Smartwatch Market Research Report - Forecast to 2027

Smartwatch Market Research Report, by Operating System (iOS, Android, Tizen, Linux, and Others), by Application (Personal Assistance & Safety, Health / Wellness, Media and Entertainment, Sports, Communication and Others) — Forecast till 2027

ID: MRFR/SEM/0461-HCR | February 2021 | Region: Global | 100 pages

Smartwatch Market Overview


Smartwatches are based on the operating system technology which is used for tracking alerts and connectivity. Smartwatches not only display the time but also have a multifunctional approach. The value of the Smartwatch Market was USD 41.86 billion in 2017. It is expected to reach USD 109.28 billion by 2023. The CAGR is estimated to be 17.34% during the forecasted period. In recent years what attracts consumers the most about the smartwatch is its tracking alert, connectivity, time, display, fitness features, etc. In addition to this as the huge sale of Samsung gear S3 escalated in the business market, the company started investing more in the development of smartwatches. The companies such as Samsung Electronics Co. Ltd., Apple Inc, Sony Corporation. are some famous companies in this market. Apple Inc is escalating the smartwatch market.


Covid 19 Analysis


As of the current outbreak of Covid 19 the world is going crazy. Every single business is being affected by a downfall in growth. Similarly, smartwatch market reports show major players in the smartwatch market. With the growing pandemic, the expected consumption, as well as demand for smartwatches, increased. This was because people started working out at their houses during the lockdown period which compelled them to buy smartwatches. As the gyms closed smartwatches came in handy. Hence during the pending make, more and more people traded smartwatches online. The pandemic is a new wave of cellular wearables. More and more people became concerned about their health which also resulted in the demand for smartwatches. The value is expected to grow from USD 41.86 billion in 2020 to USD 109.28 billion by 2023. The CAGR is estimated to be 17.34 % during the forecasted period.


Market Dynamics


Drivers


The midget factors that add up to the smartwatch market industry and smartwatch market growth are the shift in consumer preferences words high-tech electronics and watches which couples serve with various demands. People demand the best fitness smartwatch. This category anticipates a major drive for the smartwatch market. Apple dominates the smartwatch market with a 41% share. The total Global smartwatch shipments have grown by 37 % year-on-year in the second quarter of 2020. Samsung Electronics Co. LtdApple IncSony Corporation, Huawei Technologies Co. are some of the famous enterprises in the market. Apple Inc all these companies are escalating the growth of the smartwatches market.


Opportunities


The factors that contribute as opportunities for the growing market of smartwatches are the higher degree of connectivity that is provided by smartwatches. Companies such as  Apple Inc. Sony Corporation, Huawei Technologies Co., Samsung Electronics Co. Ltd., among others. Apple Inc is escalating the smartwatch market. These are some of the factors which provide opportunities for further growth.


Restraints


Those are factors that hamper the growth of the smartwatch market. These factors include the high cost of smartwatches that are not easily affordable by each one of the population. Not everyone in the population of a country is prosperous enough to buy smartwatches that can display time, work as a fitness band and do all the cool stuff. Sometimes the battery remains low which makes it non reliable in scary conditions, Technology has a risk of discharging at the time of need. Other restraints involve the presence of hybrid watches which are traditional and somewhat smartwatches. Most people usually prefer hybrid watches rather than smartwatches. These are some of the factors that hamper the growth of the smartwatch market. 


Value Chain Analysis


The benefits of having the best smartwatch include the integration of multiple functionalities into one watch. Consumers have started demanding more than just displaying time on watches hence people prefer the best smartwatch for Androids that can help not only in displaying time but as well as following smartwatch market trends.


Market Segmentation


The various market segmentations better made in the global market are based on the order type based on the application and based on the region.



  • Based On The Order Type: The global smartwatch market is divided based on the order type into Apple Watch, Android wear, One UI watch, etc.

  • Based On The Application: Based on application the global smartwatch market is classified into personal assistance medical and health fitness and personal safety.

  • Based On The Region: The regional division is done off the global smartwatch market into Asia Pacific Europe North America of the world.


Regional Analysis

In the research report of smartwatch market analysis, it is proved that based on the region the smartwatch market is divided into North America, Europe, Asia Pacific, and the rest of the world . According to the global estimates, each region is evaluated after considering its revenue, sales shares, developments, innovations, and growth rates.


