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Jul 21, 2022 (AB Digital via COMTEX) — Following coronavirus, a significant raise has been monitored in the usage of wearable technology products. According to the International Data Corporation (IDC), the biggest demand in the post-epidemic period has shifted to health and fitness. In the second quarter of 2021, there was a 28.5% increase in the European wearable technology market share, compared to the same period of the former year. Also the number of shipped products reached 21.2 million, just between April and June. According to Martin William Edelberg Sorensen, CEO of Imex Holding Inc., which is the largest B2B technological product wholesale company in Europe, wearable technologies may face new developments focusing on renewable energy in the near future.
Ongoing research shows that wearable technologies could increase their market share and enhance their usage in the future. Moreover it is predicted that the European wearable technology market, with a value of 14.91 billion dollars in 2021, will carry its value to 61.72 billion dollars by 2031. One of European largest technological products suppliers, the Imex Holding, maintains its impressive research-development studies in order to meet the sectoral expectations and increasing needs in the area globally.
Market Shares and Volumes of Wearable Technologies in Europe Are Rising
The coronavirus epidemic has deeply influenced all of the lifestyle habits, and at first digitalization then a globe evolving into that digitalization began to emerge. Meanwhile, simultaneous wearable technology studies were carried out all over the world including Europe, and medical technologies became increasingly widespread to solve the problems of the period. In contrast with the disruptions in the supply chain, wearables market share in Western Europe alone grew by 24.6% on a yearly basis. Alongside the health equipment, earbuds and VR glasses became popular by 21.2%, while the usage of smart watches increased by 39.7% compared to the prior year.
While the demand for wearable technologies increased across Europe, the most promising increase was in Central and Eastern Europe, with a rapid rate of 40.6% in the annual market share. With a 29.8 market share, smart watches also gained an annual acceleration of 54% with 6.3 million units throughout Europe. In this category, Apple had the lion’s share and acquired a huge increase of 131%, yearly due to discounted prices and surpassed all other manufacturers. In Germany and Poland, Huawei became the most popular smart watch brand. Apart from all these; technological developments such as the introduction of cryptocurrencies and metaverse, Facebook changing its name to Meta, increased the demand for VR glasses, and following that VR glasses market in Europe achieved growth of more than 8,012%. Earbuds were the most demanded product of the category in Europe, with a total 11.6 million using devices. With a market share of 54.8% in its category, earbuds continue to dominate the European wearable devices market today. Nonetheless, it is thought that the entire wearable devices will serve much different needs in the near future.
Wearable Technology Energies Could Be Renewable in The Near Future
The demand for wearable technologies in Europe and the world is increasing day by day. There are many studies that show the ratio of elderly people in population will heighten all over the world thanks to the improvements in the quality of life and new generation regulations. Correspondingly, it is expected that the wearables will be more integrated into the field of health in the future in order to monitor diabetes, respiratory diseases, cardiovascular diseases and other chronic conditions. In addition, continuous product development and commercialization studies along with modern-day improved supply and distribution chain also positively affect the share of wearable medical devices.
While all these meet the use of smart devices in the healthcare field in Europe and the world, the rapid spread of digital technologies also enhances the studies focusing on earbuds, VR glasses and artificial intelligence. Besides, global world problems like global warming and swiftly growing carbon footprint, seem to be in the focus of new generation wearable devices. Concerning this matter, Imex Holding CEO Martin William Edelberg Sorensen, says that RD studies are carried out on the subject. He also mentions that as the demand for the field creates new sectoral needs, many innovative technologies would be mentioned in order to solve existing problems. According to the studies, wearable devices using human body heat and charge themselves without being plugged in could be produced, in order to solve energy problems in the future. The spread of these kind of products, which are expected to resolve problems such as cable usage, battery replacement and charging, may encourage the new works centering upon clean energy and sustainability.
Due to the fact that wearable devices have countless capabilities from weight control to disease tracking, from playing games to listening to music, these versatile technologies are being more and more involved in life every day. The concept of using body heat, which is generated by chemical reactions in the human body, by wearable devices is expected to further increase its market share. It is also among the goals that wearable devices using renewable energy play a big role in creating a greener and more sustainable world.
Source: marketwatch
