Key findings

Wearables market forecast to be worth USD50 billion in 2029

While health and wellness has been the key driver of growth, the pivot towards entertainment and computing will drive growth for the wearables market, with a projected increase of USD12 billion at constant 2024 prices between 2024 and 2029.

Avoiding direct competition with incumbents

The established players – Apple, Huawei, Xiaomi, and Samsung – accounted for a substantial 66% of smart wearables sales in 2024. New entrants must innovate and expand into emerging segments to compete and challenge the dominance of incumbents.

New form factors open up the wearables markets

New form factors, such as smart glasses and rings, are gaining traction. These devices offer unique opportunities for companies to differentiate themselves and capture new market segments.

Entertainment and computing emerge as key drivers

Wearables are evolving beyond health and fitness with computing and entertainment emerging as growth drivers. This pivotal shift opens up new use cases and revenue streams for companies.