The global smartwatch market is set to grow at a CAGR of 17.34%, estimated to reach USD 109.28 million during the forecast period 2020-2030 driven by the rising penetration rates of urbanization, the demand for aesthetically appealing advanced products. The COVID-19 pandemic and its implications are explored in depth in the market.
The global smartwatch market is driven by inclination towards high-end electronic devices and its high capacity in assisting users in their daily routines. Integration of near-field communication and other communication standards for faster exchange of data can attract users. Shift towards high-end devices owing to its attractive value and its features can lead to high sales over the forecast period.
Huge spending in research and development to improve the features and handling of smartwatches can lead to launch of premium products. Companies are launching low-end and mid-tier watches to target all customer demographics. Demand for aesthetically pleasing products and a large millennial customer base can be a viable opportunity for the smartwatch market.
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COVID-19 Impact Analysis
The COVID-19 pandemic has accelerated the sales of smartwatches and boosted market demand significantly. Rising awareness of health amid the fear of the virus and overflowing of patients in hospitals is likely to guide buying decisions of customers. Researchers are conducting experiments on the benefits of smartwatches and its role in detecting diseases in the early stages. For instance, FitBit has developed an algorithm to detect COVID-19 in preventive stage of the disease by monitoring symptoms.
Android OS to Lead in Market Demand
The Android OS segment is set to lead in market demand due to its open-source nature and ubiquity in all smart devices. Many smartphone manufacturers have launched smartwatches due to its compatibility with mobile devices.
Health Wellness Application to Capture Major Market Share
The health and wellness application is set to capture a major market share owing to rise of health-conscious customers and developments in watches for tracking health metrics. Large number of smartwatch manufacturers targeting the segment due to the fear of COVID-19 can benefit global market over the forecast period.
North America to Dominate Global Smartwatch Market
North America will lead in demand in the global market due to increase in spending levels of customers and affinity towards latest technologies. Concerns over fitness levels and compatibility with smartphones can drive regional market demand. Moreover, investments in research and development to ensure integration of latest features to attract a large customer base is the gameplay of market leaders in the region.
Garmin has announced a slashed rate for its smartwatches in India for its anniversary. This can create customer attention and lead to higher awareness among its customers.
Imoo, Huawei Technologies Co. Ltd., Google Inc., Fitbit Inc., Samsung Electronics Co. Ltd., Amazfit, Fossil Group, LG Electronics Inc., Garmin Ltd., and Apple, Inc. are key players in the global smartwatch market.
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