Smart Watches Market

The global smart watches market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the increasing demand of smart watches from users for wireless fitness and sports devices.

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A smartwatch is a wrist-worn wearable device. It is smartphone alike device, which provides enhanced functions to user than traditional wristwatch. They are usually used as a companion device and need to be paired with a smartphone through near-field communication and Bluetooth technologies. After connecting with, smartphone the watch notifies the user of e-mail messages, incoming calls, to make telephone calls, and notifications from applications. First smartwatch was introduced by Microsoft’s Smart Personal Object Technology (SPOT) in 2004. The SPOT received information, such as weather from through FM radio and user was able to receive to message and call but not able to reply that. Along with accessing smartphone notification smart watch offer several benefits to user, such as navigation, fall detection, fitness, phone tracking, emergency call, and detection of users location.

The COVID-19 pandemic outbreak had negative impact on the market. During the pandemic, the supply chain were disrupted and trade business was significantly affected, which resulted in temporary halt for manufacturing of smart watches. The market is expected to recover soon as emergency lockdown is lifted by the government gradually and online sales of smart watches is increased.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing adoption of smart watch in health conscious users for real-time tracking and feedback on their daily activities across the globe is one of the key factors driving the market growth.
• Rising importance for connected devices among various industry verticals is projected to boost the market during the forecast period.
• High initial cost of technology acts as a major challenge that can restrict the market growth in the coming years.
• Growing concern about power consumption coupled with low battery life of smart watches is expected to hamper the market growth during the projected timeline.
• Escalating demand for connected ecosystem is anticipated to create significant growth opportunities for the market.

Scope of the Report

The report on the global smart watches market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

High-end segment to grow at rapid pace

Based on price, the market is divided into low-end, mid-end, and high-end. The high-end segment is expected to grow at a rapid pace during the forecast period due to the increasing demand of wearable technology and entry of a considerable number of established players. On the other hand, the mid-end segment is anticipated to expand at a substantial CAGR in the coming years attributed to the growing commercialization activities and R&D by manufactures. Moreover, the mid prized smart watches are cost effective, which is driving the segment growth further.

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North America to constitute a key market share

In terms of region, the global smart watches market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to awareness among users, higher purchasing power, and presence of key global market players in the region. However, the market of Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to the growing penetration and proliferation of watch in the region as well as focus of regional players on manufacturing of smart watches.

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Segments

Segments Covered in the Report
The global smart watches market has been segmented on the basis of

Price

• Low-end
• Mid-end
• High-end

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

• Google Inc.
• Qualcomm Technologies, Inc.
• Samsung Electronics Co., Ltd.
• Apple Inc.
• Sony Corp.

Competitive Landscape

Key players competing in the global smart watches market are Google Inc.; Qualcomm Technologies, Inc.; Samsung Electronics Co., Ltd.; Apple Inc.; and Sony Corp. Companies are focusing on investments in R&D sector for advancements in smart watch technologies to fulfil the demand from the market and maintain their competitive position in the market. Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.

For instance, in September 2021, Apple Inc. launched its Apple Watch 7 along with its line of iPhones. The newly launched watch from Apple is the 8th generation smart watch. The watch is with new design, refined edges, and thinner bezels for 20% more screen area as well as the smart watch came in two sizes 41 mm and 45mm. In August 2021, Samsung Electronics Co., Ltd. announced the launch of its new Galaxy Watch 4 amongst its new product lineup. The newly launched watch is available in two sizes 40mm and 44mm models, with both Bluetooth and LTE variants. It is also integrated with a Bioactive Sensor of Samsung that inform users about health goals by capturing the body composition in real-time. Armor aluminum metal frame designed watch offers high-end functionality and looks for day-to-day tasks and workouts.