North America holds the largest market share due to its quality of life in the region Owing to high disposable income.


Europe is estimated as the second-largest market for smartwatches as countries like Germany, France, Italy have higher adoption of wearable technologies.


Asia-Pacific is expected to be the fastest-growing region owing to technology developments by regional players such as Titan, the entry of large global players, and increasing demand for high-end wearable devices.


The region of North America is divided into the US and Canada, the region of Europe is divided into the UK, Germany, France, and the rest of Europe. The region of Asia Pacific has its market divided into China, Japan, India, and the rest of Asia Pacific.


Competitive Landscape


The prominent key players of the smartwatch market in the global market are mentioned down below-



  • Amazfit

  • Apple, Inc.

  • Fitbit Inc.

  • Fossil Group

  • Garmin Ltd.

  • Google Inc.

  • Huawei Technologies Co. Ltd.

  • Imoo

  • LG Electronics Inc.

  • Samsung Electronics Co. Ltd.


All these prominent key players play a major road in the dynamics and growth of the smartwatch market. These major key players opt for many strategies and policies to widen their customer base. These policies and strategies mainly include collaborations, mergers, acquisitions, extensions, joint ventures, establishments, new production processes, innovations, technology widening the existing products, partnerships, etc. All these important methods are opted to get the needs of customers and develop a strong potential growth base. These major key players contribute a major amount to the sugar frequency and are very helpful in developing innovations to improve the market.


Recent Developments


Given below are some recent developments in the global market of the smartwatch-



  • The invention of hybrid watches made way for traditional as well as modern smartwatches. What makes traditional watches different from smartwatches is that although it shows regular features like a smartwatch it does not have a touch display or charging functionality.

  • The other advancement is made in the sense of gender-based smartwatches. The smartwatches observe the daily activity of women from corporate and sport domains. It helps observe fitness of the women and much more.

  • Advancement in the market of Apple has shown current domination with 41% share. Its Global smartwatch shipment still grows by 37 % year-on-year and accounts for the second half quarter of the market in the year 2020.


Report Overview


As per 2020, the value of the global smartwatch market is USD 41.86 billion. By the year 2023, it is expected that the value of the market will reach USD.28 billion. This growth is the expected annual growth rate. The CAGR is estimated to be 17.34 % during the forecasted period. The global smartwatch market in the global market research report consists of the following elements which are mentioned down below-



  • Market overview

  • Covid 19 analysis

  • Market dynamics

  • Value chain analysis

  • Market segmentation

  • Regional analysis

  • Competitive landscape

  • Recent developments


In the global smartwatch market research report, there are major factors that drive the growth of the market. The report consists of opportunities that may further in the future and hands the global market of the smartwatch. Various factors restrain the growth of sugar-free confectioneries and hamper the development of such a fine-based market. Disney search report also consists of videos analysis based on Covid 19 impact market dynamics, different segmentations, regional analysis, etc. This research report also consists of various strategies and policies followed by the major key players that drive the smartwatch market. The future growth rate is also discussed and mentioned in this research report.  



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 109.28 billion
  CAGR   17.34%
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Operating System, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Huawei Technologies Co., Ltd. (China), Fossil Group (US), Pebble (US), Qualcomm (US), Samsung Electronics Co. Ltd. (South Korea), Sony Corporation (Japan), ConnecteDevice Ltd. (Japan), Apple Inc. (US), Fitbit, Inc. (US), LG Electronics (South Korea) and Motorola (US)
  Key Market Opportunities   Design and development of gender-based smartwatches.
  Key Market Drivers

  • Growing concern about personal health & fitness.
  • The rise in use of smartphones.


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    Frequently Asked Questions (FAQ) :


    The global smartwatch market is expected to record a substantial market valuation of up to USD 109.28 billion by 2023.

    The global smartwatch market is projected to register a moderate 17.34% CAGR in the forecast period.

    A few major market players operating in the global smartwatch market are Apple Inc., Samsung, Fossil Group, and Lenovo Corporation among others

    tracking, alerts, and connectivity in smartwatches have garnered consumer interest in recent years