Global Wearable Electronics Market to Reach $50 Billion by 2024

Wearable electronics market continues to grow led by the growing adoption of wearables in varied application markets. The expanding Internet penetration rates, increase mobile subscriber base and growing adoption of digital technologies are all favoring growth.

With an appropriate mobile app ecosystem being developed for wearable devices, consumers are displaying greater preference for such devices. Growth in smartphone users and increasing availability of apps compatible with wearables are also fostering growth.

Amid the COVID-19 crisis, the global market for Wearable Electronics is projected to reach US$50 Billion by 2024, registering a compounded annual growth rate (CAGR) of 24.6% over the analysis period.

United States represents the largest regional market for Wearable Electronics, accounting for an estimated 37.8% share of the global total. The market is projected to reach US$23.7 Billion by the close of the analysis period.

China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 28.4% over the analysis period.