Smartwatches Market to Witness Huge Growth by Key Players: Garmin Ltd.,Sony Electronics Inc.,Fitbit Inc.,Martian Watches,ConnecteDevice Ltd.

Smartwatches are wearable computing devices that resemble wristwatch but come with added advanced features such as weather update, messaging, enable call making, connection to the internet, Bluetooth-enabled, GPS, and more. Moreover, it also offers an answering messages by voice and fitness tracking app.

Increasing usage of the internet and smartphone is primarily fueling the market growth of the smartwatches. Additionally, features such as ease of handling and use is another major factor propelling the market growth of the smartwatches. Growing youth population coupled with the rising popularity of these devices due to their advanced features is also expected to foster the market growth of the smartwatches over the forecast period.

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Market Restraints

The limited battery life of the smartwatches is a major factor restricting the adoption of smartwatches. Limited battery life affects the overall performance of the device, thereby hindering the market growth.

The high initial cost of the smartwatches is restricting their demand across low-income and middle-income populations. This is projected to negatively impact the market growth of the smartwatch.

Market Trends/Key Takeaways

The rising popularity of lightweight and stylish design smartwatches among consumers is encouraging manufacturers to introduce lightweight and durable smartwatch. For instance, in August 2019 Misfit has launched the Vapor X, it is the lightest and most efficient Wear OS smartwatch. The Vapor X has a 1.19-inch AMOLED display, and its 42mm case is built with a lightweight aluminum alloy that weighs in at 43 grams.

Increasing spending on R& D by the key manufacturer to develop next-generation smartwatches is one of the growing trends in the market. For instance, in December 2019, Oppo has announced that it is investing 7 billion dollars in research and development for developing smatwatches. With such a heavy amount of investment, the company also aims to develop core technologies in hardware, software, and system in addition to 5G/6G, Artificial Intelligence (AI), augmented reality (AR), Big Data, and other emerging technologies.

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Here we have listed the top Smartwatches companies in the world (Pebble Technology Corporation,Samsung Electronics Co. Ltd,Nike Inc.,Garmin Ltd.,Sony Electronics Inc.,Fitbit Inc.,Martian Watches,ConnecteDevice Ltd. (COOKOO),Apple Inc.)

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