What is Smartwatches Market?
Smartwatches are a potable wearable device, that not only shows the time but also keeps track of the different activities namely your medical statuses such as heath rates, your calories burnt as well as steps covered across the day and many more. Smartwatches are also called as phone devices, which consists of touch screen display as well as numerous apps to derive different parameter. Smartwatches are one of the necessary things that a fitness lover people can have nowadays. Rising demand for smartphones with a high-speed internet connection is the prominent factor that helps the market to drive. There are major companies that are leading the market share such as Apple, Samsung, Xiaomi, Google, and Others. For example, according to Statista, Apple held the largest share of the global smartwatch shipment market in the third quarter of 2019. Their 47.9 percent share was followed by Samsung whose market amounted to13.4 percent.
The market study is being classified by Type (Extension, Standalone and Classical), by Application (Personal Assistance, Medical and Health, Fitness and Personal Safety) and major geographies with country level break-up.
Apple (United States), Samsung (South Korea), Sony (Japan), Garmin (United States), GOOGLE INC (United States), Fossil Group (United States), Motorola/Lenovo (United States), LG (South Korea), Qualcomm (United States), Pebble (United States) and Fitbit (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Huawei (China), Casio (Japan), TAG Heuer (Switzerland) and Weloop (France).
The smartwatch market is a fragmented market, the key market leaders are focusing on product innovation and product development to gain a market share. This makes the market intense. Key players such as Apple Inc., Fitbit Inc., Samsung, etc. For example, in September 2019 - Garmin unveiled a new Venu smartwatch and adult Marvel watches. The Garmin Venu, VivoActive 4, VivoMove 3 and Legacy Heroes Series are all designed to give a tougher competition for the Apple Watch Research Analyst at AMA predicts that Global Vendors will contribute to the maximum growth of Global Smartwatches market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Smartwatches market by Type, Application and Region.
On the basis of geography, the market of Smartwatches has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing healthcare among consumers is also driving market demand across the globe. For example, In September, Apple made headlines after announcing three medical studies involving institutions such as Harvard University and the World Health Organization. The partnerships will collect user-generated data from Apple Watches and the company’s Research app with efforts focused on women’s menstruation.
Market Trend
- Adoption of Fitbit as, Working Towards Clinical Validation and Regulatory Approval of its Software for use in Detecting Health Conditions
Restraints
- High Cost Associated with these Devices
- Lack of Strong Internet Connection
Opportunities
- Growth in Demand for Wireless Fitness & Sports Devices
- The Entry of a Large Number of Players Drives the Market Growth
Challenges
- Lack of Awareness about its Utility of these Smartwatches
- Complex Designs of these Smartwatches
In 2019, Fossil launched the Fossil Sport smartwatch. This smartwatch is powered by Qualcomm Snapdragon Wear 3100 processor and runs the newly-redesigned Wear OS by Google. This product is ideal for all health and activity enthusiasts.
Key Target Audience
Smartwatches Manufactures, Smartwatches Distributors, Potential Investors, End-Users and Others