Category : Consumer Goods and Food and Beverages | Delivery Format : PDF | Status: Published | Pages : 190
The global smartwatch market is anticipated to grow at a CAGR of around 20.1% during the forecast period 2020 to 2027 and to reach around US$ 88.7 Bn by 2027.
Market Dynamics
Increasing health awareness among consumers and rising demand for smart devices that aid in tracking the wellness and healthcare is resulting in demand for smartwatch are major factors expected to drive the growth of global smartwatch market. Consumers demand for smart wearable devices is increasing with the high spending on wearable’s is increasing demand for devices that connect to internet, and help in running mobile apps, making calls, etc. In addition, Rapid technological advancements in wearable devices, increasing adoption of sensors by manufactures in electronic devices are factors expected to augment the growth of target market. Major players are investing high for R&D activities and their approach towards introduction of innovative solutions in order to attract new customers are factors expected to augment the growth of smartwatch market. Rising competition across the globe is pressurizing players to deliver more advanced products.
Xiaomi a device manufacturing company in 2020 launched a smartwatch called Mi Watch Color in China that comes with a 1.39-inch AMOLED display. This product launch is expected to help the company to enhance the business in China market. In addition, the company is also expected to launch another smartwatch in India market. The product launch is expected to help the company to increase the customer base in the country.
In 2020, boAt a company providing wearable in India launched boAt Enigma features a 1.54-inch square-shaped color screen with support for touch inputs and AOD (Always-on Display) in India market. This product launch is expected to help the company to enhance the business in the country and increase the customer base.
Players are focused on enhancing the business through strategic merger and acquisition this is expected to help the company to increase the customer base and increase the revenue share further augmenting the revenue growth of market. In 2019, Google LLC a global technology company acquired Fitbit a smartwatch manufacturer for US$ 2.1 Bn. This acquisition is expected to help the company to enhance the business and increase the revenue share. In addition, the company also acquired Fossil a smart watch manufacturer. According to Google they and Fossil had combined forces on smartwatch development before this. This is expected to help the company to enhance the product portfolio and increase the revenue share.
Factors such as high cost of smart devices and issues such as technological glitches are expected to hamper the growth of global smartwatch market. In addition, high competition at low profit is expected to challenge the growth of smartwatch market. However, high investment by major players for innovative product offerings and increasing partnership and agreements in order to enhance the business are factor s expected to create new opportunities for players operating in the target market over the forecast period. In addition, major player’s inclination toward tracking the untapped market in developing countries is expected to support the revenue transaction of the smartwatch market.
Segment Analysis by Region
The market in North America is expected to account for major revenue share in the global market due to high spending of consumers on smart wearable. In addition, presence of large number of players operating in the country and introduction of new products with the focus to increase the product offerings and customer base is expected to augment the regional growth.
Increasing merger and acquisition activities in order to increase the business presence and strengthen the distribution channel is expected to support the growth of smartwatch market.
Competitive Landscape
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Report coverage
|
Market |
Global Smartwatch Market |
|
Analysis Period |
2016 – 2027 |
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Base Year |
2019 |
|
Forecast Data |
2020 – 2027 |
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Market Stratification |
Product, Application, Operating System and Geography |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Smartwatch Market Segment Analysis, 2019
The global smartwatch market is segmented into product, application and operating system. The product segment is bifurcated into extension, standalone, and classical. Among product type the standalone segment is expected to account for major revenue share in the global market. The application segment is divided into personal assistance, wellness, healthcare, sports, and others. Among application the personal assistance segment is expected to account for major revenue share in the target market. The operating system segment is bifurcated into WatchOS, Android, RTOS, Tizen, and others. Among the operating system the Android segment is expected to account for major revenue share in the target market. The players profiled in the report are Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, TomTom International and Amazfit.
Market Segmentation
Market By Product Type
Extension
Standalone
Classical
Market By Application
Personal Assistance
Wellness
Healthcare
Sports
Others
Market By Operating System
WatchOS
Android
RTOS
Tizen
Others
Market By Region
North America
- U.S.
- Canada
Europe
- U.K
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
Increasing health awareness among consumers and rising demand for smart devices that aid in tracking the wellness and healthcare is resulting in demand for smartwatch are major factors expected to drive the growth of global smartwatch market.
The global smartwatch market in 2027 is expected to be above US$ 88.7 Bn.
In operating system the android segment is growing at faster pace.
The CAGR of the global smartwatch market from 2020-2027 is above 20.1%.
In the global market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, and Samsung Electronics.
The North America is expected to account for major revenue share in the global market.
