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Smart Watch Market (Product - Extension Smartwatch Market, Standalone Smartwatch Market, and Classical Smartwatch Market; Application - Personal Assistance, Wellness, Medical/health, Sports, and Others; Operating System - Android, iOS, Windows, Kizen, and Others; Distribution Channel - Online, Retail Stores, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : May, 2021

  • Rep Id : CGP066

  • Category : Consumer Goods and Packaging

  • Status : Published

A recent report published by Infinium Global Research on smart watch market provides in-depth analysis of segments and sub-segments in the global as well as regional smart watch market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart watch market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global smart watch market. According to the report, the global smart watch market is projected to grow at a CAGR of 20% from USD 25.8 billion in 2020 to over USD 77 billion in 2026 during the forecast period of 2020-2026.


Market Insight

A smart watch is the next step in the evolution of smart wearable devices. This wearable device performs several tasks such as sleep tracking, footsteps tracking, displaying messages and calls on the screen, heart rate monitoring, remotely controlling the smartphone, and many others. Smart watches are available in different colors and sizes. This device is connected to a smartphone through the medium of Bluetooth. Also, the upcoming smart watches offer a voice control feature. Smart watches are of two types one is a fitness tracker and the other is a phone companion. This device is popular among people who are frequent travelers, fitness enthusiasts, businessmen, artists, and others. This device is also becoming a great medium of entertainment.

 

The growth in the market of wearable devices is fuelling the growth of smart watch market. A number of wearable device manufacturers are offering smart watch devices. As the trend of wearable devices is growing this is causing an increase in the adoption of smart watches. Another factor that is driving the market is the low prices of smart watches. Smart watches come in different categories from premium to budget. There are a number of smart watches that are available at low prices. In addition to low prices, the disposable income of people is also increasing. Thus, the affordable prices of the device are increasing the demand in the market. The standard of living of people is also increasing as the economic prosperity in the world is rising. People have become tech-savvy and are increasingly using smart wearable devices. The smart watch can be connected using the internet also, thus the data security threat is associated with the usage of this device. Therefore this factor is restraining the market. Technological advancements as a result of an increase in R&D activities are happening in the market. New features such as voice control and facial recognition are being included in smart watches. Therefore, new opportunities in the market are set to rise.

 

The rise in the usage of smart watches was seen during the COVID-19 pandemic. The smart watches were useful in monitoring the heartbeats and level of oxygen in a body. This information was useful for both doctors and patients while treating COVID-19 virus. Research studies were conducted regarding the use of smart watches in the early detection of the COVID-19 virus. Therefore the demand in the market increased. Though the demand increased manufacturers faced the problem of shortages in their inventories. This happened as all the production activities in the market were stopped due to restrictions imposed by governments. Supply chain disruptions were also responsible for the same. The closure of retail stores affected the distribution of smart watches in the market. Online platforms gained huge profitability among other channels of distribution during the pandemic.

 

North America is expected to be the dominant region in the market. Asia-Pacific is expected to be the fastest-growing region. North America has the presence of some of the largest smart watch manufacturers such as Apple, Inc. and Fitbit, Inc. The use of advanced technology products is also high in the region. The high income and spending level of people are also responsible for the dominance of the region in the market. People in North America mostly prefer to buy premium technological products. Asia-Pacific has the largest youth population among whom smart watches are popular. Most of the smart watch manufacturers are based in Asia-Pacific. The consumer electronic industry is also growing in the region. Therefore region is expected to be the fastest-growing region in the market.

 

Segment Covered

The report on global smart watch market covers segments such as product, application, operating system, and distribution channel. On the basis of product, the sub-markets include the extension smartwatch market, standalone smartwatch market, and classical smartwatch market. On the basis of application, the sub-markets include personal assistance, wellness, medical/health, sports, and others. On the basis of operating system, the sub-markets include android, iOS, Windows, Kizen, and others. On the basis of distribution channels, the sub-markets include online, retail stores, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Samsung Electronics Co. Ltd., Fossil Group, Apple Inc., Lenovo Corporation, Fitbit, Inc., Sony Corporation, Huawei Technologies Co., Ltd., Garmin, Pebble, and imoo.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart watch market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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