SMARTWATCHES MARKET ANALYSIS

The global smart watches market accounted for US$ 28.72 Bn in 2022.

Drivers

• Increasing trends for online shopping contributes to the growth of the market

Increasing usage of the internet and smartphone are primarily fueling the smart watches market growth. Additionally, features such as ease of handling and use are boosting the market growth. The growing youth population coupled with the rising popularity of these devices due to their advanced features is also expected to foster the market growth over the forecast period. For instance, in August 2021, Urban Sports, one of its newest smart watches, was unveiled by base. The new smart watch has a standby time of 45 days. The smart watch primarily broadens the affordable variety of smart watches available in the country.

Growing demand for extension smart watches boost the market growth

Growing demand for extension smart watches, which act as an extension of a smartphone or other connected device, is likely to drive market expansion. Incorporation of advanced apps such as tracking, alerts, and connectivity that are compatible with extension smart watches is expected to boost smart watch market growth. Furthermore, growth in the middle-class population is likely to boost smart watch market growth.

Market Restraints

• The limited battery life of the smart watches is a major factor restricting the adoption of smart watches

The limited battery life of the smart watches is a major factor restricting the adoption of smart watches. Limited battery life affects the overall performance of the device, thereby hindering the market growth. The high initial costs of smart watches is restricting their demand across low-income and middle-income populations. This is projected to negatively impact the market growth of the global smart watch.

Market Opportunities

Continuous product innovation by key players is projected to bring new market growth opportunities over the forecast period. For instance, in June 2021, Garmin International Inc a manufacture launched Forerunner 945 LTE, a triathlon wristwatch with LTE connectivity, GPS, and other functions.

A growing number of people participating in the sports activity due to the increasing adoption of a healthy lifestyle is expected to offer lucrative growth opportunities for the smart watches market. Moreover, the growing popularity of smart watches among almost all age-groups is also expected to boost the adoption of these watches. The rising demand for cellular-connected wearable devices is further projected to foster the market growth. 

Market Trends

The rising popularity of lightweight and stylish design smart watches among consumers is encouraging manufacturers to introduce lightweight and durable smart watch. Increasing spending on R&D by key manufacturer to develop next-generation smart watches is one of the growing trends in the market For instance, in August 2021, In base a manufacture  launched, Urban Sports, one of its newest smart watches. The brand-new smart watch offers 45 days of standby time. The smart watch mainly broadens the affordable selection of smart watches offered in the nation. ​

Market segment

Figure 1. Global Smart Watches Market by region in 2022

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North America dominated the global smart watches market in 2022, accounting for 31.1% share, followed by Europe and Asia Pacific respectively.

 Figure 2. Global Smart Watches Market, by Operating System, in 2022

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On the basis of operating system, in 2022, the android wear segment has accounted the largest market share of 54.9% in terms of value, followed by others and watch OS (iOS) respectively                             

Global smart watch Market - Impact of Coronavirus (COVID-19) Pandemic

The consumer electronics industry was negatively impacted due to the sudden outbreak of the COVID-19 pandemic worldwide. The supermarkets, hypermarkets, and showrooms of leading brands were shutdown, thereby affecting the sales of various consumer electronics products. On the other hand, trends such as work from home, led to increase an increase in the demand for computers, laptops, and peripherals. Due to the increasing demand for remote connectivity, the sales of networking devices, and connectivity hardware solutions increased. This scenario boosted the market growth over the forecast period.

Key Developments

• In June 2022, Boat launched, Boat Xtend has been replaced by the Xtend Sport smart watch. The company has recently gone on a launch binge. After dominating the budget audio industry, the corporation now intends to control the budget market in a more strategic manner. Such improvements and expansions will benefit the sports industry's analyzed market.
• In June 2021, Garmin International Inc. Announced, Forerunner 945 LTE, a high-end GPS running and triathlon smart watch with LTE connectivity, its most recent design. The watch keeps athletes connected while they are active. Along with providing precise training data, performance monitoring tools, and smart watch features on which modern athletes have come to rely, the watch also brings phone-free safety and tracking features, spectator messaging, and live event sharing to the wrist.
• In April 2021, Casio Computer Co. Ltd. Introduced GSW-H1000, a G-SQUAD PRO smart watch running Wear OS from Google and loaded with features to help users reach their activity goals and make use of fitness tracking tools. GSW-H1000 is designed for use in a variety of athletic environments including running, indoor exercise, road biking, swimming, surfing, and snowboarding.

In June 2022, Garmin unveiled GPS-running smart watch, one of the first in the world, with solar charging and Forerunner 255 series in India. Triathlon-ready smart watches with training features are created for professional and mid-level runners, and athletes are the newest additions to Garmin's Forerunner line, the go-to product for runners worldwide

Competitive Section:

Pebble Technology Corporation, Samsung Electronics Co. Ltd, Nike Inc., Garmin Ltd., Sony Electronics Inc., Fit bit Inc., Martian Watches, Connect device Ltd. (COOKOO), Apple Inc.

 *Definition - Smart watches are wearable computing devices that resemble wristwatches but come with added advanced features such as weather update, messaging, calling features, connection to the internet, Bluetooth-enabled, GPS, and others. It also has a fitness tracking app and can answer messages by voice.