The smart watches market is estimated to reach around US$ 57.09 Bllion by 2030 - Coherent Market Insights.
Smart watches are wearable devices that are intended to be worn on the wrist and have advanced features such as making calls, easy connection to the internet, messaging, weather updates, fitness monitoring capabilities, GPS coordination, and others. Apart from all these features, some smart watches are also Bluetooth-enabled which allows them to connect to a smartphone.
The global smart watches market is estimated to account for US$ 57.09 Bn by the end of 2023.
Drivers
- Increasing demand for extension smart watches
The expansion of the electrical and electronics industries is projected to drive the market growth of the global smart watches. Technological advancements coupled with the rising expenditure in the field of global smart watches to develop more advanced products is also contributing to the market growth. Moreover, the growing demand for high-end smart watches among the urban population is again projected to propel the market growth of the global smart watches. For instance, in May 2022, Huawei a manufacture Consumer Business Group introduced various cutting-edge hardware products at its flagship product launch in 2022, including Huawei mate xs 2, Huawei watch gt 3 pro, Huawei watch fit 2, Huawei band 7, Huawei watch d, and Huawei s-tag. The business also highlighted its well-known health app, which has helped people all over the world lead healthy lifestyles.
Market Opportunities
- Rising prevalence of online shopping trends
Over the projection period, the rising launch of design- and gender-based smart watches is expected to provide significant market growth prospects. Furthermore, the growing desire for smart watches that fit the Metropolitan lifestyle is expected to drive market expansion. Timex, for example, will collaborate with Huami to launch two Metropolitan smart watches in January 2020. The product is classified as a lifestyle-focused Metropolitan smart watch collection and includes software created in collaboration with Huami. It has a high-resolution AMOLED touch display with rich colors that seem bright in any lighting condition. The watch has a battery life of two weeks.
Market Restraints
Privacy concern associated with smart watches are inhibiting the acceptance of this product among users due to the growing cases of data breaches. This factor is expected to hamper the market growth.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/smartwatches-market-4061
Key Takeaways:
The global smart watches market was valued at US$ 28.72 Bn market in 2022 and is forecast to reach a value of US$ 57.09 Bn by 2030 at a CAGR of 9.0% between 2023 and 2030.
The Android wear segment dominated the global smart watches market in 2022, accounting for xx share in terms of value, followed by others and watch OS (iOS) respectively.
The mid-end smart watch segment dominated the global smart watches market in 2022, accounting for share in terms of value, followed by low-end smart watch and high-end smart watch respectively.
Market Trends
Increasing popularity of smart watches among people
The increasing use of smart watches as a fashion statement is a growing trend in the market. Moreover, improving lifestyle of the consumer coupled with the increasing purchasing power is driving the market growth. Shifting preferences towards software that offer seamless wireless and touch less features, digital mapping, and personal organizer are further anticipated to augment the market growth of the global smart watches.
Increasing purchase of smart devices by online platforms among consumers due to the growing trend of digitalization is expected to propel the market growth of global smart watches. Online platforms offer a variety of products along with discounts and other benefits such as an exchange offer that is attracting more consumers to purchase the product online. Thus, the growing trend of online shopping will favor the market growth over the forecast period.
Global Smart watch Market - Impact of Coronavirus (COVID-19) Pandemic
The outbreak of the novel coronavirus is expected to cause a significant impact on the smart watch market owing to the temporary and permanent closure of manufacturing units across the globe. Moreover, the work from trend is increasing the demand for consumer electronics, such as laptop and computers, thus driving the demand for smart watches over the forecast period.
Company Names
- 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.
