Global Smartwatches Market Set For Rapid Growth, To Reach Around USD 21.09 Billion By 2021
Sarasota, FL -- (SBWIRE) -- 04/16/2018 -- According to the report, the global smartwatches market was valued at approximately USD 16.44 billion in 2015 and is expected to reach approximately USD 21.09 by 2021, growing at a CAGR of around 53.01% between 2016 and 2021. Global demand for smartwatches stood around 21.1 million units in 2015 expected to reach 108.2 million units by 2021 with a CAGR of 42.8% during estimate period.
A smartwatch is a digital wristwatch which is fully programmable watch with the capability to interact with other devices and Internet services. It is an attractive form factor for wearable computers. It has the advantages like easy to carry, time management and other functionalities. The smartwatches are companion to smartphones. Near-field communication (NFC) or bluetooth are some connecting technology used to connect the smartwatch to smartphones. Smartwatches are used to provide notifications to its user and can also be used to track health parameters such as heart rate, distance traveled, etc.
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The smartwatches market is expected to witness significant growth due to the increasing usage of smartphones and high demand of internet accessibility. The major driving factor for smartwatches market is transforming technological preferences in young population like wide use of different electronic gadgets. Entry of new startups and further market penetration of established players is projected to intensify the competition in the market arena. The high demand of low range smartwatches from price conscious people is expected to develop an astounding growth in key players of this market. Affordable prices of smartwatches and rising demand from young population are emerging trend which is likely to open new market avenues in the near future. However, some restraints like limited battery life associated with product may hamper the growth of this market.
On the basis of price range of smartwatches, the global smartwatches market is divided into high-end, mid-end and low-end smartwatches. High-end smartwatches accounted for approximately 90% share of the global market in terms of revenue in 2015. This was mainly due to the awareness of the smartwatch as fitness tracking device. Mid-end smartwatches was the second largest segment of the global smartwatches market.
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Android wear, watch OS (iOS) and other like tizen OS, pebble OS, LinkIt OS, etc., are the operating system used in smartwatches. Android wear smartwatches dominated the global market and accounted for significant share of the overall market share in 2015. This is primarily owing to high number of applications of smartwatches.
North America is expected to remain the market leader over the forecast period, and accounted for 35.5% share of the global market revenue in 2015. The growing health awareness and large number of smart technology users in the region is one of the major reasons for the growth of the smartwatches market in North America. Rapid adoption of mid-end and low-end smartwatches in emerging economies of Japan, China, and India is expected to drive the smartwatches market in Asia Pacific.
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Key industry participants include Apple Inc., Nike Inc., Garmin Ltd., Qualcomm Incorporated, Sony Electronics Inc., Martian Watches, Pebble Technology Corporation, Fitbit Inc., ConnecteDevice Ltd., and Samsung Electronics Co. Ltd.