Wearable electronics are electronic devices that can be worn as clothing or accessories. They have embedded electronic components that enable various functions such as tracking fitness, monitoring heart rate, receiving phone calls and text messages, and playing music, among other things. Popular examples of wearable electronics include smartwatches, fitness trackers, virtual reality headsets, smart glasses, and clothing with integrated sensors. These devices are designed to be comfortable, convenient, and easy to wear, making them popular among people who want to stay connected and track their health and fitness.
North America Wearable Electronics Market Driving Factors and Challenges
The North American wearable electronics market is growing rapidly due to various factors and to experience an annualized growth rate of around 15% in the upcoming years. The demand for wearable devices in the healthcare, fitness, and entertainment industries is increasing. Technological advancements have led to the development of innovative and user-friendly devices capable of performing more complex functions. Additionally, companies are investing in research and development to create advanced and effective wearable equipment, contributing to market growth.
The North American wearable electronics market faces challenges such as the high cost of developing and manufacturing devices, concerns about the privacy and security of personal data collected by wearable devices, and intense competition among companies competing for market share. This highly competitive market requires companies to constantly innovate and differentiate themselves to remain relevant.
Impact of COVID-19 on North America Wearable Electronics Market
The wearable electronics market in North America was significantly affected by the COVID-19 pandemic. Despite the growing interest in health and fitness monitoring, disruptions in the supply chain and manufacturing processes have led to a decrease in wearable device production and distribution, causing supply shortages and delays. As a result, the market's growth has been negatively impacted. Additionally, with many individuals staying at home and working remotely, there has been a decrease in demand for wearable devices such as smartwatches and fitness trackers, as there is less need for monitoring activity levels or receiving wrist notifications.
North America Wearable Electronics Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Apple, Bose, Fitbit, Garmin Ltd, Huawei, LG Electronics, Nike, Samsung Electronics Co. Ltd., Sony, Xiaomi Inc.
North America Wearable Electronics Market Segmentation:
By Product: Based on the Product, North America Wearable Electronics Market is segmented as; Wrist Wear, Ear Wear and Head Wear, Eye Wear, Foot Wear, Neck Wear, Body Wear and Smart Clothing
By Components: Based on the Components, North America Wearable Electronics Market is segmented as; Networking and Positioning Components, Power Supply Components, Sensing Components, Optoelectronic and Display Components, Control Components, Interface Components
By Connectivity: Based on the Connectivity, North America Wearable Electronics Market is segmented as; Near Field Communication (NFC), Cellular Network, Bluetooth Technology, Wi-Fi Network, Other Connectivity Types.
By Type of End User: Based on the Type of End User, North America Wearable Electronics Market is segmented as; Fitness and Sports & Tracker, Healthcare, Entertainment and Travel & Hospitality, Industrial (Logistics & manufacturing), Government (Défense, Security, and Public Administration)
By Region: This report also provides the data for key regional segments of United States, Mexico, Canada. The market is expected to grow due to the strong presence and focus of leading companies in the United States, an increase in the rate of urbanisation, and an increase in demand for advanced electronics.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.