NEW YORK, June 2, 2022 /PRNewswire/ — The Wearables Market Value in US is set to grow by USD 6.85 billion, progressing at a CAGR of 8.92% from 2021 to 2026as per the latest report by Technavio. The market is segmented by product (smartwatches, wireless headphones, HMDs, smart bands, and others) and distribution channel (online and offline).
Moreover, the growing preference for wearables electronic devices for payment is notably driving the market growth, although increasing concerns over data security and privacy may impede the market growth.
- Smartwatches – size and forecast 2021-2026
- Wireless headphones – size and forecast 2021-2026
- HMDs – size and forecast 2021-2026
- Smart bands – size and forecast 2021-2026
- Others – size and forecast 2021-2026
- Online – size and forecast 2021-2026
- Offline – size and forecast 2021-2026
The wearables market share growth in the US by the smartwatches segment will be significant during the forecast period. The growth is attributed to the increase in demand for smartwatches in developing countries such as China, South Koreaand India owing to the substantial improvement in lifestyles and consumer preferences, especially among the middle-class population. This increase in watch production has increased the demand for smartwatches, which, in turn, has spurred the growth of the smartwatch market in the US.
Wearables electronic device manufacturers are integrating Near-field communication (NFC) technology as a standard into most devices to enable contactless payment by a direct tap and pay via a POS (point of sale) terminal. The rising popularity of this method is attributed to the growing adoption of contactless payment across the US. The growing adoption of contactless payment is increasing the number of partnerships among the market participants to facilitate the use of wearables electronic payment devices. Owing to the growing adoption of contactless payment through wearables electronic devices, vendors such as Apple Inc., Samsung Group, Garmin Ltd., and Xiaomi Inc. are increasingly integrating the contactless payment feature into their offerings, which is expected to positively impact the wearables market growth …