Smartwatches are wearable devices intend to wear on the wrist and have advanced features such as making calls, easy connection to internet, messing, weather update, fitness monitoring capabilities, GPS coordination, and more. Apart from all these features, some of the smartwatches are also Bluetooth-enabled which allows it to connect it with a smartphone.
The global smartwatches market is estimated to account for US$ 23,306.4 Mn in terms of value by the end of 2019.
Expansion of the electrical and electronic industry is projected to drive the market growth of the smartwatches. Advancement in the technology coupled with the rising expenditure in the field smartwatches to develop more advanced products is also contributing to the market growth. Moreover, the growing demand for high-end smartwatches among the urban population is again projected to propel the market growth of the smartwatches.
Increasing launch of design and gender bases smartwatches is projected to serve major market opportunities over the forecast period. Moreover, the growing demand for smartwatches that match the Metropolitan lifestyle is again projected to propel the market growth. For instance, in January 2020, Timex partners with Huami to introduce two Metropolitan smartwatches. The product is categorized as lifestyle-focused Metropolitan smartwatch collection and feature software that was developed in partnership with Huami. It has impressive high-resolution AMOLED touch display with vibrant colors that look bright under any ambient light condition. The watch has two weeks of battery life.
Privacy concern associated with the smartwatches is inhibiting the acceptance of this product among users due to growing cases of data breaches. This factor is expected to hamper the market growth.
Global smartwatches market was valued at US$ 23,306.4 Mn market in 2019 and is forecast to reach a value of US$ 5,97,264.4 Mn by 2027 at a CAGR of 53.6% between 2015 and 2025.
Android wear segment dominated the global smartwatches market in 2019, accounting for 54.9% share in terms of valuee, followed by others and watch OS (iOS) respectively.
The mid-end smartwatch segment dominated the global smartwatches market in 2019, accounting for 44.1% share in terms of value, followed by low-end smartwatch and high-end smartwatch respectively.
The growing use of smartwatches as a fashion statement is a growing trend in the market. Moreover, improving lifestyle of the consumer coupled with the increasing purchasing power is another major trend driving the market growth of the smartwatches. Shifting preferences towards software that offer seamless wireless and touchless features, digital mapping, and personal organizer is further anticipated to augment the market growth of the smartwatches.
Increasing purchasing of smart devices by online platform among consumers due to the growing trend of digitalization is expected to propel the market growth of smartwatches. Online platform offer variety in the product along with the discounts and other benefits such as an exchange offer that is attracting more consumer to purchase the product online. Thus the growing trend of online shopping will favor market growth over the forecast period.
Global Smartwatch Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of the novel coronavirus is expected to cause a significant impact in the smartwatch industry owing to temporary and permanent closure of manufacturing units across the globe. Moreover, work from trends is increasing the demand for consumer electronics such as laptop, computers among other that is expected to increase the demand for the smart watches over the forecast period.
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