Pune, India, July 13, 2023 (GLOBE NEWSWIRE) — The global smartwatch market size was valued at around USD 22.02 billion in 2021 and is projected to rise USD 58.21 billion by 2028 at 14.9% CAGR during the forecast period 2023-2028. Fortune Business Insights(TM) has delved into these insights in its latest research report, titled, “Smartwatch Market, 2023-2028.”
According to the study, consumers are likely to exhibit demand for technological devices to streamline fitness tracking, navigation, and notification checking. End-users, such as athletes and tech users, are likely to invest in advanced products. Amidst the COVID-19 pandemic, strategic approaches may change to gain a competitive edge in the landscape.
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List of Key Players Profiled in the Smartwatch Market Report:
Apple Inc. (U.S.)The Samsung Group (South Korea)Garmin Ltd. (U.S.)Fitbit LLC (U.S.)Huawei Technologies (China)Fossil Group, Inc. (U.S.)Polar Electro (Finland)ASUSTek Computer Inc. (Taiwan)LG Electronics (South Korea)Xiaomi Inc. (China)
Report Scope & Segmentation:
Attributes Details Forecast Period 2023-2028 Forecast CAGR 14.9% 2028 Value Projection USD 58.21Billion Market Size in 2021 USD 22.02 Billion Historical Data 2017-2019 No. of Pages 168 Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends Segments Covered By Operating System By End UserBy ApplicationBy Region Regions Covered North AmericaEuropeAsia PacificLatin AmericaMiddle East and Africa Smart Watch Market Growth Drivers Growing Popularity of Fitness among Youth and Urban Population to Reinforce Market Progression The High Spending Power of Developed Economies to Fuel the Demand
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Segments:
In terms of operating systems, the smartwatch market is segregated into Android, IOS, and others.
Based on end-user, the industry is segregated into male and female.
With respect to applications, the market is fragmented into checking notifications, running, cycling, swimming, and others.
On the basis of region, the market is segmented into North America, Asia Pacific, Europe, South America, and the Middle East and Africa.
Report Coverage:
The report is prepared rigorously with the use of qualitative and quantitative analysis. The use of primary sources, including interviews of stakeholders and suppliers, has propelled the integrity of the report. The report also includes secondary sources, including annual reports, SEC filings and studies published by notable organizations. The report also includes top-down and bottom-up approaches to boost estimations and product mapping
Competitive Landscape:
Industry Participants to Infuse Funds into Organic and Inorganic Strategies to Gain a Competitive Edge
Industry participants are expected to emphasize mergers & acquisitions, technological advancements, product rollouts, and R&D activities. The competitiveness of the market is such that leading companies could invest in geographical expansion and product offerings.
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Drivers:
Burgeoning Youth Population to Underpin Growth Potentials
An exponential rise in youth population across emerging- and advanced- economies could boost smartwatch market growth during the forecast period. Gen Z and millennials have shown profound interest in fitness-tracking products and devices. Moreover, rising consumer expenditure among developed economies has triggered product adoption. According to Trading Economics, rising per capita income across Ireland, Luxembourg, the U.K., and Germany will augur well for the business outlook.
While smart wearables will continue to gain ground, the prevalence of substitute products, including luxury watches and regular devices could challenge smartwatch manufacturers.
Regional Insights:
North America to Provide Compelling Opportunities with Rising Investments in Tech Devices
North America’s smartwatch market size was valued at around USD 7.13 billion in 2020 and will expand on the back of bullish investments in advanced products and devices. To illustrate, in September 2021, the U.S. Bureau of Labor Statistics stated that the average yearly expenditures for every consumer unit stood at USD 61,334. Moreover, in January 2020, the American Association of Retired Persons asserted that around 51% of older Americans claimed they purchased tech products in the past year.
Stakeholders are likely to inject funds into European countries in the light of rising participation in physical activity. Moreover, youth consumers have exhibited a profound interest in smart wearable devices. Europe’s smartwatch market share will gain traction due to the dip in the youth unemployment rate in EU. The unemployment rate of the EU was 16.83% in 2019, a reduction from 18.02% in the preceding year. Millennials and the Gen Z population are expected to seek wearables in the ensuing period.
Industry players are likely to envisage South America as a lucrative investment hub, partly due to the expanding penetration of the e-commerce industry. According to the Trade.Gov, the e-commerce industry in Brazil witnessed a 16% growth in 2019 compared to the preceding year. Emerging economies are likely to act as a catalyst towards the growth of advanced devices across the region.
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Detailed Table of Contents:
Introduction Research ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket Dynamics Market DriversMarket RestraintsMarket OpportunitiesEmerging TrendsKey Insights Overview of the Parent/Related MarketsIndustry SWOT AnalysisSupply Chain and Regulatory AnalysisRecent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & AcquisitionsQualitative Analysis (in relation to COVID-19) Impact of COVID-19Supply Chain ChallengesPotential Opportunities due to COVID-19Global Smartwatch Market Analysis, Insights, and Forecast, 2017-2028 Key Findings / SummaryMarket Size Estimates and Forecast By Operating System (Value) IOSAndroidOthersBy End-user (Value) MaleFemaleBy Application (Value) RunningChecking NotificationsSwimmingCyclingOthersBy Region (Value) North AmericaEuropeAsia PacificSouth AmericaMiddle East & Africa
TOC Continued…!
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Key Industry Developments:
September 2021: Samsung announced its smartwatch operating system partnership with Google to help better compete with Apple products.August 2020: Fitbit declared the launch of its Fitbit Sense smartwatch, which comes with advanced health features.
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