May 24, 2022, New York, USA (GLOBE NEWSWIRE)- Overview of the smartwatch market
According to a comprehensive research report by Market Research Future (MRFR),Smartwatch marketInformation by type, vehicle type, material, and region – By 2030, the market size will reach US $ 255.6 billion and is projected to grow at a compound annual growth rate of 23% by 2030.
AI integration to provide robust opportunities
Artificial intelligence (AI) integration ensures smart diagnostics and patient health monitoring. Individual participation in sports and other physical activities is increasing, which, coupled with new trends in adventure recreation and wellness tourism, is driving market expansion.
Scope of report:
|Market size||US $ 255.6 billion|
|Prediction unit||Value (US $ 1 billion)|
|Report coverage||Revenue forecasts, competitive landscapes, growth factors, and trends|
|Target segment||Operating system, application|
|Target area||North America, Europe, Asia Pacific, and other regions (RoW)|
|Major vendors||Huawei Technologies Co., Ltd. (China), Fossil Group (USA), Pebble (USA), Qualcomm (USA), Samsung Electronics Co. Ltd. (Korea), Sony Corporation (Japan), ConnecteDevice Ltd. (Japan), Apple Inc. (USA), Fitbit, Inc. (USA), LG Electronics (Korea), Motorola (USA)|
|Major market opportunities||Design and development of gender-based smartwatches.|
|Major market drivers|| • Growing concerns about personal health and fitness.
・ Increased use of smartphones.
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The driving force of the smartwatch market
Growing health awareness among consumers drives market growth over the forecast period. Smartwatches allow users to take the necessary health precautions in advance. Doctors can check the patient’s health from a distance and maintain, prescribe, or treat the patient as needed. For example, the latest Apple Watch Series 5 may monitor heart rate, nervous system activity, emergency or inactivity alerts, and health events.
Smartwatch market constraints
High initial technology cost to act as a market constraint
The high initial price of the technology, power consumption issues, and low battery life can act as market constraints during the forecast period.
Inaccurate data that serves as a market challenge
Data provided by smartwatches that are not completely accurate, fluctuations in raw material prices, and delays in spectral standardization can serve as market challenges during the forecast period.
The global smartwatch market is bifurcated based on order type and application.
By order type, Android Wear leads the market over the forecast period.
Depending on the application, personal assistance dominates the market over the forecast period.
Browse detailed market research report (100 pages) on IoT in the smartwatch market:
As a result of the current COVID-19 pandemic, the world has become insane. The slowdown in growth affects all companies. Meanwhile, smartwatch market reports show prominent players in the market. As the epidemic spreads, projected consumption and demand for smartwatches are increasing. This is because people started exercising at home during the blockade and were forced to buy smartwatches. When the gym closed, the smartwatch helped. As a result, the vast majority of people have begun trading smartwatches online throughout the waiting period. The pandemic is the first of a new generation of cellular wearables. As consumers’ interest in health has increased, so has the demand for smartwatches. By 2023, its value is projected to reach US $ 109.28 billion. During the expected period, the CAGR is expected to be 17.34%.
The key players in the targeted smartwatch market are:
- Fitbit Inc.
- Fossil group
- Garmin Ltd.
- Google Inc.
- Huawei Technologies Co. Ltd.
- LG Electronics Inc.
- Samsung Electronics Co., Ltd.
North America leads smartwatch market
North America leads the smartwatch market over a period of high living standards and high per capita income forecasts. Large companies are also based in North America and are more competitive than other countries. Increasing use of smartwatches in telecommunications and mobile applications is driving market growth. This area is renowned for having the largest smartwatch suppliers and helps drive market growth. Due to the recent development of clever items, the market is growing significantly. The number of applications for this technology is increasing in North America as new breakthroughs are developed. The United States is one of the first countries to implement virtual SIM cards and integrate them into smartwatch technology. This could serve the market of manufacturers who want to use the best watches within the independent gadget sector. North America will be able to dominate the region’s forefront of the global smartwatch market from 2019 to 2027 due to these advances. North America is currently dominating the market due to the growing focus on technological improvements in digital wearable devices, which will continue during the forecast period. Another factor driving market growth in the region is increased sales of toothbrush disinfectants via e-commerce platforms.
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With growing fitness activities and health awareness among end users in the US and Canada, North America will have the highest share of the global smartwatch market. With the growth of technology applications, this market will have the largest share of the global smartwatch market in 2020. As the first country to introduce and adapt virtual SIM cards to smartwatch technology, the United States has become the hub used by manufacturers. Stand-alone smartwatch technology has boomed the market. In addition, the high obesity and overweight population in North America leads to increased use of smartwatches to track indicators such as steps, calories burned, and pulse rate. This has a significant impact on the demand for smartwatches.
APAC grows lucratively in the smartwatch market
With the rise of the consumer electronics industry and the rapid expansion of smartwatch market vendors in emerging countries in the region, the Asia-Pacific region has the potential to achieve the fastest growth in the smartwatch market. The market will rise due to the aging of the population, the increase in chronic diseases such as diabetes and obesity, and the growing popularity of health and fitness to maintain a healthy lifestyle. The Chinese watch market is becoming more and more casual, and smartwatch makers are rewarding. The significant increase in smartwatches is being driven by major tech companies and customers who are enthusiastic about technology. Chinese company Xiaomi has become one of the most famous manufacturers and dealers of smartwatches. Increasing personal disposable income, rapid globalization, westernization, modernization, and increased awareness of the benefits of smartwatches, especially in countries such as India and China, are among the key market growth determinants of the region. It is a department.
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