- Smartwatch devices is they are particularly useful for health-conscious users aiming for fitness tracking and health-related purposes.
- Limited battery life is expected to be a restraint for market growth.
- Fitness and health are expected to remain the major applications of smartwatches over the forecast period.
A smartwatch is a wrist-worn wearable device which provides functions far beyond those of a traditional wristwatch. The Global Smartwatch Market was valued $10.22 Bn in 2017 and is expected to reach $56.32 Bn by 2026, at a CAGR of 23.78 % during a forecast period.
The smartwatch market is segmented into the price range, product, operating system, application, and region. In terms of price range, smartwatch market is segmented into high-end smartwatches, mid-end smartwatches, and low-end smartwatches. Based on the product segment, smartwatch market is classified into extension smartwatch, classic smartwatch, and standalone smartwatch. By operating system, smartwatch market is divided into android, IOS, and windows. In terms of application, smartwatch market is classified into personal assistance, wellness, sports, medical, and others.
Based on regions, the global smartwatch market is divided into five main regions are North America, Europe, Asia-pacific, Latin America and Middle East & Africa.
In terms of product, extension smartwatches are contributing the highest revenue to the global market due to innovative applications such as tracking, alerts, and connectivity, which are compatible with extension smartwatches.
Based on price range, high-end smartwatches accounted for approximately 90% of the overall market share due to the growing demand for wearable technology and the entry of a considerable number of established players are expected to drive the market. Limited battery life is expected to be a restraint for market growth, with a trade-off between the battery life and overall performance.
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The major driving factor of smartwatch devices is they are particularly useful for health-conscious users aiming for fitness tracking and health-related purposes. Additionally boosting the smartwatch market growth, smartwatch devices deliver real-time speed, time and distance information when the user is on a walk or run.
On the basis of region, North America is the largest market for smartwatches in terms of revenue and adoption of high-end smartwatches, due to the presence of tech-savvy and health-conscious users in the North American region. Fitness and health are expected to remain the major applications of smartwatches over the forecast period. This is attributed mainly to the high smartphone penetration in the North American region.
The key market players of the global smartwatch market are Apple, Samsung, Sony, Motorola/Lenovo, LG, Pebble, Fitbit, Garmin, Withings, Polar, Asus, Huawei, ZTE, inWatch, Casio, TAG Heuer, TomTom, Qualcomm, Weloop, Epson, Geak, SmartQ, Hopu, and Truly.
Scope of Global Smartwatch Market: