- Consumers are increasingly spending on wireless electronic devices that can help them to keep fit and healthy.
- High cost and shorter battery life may limit market growth.
- The health and fitness segment forming part of application segment is anticipated to occupy the highest market share.
The global smartwatch market is anticipated to grow at a CAGR of around 17% over the forecast period (2020-2027), owing to increasing sales of smart phones and rising demand for wireless health and fitness devices globally. Moreover, individuals who are involved in sports activities such as athletics, swimming, cycling and other activities are adopting smartwatches for the purpose of keeping track of their fitness regimen and other related activities.
The growth of the smartwatch market is driven by various factors such as rising levels of health awareness, increasing number of individuals owning smartphones and increase in demand for wireless health and fitness devices from individuals engaged in sports activities such as athletics, swimming, cycling and many more activities. The consumers are increasingly spending on wireless electronic devices that can help them to keep fit and healthy globally by indicating to them the exercises and physical activities completed by them every day such as distance travelled, number of steps taken each day, calories burnt per day and several other details for their record. All these factors are anticipated to drive the growth of the market over the forecast period.
However, the growth of the smartwatch market is subject to certain limitations such as their high costs which are not affordable by the average consumer, shorter battery life of these smartwatches. Moreover, there is still a lack of awareness about the working of smartwatches, technology that is being used and their utility for individuals. All of these factors may operate as major restraints to the growth of the market over the forecast period.
The global smartwatch market consists of four segments which are segmented by operating system, product type, application and by wireless technology. The health and fitness segment forming part of application segment is anticipated to occupy the highest market share, owing to rising demand for wireless connected fitness devices among the global population which helps in keeping a track of their fitness regime. The smartwatches are helping individuals to keep a proper track of their fitness levels by providing data on their exercise and physical activity.
This report also provides the existing competitive scenario of some of the key players of the global smartwatch market which includes company profiling:
- 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.