Products in the wearable electronics market comprise electronic devices that can be worn by a user. Wearable electronic devices integrates computing and communication and enables the user to perform certain tasks with ease. The wearable electronics market is expected to grow at a strong double-digit growth rate over the next five years (2015–2020). The strong market growth is attributed to various factors such as innovative product development in wrist wear, neck wear and footwear, improvement in display qualities, need for faster work operations, and government focus on developments. On the other hand, there are various factors affecting growth of the Wearable Electronics market in a negative way such as high price of wearable electronics, limited battery life etc. Growing demand for improved, fast and accurate accessibility to information are factors contributing to the expected double-digit growth rate of the wearable electronics market over the next five years Wearable electronics are user-friendly devices.
The wearable electronics market can be segmented into products, components, applications technology and geographies. Major products included under wearable electronics are eye wear, wrist wear, neck wear, head wear, footwear and body wear. The products can be further sub-segmented as watches, bands, goggles, ties, collars, lenses, headsets and head band. The various components present in these products include sensors, controllers, power supply units, networking components, displays, memory cards and interface components. By technology, the market can be further segmented into computing technology and display technology. Display technology majorly includes networking technologies, positioning technologies, sensor technologies and speech recognition technologies.
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On the basis of applications, the wearable electronics market can be categorized into segments such as consumer electronics, healthcare, industrial and business, training and development, and defence and military. Increasing popularity of virtual reality is expected to drive the wearable electronics market over the next five years. The consumer electronics market can be further segmented into lifestyle and fitness application, sports application, fashion application, garments application, and infotainment and multimedia application. Lifestyle and fitness segments accounts for a larger share compared to other applications.
Geographically, the wearable electronics market can be segmented into regions such as North America, Latin America, Asia Pacific, Japan, Western Europe, Eastern Europe, and Middle East & Africa. The current market scenario represents the robust market for wearable electronics in the U.S., Canada, Mexico, Japan, China, South Korea, India, the U.K., France, Germany and the Middle East. North America is leading the global wearable electronics market, while Asia Pacific is expected to show a strong growth rate in between 2015 to2020.
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Some of the key players in the global Wearable Electronics market are Google, Inc., Qualcomm, Inc., Texas Instruments, Samsung Group, Nike, Inc., Jawbone, Inc., Apple, Inc., Adidas AG, Kopin Corporation, Oculus VR, Inc., Optis SAS, Recon Instruments, Inc., Rockwell Collins, Sony Corporation, Thales SA, System Technologies Incorporated, BAE Systems, Epson Corporation and Emagin Corporation. There are several more companies’ interested in entering the market due to its high potential in the future.