The global smartwatch market valuation is projected to reach USD 109.28 billion by 2030, according to Market Research Future (MRFR) in its report. It can exhibit 17.34% CAGR from 2022 to 2030. MRFR’s report on the smartwatch market focuses on need for rapid development for ramping up pending projects and focus on sustainability for the forecast period (2022-2030). The COVID-19 pandemic and its implications are explored in depth in the market.
Industry
News
Garmin has
announced a slashed rate for its smartwatches in India for its anniversary.
This can create customer attention and lead to higher awareness among its
customers.
Competitive
Analysis
Imoo, Huawei Technologies Co. Ltd., Google Inc., Fitbit Inc., Samsung Electronics Co. Ltd., Amazfit, Fossil Group, LG Electronics Inc., Garmin Ltd., and Apple, Inc. are key players in the global smartwatch market.
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Smartwatch
Market Scope
The global
smartwatch market is driven by inclination towards high-end electronic devices
and its high capacity in assisting users in their daily routines. Integration
of near-field communication and other communication standards for faster
exchange of data can attract users. Shift towards high-end devices owing to its
attractive value and its features can lead to high sales over the forecast
period.
Huge
spending in research and development to improve the features and handling of
smartwatches can lead to launch of premium products. Companies are launching
low-end and mid-tier watches to target all customer demographics. Demand for
aesthetically pleasing products and a large millennial customer base can be a
viable opportunity for the smartwatch market.
COVID-19
Impact Analysis
The
COVID-19 pandemic has accelerated the sales of smartwatches and boosted market
demand significantly. Rising awareness of health amid the fear of the virus and
overflowing of patients in hospitals is likely to guide buying decisions of
customers. Researchers are conducting experiments on the benefits of
smartwatches and its role in detecting diseases in the early stages. For
instance, FitBit has developed an algorithm to detect COVID-19 in preventive
stage of the disease by monitoring symptoms.
Smartwatch
Market Segmentation
Android OS
to Lead in Market Demand
The
Android OS segment is set to lead in market demand due to its open-source
nature and ubiquity in all smart devices. Many smartphone manufacturers have
launched smartwatches due to its compatibility with mobile devices.
Health
& Wellness Application to Capture Major Market Share
The health
and wellness application is set to capture a major market share owing to rise
of health-conscious customers and developments in watches for tracking health
metrics. Large number of smartwatch manufacturers targeting the segment due to
the fear of COVID-19 can benefit global market over the forecast period.
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Regional
Analysis
North
America to Dominate Global Smartwatch Market
North
America will lead in demand in the global market due to increase in spending
levels of customers and affinity towards latest technologies. Concerns over
fitness levels and compatibility with smartphones can drive regional market
demand. Moreover, investments in research and development to ensure integration
of latest features to attract a large customer base is the gameplay of market
leaders in the region.
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