The Wearable Technology Market is expected to reach $415.12 billion by 2029, at a CAGR of 17.1% during the forecast period. The growth of the wearable technologies market is driven by the increasing integration of next-generation displays into wearable devices, advancements in wearable technologies, and the rising prevalence of chronic diseases and obesity. However, the limited battery life of wearable devices restrains the growth of this market. Additionally, increasing internet penetration, the rising demand for wearables integrating multiple functionalities, and the high adoption of smart wearables are expected to create growth opportunities for the players operating in this market. However, safety, security, and privacy concerns are major challenges for market growth.
Here are the top 10 companies operating in the Wearable Technology Market
Apple Inc. (U.S.)
Founded in 1976 and headquartered in California, U.S., Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables, and accessories and sells a variety of related software and services, peripherals, and networking solutions. The company sells its products worldwide through its online stores, retail stores, direct sales force, third-party wholesalers, and resellers. Its customers are primarily in the consumer, small and mid-sized business, education, enterprise, and government markets.
The company has a geographical presence across the Americas, Europe, Greater China, Japan, and the Rest of Asia Pacific. Some of its subsidiaries are Apple Asia Limited (Hong Kong), Apple Asia LLC (U.S.), Apple Canada Inc (Canada), Apple Japan, Inc. (Japan), and Apple Pty Limited (Australia). As of 2021, the company had approximately 154,000 full-time employees globally.
Fitbit Inc. (U.S.)
Founded in 2007 and headquartered in California, U.S., Fitbit is a manufacturer of wireless-enabled and wearable fitness devices. The company offers products that measure the number of steps walked, sleep quality, calories burned, and other personalized metrics. Furthermore, it offers products that utilize accelerometers to assist in sensing user movements. Fitbit’s software and services include an online dashboard and a mobile app. These software and services provide users with data analytics, motivational and social tools, and virtual coaching through customized fitness plans and interactive workouts. In January 2021, Google LLC acquired Fitbit for USD 2.1 billion, increasing Google’s market power.
Samsung Electronics Co., Ltd. (South Korea)
Founded in 1969 and headquartered in Seoul, South Korea, Samsung is one of the leading companies that manufacture and market electronic products. The company operates through four business segments, namely, Consumer Electronics (CE), Information Technology & Mobile Communications (IM), Device Solutions (DS), and Harman.
The CE business division includes digital TVs, monitors, air conditioners, and refrigerators. The IM business division includes mobile phones, communication systems, and computers. The DS division is further bifurcated into Semiconductor and Display (DP). The Harman business division includes connected car systems, audio and visual products, enterprise automation solutions, and connected services. Samsung has 15 regional offices, 37 production sites, 38 R&D centers, seven design centers, and 52 sales offices across the globe.
Samsung has a strong regional footprint in Korea and India and a geographical presence in 74 countries across the Americas, Europe, Asia, and Africa. As of 2021, the company had a headcount of 287,439 across the globe.
Garmin Ltd. (U.S.)
Founded in 1989 and headquartered in Kansas, U.S., Garmin provides navigation, communications, and information devices enabled by Global Positioning System (GPS) technology. The company designs, develops, manufactures, and markets hand-held, portable, and fixed-mount GPS-enabled products and other navigation, communications, and information products. It has nearly 19,000 associates in 34 countries around the world. Furthermore, Garmin serves five primary markets, namely, fitness, outdoor, aviation, marine, and auto. The company operates through the Fitness, Outdoor, Aviation, Marine, and Auto segments.
Garmin has a geographical presence across Asia-Pacific, Australian Continent, Europe, the Middle East and Africa, and the Americas. Some of its subsidiaries are Navionics Inc. (Delaware), Garmin International, Inc. (Kansas), Garmin Australasia Pty Ltd. (Australia), Garmin Belux NV/SA (Belgium), Garmin Chile Limitada (Chile), and Garmin China Co., Ltd. (China). As of December 2021, the company had approximately 18,700 employees worldwide. As of January 2022, the company had issued over 1,700 patents worldwide, holding more than 1,000 trademark registrations.
LG Electronics, Inc. (South Korea)
Founded in 1947 and headquartered in Seoul, South Korea, LG Electronics is one of the biggest global conglomerates. The company operates in the market through Home Appliances & Air Solutions, Home Entertainment, Vehicle component Solutions, Innotek and Other Segments, and Business Solutions segments. It has a strong geographical presence and 128 active operational sites worldwide.
LG consistently strives to bring innovation into its products and give utmost satisfaction to its customers regarding value and service. With its subsidiaries, the company has a strong geographical presence across Korea, China, Asia, North America, Europe, South America, Russia and the Middle East & Africa.
