Harrisburg, NC -- (SBWIRE) -- 10/16/2020 -- The Global Smart Watch Market Research Report 2020-2030 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data which enhances the understanding, scope and application of this report.
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Top leading Companies of Global Smart Watch Market are – Apple Inc.; Garmin; Fitbit; Motorola; Sony Corporation
Markets Covered: 1) By Product: Extension; Standalone; Classical
2) By Application: Personal Assistance; Wellness; Healthcare; Sports; Others
The smart watch market consists of sales of smart watches and related services that are used in medical, sports, gaming, and personal assistance. A smart watch is a computer-based wristwatch that provides many other features besides timekeeping. Examples include monitoring the heart rate, tracking the activity, and delivering day-round reminders.
The global smart watch market is expected to decline from $54.80 billion in 2019 and to $52.88 billion in 2020 at a compound annual growth rate (CAGR) of -3.51%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $84.90 billion in 2023 at CAGR of 17.10%.
North America was the largest region in the Smart watch market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.
Internet of things (IoT) driven smart watches is highly preferred choice of smart watches. Smart watches connected to the internet offer a wide range of features such as time, health monitoring, and fitness tracking, receives calls and messages, entertainment, cardless payments, and connectivity to other IoT devices to improve the quality of the users life. With increasing consumers interests towards health and fitness, convenience in day to day activities and smart homes, wearable IoT devices such as smart watches offer various features. The global smart watch shipments rise by 42% annually from 10 million units in 2018 to 14.2 million units in 2019.
The smart watch market covered in this report is segmented by product into extension, standalone, classical and by application into personal assistance, wellness, healthcare, sports, others.
The high cost of smartwatches is expected to hamper the growth of the smartwatches market. The accuracy required for designing and development of various devices including sensors, display, and small-sized semiconductor equipment with a core diameter of 10 micro meters along with raw materials requires a high range of expertise and high initial costs. According to the IHS report, smartwatch shipments will hit 101 million units by 2020, up from 3.6 million units in 2014. Therefore, high cost smartwatches are expected to hinder the growth of the smartwatches market.
In November 2019, Alphabet Inc., the parent company of Google, acquired smart watch maker, Fitbit, Inc. for a deal amount of US$ 2.1 billion. Alphabet said that the acquisition helps them in the advancement of its smart watch software, Wear OS. Fitbit, Inc. is an American company that makes fitness bands, smart watches, and accessories which helps in tracking footsteps, exercises, heart rate, and weight.
Browse in-depth and report summary TOC on Smart Watch Market:
What are the market factors that are explained in the report?
Executive Summary: It includes key trends of the global Smart Watch market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the global Smart Watch market based on production and revenue.
Production and Consumption by Region: It covers all regional markets focused in the research study. It discusses about prices and key players besides production and consumption in each regional market.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the global Smart Watch market.
Market Segments: This part of the report discusses about product type and application segments of the global Smart Watch market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach Smart Watch used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
Finally, Smart Watch Market report is the believable source for gaining the Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request and Market development rate and figure and so on. This report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.
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Note: All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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