Product Code: 49683
The NA Wearable Sensors Market is expected to register a CAGR of 45.6% during the forecast period.
Key Highlights
- The market is driven by the rising awareness of health and fitness, where wearable sensors play a vital role. Moreover, due to investments in research and development, the reducing price of the components used to manufacture the wearable sensors is making the wearable devices affordable.
- Increasing demand across various application sectors such as wearable technology for fitness, healthcare, and security is driving the North American wearable sensors market to grow at a rapid rate.
- During the COVID-19 outbreak, the demand for wearable devices' sensors that offer real-time data to frontline healthcare workers and let them quickly screen individuals with a high temperature skyrocketed.
- However, the ongoing chip shortage is expected to result in a decline in chip availability. As fewer products become available to buy, and with increasing demands, prices of wearable sensors and wearable sensor-based devices are expected to increase.
North America Wearable Sensors Market Trends
Increase in demand of wearable fitness devices is driving the market
- One of the major markets for wearable sensors in this region is the sports and fitness market. Products like Nike Fuelband, Jawbone UP, Microsoft Band, and Fitbit have come into the market that is there for fitness tracking.
- These devices are worn on the body to track various parameters such as steps taken, distance traveled, calories burned, etc., and can be synced with the phone to track the progress daily. These devices are getting popular in this region because of the serious problem of people being overweight and obese.
- In the USA, according to CDC, 65.5% of adults and around 17% of children are obese. This problem is growing because of the irregular, unhealthy diet and the lack of exercise.
- Wearable devices are helping the masses to get more fit. The application of wearable devices in sports and fitness is becoming a huge market in the North American region. Many device manufacturers have witnessed growing sales with respect to fitness tracking solutions.
Changing consumer perspective towards wearable technology
- Consumer perspectives towards wearable devices are changing in the last decade owing to features and evolving technology integration that is changing the way consumers interact with the environment, and their popularity is growing.
- Age, income, and gender are the most influencing factor among these wearable devices, such as fitness trackers and smartwatches. According to AARP 2020 report, the age of usage of wearable technology among United States adults aged 50 years and older, between 50-59 years, between 60-69 years, and between 70 years and plus accounted for 83%, 87%, 81%, and 79% respectively.
- Further, according to Attest consumer survey and generational trend report 2019, the share of respondents who own a smartwatch/health-tracker computing device in the United Kingdom in 2019 accounted for 32.1%, where Generation Z, Millenials, Generation X, and Baby boomers accounted for 32.7%, 37.6%, 31.4%, and 22.2% respectively.
- Further, the consumer perspective towards these wearable devices is increasing towards meeting their expectation with the technology adoption rising. Despite the need for improved functionality, an increasing number of consumers are interested in using wearables. This creates opportunities for manufacturers to diversify their wearables offerings and overcome the issues highlighted by consumers.
- Moreover, with the growth of IoT, consumers feel that they will be using wearables to exchange information with other devices and physical things around them.
North America Wearable Sensors Industry Overview
The wearable sensors market in North America is dominated by few international players amongst local players and is moderately fragmented.
- Major vendors of wearable smart bands manufacturers consist of Apple Inc., Huawei Technologies Co. Ltd, Polar Electro Oy, Garmin Ltd, Fitbit Inc., Xiaomi Corporation, and Samsung Electronics Co. Ltd. They keep on updating their products by embedding the latest technologies to retain their market position and share.
- March 2020: Some of the vendors in the market are partnering with healthcare institutes to research various sensors which can be embedded within the device to detect various health-related diseases or problems and provide a competitive advantage to their brand of smartwatches. For instance, Fitbit has collaborated with the Scripps Research Institute and Stanford Medicine on research that is aimed at using Fitbit data to help detect, track, and contain infectious diseases like COVID-19.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
1 INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Industry Attractiveness - Porter's Five Force Analysis
- 4.2.1 Threat of New Entrants
- 4.2.2 Bargaining Power of Buyers/Consumers
- 4.2.3 Bargaining Power of Suppliers
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Market Drivers
- 4.3.1 Rapid technological developments and miniaturization of sensors
- 4.3.2 Increasing applications in the industrial sector
- 4.4 Market Restraints
- 4.4.1 High initial costs for large scale implementation in industries
- 4.5 Industry Value Chain Analysis
- 4.6 Impact of COVID-19 on the Market
- 4.7 Technology Snapshot
- 4.7.1 Key technology overview (MEMS, CMOS, etc)
5 MARKET SEGMENTATION
- 5.1 By Type
- 5.1.1 Health Sensors
- 5.1.2 Environmental Sensors
- 5.1.3 MEMS Sensors
- 5.1.4 Motion Sensors
- 5.1.5 Others
- 5.2 By Device
- 5.2.1 Wristwear
- 5.2.2 Bodywear & Footwear
- 5.2.3 Others
- 5.3 By Application
- 5.3.1 Health & Wellness
- 5.3.2 Safety Monitoring
- 5.3.3 Home Rehabilitation
- 5.3.4 Others
- 5.4 By Country
- 5.4.1 United States
- 5.4.2 Canada
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 STMicroelectronics
- 6.1.2 Infineon Technologies AG
- 6.1.3 Texas Instruments Incorporated
- 6.1.4 Analog Devices Inc.
- 6.1.5 InvenSense Inc.
- 6.1.6 Freescale Semiconductor Inc
- 6.1.7 Panasonic Corporation
- 6.1.8 NXP Semiconductors N.V.
- 6.1.9 TE Connectivity Ltd.
- 6.1.10 Bosch Sensortec GmbH (Robert Bosch GmbH)
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS