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Market Size, Market Forecasts, Major Companies and their Market Share, Key Strategies to Undertake, and More
NEW YORK , July 11, 2022 /PRNewswire/ -- One of the key factors 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. Furthermore, major vendors such as Apple, SAMSUNG ELECTRONICS, Garmin, and Xiaomi have products integrated with this feature. Therefore, with the growing preference for contactless payment through wearables devices and the rapid adoption of contactless payment terminals across the globe, the global wearables market is expected to grow during the forecast period.
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The Wearables Market value is set to grow by USD 23.03 billion , progressing at a CAGR of 6.70% from 2020 to 2025, as per the latest report by Technavio.
Wearables Market - Growing Market for Counterfeit Products to Challenge the Market Growth
The market is filled with fake copies of all the prominent products from major vendors such as Apple, SAMSUNG ELECTRONICS, Fitbit, and Xiaomi. Most 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. For instance, in November 2019 , more than 19,000 counterfeit smartwatches under the Jamsonic brand name were seized at the Canada -U.S. border. Smartwatches with the exact same hardware and software orientations as Apple watches were advertised in one of the biggest online retail stores in China . Those devices were available at significantly lower prices than the original products. Therefore, such counterfeiting of wearable devices will hinder market growth.
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Some of the Major Wearables Companies -
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. Moreover, to make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Wearables Market Product Outlook (Revenue, USD bn, 2020-2025)
Wearables Market Geography Outlook (Revenue, USD bn, 2020-2025)
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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,
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