Smartwatch Market Trends, Size, Growth Insight, Share, Competitive Analysis, Regional and global Industry Forecast To 2028
According to Fortune Business Insights, the global smartwatch market size was valued at around USD 18.62 billion in 2020. The market is projected to rise from USD 22.02 billion in 2021 to USD 58.21 billion by 2028 at 14.9% CAGR during the forecast period 2021-2028. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Smartwatch Market, 2021-2028.”
The smartwatch market has grown significantly in recent years, as more consumers seek wearable devices that can track their fitness, monitor their health, and provide them with convenient access to their digital lives. The market is highly competitive, with many different brands and models available at varying price points.
Apple is currently the dominant player in the smartwatch market, with its Apple Watch series holding a significant market share. Other major players in the market include Samsung, Garmin, Fitbit, and Huawei. These companies offer a range of smartwatches with different features and capabilities, from basic fitness tracking to more advanced health monitoring, GPS navigation, and mobile payment options.
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
Segmentation
In terms of operating system, 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 application, 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.
Regional Insights
North America to Provide Compelling Opportunities with Rising Investments in Tech Devices
North America 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 the European countries in the light of rising participation in physical activity. Moreover, youth consumers have exhibited a profound interest in smart wearable devices. Europe 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.
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.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/smartwatch-market-106625
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