Smartwatch Market to reach USD 109.28 Million by 2027 growing at 17.34% CAGR by rising penetration rates of urbanization
Research Reports
Oct 18, 2022
Smartwatch Market Overview
The Smartwatch Market will obtain USD 109.28 million and a CAGR of 17.34% during the expected period of 2020-2027. The market is specifically operated by the increasing rates of urbanization and the demand for visually attractive and advanced products.
Before diving deep into the market, let us first know what a smartwatch is. A digital wearable device that is found on the wrist shows the exact atomic time. This watch is also linked to a smartphone and shows the notification of any calls, messages or emails in it. This consists of many applications, providing extra features such as showing weather information, maps and stock prices. It can also be used to do phone calls and receive and send messages. This is mostly purchased by people who are health conscious as one of its features is it has pedometer and heart rate monitors, which aid in tracking the heart rate and step counts of the user. These features are why the demand for this device is rising globally.
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As per the report, owing to the increasing urbanization rates and increasing demand for visually fascinating products with advanced features that provide better service to customers according to their requirements, such as multitasking features in devices and time schedules, these are some drivers of the smartwatch market globally. Due to luxury standards and hectic job life where one has to work for hours, most youngsters prefer the smartwatch as this helps them in many ways, and they can also keep track of their health. Smartwatches are made to pair up with a phone so that you can receive important notifications on your watch and can check them even if you are driving.
Report Scope:
|
Report Attribute/Metric |
Details |
|
Market Size in 2030 |
USD 109.28 million |
|
Growth rate: |
CAGR of 17.34% from 2020 to 2030 |
|
Forecast Period |
2020-2030 |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Market segmentation
The smartwatch market is divided into three types based on the applications, order and regions.
On the basis of application, the smartwatch market worldwide is divided into health, fitness, personal safety, and personal assistance. Based on order type, the global smartwatch market is segregated into apple watch, one UI watch, android wear etc., based on region, the smartwatch market all over the world is segregated into Europe, Asia Pacific, and North America.
In-depth Market Research Report (100 Pages) on Smartwatch Market: https://www.marketresearchfuture.com/reports/smart-watch-market-967
Regional analysis
According to the data about the smartwatch market, it has been found that the market is divided into four types: North America, Asia Pacific, Europe and all other countries. And each of these countries is estimated based on sales, development, growth, innovations and revenues.
As per data, the North American region has the largest market share as it has the highest disposable income and luxurious lifestyle.
Europe is expected to be the second fastest growing smartwatch market as countries such as France, Italy, and Germany have high adoption rates for wearing smartwatches.
Due to the technological advancement by some top market players such as Titan and the rising demand for luxurious wearable devices, Asia Pacific is estimated to be one of the fast-growing regions.
The North American region is segregated into Canada and US. The European region is divided into Germany, France and UK, and the Asia Pacific is divided into India, China and the other Asia Pacific regions.
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Recent developments
In 2021, Garmin International Inc. launched its brand-new product, a premium GPS running, the Forerunner 945 LTE, and a triathlon smartwatch with LTE connectivity. This watch was specifically designed for athletes as its features helped keep their health on track.
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