Wearables Market in the US: 6.99% Y-O-Y Growth Rate in 2022 | Industry Analysis, Trends, Value, Growth, Opportunities, Segmentation, Outlook & Forecast Report by Facts & Factors


NEW YORK, June 2, 2022 /PRNewswire/ — The Wearables Market Value in US is set to grow by USD 6.85 billion, progressing at a CAGR of 8.92% from 2021 to 2026, as per the latest report by Technavio. The market is segmented by product (smartwatches, wireless headphones, HMDs, smart bands, and others) and distribution channel (online and offline).

Moreover, the growing preference for wearables electronic devices for payment is notably driving the market growth, although increasing concerns over data security and privacy may impede the market growth. 

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Wearables Market in US Product Outlook (Revenue, USD bn, 2021-2026)
  • Smartwatches – size and forecast 2021-2026
  • Wireless headphones – size and forecast 2021-2026
  • HMDs – size and forecast 2021-2026
  • Smart bands – size and forecast 2021-2026
  • Others – size and forecast 2021-2026
Wearables Market in US Distribution Channel Outlook (Revenue, USD bn, 2021-2026)
  • Online – size and forecast 2021-2026
  • Offline – size and forecast 2021-2026

The wearables market share growth in the US by the smartwatches segment will be significant during the forecast period. The growth is attributed to the increase in demand for smartwatches in developing countries such as China, South Korea, and India owing to the substantial improvement in lifestyles and consumer preferences, especially among the middle-class population. This increase in watch production has increased the demand for smartwatches, which, in turn, has spurred the growth of the smartwatch market in the US.

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Growing Preference for Wearables Electronic Devices for Payment to Drive the Market

Wearables electronic device manufacturers are integrating Near-field communication (NFC) technology as a standard into most devices to enable contactless payment by a direct tap and pay via a POS (point of sale) terminal. The rising popularity of this method is attributed to the growing adoption of contactless payment across the US. The growing adoption of contactless payment is increasing the number of partnerships among the market participants to facilitate the use of wearables electronic payment devices. Owing to the growing adoption of contactless payment through wearables electronic devices, vendors such as Apple Inc., Samsung Group, Garmin Ltd., and Xiaomi Inc. are increasingly integrating the contactless payment feature into their offerings, which is expected to positively impact the wearables market growth in the US during the forecast period.

Increasing Concerns over Data Security and Privacy Related to these Devices will Challenge Market Growth

With more advanced features being integrated into wearables electronic devices, huge volumes of data are being stored and accessed through these devices, including customers’ call and message details, health information, and debit/credit card information. The data generated by a smartwatch can be easily decoded using a wireless interceptor. There are also several wearable electronic devices that are embedded with NFC technology that allows these devices to store customer information and facilitate contactless transactions and data exchanges through these devices. Thus, the risk of security and privacy breach is expected to hinder the growth of the wearables market in the US during the forecast period.

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Some of the Major Wearables Companies in US:
  • Alphabet Inc.
  • Apple Inc.
  • Fossil Group Inc.
  • Garmin Ltd.
  • Huawei Investment and Holding Co. Ltd.
  • Lenovo Group Ltd.
  • LG Electronics Inc.
  • Motorola Mobility LLC
  • Samsung Electronics Co. Ltd.
  • Sony Group Corp.
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Wearables Market in US Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 8.92%

Market growth 2022-2026

$ 6.85 billion

Market structure

Fragmented

YoY growth (%)

6.99

Regional analysis

US

Performing market contribution

US at 100%

Key consumer countries

US

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Alphabet Inc., Apple Inc., Fossil Group Inc., Garmin Ltd., Huawei Investment and Holding Co. Ltd., Lenovo Group Ltd., LG Electronics Inc., Motorola Mobility LLC, Samsung Electronics Co. Ltd., and Sony Group Corp.

Market Dynamics

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,

Customization preview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents
Executive Summary
Market Landscape
  • Market ecosystem
  • Value chain analysis
Market Sizing
  • Market definition
  • Market segment analysis
  • Market size 2021
  • Market outlook: Forecast for 2021 – 2026
Five Forces Analysis
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition
Market Segmentation by Product
  • Market segments
  • Comparison by Product
  • Smartwatches – Market size and forecast 2021-2026
  • Wireless headphones – Market size and forecast 2021-2026
  • HMDs – Market size and forecast 2021-2026
  • Smart bands – Market size and forecast 2021-2026
  • Others – Market size and forecast 2021-2026
  • Market opportunity by Product
Market Segmentation by Distribution channel
  • Market segments
  • Comparison by Distribution channel
  • Online – Market size and forecast 2021-2026
  • Offline – Market size and forecast 2021-2026
  • Market opportunity by Distribution channel
Customer landscape
  • Customer landscape
  • Market drivers
  • Market challenges
  • Market trends
Vendor Landscape
  • Vendor landscape
  • Landscape disruption
Vendor Analysis
  • Vendors covered
  • Market positioning of vendors
  • Alphabet Inc.
  • Apple Inc.
  • Fossil Group Inc.
  • Garmin Ltd.
  • Huawei Investment and Holding Co. Ltd.
  • Lenovo Group Ltd.
  • LG Electronics Inc.
  • Motorola Mobility LLC
  • Samsung Electronics Co. Ltd.
  • Sony Group Corp.
Appendix
  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations
About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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 across 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.

Contacts

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/

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