Wearable electronics are any electronic products that are intended to be worn on the body, or on any part of the body. The use cases for wearable electronics are wide ranging as they can be used for communications or to display bodily information such as heart rate or footsteps. They can also function as computers and enable the processing and calculation of information that is specific to the purpose of the device.
According to SPER market research, ‘North America Wearable Electronics Market Size- By Product, By Components, By Connectivity, By Type of End User Industry- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the North America Wearable Electronics Market is predicted to reach USD 60.57 billion by 2032 with a CAGR of 16.03%.
People in North America are more aware of health and fitness than ever. Wearing a fitness tracker or a smart watch gives you real-time information about your health, like your heart rate, how you sleep, and how much you are moving around. It gives you the power to take control over your health and wellbeing. Wearable electronics have come a long way in the last few years, thanks to advances in wearable technology. Sensor technology has improved, battery life has become longer, and connectivity options have become more accessible. With the introduction of new features and functions, like GPS tracking and waterproofing, as well as advanced health monitoring features, wearable devices have become more popular. Smartphones have become increasingly popular in North America in recent years, and wearable electronics are often integrated with smartphones to ensure seamless connectivity and data synchronization. Wearable electronic devices complement and improve the functionality of smartphones.
Since the wearable devices are powered by lithium batteries and are connected close to the body, there is a risk to the customer’s safety. Moreover, the user’s security and privacy is also compromised due to the increasing risk of hackers who can manipulate data. Security and privacy are also common threats to the use of wearable, as it also leads to the lack of end to end encryption of information, poor communication and also creates cyber vulnerabilities. The market growth is also being challenged by the increasing availability of counterfeit devices. There is a growing trend of low-cost counterfeit devices with more features and benefits. Consumers tend to choose low-cost products because they offer similar features at a much lower price.
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Impact of COVID-19 on North America Wearable Electronics Market
COVID-19 led to a surge in the use of digital devices, including wearable, as a means of health monitoring and socializing during lockdown and quarantine periods. Wearable, from smartwatches to fitness bands, played an important role in helping people track their fitness and manage stress during COVID-19. Technological innovations, such as SpO2 monitoring, and the integration of AR and VR applications, will continue to drive market growth in the COVID-19 era.
North America Wearable Electronics Market Key Players:
Geographically, the wearable medical device market in North America is highly competitive. Many of the players are expanding their product lines in an effort to become the market leader. Additionally, some of the market key players are Apple, Bose, Fitbit, Garmin Ltd, Huawei, LG Electronics, Nike, Samsung Electronics Co. Ltd., Sony, Xiaomi Inc., Others.
North America Smart Wearable Devices 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
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North America Wearable Electronics Market Forecast Research
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