BANGALORE, India, Dec. 22, 2021 /PRNewswire/ — Smartwatch Market is Segment by Type – Companion Smartwatch, Standalone Smartwatch, Classic Smartwatch, by Application – Personal Use, Commercial Use. Global Opportunity Analysis and Industry Forecast 2021 – 2027. It is published in Valuates Reports under the Electronics & Electrical Category.
The global Smartwatch market size is projected to reach USD 72520 million by 2027, from USD 19070 million in 2020, at a CAGR of 20.5% during 2021-2027.
Major Factors Driving The Growth Of The Smartwatch Market Are
Increased demand for wireless fitness and sports devices, increased health awareness among users, and technological advancements in smartwatches by market players are expected to drive the smartwatch market size.
Furthermore, rising demand for connected devices across industries, as well as rising demand for connected ecosystems, are expected to fuel global smartwatch market growth.
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TRENDS INFLUENCING THE GROWTH SMARTWATCH MARKET :
Steps taken, calories burned, distance traveled, and other fitness activities can be easily monitored and tracked using a smartwatch. The smartwatch can be easily connected to a smartphone via Bluetooth or wireless connectivity. This also assists the athlete or customer in scheduling their daily tasks. As a result, the rise in demand for wireless fitness and sports devices is a major driver assisting the smartwatch market growth.
Because of rising urbanization and disposable income, the demand for aesthetically appealing advanced products that better serve consumers’ needs, such as time schedules and multiple features in one device, is expected to drive the growth of the smartwatch market.
The average selling price of smartwatches is expected to fall steadily, owing to the anticipated number of market entrants. While the market is currently flooded with companies offering high-end products at premium prices, rising R&D and commercialization activities are expected to result in an increase in the number of mid-priced and low-end products over the forecast period. Thus the change in price points is expected to boost the smartwatch market growth.
Furthermore, patients frequently forget to take their medications for a variety of reasons. Wearables can play an important role in reminding people to take their medications and tracking when they do so. During the forecast period, these trends are expected to drive smartwatch adoption for medical applications among individual users.
The rise in data dependency among users, the increase in demand for connected and smart systems, and the government’s massive investment in building smart cities are the major key areas driving demand for smart wearables. These smart wearables are used to make phone calls, send text messages, listen to music, play games, and so on. In the future, its connectivity via various other devices will lead to the development of an ecosystem. This is expected to create a lucrative smartwatch market opportunity around the world.
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SMARTWATCH MARKET SHARE ANALYSIS
During the forecast period, North America is expected to be the most lucrative region. This is primarily due to increased purchasing power and increased demand for fitness tracking equipment.
Smartwatch Market By Company
- Samsung Group
- Lenovo Group
- LG Electronics
- Huawei Technologies
- Fossil Group
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