Wearable Fitness Technology Market $12.44 Billion by 2020 Global
Forecast to 2022
The Wearable Fitness Technology market is expected to reach USD 12.44 billion by
2022, at a CAGR of 13.7% between 2016 and 2022. There is an increasing demand
for wearable fitness technology products such as wristbands and smartwatches
because of consumer preference for smart gadgets, increasing popularity of wearable
fitness and medical devices, increasing awareness about fitness, and a rise in
disposable incomes in developing economies.
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A display being the most expensive part of a wearable device, its market size is larger
than other components. Also, display technology is evolving day by day, and new
technologies such as organic light-emitting diode (OLED), active-matrix organic lightemitting diode (AMOLED), tactile/haptic touch, and more are being incorporated in
new products by companies.
Smartwatches held around the largest share of the total market in 2015, of many
additional features other than fitness tracking such as text messaging, phone calls,
social media, and music. A smartwatch provides all features of a wristband along with
many additional ones, thus it is expected that more consumers would prefer
smartwatches over wristbands in future.
The driving factors for the growth of Wearable Fitness Technology Market
Consumer preference for sophisticated gadgets.
Increasing popularity of smartwatches and wrist bands in the consumer market.
Increasing growth prospects of next-generation displays and integrated
Increasing popularity of wearable fitness and medical devices, and growing
popularity of Internet of Things.
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Major Manufacturers of...