In 2022, the global smartwatches market is valued at US$ 23.5 billion and is predicted to reach US$ 121.5 billion by the end of 2032. Smartwatch sales statistics, as per this revised Fact.MR study, predicts market expansion at a stellar CAGR of 17.8% through 2032.
Apple dominates the smart-watch market and has sold the highest number of units of smartwatches since 2015 when it launched its first watch. While it may have seemed that Android-operated smartwatches would be highly popular over the coming years, Apple’s newly launched smartwatches are expected to put a dent in those expectations.
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Growth Drivers:
- Health and Fitness Tracking: Smartwatches offer a wide range of health and fitness tracking features, such as heart rate monitoring, step counting, sleep tracking, and even more advanced metrics like ECG readings and blood oxygen levels. As people became more health-conscious, the demand for wearable devices that provide these features increased, driving the growth of the smartwatch market.
- Notifications and Connectivity: Smartwatches allow users to receive notifications from their smartphones directly on their wrists. This convenience and real-time connectivity appeal to consumers who want to stay connected without constantly checking their phones. The ability to check messages, calls, emails, and even social media updates from their wrists became a compelling reason to adopt smartwatches.
- Customization and Style: Many smartwatch manufacturers began focusing on the design and aesthetics of their products, offering a variety of styles, bands, and watch faces. This approach made smartwatches not only functional but also fashion accessories, appealing to a broader range of consumers.
- Integration with IoT Devices: Smartwatches started acting as central control hubs for various Internet of Things (IoT) devices, such as smart home appliances, thermostats, and lights. This added convenience and functionality further attracted consumers who were looking for a more connected lifestyle.
- App Ecosystem: The growth of the app ecosystem around smartwatches provided additional value to users. Developers created apps that extended the capabilities of smartwatches, ranging from productivity tools and navigation apps to entertainment and gaming applications.
- Innovation in Features: Manufacturers constantly worked to introduce innovative features that set their smartwatches apart. This could include features like built-in GPS, water resistance, standalone music playback, and even cellular connectivity, allowing some smartwatches to function independently of a smartphone.
Competitive landscape:
Smartwatch suppliers are focusing on product innovation and technological advancements to gain a competitive edge over other market players and increase their revenue generation potential.
- In September 2022, Apple, a leading technology company, announced the launch of its new line of smartwatches. The company launched 3 variants of its new Series 8 watches with different price points to attract consumers with different spending potential. The newly launched products are equipped with new features such as crash detection sensors and advanced temperature sensors.
Key Segments in Smartwatches Industry Research:
· By Type :
- Extension Smartwatches
- Standalone Smartwatches
- Hybrid Smartwatches
· By Operating System :
- Watch OS (iOS)
- Android /Android Wear
- Linux
- Pebble OS
- RTOS
- Tizen
- Others
· By Age Group :
- 3-14 Years
- 15-24 Years
- 25-34 Years
- 35-54 Years
- 55+ Years
· By Sales Channel :
- Online e-Commerce Stores
- Organized Retail Chains
- Unorganized Retail Stores
· By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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Questionnaire answered in the Market outlook Report of Smartwatches include:
- What is the key strategy deployed by large players to maximize Smartwatches Market growth?
- What are the main challenges faced by players in the Smartwatches market Demand?
- With the advent of technological advancement, how will the Smartwatches market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Smartwatches market size?
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