Meticulous Research in its latest publication on Wearable Technology Market has predicted the growth of 17.1% during the forecast year 2022 to 2029.
Huawei Technologies Co. Ltd (China)
Founded in 1987 and headquartered in Shenzhen, China, Huawei Technologies is one of the leading global providers of information and communications technology (ICT) infrastructure and smart devices. The company is engaged in the R&D of internet access, transmission networks, servers, storage, security, and other networking products. Huawei Technologies also offers business consulting, network integration, assurance, management, learning, global delivery, and other services. The company operates through three reportable business segments, namely, Carrier Business, Enterprise Business, and Consumer Business.
Huawei has a geographical presence across Asia-Pacific, Europe, the Middle East & Africa, the Americas, and China. Some of its subsidiaries are Huawei International Co. Limited (Hong Kong), Huawei International Pte. Ltd. (Singapore), Huawei Technologies Japan K.K. (Japan), Huawei Technologies Deutschland GmbH (Germany), and Huawei Tech. Investment Co., Limited (Hong Kong). As of 2021, the company had 195,000 employees worldwide.
Sony Corporation (Japan)
Founded in 1946 and headquartered in Tokyo, Japan, Sony is engaged in developing, designing, manufacturing, and selling electronic equipment. The company operates through seven business segments, namely, Game & Network Services (G&NS), Music, Pictures, Electronics Products & Solutions, Imaging & Sensing Solutions (I&SS), Financial Services, and All Other. The G&NS business segment includes sales from network services, hardware, PlayStation, and subscription game services such as PS plus. The Music segment involves music publishing, recorded music, and visual media platform; the Pictures segment involves media networks, motion pictures, and television production; the Imaging and Sensing Solutions (I&SS) segment’s core product is image sensors; the EP&S segment involves sales of TV, audio & video, video cameras, mobile communications, and other similar products; and the Financial Services segment deals with Sony Life and insurance products such as Sony Assurance.
Xiaomi Corporation (China)
Founded in 2010 and headquartered in Beijing, China, Xiaomi is engaged in manufacturing communication equipment and parts and producing mobile phones, smartphone software, set-top boxes, and related accessories worldwide. The company operates through four reportable segments, namely, Smartphones, IoT and lifestyle Products, Internet Services, and Others.
Xiaomi has a geographical presence in Mainland China and the Rest of the world. Some of its subsidiaries are Xiaomi Communications Co., Ltd. (China), Xiaomi Technology India Private Limited (India), and Guangzhou Xiaomi Communications Co., Ltd. (China). As of 2021, the company had 33,427 employees worldwide.
adidas AG (Germany)
Founded in 1949 and headquartered in Herzogenaurach, Germany, adidas designs and manufactures sports shoes and equipment. The company produces footwear, sports apparel, golf clubs, and balls in over 160 countries. Furthermore, it sells adidas and Reebok-branded products through over 2,500 owned stores, a franchise network, and a wholesale channel. adidas operates predominantly in one industry segment, which includes the design, distribution, and marketing of athletic and sports lifestyle products.
The company has a geographical presence in EMEA, North America, China, Asia-Pacific, and Latin America. Some of its subsidiaries are adidas (China) Ltd. (China), adidas America, Inc. (U.S.), adidas Colombia Ltda. (Colombia), and adidas Austria GmbH (Austria). As of 2021, the company had 61,401 employees worldwide.
Nike Inc. (U.S.)
Founded in 1967 and headquartered in Oregon, U.S., NIKE designs, develops and markets athletic footwear, apparel, equipment, and accessories. The company sells its products worldwide through retail stores, subsidiaries, and distributors. It operates through seven segments, namely, North America; Europe, Middle East & Africa; Greater China; Asia-Pacific & Latin America; Global Brand Divisions; Converse; and Corporate. The North America, Europe, Middle East & Africa, Greater China, and Asia-Pacific & Latin America segments design, develop, market, and sell athletic footwear, apparel, and equipment. The Global Brand Divisions segment represents its NIKE brand licensing businesses. The Converse segment designs, markets, licenses, and sells casual sneakers, apparel, and accessories. The Corporate segment consists of unallocated general and administrative expenses.
Some of its subsidiaries are NIKE European Operations Netherlands B.V. (Netherlands), NIKE Retail Services, Inc. (Oregon), NIKE Sports (China) Co. Ltd. (China) and NIKE USA, Inc. (Oregon). As of May 2022, the company had 79,100 employees worldwide.
Authoritative Research on the Wearable Technology Market – Global Opportunity Analysis and Industry Forecast (2022-2029)
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