Smartwatches Market Future Prospect In Near Future - Coherent Market Insights

Smartwatches are becoming the new fashion statement, with more celebrities endorsing and wearing them. Although the word "smartwatch" conjures up visions of watches that run on batteries, many of these gadgets can actually function as a computer. A smartwatch has become a miniature computer in the shape of a wristwatch; it has become a tool used to keep track of time and appointments, as well as to get information and communicate with other people. Modern smartwatches offer a user-friendly interface with a small screen, while also offering a smartphone application for control and telemetry, which is perfect for doctors, teachers, or other professionals who need to keep track of their patients' progress.

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Market Dynamics

Increasing adoption of smartphones is expected to propel growth of the global smartwatches market. For instance, according to Pew Research Center, as of February 2019, 81% of U.S. adults used smartphones compared to 77% in October 2018. However, limited battery life of smartwatches is a major factor restricting growth of the market.

Among regions, Asia Pacific is expected to witness significant growth in the smartwatches market, owing to significant growth in the e-commerce sector. For instance, according to India Brand Equity Foundation, the e-commerce sector in India is expected to reach US$ 200 billion by 2026 from US$ 38.5 billion as of 2017. Moreover, the demand for smartwatches is expected to increase in China, owing to increasing penetration of Internet in the country. For instance, according to China government-backed Market Intelligence & Consulting Institute and reported by China Internet Watch, internet penetration in China reached 61.2 percent in the first half of 2019, with 854 million internet users at the end of June 2019.

The market in North America is expected to be driven by high prevalence of lifestyle disorders. For instance, according to the American Heart Association's Heart and Stroke Statistics 2019 Update, around 48% of all adults in the U.S. suffered from some type of cardiovascular disease in 2016.

The smartwatches market is witnessing launch of advanced products. For instance, in November 2020, Honor launched a new smart wearable, the Honor Band 6 in two variants, one with NFC and one without it.

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Competitive Analysis

Major players operating in the global smartwatches market include, Pebble Technology Corporation, Samsung Electronics Co. Ltd., Honor, Nike Inc., Garmin Ltd., Sony Electronics Inc., Fitbit Inc., Martian Watches, ConnecteDevice Ltd. (COOKOO), and Apple Inc.

September 2019: Samsung Electronics Co. Ltd. launched The Samsung Galaxy Watch Active 2 with an ECG sensor.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

Primary Research (Trade Surveys and Experts Interviews)
Desk Research
Proprietor Data Analytics Model

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