Asia Pacific Smart Watch Market Outlook 2031:
The Asia Pacific smart watch market size was valued at USD 36.03 Billion in 2022 and is projected to reach USD 181.63 Billion by 2031, expanding at a CAGR of 19.69% during the forecast period 2023 - 2031. Growth of the market is attributed to rising demand from new generation.
Smart watches are wearable devices that can perform both standard wristwatch operations and various smartphone functions. Furthermore, smart watches are used for operations such as notifications, navigation, application synchronization, and Bluetooth connectivity to place calls or send/receive messages over the Internet.
Obesity currently affects more than 135 million people in India. Obesity prevalence in India varies from rural to urban and state-to-state. Obesity prevalence was found to be higher in urban populations and states with a high socioeconomic status. As a result, the majority of people are using fitness trackers and smart watches to monitor their health and fitness levels.
Smart Watch Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand from young generation is projected to drive the market.
- Growing tech-savvy population has fueled the market.
- High cost of smart watches is estimated to hinder the market growth.
- Development of new technological smart watch is anticipated to create immense opportunities for the market players.
Scope of Smart Watch Market Report
The report on the Asia Pacific smart watch market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Asia Pacific Smart Watch Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Operating System (Watch OS, Android/Wear OS, and Others), Display Type (AMOLED, PMOLED, and TFT LCD), Applications (Personal Assistance, Medical, Sports, and Others)
China, Japan, India, South Korea, and Rest of Asia Pacific
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Samsung Electronics Co. Ltd; Huawei Technologies Co. Ltd; Huami Corporation; Xiaomi Corporation; Apple Inc.; and Fitbit Inc.
Smart Watch Market Segment Insights:
The android segment is projected to hold a major market share
Based on operating system, the Asia Pacific smart watch market is segregated into watch OS, android/wear OS, and others.
In terms of revenue, android segment dominated the market and is expected to maintain its dominance during the forecast period, whereas Windows OS is expected to grow at the rapid pace.
The AMO-led segment is projected to grow during the forecast period
Based on display types, the Asia Pacific smart watch market is segregated into AMOLED, PMOLED, and TFT LCD.
The AMO-led segment is anticipated to expand at a high CAGR during forecast period. AMO-led is currently being used in smart phones and it gives a superior quality feel to its users. As smart watches are becoming more of experience based product, manufactures are using AMO-led glasses for the screen display.
The medical and sports segment is anticipated to expand during the forecast period
On the basis of end user, the Asia Pacific smart watch market is segregated into personal assistance, medical, sports, and others.
To cope with any type of health risk, young millennial want a wearable device that provides real-time health-related information. The adoption rate among people aged 25 to 34 is expected to rise to 42 percent during the forecast period.
However, the adoption rate for the 55-year-old and elder consumer group is expected to rise significantly. In the midst of the Covid-19 pandemic, vendors are seizing the opportunity by releasing smart watches and fitness trackers that can monitor and guide the user based on its measurements.
The market in China is projected to hold a major market share
In terms of regions, the Asia Pacific smart watch market is classified as China, Japan, India, South Korea, and Rest of Asia Pacific.
China is anticipated to dominate the market during forecast period. Strong economic growth in Asian countries, combined with the collapse of socialist ideologies regarding information control, has resulted in explosive internet penetration in the region.
According to a report published by the China Internet Network Information Center (CNNIC) on internet development in China, approximately 710 million Chinese people shopped online in 2019, with 37 percent of them live-streaming shoppers.
The Asia Pacific smart watch market is segmented on the basis of
- Watch OS
- Android/Wear OS
- Personal Assistance
- South Korea
- Rest of Asia Pacific
Major players’ competingnin the Asia Pacific smart watch market include Samsung Electronics Co. Ltd, Huawei Technologies Co. Ltd, Huami Corporation, Xiaomi Corporation, Apple Inc., and Fitbit Inc.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.