The global market for portable computing devices is expected to be worth US$37.557 Mn in 2022, rising to US$217,237.2 Mn by 2032. Sales of portable computing devices are expected to grow at a CAGR of 19.2% during 2022-2032.
The market size of portable computing devices is expected to increase over the forecast period as they help physicians to remotely monitor the health of patients. Consumer interest in smart fitness devices is increasing as they help prevent mortality from diseases such as diabetes, heart disease, obesity and asthma.
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Furthermore, as a result of these reasons, the demand for portable computing devices is expected to expand during the forecast period. As a result of the increased demand for health monitoring, the market share of portable computing devices is expected to grow.
Smart watches, smart contact lenses, smart glasses, smart fabrics, and e-textiles are some of the examples of wearable technology. Sales of portable computing devices are expected to increase during the projection period as a result of the benefits and wide choice for consumers. Some of the features of portable computing devices that are driving market expansion include real-time data delivery, local storage, and portable design.
Leading portable computing device companies are also introducing portable devices that can be linked to smartphones. Furthermore, the demand for portable computing devices has increased remarkably in the domains of health and fitness, medicine, gaming, music, transportation, and education. Customer apathy and data security concerns are major impediments to the expansion of the portable computing device market.
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Key Takeaways from the Portable Computing Devices Market
North America is one of the most attractive markets for portable computing devices, with the United States leading the way. The United States is expected to occupy more than 19.6% of the market for portable computing devices.
With a CAGR of 19% during the forecast period, China is expected to have the highest development potential in the portable computing device market.
After China, India’s portable computing device market is expected to grow at a CAGR of 18% during the forecast period.
With a 27% market share, the headset segment dominates the market for portable computing devices.
With a market share of 22.3%, the fitness tracker category ranks second in the wearable computing device market. The growing popularity and accessibility of fitness trackers among the general public is driving this increase.
With a market share of 30.9%, the fitness and wellness segment leads the market for portable computing devices.
Competition Landscape in the Portable Computing Devices Market
The market for portable computing devices is highly fragmented and competitive. These devices are in higher demand in the healthcare industry due to the growing fitness awareness. In addition, as the purchasing power of consumers in emerging countries increases, the multiple applications of wearable technology present tremendous opportunities for growth. Competition in the market is also increasing as new competitors enter the sector.
Key players in the wearable computing device market include Apple Inc., Adidas AG, Nike Inc., Samsung Electronics Co. Ltd., Fitbit Inc.
Recent developments in the market for portable computing devices:
In May 2020, Garmin introduced the Quatrix 6X Solar, the latest addition to its new series of marine GPS smartwatches, featuring a transparent solar charging display that harnesses the sun’s energy to extend battery life.
In January 2020, Nuheara, a smart hearing company, introduced its IQbuds2 MAX earbuds. This device combines active noise cancellation with the ability to modify and enhance the user’s soundscape. Customers can also customize their acoustic environment with this device.
Portable Computing Devices Market by Category
By product type:
head mounted displays
worn by the ear
body worn camera
Fitness and Wellness
Medicine and health
Industrial and Defense
Middle East and Africa
Future market prospects,
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