Asia Pacific Smart Wearables Market Overview:
A research team conducted extensive primary and secondary research for the Asia Pacific Smart Wearables market analysis. Secondary research was carried out to supplement existing data, segment the market, calculate total market size, and forecast market size and growth rate.
Due to growing consumer preference for connected devices and smart wearables, technological growth in the consumer electronics market, the growth in remote work, and increased interest in health monitoring during the COVID-19 pandemic, the Asia Pacific smart wearable devices market will grow by 16.6% annually, with a total addressable market cap of $231.05 billion between 2021 and 2030.
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Asia Pacific Smart Wearables Market Scope:
The desire for aesthetically appealing advanced featured products with the capacity to better service consumers’ daily necessities, such as time schedules, has boosted the market for smartwatches globally, thanks to rising urbanization rates.
Furthermore, due to increased spending for their regular work hours tracking and luxury expectations, the large millennial generation has started adopting smartwatches. Millennial spending is predicted to rise across major nations, according to the International Council of Shopping Centers (ICSC).
Fiber optic sensors (FOSs) have also been widely regarded as a viable alternative to traditional sensors in smart fabrics and clothes. Their compact size and superior metrological features are the reasons behind this. While this may not be the case in all cases, businesses such as Lucyd are focused on the ergonomics of head-mounted displays. Companies hope to expand the use of head-mounted displays across industries by lowering their size and weight.
Asia Pacific Smart Wearables Market Segmentation:
The Asia Pacific Smart Wearables Market is divided into neck, foot, wrist, body, eye, and headwear categories based on product. The market is predicted to be dominated by the wrist wear segment because smartwatches are becoming more and more fashionable and more useful thanks to technological advancements, which expand the potential of the wrist wear segment in the Asia Pacific Smart Wearables Market. Over the forecast period, head-mounted display devices are expected to expand significantly. The healthcare industry is also embracing developments in augmented reality (AR) and virtual reality (VR). In order to improve surgical training and procedures, virtual reality headsets and technologies are used in the medical field.
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Asia Pacific Smart Wearables Market Key players:
- Boat (India)
- Noise (India)
- Forebolt (India)
- Ptron (India)
- Realme (China)
- Xiaomi (China)
- Oneplus (China)
- Oppo (China)
- Asus (China)
COVID-19 Impact on Asia Pacific Smart Wearables market:
The Asia Pacific Smart Wearables market has been significantly impacted by the COVID-19 outbreak. The development of Asia Pacific Smart Wearables production facilities has been halted due to the global economic downturn and a labour shortage. COVID-19 pandemic has resulted in a significant and long-term decrease in production utilisation. Additionally, travel restrictions and facility closures have hampered staff visits, limiting the Asia Pacific Smart Wearables market’s growth in 2020. However, given the high demand for Asia Pacific Smart Wearables, COVID-19’s market effects are expected to be transitory. The industry is expected to recover completely by early 2021.
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