The Europe Wearable Technology Market would witness market growth of 15.2% CAGR during the forecast period (2023-2030).
The expansion of the wearable technology market is propelled by the increasing accessibility of wearable devices and the entrance of numerous smartphone manufacturers. Moreover, the proliferation of health-related apprehensions among consumers catalyzes the integration of wearable technologies that furnish instantaneous data about one's holistic well-being. The proliferation of advantageous features these devices provide, including GPS tracking, pulse monitoring, and notification alerts, augment the expansion of the market.
Additionally, the development of the standard of living and the rise in disposable income of customers drive the growth of the market. Users' primary concern, however, is the risk of data leakage; as a result, an increase in security concerns is anticipated to restrain market expansion. Additionally, market development is hindered by the high manufacturing cost and the limited battery life. Technological advancements in wearable devices are expected to generate many expansion prospects for the market.
Many European businesses incorporate wearables into corporate wellness programs to promote employee health and well-being. This includes fitness challenges, step competitions, and health monitoring initiatives. Additionally, The Federal Statistical Office (Destatis) reports that health expenditure in 2021 was 33.1 billion euros higher than in 2020, the first year of the pandemic. In 2021, health expenditure accounted for 13.2% of the gross domestic product (GDP). This proportion was 0.2 percentage points higher than in 2020. Higher healthcare expenditure can provide additional funding for research and development in health technology, including wearable devices designed for medical monitoring, preventive care, and chronic disease management. The aforementioned factors will drive the market growth in this region.
The Germany market dominated the Europe Wearable Technology Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $14,862.4 million by 2030. The UK market is exhibiting a CAGR of 14.2% during (2023 - 2030). Additionally, The France market would experience a CAGR of 16% during (2023 - 2030).
Based on Device, the market is segmented into Fitness, Smart Watches, Smart Glasses, Smart Clothing, and Others. Based on Product Type, the market is segmented into Wrist Wear, Eyewear, Hearables, Neckwear, Bodywear, and Others. Based on Application, the market is segmented into Fitness & Sports, Consumer Applications, Entertainment, Healthcare, Lifestyle, Defense, and Enterprise. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Wearable Technology Market will Hit $209.4 Billion by 2030, at a CAGR of 15.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Garmin Ltd., Motorola Solutions, Inc., Fitbit, Inc. (Google LLC), Nike, Inc., Adidas AG, LG Electronics, Inc. (LG Corporation), Sony Corporation and Huawei Technologies Co., Ltd. (Huawei investment & Holding Co., Ltd.)
By Device
By Product Type
By Application
By Country
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