Smartwatch Market (By Product Type: Extension, Standalone, Classical; By Application: Personal Assistance, Wellness, Healthcare, Sports, Others; By Operating System: WatchOS, Android, RTOS, Tizen, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast 2020 - 2027

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

Base Year

2019

Forecast Data

2020 – 2027

Market Stratification

Product, Application, Operating System and Geography

Regional Scope

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

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.

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