Zepp Health(ZEPP) GlobeNewswire News Room·2024-11-15 16:41Market Overview - The global luxury smart jewelry market is projected to reach USD 429.97 million by 2030, with a compound annual growth rate (CAGR) of 18.7% from 2024 to 2030 [1][8]. Market Drivers - Increasing demand for multifunctional and aesthetically appealing jewelry, along with the growing adoption of wearable technology, is driving market growth [2]. - The integration of Internet of Things (IoT) technology and a rising focus on wellness and health are expected to further propel market growth [2]. Consumer Trends - There is a growing focus on fitness and personal health, leading to increased popularity of smart rings that track essential health metrics [3]. - The prevalence of chronic diseases necessitates continuous health monitoring, with an estimated 129 million individuals in the U.S. having at least one major chronic disease [3]. Market Segmentation - The fitness tracking segment dominated the market in 2023, driven by health and fitness awareness and rising internet and smartphone penetration [6]. - Smart rings were the leading product in 2023, offering advantages such as tracking blood oxygen levels, sleep patterns, heart rates, and temperature [6]. - The adult segment led the market in 2023, particularly among younger tech-savvy adults and the working-class population [6]. - Online distribution channels dominated the market in 2023 due to the convenience and wide product selection offered by e-commerce platforms [6]. Regional Insights - North America held the largest share of the global market, supported by a significant presence of major market players and a high demand for health-promoting devices [6]. Competitive Landscape - Key players in the luxury smart jewelry market include Oura Health Oy, RINGLY, Samsung, Motiv, Inc., Boat, and Zepp Health Corporation, which are implementing strategic initiatives to expand their distribution networks and enhance product functionality [5][10].