Global Smart Watches and Wearable Market Expected to Reach US$ 48.9 Bn by 2027: Industry Probe

August 08, 2019, Domain: Consumer Goods & Retail

According to a new market report published by Industry Probe (www.industryprobe.com) titled ‘Smart Watches and Wearable Market [Product: Smart Watches, Fitness Trackers, Smart Jewelry, Smart Clothing, Smart Glasses & Goggles, Ear Plugs, Others (Head Mounted Displays, Wearable Camera, etc.); Type: Wrist Wear, Body Wear, Hearable, Eye Wear, Others (Neck Wear, Footwear, etc.); Connectivity: Bluetooth, Wi-Fi, Others (NFC, etc.); Application: Lifestyle, Fitness & Sports, Defense, Infotainment, Others ( Healthcare, Logistics, etc.); Price Range: High, Medium, Low; Distribution Channel: Online, and Offline] – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027,’ the global smartwatches and wearable market is expected to reach US$ 48.9 Bn by 2027 and expand at a CAGR of 15.4% from 2019 to 2027.

Overview

  • The global smartwatches and wearable market was valued at US$ 13.7 Bn in 2018 and is expected to expand at a CAGR of 15.4% from 2019 to 2027.

  • North America held a prominent share in the global smartwatches and wearable market in 2018 followed by the Asia Pacific and Europe

  • Europe is expected to be a key upcoming market for smartwatches and wearable during the forecast timeframe. The rise in disposable income and a growing number of fitness conscious people are anticipated to be the key factors driving the growth of the smartwatches and wearable market in this region.

Driving Factors

  • Growing penetration of smartphones across the globe is significantly driving the growth of the smartwatches and wearable market. The rise in participation in various fitness activities and sports is also encouraging the market growth.

  • Furthermore, the rise in disposable income is leading to an increased demand for smartwatches and wearable

  • Also, the smartwatches and wearable market is witnessing an expansion in the global market due to rising participation in various sports and other fitness activities

  • Smart wearable such as smartwatches, fitness trackers, wearable cameras, hearable, and other devices are increasingly becoming popular among the people in various regions.

Key Challenges

  • The limited battery life of smartwatches and other wearable devices is a threat to the smartwatches and wearable market across the globe.

  • Furthermore, another major challenge in the smartwatch and wearable market is the high power consumption of smart wearable devices. Smart wearable devices use wireless networks that consume a lot of power.

Market Preference

  • In terms of product, smartwatches are mostly preferred as they help to show notifications and enables quick access to them. It helps to read messages without picking up the mobile phone.

  • In terms of type, wrist wear is the major segment and is anticipated to dominate the market during the forecast period, followed by the body wear segment. The Bluetooth segment contributes a major share to the smartwatches and wearable market and is anticipated to expand at a CAGR of 16.1% during the forecast period.

  • Based on application, fitness and sports segment dominates the market as they provide comfort and compression at the same time

  • In terms of the consumer group, women’s segment dominates the smartwatches and wearable market owing to the rise in the number of fitness conscious consumers

  • Based on the distribution channel, the offline distribution channel is expected to be the most attractive segment during the forecast period due to the preference of consumers toward offline shopping.

  • In terms of region, North America holds a major share of the global smartwatches and wearable market, followed by the Asia Pacific

Competitive Landscape

  • The smartwatches and the wearable market is dominated by several players who are focused on the development of new products to cater to the rising demand for the product in the market.

  • The report includes the below-mentioned pointers of the major players operating in the smartwatches and wearable market:

    • Competition Matrix

    • Company Overview

    • Product Profiling

    • Market Share Analysis (2018)

    • Product Innovation

    • Product Comparison Analysis

    • Business Strategies / Recent Developments

      • Technological advancements

      • Key mergers and acquisitions

      • Expansion strategies

    • Company Financials

Major Players Covered under the Scope

  • Apple Inc.

  • Casio Computer Co., Ltd

  • Fitbit Inc.

  • Fossil Group Inc.

  • Garmin Ltd.

  • Huawei Technologies Co. Ltd

  • Polar Electro Oy

  • Samsung Electronics Co. Ltd

  • Xiaomi Inc.

  • LG Electronics

Market Segmentation/Research Scope

Smart Watches and Wearable Market – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027

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