Smartwatches and wearable are smart electronic devices that can be worn on the body as implants, clothing, or accessories
Smartwatches and wearable are becoming a common part of the day to day life as manufacturers have started to develop different types of devices that are small enough to wear and have sensor technologies
North America is the largest smartwatches and wearable market worldwide, followed by the Asia Pacific and Europe
North America and the Asia Pacific are mature smartwatches and wearable markets. This is attributed to the smartphone penetration in the global market. The use of smartphones is increasing, giving consumers new opportunities to connect.
Smartwatches and fitness trackers account for a huge share of the smartwatches and wearable market, combining heart rate, steps, speed, distance, and altitude to give individuals a full picture of their daily activities.
The Asia Pacific market has the second-largest share in the global smartwatches and wearable market owing to rise in disposable income. China and Japan are significant smart watches and wearable markets in the Asia Pacific. Manufacturers of smartwatches and wearable in the Asia Pacific primarily focus on offering products at lower rates compared to other regions.
China is the leading market for smart watches and wearable in the Asia Pacific region
Smart watches and wearable are increasingly becoming popular owing to the advanced features and functionalities that they offer
Smart watches and wearable help individuals to keep track of daily activities. Growing awareness about health and fitness is significantly contributing to the growth of the smart watch and wearable market.
Growing inclination toward smart gadgets is driving the growth of the smart watches and wearable market. Smart watches and wearable allow consumers to track their health data, including fitness activities and diet.
However, battery life is arguably one of the major restraints in the smartwatches and wearable market. The fundamental challenge is that the display takes up 60% of the power.
The global smart watches and the wearable market has been segmented based on the product, type, connectivity, application, price range, distribution channel, and region. Growing smartphone penetration is significantly driving the growth of the global smart watches and wearable market.
The introduction of smart watches in the global market with different features has disrupted the traditional watch industry. Smart watches attract consumers and increase convenience. This is fuelling the growth of the overall smart watches and wearable market.
The high adoption of smart watches and wearable among millennials in the North American market is expected to foster the growth of the global smart watches and wearable market. Growing awareness among consumers about health and fitness is also accelerating the adoption of smart watches and wearable devices.
In terms of product, the global smart watches and wearable market has been classified into smart watches, fitness trackers, smart jewelry, smart clothing, smart glasses & goggles, earplugs, and others (head-mounted displays, wearable camera, etc.)
In terms of type, the global smart watches and wearable market has been classified into wrist wear, bodywear, hearable, eyewear, and others (neckwear, footwear, etc.)
The global smart watches and wearable market has been segmented into Bluetooth, Wi-Fi, and others (NFC, etc.) in terms of connectivity
The global smart watches and wearable market has been divided into a lifestyle, fitness & sports, defense, infotainment, and others (healthcare, logistics, etc.) based on application
The smart watches and wearable market has been divided into high, medium, and low based on price range
The market has been bifurcated into the online and offline channels in terms of distribution channels.
Based on region, the market is classified into North America (U.S, Canada, and Rest of North America), Europe (U.K, Italy, France, Germany, and Rest of Europe), Asia Pacific (India, China, Japan, and Rest of Asia Pacific), Middle East & Africa ( GCC, South Africa, and Rest of the Middle East & Africa), and South America (Argentina, Brazil, and Rest of South America)
The smart watches and wearable market is fragmented due to the presence of several players. Competition is expected to intensify in the coming years with the entry of several local players. Key companies profiled in the research report include 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., and LG Electronics.