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Smartwatches Market to Expand at a CAGR of 53.60% from 2014 to 2020 due to Changing Product Perception
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According to the research report, the global smartwatches market was valued at US$701.2 mn in 2013 and is expected to expand at a CAGR of 53.60% from 2014 to 2020. As the perception of smartwatches is changing from being just an expensive accessory to a fitness and time tracker, more and more users are looking to buy these devices for health reasons.
The global smartwatches market is segmented on the basis of price range, operating system, and geography. As per the price range, these smartwatches are segmented into high-end smartwatches, mid-end smartwatches, and low-end smartwatches. On the basis of operating system, smartwatches are divided into Android Wear, iOS, and others. Geographically, the global smartwatches market is segmented into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe.
Back in 2013, the mid-end smartwatches segment dominated the overall market with a share of 44%. However, as the understanding and usage of these watches is undergoing a revolution, consumers across the world are likely to invest in high-end smartwatches in the coming years, thus spurring the growth of the segment in the forecast period.
Amongst the operating systems, iOS smartwatches were a clear hit in 2014. Android trailed this segment closely in the same year. However, analysts predict thatwith Android Wear OS launched by Google Inc., the segment of smartwatches based on Android Wear OS is likely to accelerate at a CAGR of 57.90% from 2014 to 2020. The research report suggests that North America leads the global smartwatches market due to the huge pool of tech-savvy and health-conscious users in the region.
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Some of the key players profiled in the global smartwatches market are Samsung Electronics Co. Ltd., Pebble Technology Corporation, Nike Inc., Apple Inc., Garmin Ltd., Fitbit Inc., Martian Watches, Qualcomm Incorporated, ConnecteDevice Ltd., and Sony Electronics Inc. The research report gives a clear idea of the competitive landscape of the smartwatches market by studying the company profiles of these players, assessing their financial overview, understanding their business and marketing strategies, analyzing their research and development activities, and anticipating the strategic mergers and acquisitions in the coming few years.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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