Summary

Wearable technology is becoming more popular in Australia. The wearable market in Australia is growing due to the adoption of advanced technologies into wearable devices like wristbands, eyewear, and watches. These products are used in the military, health and wellness, and fitness. Pioneers in the field, like Catapult Sports and Tritium, are local producers of modern wearable technology and electric vehicle charging solutions. The advancement of wearable technology in the nation has been greatly aided by government organizations like the Australian Advanced Manufacturing Council (AAMC) and the Australian Information Industry Association (AIIA). Many organizations are actively working on wearable technology-related research and development initiatives, such as the Commonwealth Scientific and Industrial Research Organization (CSIRO), especially in the domains of mining, fitness, and healthcare. The goal of these initiatives is to use wearable technology to enhance productivity, safety, and health results. The emerging market is smart clothing for healthcare the idea of weaving electronics into a shirt, a blanket, a bandage, a knitted cap, or pants to perform specific patient care functions. Contactless payment through wearables is gaining momentum in Australia. Devices like smartwatches equipped with payment technology are being increasingly used for transactions. With the widespread adoption of contactless payments in the country, wearable payment devices have become more popular. Government initiatives and health programs often support the use of wearables for health and wellness. In some cases, subsidies or incentives are offered to encourage the adoption of wearable devices for fitness and health tracking, especially within specific health programs aimed at improving the population's overall well-being.

According to the research report “Australia Wearable Technology Market Overview, 2028," published by Bonafide Research, the market is anticipated to add more than USD 4 Billion from 2023-2028. Wearable devices, such as fitness trackers and smartwatches, have gained immense popularity due to the growing health consciousness among Australians. These devices help individuals monitor their fitness levels, track activities, heart rates, sleep patterns, and overall wellness. The demand for health and fitness tracking devices continues to rise as people become more health-conscious. Ongoing advancements in wearable technology, such as improved sensors, longer battery life, better connectivity, and enhanced functionalities, have significantly contributed to the market's growth. Australians tend to adopt new technologies relatively quickly, especially when they offer convenience and innovative features. Australia has a high smartphone penetration rate, and wearable technology often syncs with smartphones. The seamless integration and compatibility between wearables and smartphones have fueled the adoption of wearable devices in the country. Wearables have become more fashionable and stylish, merging technology with fashion. This trend has attracted a wider demographic, appealing not only to tech enthusiasts but also to fashion-conscious consumers. Australia's enthusiasm for sports and outdoor activities has further propelled the demand for wearables that cater to sports and activity tracking. Wearable devices that monitor performance and provide real-time data are popular among athletes, fitness enthusiasts, and even amateurs engaging in various physical activities. With an aging population, there is a growing interest in wearable devices for health monitoring among older demographics. Devices that track vital signs and offer emergency assistance contribute to this growing segment of the market.

The product segment of the market is divided into wrist wear, eyewear & headwear, footwear, jewelry, body wear, other wearable technology. Wristwear product is expected to lead the market of Australia wearable technology market with significant market share. Australia's populace places a high value on fitness and overall well-being and is health-conscious. Fitness trackers and smartwatches are examples of wristwear devices that are intended to track various health parameters, such as heart rate, sleep patterns, and physical activity. They are a fantastic fit for Australians' tastes in exercise and wellness. Devices worn on the wrist provide easy access to key features and services. Australians value being able to check notifications, pay, get directions, and even answer calls right from their wrists in our fast-paced world. One of the main draws of wristwear is its convenience. The technology of wristwear has advanced to become stylish accessories. Numerous companies provide a vast array of design alternatives, enabling Australians to showcase their individual flair. Customers who appreciate fashion and technology will find these wearables more appealing because they combine both function and aesthetics.

In terms of type market includes wearable smart textiles and wearable products and devices (Non-Textiles). Wearable products and devices (Non-Textiles). Wearable smart textiles type is expected to register highest growth rate in Australia wearable technology market. Due to their textile-based nature, smart textiles provide a high level of comfort and adaptability. They are more comfortable to wear for extended periods of time because they may be effortlessly integrated into apparel. Comfort and adaptability are crucial characteristics promoting growth in Australia's diverse environment. Sensors incorporated in smart textiles can monitor a variety of health and wellness indicators, including heart rate, body temperature, and breathing rate. Smart textiles provide a non-intrusive and ongoing means to track this data. Australia has a well-known active lifestyle, with a heavy emphasis on sports and outdoor activities. Smart textiles can be implemented into sportswear to monitor performance parameters, providing athletes and fitness aficionados with useful information. The application segment of the market includes consumer electronics, healthcare, enterprise and industrial applications and other applications (fashion and lifestyle, gaming and entertainment, military and defense, education and training, tourism and navigation, pet and animal health, etc.). Consumer electronics application is expected to dominate the market of Australia wearable technology market. Australians are regarded as being among the first to accept new technologies. They are open to consumer electronics and are inclined to adopt the most recent advances, such as wearable technology products. Individuals in Australia are actively seeking ways to monitor and enhance their well-being, indicating a growing health and wellness consciousness. Fitness trackers and smartwatches, for example, are meant to meet these needs by providing functions such as heart rate monitoring, activity tracking, sleep analysis, and more. Consumer electronics wearables frequently combine numerous capabilities, such as fitness tracking, communication, mobile payments, and app integration, into a single gadget. This multifunctionality corresponds to consumer preferences for versatile products that can meet a variety of needs.

Recent Developments:
• May 2022 saw the global release of Huawei Technologies' Watch GT 3 Pro smartwatch, the Watch D with ECG and blood pressure monitoring, and the Band 7. Water resistance is provided by the IP68 designation on the Watch D smartwatch. The wearable supports NFC and GPS. The Huawei Watch D claims to have a battery life of seven days between charges. The Watch GT 3 Pro smartwatch boasts over 100 exercise modes, the ability to monitor sleep patterns and daily activities, and a battery life of up to 8 days on a single charge.
• August 2022, the improved features, intuitive insights, and even more powerful capabilities of the Galaxy Watch5 Pro and Galaxy Watch5, introduced by Samsung Electronics Co., Ltd., are influencing users' wellness and health behaviours. The organisation has offered depth monitoring and experimental data, providing the knowledge required to support users along their journey towards health and wellness, in response to a growing need to better understand and address the health goals of its customers. The next generation of digital health monitoring is powered by Samsung's exclusive BioActive Sensor, which is featured in the Galaxy Watch5.

Considered in this report:
• Geography: Australia
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• Australia Wearable Technology market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product:
• Wristwear
• Eyewear & Headwear
• Footwear
• Fashion & Jewelry
• Bodywear
• Other Wearable Technology (Wearable Camera)

By Type:
• Wearable Smart Textiles
• Wearable Products and Devices (Non-Textiles)

By Application:
• Consumer Electronics
• Healthcare
• Enterprise and Industrial Applications
• Other Applications (fashion and lifestyle, gaming and entertainment, military and defense, education and training, tourism and navigation, pet and animal health, etc.)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Wearable Technology industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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