Global wearable technology market to hit $196.5 billion in 2022

The global wearable technology market is expected to reach $196.5 billion by 2022, according to a recent study by US-based market intelligence and consulting firm Grand View Research.

Technological investment, affordability, better quality and improved battery life are the major factors that make wearables more enticing for consumers. The popularity of 3D printing and smartphone usage is also predicted to propel the line in the next seven years.

Wearables for health and fitness will lead the industry, constituting about 34 percent of the wearables market by 2022. The line is followed by versions for health care, industrial use and infotainment.

In North America, the wearable technology market is expected to have a CAGR of 32 percent in the next seven years. The Asia-Pacific region will remain the key manufacturing hub primarily because of low labor cost in the area.

View a comparison table of smart watch suppliers on GlobalSources.com