Smartwatches Market is Expected to Grow at a CAGR 4.3%; Market to Exceed US$ 61.0 Billion by 2022
Convenience is one factor that is expected to create a whole lot of demand in the global smartwatches market. Increasing technological knowledge of consumers about the usability of smart products could improve the demand in the global smartwatches market.
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Rising penetration of smartphones and disposable income of consumers are foreseen to catapult the global smartwatches market to the next level.
Fact.MR envisages the global smartwatches market to reach a valuation of US$61.0 bn by the end of 2022. Standalone smartwatches could post a higher CAGR of 4.3% during the forecast period 2017-2022 compared to other products offered in the global market.
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However, companion smartwatches are expected to bag a lion’s share of the global market, although they may show a relatively slower growth rate for the next few years. The global smartwatches market also receives some contribution from classic smartwatches segment, even though it may not be as popular as other products.
By type of display, the global smartwatches market is classified into TFT, LCD, S-AMOLED, and OLED. Among these, LDC is projected to gain a king’s share of the global smartwatches market in the near future. However, it could show a lower rate of growth in the global smartwatches market.
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On the other hand, OLED is anticipated to exhibit a higher CAGR of 4.9% in the global smartwatches market. This growth rate could be higher than any other display type segment of the global smartwatches market. Taking into account its share of the global smartwatches market, S-AMOLED may not be too far behind LCD and OLED.
On the basis of operating system, the global smartwatches market is segregated into Pebble OS, Linux, Tizen, RTOS, Android Wear, and watchOS. Among these, Tizen is envisioned to exhibit a higher CAGR in the global smartwatches market. However, it could collect a small share of the global smartwatches market.
watchOS is expected to grow at a similar pace but attract a larger revenue share of the global smartwatches market during the said forecast period. It bags a whopping 48.9% share of the global smartwatches market. This trend of the global smartwatches market is predicted to take shape for the next few years. The watchOS market for smartwatches could also gain higher BPS by the end of the forecast period.
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By distribution channel, the global smartwatches market is bifurcated into e-commerce, specialty stores, franchised outlets, and modern trade. Among these, e-commerce is prognosticated to show a higher growth rate in the global smartwatches market. It could exhibit a 4.1% CAGR during the aforementioned forecast period.
However, franchised outlets are forecast to take command over the global smartwatches market in terms of revenue share. This trend of the global smartwatches market could continue until the end of 2022.
From a geographical perspective, the global smartwatches market could find North America growing as one of the most lucrative regions. Moreover, North America is anticipated to have a higher market attractiveness index compared to other regions of the global smartwatches market.
Although it may grow at a moderate pace, North America is expected to dominate the global smartwatches market with its massive share. Although APEJ could collect a lower share of the global smartwatches market, it is prophesied to grow at a higher rate in the foreseeable future.
However, Japan could show a lethargic growth rate in the global smartwatches market. In terms of market share, Europe could tread upon the heels of North America.
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