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The global wearable electronics market is expected to reach $8 billion in 2018, growing at a compound annual growth rate (CAGR) of 17.7 percent from 2013 to 2018, with shipments expected to surpass 130 million units globally, according to a report issued by RnR Market Research. Wrist wear accounted for the largest market in 2012, with total revenue of the most established wearable electronic products—wristwatches and wristbands combined—surpassing $850 million.
Consumer applications accounted for the largest market share, with revenue exceeding $2 billion as of 2012. However, enterprise and industrial applications are expected to grow at the highest CAGR (more than 21 percent), during the 2013-to-2018 forecast period. North America—with the United States accounting for more than 80 percent of the market—is the largest revenue base for this global market and is expected to maintain its dominance. The Asia-Pacific market, led by China, is expected to grow at the highest CAGR during the next five years.
The market for electrical and electronic components for wearable electronic products is also expanding rapidly, with the market value of components approximately two-thirds of that of products. With a changing landscape for components in wearable electronics, the global wearable electronic components market is expected to top $6 billion by 2018.
Twenty-three companies were profiled in the wearable electronics and technology market research report. The report looks at the current wearable electronics industry, and identifies key trends of various market segments with in-depth quantitative and qualitative information. The report segments the global wearable electronics market on the basis of types of components and products, technologies, form-factor, application and geography. It also offers revenue forecasts and trend analyses.