DUBLIN--(BUSINESS WIRE)--The "Smart Watch Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global smart watch market will grow from $60.14 billion in 2022 to $64.41 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The smart watch market is expected to grow to $84.05 billion in 2027 at a CAGR of 6.9%.
Asia Pacific was the largest region in the smart watch market in 2022. North America was the second-largest region in the smart watch market. The regions covered in the smart watch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing health awareness among consumers is a key factor driving the growth of the smartwatch market. Through a smartwatch, the user can take the necessary precautions in advance about health. The doctors can easily monitor the health status of patients remotely and can maintain, prescribe or treat them as required. For instance, in August 2022, Samsung Electronics, a South-Korea based company, announces Galaxy Watch5 Series.
This Galaxy Watch5 series enables Bioactive sensor that allows for accurate digital health tracking and sleep monitoring. It incorporates a single, one-of-a-kind chip that combines three strong health sensors that are optical heart rate, electrical heart signal, and bioelectrical impedance analysis to provide comprehensive measurements such as heart rate, blood oxygen level, and even stress level. This increasing number of people are using digital tools such as smartwatch to address critical health needs rather than just exercise tracking. Therefore, the increase in health awareness among the consumer is expected to drive the smartwatch market.
The high cost of smartwatches is expected to hamper the growth of the smartwatches market. The accuracy required for designing and development of various devices including sensors, display, and small-sized semiconductor equipment with a core diameter of 10 micrometers along with raw materials requires a high range of expertise and high initial costs. Around 42 million smart watches were shipped in the first half of the year 2020. Therefore, high-cost smartwatches are expected to hinder the growth of the smartwatches market.
Internet of things (IoT) driven smart watches is highly preferred choice of smart watches. Smart watches connected to the internet offer a wide range of features such as time, health monitoring, and fitness tracking, receives calls and messages, entertainment, cardless payments, and connectivity to other IoT devices to improve the quality of the user's life. With increasing consumer's interests towards health and fitness, convenience in day-to-day activities and smart homes, wearable IoT devices such as smart watches offer various features. in 2021, Samsung achieved highest quarterly shipments of smart watches with the launch of the Galaxy Watch 4 series.
In February 2020, Titan Co. Ltd, the Tata Group's watch and jewellery retailing arm, acquired Hug Innovations Inc. for an undisclosed amount. With this acquisition, Titan Co. Ltd. bought patented enhanced gesture identification technology from Hug Innovations. Hug innovations is an India-based next-generation wearable and IoT platform company.
The countries covered in the smart watch market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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Scope
Markets Covered:
1) By Product: Extension; Standalone; Classical
2) By Application: Personal Assistance; Wellness; Healthcare; Sports; Other Applications
3) By Display Type: AMOLED; PMOLED; TFT LCD
4) By Operating System: Watch OS; Android/Wear OS; Other Operating Systems
Companies Mentioned: Apple Inc.; Garmin; Fitbit; Motorola; Sony Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
A selection of companies mentioned in this report includes
- Apple Inc.
- Garmin
- Fitbit
- Motorola
- Sony Corporation
- Samsung Electronics
- LG Electronics
- Huawei Technologies Co. Ltd.
- Fossil Group Inc.
- Google Inc.
- Lenovo Group Ltd.
- Pebble
- Qualcomm
- TomTom International BV
- ASUSTeK Computer Inc.
- ConnectDevice Ltd.
- Huami Corp
- Mobvoi Information Technology Company Ltd
For more information about this report visit https://www.researchandmarkets.com/r/8q5cpz-watch?w=4
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