The global sweat powered smartwatches market is estimated to grow at a significant CAGR over the forecast period, i.e., 2022 – 2030. Scientists have invented a new technology of charging batteries using human sweat, which are used to power these smartwatches, which can be charged by mere 20 micro liters of fluid. The growth of the market can be attributed to the growing trend of wearable smartwatches, along with ongoing technological advancements in battery technology. Over 15 million smartwatches were sold in 2019, globally, which grew to almost 20 million in 2020. The growing demand for smartwatches is estimated to act as a major growth driver for the market. The lower requirement of charge for running the watch makes it a feasible device to work on sweat. The growing adoption of alternate source for power, and growth in technology are anticipated to boost the market growth. Practical implementation of this concept is yet awaited.
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The demand for smartwatches is higher in cities, and urban settlements, owing to the technological awareness amongst the urban population, and higher disposable income of this section of population. As a result, growing urbanization is expected to boost the demand for smartwatches, which, in turn, is projected to boost the market growth. According to the data by the World Bank, 4.352 billion people live in urban areas, as of 2020. The urban population accounted to 56.15% of the total global population in 2020, and is estimated to increase to over two-third of the total population by 2050. Growing investment in technical R&D activities is also expected to fuel the market growth.
The market is segmented by application into personal assistance, medical, sports, and others, out of which, the sports segment is anticipated to hold the notable share in the global sweat powered smartwatches market over the forecast period on account of increasing interest in sports, rising demand for fitness trackers by sport persons, and larger amount of sweat released by sportspersons. Moreover, the growing demand for smartwatches amongst fitness enthusiasts to track their fitness goals, is estimated to boost the market growth.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global sweat powered smartwatches market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of higher adoption of innovative technology, presence of major smartwatch manufacturing companies, and higher disposable income of the masses. Moreover, increasing demand for smartwatches in the United States, is estimated to boost the market growth. North America market is the most preferred market for smartwatch manufacturers, owing to growing demand for self-tracking health activities, backed by growing health awareness in the region. This is why, North America market is estimated to offer significant growth opportunities for the sweat powered smartwatches.
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The global sweat powered smartwatches market is further classified on the basis of region as follows:
Our in-depth analysis of the global sweat powered smartwatches market includes the following segments:
This technology is still in its conceptual stage, however, major smartwatch manufacturers, including, Apple Inc., and Samsung Electronics Co. Ltd., are expected to dive into the market in the near future.
FREQUENTLY ASKED QUESTIONS
The constant advancement in technology and growing demand for smartwatches to boost the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030.
Very high financial investment is estimated to hamper the market growth.
The market in the North America region will provide more business opportunities over the forecast period, owing to the growing demand for smartwatches in the region.
The sweat powered smartwatch technology is still in the conceptual stage; however, major smartwatch manufacturers are estimated to enter the market in the upcoming years.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by age group, application, and by region.
The sports segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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