExFlexible and printed electronics can be integrated into cars and homes to create modern aesthetics that are beneficial and easy to use. From luminous car controls to food labels that communicate the quality of food, the uses of this technology are endless and can upgrade many areas of everyday life.
Book Excerpt: The Printed Circuit Assembler’s Guide to... Factory Analytics
04/24/2024 | I-Connect007 Editorial TeamIn our fast-changing, deeply competitive, and margin-tight industry, factory analytics can be the key to unlocking untapped improvements to guarantee a thriving business. On top of that, electronics manufacturers are facing a tremendous burden to do more with less. If you don't already have a copy of this book, what follows is an excerpt from the introduction chapter of 'The Printed Circuit Assembler’s Guide to... Factory Analytics: Unlocking Efficiency Through Data Insights' to whet your appetite.
Listen Up! The Intricacies of PCB Drilling Detailed in New Podcast Episode
04/25/2024 | I-Connect007In episode 5 of the podcast series, On the Line With: Designing for Reality, Nolan Johnson and Matt Stevenson continue down the manufacturing process, this time focusing on the post-lamination drilling process for PCBs. Matt and Nolan delve into the intricacies of the PCB drilling process, highlighting the importance of hole quality, drill parameters, and design optimization to ensure smooth manufacturing. The conversation covers topics such as drill bit sizes, aspect ratios, vias, challenges in drilling, and ways to enhance efficiency in the drilling department.
Elevating PCB Design Engineering With IPC Programs
04/24/2024 | Cory Blaylock, IPCIn a monumental stride for the electronics manufacturing industry, IPC has successfully championed the recognition of the PCB Design Engineer as an official occupation by the U.S. Department of Labor (DOL). This pivotal achievement not only underscores the critical role of PCB design engineers within the technology landscape, but also marks the beginning of a transformative journey toward nurturing a robust, skilled workforce ready to propel our industry into the future.
Winner of The Science Show Rakett 69 Receives Incap Scholarship
04/24/2024 | IncapThe winner of the Rakett 69 science show, Andri Türkson, who stood out as an electronics enthusiast, received a scholarship from Incap Estonia, along with an internship opportunity in Saaremaa.