According to a market report, published by Sheer Analytics and Insights, The global smart watch market was valued at $30.4 billion in 2021 and it is expected to reach $180.3 billion at a CAGR of 17.5% between 2022 and 2032. The availability of numerous smartphone-like functions and the strong demand for aesthetically pleasing smart gadgets serve as important purchasing motivators for consumers. These gadgets make it simple to manage work schedules, view messages and notifications, and take Bluetooth calls. Additionally, it offers boating characteristics with a clearer AMOLED display. Smartwatches make it possible to connect multiple devices, including smartphones and wireless earphones, making it easier to handle calls, listen to and control music, and perform other tasks while finishing up daily chores at home. Therefore, the primary factor anticipated to propel the growth of the global smartwatch market during the anticipated timeframe from 2022 to 2032 is the increasing demand for wearable technology with cutting-edge smart features.
Government funding for the creation of smart cities and the accessibility of cutting-edge infrastructure that enables connection to the internet and a variety of apps are anticipated to drive the market share for smartwatches. Due to the product's propensity to increase spending on smart gadgets, especially smart wearables, high consumer spending in developed economies has played a crucial role in driving up sales. Moreover, the progressive rise in the number of elderly people, their different age-related ailments, and the rise in heart-related issues among young people are driving up consumer healthcare spending, which is driving up demand for smartwatches. These factors are expected to drive the market over the forecast period from 2022 to 2032.
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Furthermore, the enhanced level of connectivity offered by smartwatches is one of the aspects that function as an opportunity for the expanding market for them. Several businesses, including Samsung Electronics Co. Ltd., Huawei Technologies Co., Apple Inc., Sony Corporation, and others. Apple kept hold of the top spot with a 30% market share. Samsung was also one of the most prosperous smartwatch OEMs in 2021. The third quarter saw it expand QoQ by more than 200%, resulting in the brand's highest shipments ever. Up until the final quarter, this increase was still robust. A good distribution network is yet another crucial component of this business. The market penetration strategies used by the top corporations include choosing the appropriate channel, location, and target market in conjunction with their suppliers and resellers. Hence, these rising factors are expected to create more growth opportunities for the market in the future.
On the other side, Future market growth is predicted to be hampered by some variables. These factors include the high price of smartwatches, which makes them difficult for the majority of people to afford. Not every citizen of a nation is wealthy enough to purchase a smartwatch that can tell time, serve as a fitness band, and do all the other wonderful stuff. The market's growth is anticipated to be hampered by the preference of many high-income consumers for luxury watches as well as middle- and huge numbers of low-income consumers for normal timepieces.
Some new developments in the global smart watch market:
- On 11th August, 2022, The Instinct Crossover, a new hybrid smartwatch series from Garmin, has been launched. It is available in Solar and Tactical versions. The Instinct Crossover, Instinct Crossover Solar, and Instinct Crossover Solar Tactical are the specific products made by Garmin. The first two models, however, are referred to as the "Standard Edition" on the company's website.
- On 9th November, 2022, Launched with a 1.91" edge-to-edge display and wireless charging was the Pebble Cosmos Prime Smartwatch. Additionally, the reversible magnetic straps make it a simple and stylish wearable, and the GPS trajectory display tracks your geographic moves while exercising.
- On 9th November, 2022, Dizo from Realme introduces the Watch D Plus smartwatch for Rs 1,999. According to the brand, it will soon be accessible at a few chosen retail locations. A year ago, the Dizo Watch D was introduced, and now there is a new model called the Dizo Watch D Plus.
According to the study, key players dominating the global smart watch market are Apple Inc (U.S), Amazfit (China), Alphabet Inc (U.S), Asus (Taiwan), Fossil Group (U.S), Garmin Ltd (U.S), Huawei (China), Lenovo (Hong Kong), LG Corp (South Korea), Noise (India), Polar Electro (Finland), Samsung Group (South Korea), Sony (Japan), Tom Tom (Netherlands), Withings (France), Xiaomi (China), Zepp Health (China), among others.
The Global Smart Watch Market Has Been Segmented Into:
The Global Smart Watch Market – by Display Type:
- LCD
- LED
- Others
The Global Smart Watch Market – by Application Type:
- Personal Assistance
- Medical
- Sports
- Other
The Global Smart Watch Market – by Regions:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Others
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/smart-watch-market-21
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