Smartwatch Market to Surpass USD 109.28 Million at a 17.34% CAGR by 2027 | Smartwatch Market Analysis, Growth Forecast

Smartwatch Market Scope: A smartwatch refers to a digital device worn on the wrist to offer atomic clock precision. It is linked to a smartphone to offer notifications of incoming calls, messages, and emails. It encompasses various applications offering extra functionality, such as showing maps and weather information and listing stock prices. It can also send & receive text messages and make phone calls. As it has heart rate monitors and pedometers to assist users in monitoring their health, its demand is elevating worldwide. The global smartwatch market has performed extraordinarily in recent years. The main reason for boosting the market’s growth is the growing penetration rates of urbanization across the globe.

furthermore, the growing demand for aesthetically appealing advanced products to better cater to customer needs, such as time schedules and several characteristics in one device, has been boosting the growth of the demand for smartwatches worldwide. On the other hand, a significant millennial population has been implementing smartwatches because of the increased spending on monitoring and luxury standards during their regular work hours. The majority of these watches are developed to be connected to smartphones to operate as information entrances so that these watches can share phone notifications.

Smartwatch Market Overview: Smartwatch Market Research Report, by Application, Operating System, and Region — Forecast till 2030; the market is anticipated to acquire a valuation of approximately USD 109.28 million by the end of 2027. The report further predicts the market to flourish at a robust CAGR of over 17.34% over the assessment timeframe from 2020 to 2027.

Report Scope:

Market USP Covered

Market Drivers

The global market for smartwatches has grown extraordinarily in recent times. The main factor causing a rise in the market’s growth is the shift in consumer preferences, watches, and high-tech electronics. Furthermore, the factors such as a higher degree of connectivity and constant technological developments are also projected to catalyze the market’s growth over the coming years.

Market Restraints

On the other hand, the factors such as the high cost of smartwatches and the risk of discharging at the time of need may restrict the market performance.

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COVID-19 Impact

The global health crisis in the form of COVID-19 has had a massive impact on the majority of the industry areas across the globe. The pandemic had spread to almost 225 nations. In order to curb the rapid spread of the disease across the globe, the governments across these nations announced partial or complete lockdowns. The travel restrictions and social distancing norms imposed across various regions have caused a severe disruption in the supply chain networks for the majority of the industry sectors. Unlike all the other market areas, the global market for smartwatches faced some unexpected positive growth in recent times. Likewise, some reports by MRFR show that with the rsising prevalence of the pandemic across the globe, the expected consumption and demand for smartwatches rose during the pandemic. With the growing vaccination rates across the globe, global industrial activities also are getting back on track. The global smartwatch market is anticipated to increase over the assessment timeframe.

Segment Analysis

Among all order types, the One UI watch segment is anticipated to dominate the global market for smartwatches over the assessment timeframe.

Among all the application areas, the health fitness and personal safety segment are projected to lead the global market for smartwatches over the assessment era. The growing awareness regarding personal health is the central aspect boosting the segment’s growth.

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Regional Analysis

The global market for smartwatches is studied across five major regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.

According to the research reports by MRFR, the North American region is anticipated to dominate the global market for smartwatches over the coming years. the region has leading growth contributors such as Canada and the US. The main parameter boosting the growth of the regional market is the high disposable income across the region.

The European regional market for smartwatches is anticipated to secure the second position globally over the assessment era. The region has leading growth contributors such as Italy, France, and Germany. The greater adoption of wearable technologies is the primary factor boosting the regional market’s growth.

The smartwatch market for the Asia-Pacific region is anticipated to exhibit the highest CAGR over the review timeframe. The primary reason for boosting the regional market’s growth is the technological advancements by regional players such as Titan and the opening of leading global players. Furthermore, the rising demand for high-end wearable devices is another prime aspect boosting the regional market’s growth over the coming years. the region is further split into nations such as India, Japan, and China.

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Competitive Analysis

The list of prominent leaders across the global market for smartwatches includes players such as:

• Google Inc.
• Amazfit
• Samsung Electronics Co. Ltd.
• Apple, Inc.
• LG Electronics Inc.
• Fitbit Inc.
• Imoo
• Fossil Group
• Huawei Technologies Co. Ltd.
• Garmin Ltd.

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