Smart Watches Market Poised to Rake US$ 61 Bn by 2022
Smart watches, as per their name, actually are smart with respect to various tasks and features that they offer to the user. They can be used to manage various day to day tasks, attend calls, measure heart rate, measure pulse, etc. The growth of the global smart watches market is influenced by factors such as increasing smartphones globally, rising demands of the people for new innovations, increased technological developments, convenience and portability, an “all-in-one” functionality, increase in the disposable income of the people, shift towards a faster and standardized connectivity, tech savviness of the people etc. All these features offering convenience and easy living apart from only timekeeping, is driving the global smart watches market. However, its increasing pricing can be a restraint and cannot be affordable to all, but only higher class people. North America region seems to be the most lucrative region for the smart watches market.
According to Fact.MR, the global smart watches market is poised to reach a value more than US$ 61 Bn by the end of 2022 and is anticipated to grow at a moderate CAGR during the forecasted period of 2017 to 2022.
6 Forecast Highlights on Global Smart Watches Market
- Asia-Pacific excluding Japan (APEJ) region shows the highest growth rate and registers a CAGR of 3.9% during the period of forecast. North America region dominates the global market in terms of market share by revenue
- The E-commerce segment by distribution channel is expected to slate a CAGR of 4.1% thereby claiming to be the fastest growing segments in the global market by distribution channel. However, the franchised outlets segment is set to dominate this category by showing higher market share by revenue
- watchOS segment by operating system shows higher market share and a poised to show higher gain in the BPS by the end of 2022. The Tizen segment by operating system reflects highest growth rate, thereby registering a CAGR of 3.8% during the period of forecast
- The OLED segment by display type is expected to show high growth rate and poised to register a CAGR of 4.9% during the period of forecast. The LCD segment shows higher market share by revenue. To draw a comparison line between OLED, LCD and SAMOLED segments, there is not much difference in the market shares, but only the growth rates
- Companion smart watches segment has the highest market share by revenue as of 2017 and dominates the global market by product type. This largest market is expected to witness this continued trend till 2022 thereby retaining its dominance. The standalone smart watches segment, however, is the fastest growing segment reflecting a CAGR of 4.3% during the period of forecast
- Android wear segment and watchOS segment have a close clash with respect to market growth, as the later wins the race. However, watchOS segment, also is poised to show higher gain in the BPS by the end of 2022 whereas the android wear segment is expected to lose BPS during this period
The report has also profiled leading players in the global market for smart watches, which would remain active through 2022. These include companies like Sony Corporation, Samsung Electronics Co., Ltd., Motorola Mobility Holdings, Inc., LG Electronics, Inc., Garmin International, Inc., Fossil Group, Inc., Fitbit, Inc., Beijing Xiaomi Technology Co., Apple, Inc., and Alphabet Inc.
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