Research Nester has released its report titled “Global Smartwatch Market: Global Demand Analysis & Opportunity Outlook 2020-2027” that delivers detailed overview of the global smartwatch market in terms of market segmentation by operating system, product type, application, wireless technology and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global smartwatch market consists of four segments which are segmented by operating system, product type, application and by wireless technology. The market is anticipated to grow at a CAGR of around 17% over the forecast period (2020-2027).
The growth of the market is driven by several factors such as the rise in demand for wireless health and fitness devices from among individuals globally, particularly those who are engaged in sports activities such as athletics, swimming, cycling and other activities, rise in the number of smartphone sales worldwide and many other factors. Moreover, growing levels of health awareness among consumers globally, rising internet connectivity across all regions globally covering even remote locations and increase in demand for wireless electronic devices are some of the factors that are anticipated to drive the growth of the market over the forecast period. As per a World Health Organization report, an estimated 17.9 million people die every year from cardiovascular diseases that accounts for an estimated 31% of all deaths worldwide. As a result, individuals are becoming conscious about their health and fitness levels and are taking up efforts to stay fit and healthy.
The global smartwatch market is segmented into five major regions comprising of North America, Latin America, Europe, Asia Pacific and Middle East & Africa. The market in North America is anticipated to hold the largest market share, owing to the presence of major market players in the region including rise in technological innovations brought into these devices that offer many features that are unique to these devices. The market in Asia Pacific is anticipated to grow rapidly, owing to the increase in the number of tech-savvy skilled professionals and rise in the disposable incomes of the population in the region over the last decade in the region. All of these factors are estimated to drive the growth of the market in the region over the forecast period.
However, global smartwatch market faces some barriers to its growth, owing to factors such as high costs of these smartwatches that are not affordable to the average individual. Additionally, there is lack of awareness about the working of smartwatches, technology being used, their utility for individuals. Moreover, the battery life of these smartwatches are short and may last for a day or two only after they are fully charged and their battery life is dependent on the features of a smartphone as some features could consume more battery power. These factors are anticipated to operate as key restraints to the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global smartwatch market which includes company profiling of Google, Inc. (NASDAQ: GOOGL), Apple, Inc. (NASDAQ: AAPL), Fitbit, Inc. (NYSE: FIT), Motorola, Garmin Ltd. (NASDAQ: GRMN), Sony Corporation (TYO: 6758), Fossil Group, Inc. (NASDAQ: FOSL), Samsung Electronics Co. Ltd. (KRX: 005930), Microsoft Corporation (NASDAQ: MSFT) and LG Corporation (KRX: 003550). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smartwatch market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.