Smartwatch Market Size
The size of the global smartwatch market is expected to be growing at a CAGR of 18.32% during 2020 to 2025 and worth USD 130.92 Billion by 2025.
Key market drivers:
The rising number of people suffering from chronic illness is majorly propelling the demand of the smartwatch market. The growing prevalence of wearable digital devices to track th3e fitness activities is likely to bolster the demand of the smartwatch market. In addition, creating awareness on the use of these devices in undeveloped countries may also positively impact the market’s growth rate. The rise in the economy in developed countries is driving the demand of the market. Collaborations between the key players to introduce effective devices with the latest technologies is greatly influencing the demand of the market. In 2019, Apple manufactured 31 million watches, 50% more than the Swiss wristwatch industry. Focus on developing next-generation watches by using ceramic and titanium to introduce lightweight watches elevates the market’s growth rate.
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Significant Challenges:
However, the high cost of the devices where common people cannot afford them is a major challenging factor for market growth. Fluctuations in the price of the raw materials used in manufacturing the smartwatches are hampering the market demand slowly.
Impact of Covid-19 On the Global Smartwatch Market:
The smartwatch has a steady growth rate from the past few years, whereas the growth meter has fastened once the coronavirus hit the world. From various surveys, it was reported that tracking the fitness through a smartwatch can detect the person is infected with COVID-19 or not. Collecting physical data from the smartwatch and analyzing in determining the COVID-19 is substantially surging the growth rate of this market. The researchers are also looking forward to making a note on testing the coronavirus through wearable devices by examining around 5,500 volunteers just by collecting their physical data. These devices will help detect the infection rate at an early stage, which simply reduces the user’s death risk. COVID-19 infection shows variations in heart rate, sleep time, and a number of steps in 80% of the people. So, it is easy to estimate the infection risk through a smartwatch. The market shares are estimated to have tremendous growth opportunities even after the COVID-19 pandemic.
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This research report on the global smartwatch market has been segmented & sub-segmented into the following categories:
Smartwatch Market – By Product Type:
- Extension
- Standalone
- Classic
Smartwatch Market – By Application:
- Personal Assistance
- Sports
- Medical
- Others
Smartwatch Market – By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
Geographically, In North America, the demand for a smartwatch is thriving to lead the market shares. The increasing number of people with infectious diseases and the growing need to monitor the physical activity of the patients are driving the demand of the market in this region. Due to the rising number of COVID-19 cases, the number of smartwatches shipped during the first six months of 2020 was 42 million. The COVID-19 outbreak has shown a huge impact on the market positively.
Europe is positioned second in ruling the highest shares of the market. High investments in the development of new wearable devices in developed and developing countries are accelerating the market demand. Besides, the prevalence of staying fit and healthy among people with the increasing use of fitness applications in smartphones enhances the growth rate of the market in Europe. Germany is holding the market’s highest shares by owing to the constantly growing economy from recent years.
The Asia Pacific is also showing up a substantial growth rate following Europe in the Smartwatch market. The rising population and growing expenditure on healthcare, especially in urban areas, are prompting the market demand. In addition, support from the key players through investments and the emergence of the latest technologies in this field are ascribed to fuel the smartwatch market’s demand.
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Key Market Participants:
Companies such as Apple Inc., Google Inc., Garmin, Fitbit, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, and Huawei Technologies Co. Ltd are playing a notable role in the global smartwatch market.
List of Tables and Figures of the report:
- Global Smartwatch Market, By Region, From 2020 to 2025 ( USD Million )
- Global Smartwatch Market, By Product Type, From 2020 to 2025 ( USD Million )
- Global Extension Market By Region, From 2020 to 2025 ( USD Million )
- Global Standalone Market By Region, From 2020 to 2025 ( USD Million )
- Global Classic Market By Region, From 2020 to 2025 ( USD Million )
- Global Smartwatch Market, By Application, From 2020 to 2025 ( USD Million )
- Global Personal Assistance Market By Region, From 2020 to 2025 ( USD Million )
- Global Sports Market By Region, From 2020 to 2025 ( USD Million )
- Global Medical Others Market By Region, From 2020 to 2025 ( USD Million )
+98 more
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