The global smart wearable device market size reached $84 billion in 2022 and is expected to grow to $101.4 billion in 2023. As a part of the wearable device market, smart rings are currently relatively small, but they are growing strongly. The global smart ring market size will reach $210 million in 2023, a year-on-year increase of 16.7%, and the market size is expected to reach about $1 billion by 2032, showing huge growth potential.
In the global smart wearable device market, manufacturers such as Apple, Xiaomi, Samsung, Huawei, and Fitbit occupy a considerable market share. These manufacturers continue to improve product quality and user experience by launching distinctive products and services to maintain market share advantages. The smart ring market is currently in its infancy, but the competition is becoming increasingly fierce, and domestic and foreign manufacturers related to the consumer electronics industry chain and medical enterprises are actively deploying the field of smart rings.
According to research firm CCS Insight's predictions, Apple could launch a smart ring in 2026 to compete with Samsung's Galaxy Ring. This will be another new product for Apple since the launch of the Apple Vision Pro headset, further demonstrating Apple's focus on the health space. Ben ·, principal analyst at CCS Insight, highlighted Apple's focus on health, from the Apple Watch with various sensors to the AirPods Pro 2 headphones that can be turned into hearing aids.
The smart ring is expected to embed a variety of sensors to track health metrics such as heart rate, similar to the functionality of a smartwatch. Samsung's Galaxy Ring, launched this year, has brought this style of product to a wider audience, and Apple has adopted a similar strategy in an attempt to keep its already loyal customers in its hardware ecosystem.
Pictured: Apple CEO Tim Cook (Source: CNBC).
The launch of the smart ring will add a new dimension to Apple's product portfolio and may work in tandem with other Apple devices such as the Apple Watch to provide more accurate health monitoring capabilities. Analysts believe that the Apple Ring will be integrated into the existing Apple ecosystem as a complementary accessory rather than a replacement.
In addition, the market potential of smart rings is gradually being recognized, and the global market size of smart rings is expected to grow to $197 million by 2031, showing the huge growth potential of this emerging smart wearable product. Apple's addition could further boost this market, while also creating challenges for competitors such as Samsung.
The Viet Nam government also sees this trend in the semiconductor industry and has ambitious plans to become a major player in the semiconductor industry by 2050. Viet Nam's semiconductor industry development strategy includes the construction of six semiconductor fabs, which will be implemented in three phases. In the first phase (2024-2030), Viet Nam plans to gradually build the foundation of the semiconductor industry by attracting foreign direct investment (FDI) and leveraging geopolitical and labor advantages. In the second phase (2030-2040), Viet Nam plans to achieve relevant goals, including the formation of at least 200 semiconductor design enterprises, the establishment of 2 semiconductor chip manufacturing plants, and the increase to 15 semiconductor product packaging and testing plants. In the third phase (2040-2050), Viet Nam aims to have at least 300 chip design companies and a complete independent semiconductor ecosystem, and the semiconductor industry has an annual revenue of more than US$100 billion.
The development of smart rings and the semiconductor industry not only reflects the progress of science and technology, but also reflects the growth of market demand for health and intelligence. With the maturity of technology and the expansion of the market, we can foresee that smart rings will become an important part of smart wearable devices in the future, and the layout of Viet Nam and other countries in the semiconductor industry will also contribute to the diversification and stability of the global supply chain.
