NEWS19 August 2014

Wearables market to reach $8bn by 2018

US — The global wearable electronics market is expected to reach a value of $8 billion in 2018 with unit shipments of more than 130 million according to an RnR Market Research report.

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Wrist wear is the largest product group in terms of revenue – wrist-watches and wrist-bands combined were worth $850m in 2012.

Consumer applications accounted for the largest market share, with revenue of $2bn. The US accounted for more than 80% of the market and is expected to maintain its dominance during the forecast period. However, the market in Asia Pacific, and China in particular, is likely to grow at the highest rate during the next five years.

As technological advances are made, the wearable electronic textiles market is expected to grow faster than that of the overall wearable electronics market, with increasing demand and growing consumer adoption for wearable electronic smart-textiles by 2016.

The market of electrical and electronic components for wearable electronic products is also expanding rapidly, and component market value is about 66% of that of products.