Transparency Market Research delivers key insights on the Europe wearable technology market. In terms of revenue, the wearable technology market in Europe is estimated to expand at a CAGR of 15.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the Europe wearable technology market.
The wearable technology market in Europe is broadly affected by several factors, including an increase adoption of smart watches and wearable technology in consumer electronics applications, which, in turn, is anticipated to boost the wearable technology market in Europe.
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Rise in demand for multimedia devices and smartphones, coupled with a surge in the adoption of fitness trackers and health-based wearables is expected to drive the wearable technology market.
Increasing health awareness among consumers is also leading to rising interest in fitness activities such as cycling, running, and walking. Fitness and activity tracking devices provide a way to monitor progress and analyze the physiological data gathered, thereby boosting the market.
Additionally, the growing popularity of wearable devices among professional athletes and fitness enthusiasts is expected to drive the demand for wellness and fitness products during the forecast period.
Moreover, technological innovations & advancements and larger availability of affordable & efficient products offer significant opportunities for the market.
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Furthermore, the smart watch manufacturer focusing on durable and innovative functionalities such as sports mode, longer battery life, and more accurate sensors to inspire new users to buy smart watches. This will also show the positive impact in wearable technology market.
An increase in the number of games using augmented reality (AR) and Virtual Reality (VR) are expected to drive the demand for specific devices such as headsets. This will also help to rise in demand for wearable technology.
Rise in adoption of smart watches is growing popular with new users and with the older population, as wearable manufacturers are focusing on adding health-monitoring features for elderly to keep them informed about their health status. The geriatric population is more prone to chronic conditions such as cardiovascular diseases, diabetes, neurological diseases, respiratory diseases, and other diseases. It is expected to show a positive impact on the wearable technology market during the forecast period.
Moreover, due to rise in consumer preference for smart wearables, connected devices, and increase in remote work, there is a growth in interest in health monitoring devices especially during the COVID-19 pandemic. This will further create opportunities for wearable technology.
Advancements in augmented reality (AR) and virtual reality (VR) are gaining significant attraction in the healthcare segment, as AR and VR are used in medical practice to support surgical trainings and procedures in order to reduce the chances of errors while performing surgery. The factors mentioned above are likely to drive the use of wearable technology during the forecast period.
Germany held a prominent share and is expected to maintain its dominance of the wearable technology market in Europe during the forecast period, as the country is the center of smart technology devices. Moreover, continuous product development and commercialization of product are expected to help the growth of the Europe wearable technology market. The large number of mobile users will also drive the demand for wearable technology in Europe, as people will consume more headset and recent advances such as multi functionality, compactness, and easy use of wearable devices.
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Furthermore, the growth of chronic illness will provide the opportunity to increase adoption of the wearable health tracker devices that also help to drive the demand for wearable medical devices in Europe. Additionally, various manufacturers of wearable technology are consistently focusing on R&D activities in order to improve the performance of wearable smart devices, thereby boosting the wearable technology market in the country.
Major players operating in the wearable technology market in Europe include Google Inc., Nike, Microsoft Corporation, Apple Inc., Fitbit Inc., Adidas AG, Sony Corporation, LG Electronics, Garmin Ltd, Xiaomi Corporation, Huawei Device Co., Ltd, Samsung Electronics Co., Ltd.
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