In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The adoption of technologies which are able to fulfill the need of fashion and function is increasing these days. Wide range of smart wearable such as smart watch, smart band and other smart accessories are available which are witnessing robust demand across all regions.
Global market of smart bracelet is anticipated to flourish at a robust pace during the forecast period i.e. 2017-2024. Further, growing adoption rate of health monitoring devices amongst the consumers conjugated with growing expenditure on health care are some major factors which are envisioned to fuel the growth of global smart bracelet market during the forecast period.
Furthermore, North America smart bracelet market dominated the overall smart bracelet market in previous year. Swelled disposable income of the population and high adoption rate of smart wearable in North America region are expected to drive the growth of North America smart bracelet market in upcoming years.
Additionally, Asia Pacific region is likely to rise as fastest growing market of smart bracelet market in near future. The market of smart bracelet in this region is envisioned to drive on the back of factors such as rising disposable income of the consumers and rapid urbanization in Asian countries. Further, rising awareness amongst population regarding advantages of using smart health tracking devices is also a major factor which is likely to drive the growth of Asia Pacific smart bracelet market over the forecast period.
Additionally, smart bracelet market is segmented by distribution channel into offline channel and online channel. Further, rising penetration of internet and growing e-commerce industry are key factors which are augmenting the growth of online channel segment. Apart from this, manufacturers of smart bracelet are engaged in strengthening of their online distribution channel and selling their products through various online retail stores. Further, rapid improvements in online shopping experience are likely to drive the growth of this segment at maximum pace during the forecast period.
Further, female segment by demography is expected to witness considerable growth in future. The demand for smart fashion accessories is increasing amongst the female population and availability of range of products for female consumers is expected to intensify the growth of this segment in upcoming years.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis has segmented global smart bracelet market into the following segments:
Global smart bracelet market is further classified on the basis of region as follows:
Smart bracelets are equipped with features such as heart rate monitoring and glucose monitoring and are one of the very highly used wearable technologies in healthcare & medical sector. Further, the demand for smart bracelets in health care and medical sector is expected to rise in near future due to rising need for continuous monitoring of patient’s health in hospitals.
Rapid technological advancements with wearable technologies in order to improve their performance are likely to impel the growth of global smart bracelets market in upcoming years. Continuous introduction of innovative and advanced smart wearable technologies in consumer market is bolstering the growth of global smart wearable devices market.
Apart from this, compatibility of smart bracelets with various social networking apps is also a major factor which may intensify the growth of market in near future. However, presence of other smart wearable such as smart watch, smart ring and smart necklace is likely to limit the growth of smart bracelet market over the forecast period.