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.
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
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
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
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.
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.
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.