New York, May 24, 2022 (GLOBE NEWSWIRE) — Overview of the smartwatch market
According to a comprehensive research report by Market Research Future (MRFR) “smartwatch market“Information by Type, by Vehicle Type, by Material and Region – Forecast to 2030” will reach a market size of US$255.6 billion and grow at a compound annual growth rate of 23% until 2030.
Integrate AI to provide robust capabilities
Artificial intelligence (AI) integration ensures intelligent diagnosis and monitoring of patient health. Individual participation in sports and other physical activities is increasing and this, combined with the emerging trends of adventure, recreational and wellness tourism, is driving market expansion.
|market size||$255.6 billion|
|Forecast Units||Value (Billion USD)|
|report coverage||Sales Forecast, Competitive Landscape, Growth Factors and Trends|
|Covered Segments||operating system, application|
|Regions Covered||North America, Europe, Asia Pacific and Rest of the World (RoW)|
|key provider||Huawei Technologies Co.,Ltd. (China), Fossil Group (USA), Pebble (USA), Qualcomm (USA), Samsung Electronics Co. Ltd. (South Korea), Sony Corporation (Japan), ConnecteDevice Ltd. (Japan) , Apple Inc. (US), Fitbit, Inc. (US), LG Electronics (South Korea) and Motorola (US)|
|Important market opportunities||Design and development of gender specific smartwatches.|
|Important market drivers|| · Growing concern for personal health and fitness.
· The increasing use of smartphones.
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Smartwatch Market Drivers
The growing health awareness among consumers will boost the market growth over the forecast period. A smartwatch allows the user to take the necessary health precautions in advance. Physicians can easily check the health status of their patients remotely and receive, prescribe, or treat them as needed. For example, the latest Apple Watch Series 5 can monitor heart rate, nervous system activity, emergency or inactivity alerts, and health events.
Smartwatch Market Restrictions
High initial technology costs as a market constraint
The technology’s high initial price, issues related to power consumption and low battery life may act as market restraints during the forecast period.
Inaccurate data as a market challenge
The data offered by not entirely accurate smartwatches, volatility in commodity prices and delays in frequency standardization may act as market challenges during the forecast period.
The global smart watch market is divided into two based on order type and application.
By order type, Android Wear will lead the market over the forecast period.
By application, the personal assistant will dominate the market over the forecast period.
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The world has gone mad as a result of the current COVID-19 pandemic. A slowdown affects every business. Smartwatch market reports, on the other hand, showcase the prominent players in the market. Projected consumption and demand for smart watches have increased as the epidemic has spread. This happened because people started exercising at home during the lockdown, forcing them to buy smart watches. Smartwatches came in handy when gyms closed. As a result, the majority of people started trading smart watches online throughout the waiting period. The pandemic is the first of a new generation of cellular wearables. As consumers became more concerned about their health, so did the demand for smartwatches. By 2023, the value is expected to reach $109.28 billion. During the expected period, the CAGR is expected to be 17.34%.
Dominant Key Players covered in Smart Watches Market are:
- apple inc
- Fitbit Inc.
- fossil group
- Garmin Ltd.
- Google Inc.
- Huawei Technologies Co.Ltd.
- LG Electronics Inc.
- Samsung Electronics Co.Ltd.
North America leads smart watch market
North America will lead the smart watch market during the forecast period because of the high standard of living and high income per capita. The big players are also based in North America, which gives them a competitive edge over other countries. Increasing use of smart watch in telecom and mobile applications is driving the market growth. This area is known to have the maximum of smart watch vendors which is driving the growth of the market. Due to recent developments in smart items, the market is growing significantly. Applications for this technology are growing in North America as new breakthroughs are developed. The US is one of the first countries to implement virtual SIM cards and combine them into smart watch technology. This could help the market for manufacturers looking to use the best watches in the independent gadget sector. North America will be able to dominate the regional front of the global smartwatch market from 2019 to 2027 as a result of these advances. North America currently dominates the market and will continue to do so over the projection horizon due to the increased focus on technological improvements in digital wearable devices. Another factor driving the market growth in this region is the increase in sales of toothbrush sterilizers through e-commerce platforms.
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North America will take the highest share of the global smart watch market due to increasing fitness activities and consumer health awareness in the United States and Canada. Due to growing technological applications, this market is expected to account for the largest share of the global smartwatch market in 2020. As the first country to adopt and fit virtual SIM cards in smartwatch technology, the US has become the hub for manufacturers of standalone smartwatch technology, leading to a market boom. Additionally, the high obesity and overweight population in North America is leading to an increasing use of smartwatches to track metrics such as steps taken, calories burned, heart rate, etc. This has a major impact on the demand for smartwatches.
APAC with positive growth in smart watch market
Due to the burgeoning consumer electronics industry and the rapid expansion of smartwatch market vendors in the region’s emerging markets, Asia-Pacific is likely to see the fastest growth in the smartwatch market. The market will rise due to an aging population, an increase in chronic diseases such as diabetes and obesity, and the increasing popularity of health and fitness to maintain a healthy lifestyle. The watch market in China is becoming looser and smartwatch manufacturers are being rewarded. A significant rise in smartwatches is being driven by leading technology companies and tech-savvy consumers. Xiaomi, a Chinese company, has become one of the most famous manufacturers and retailers of smartwatches. Increasing personal disposable income, rapid globalization, westernization, modernization and heightened awareness of the benefits of smart watches, especially in countries like India and China, are some of the key market growth drivers of the region.
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