Press release
Smart Watch Market is Estimated to Exhibit Tremendous Growth with 19% CAGR to Reach above US$ 120 Bn by the end of 2031
Smart devices have gained immense popularity over the past decade and have seen a substantial rise in demand and sales alike. Smart watches are devices that are capable of performing multiple tasks and are equipped with sensors that allow them to monitor various health parameters such as heart rate and calorie consumption, which makes them a popular choice among health-aware people and tech-savvy people alike.
Increasing adoption of smart devices, rising demand from emerging economies, increasing disposable income, and rising technological proliferation are some of the major factors driving demand for smart watches.
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Prime manufacturers are investing in expanding their product portfolios to meet rising demand for more advanced and feature-heavy smart watches that are capable of performing multiple tasks.
In September 2021, Withings, a French consumer electronics company, announced the launch of its new cardiac-monitoring smartwatch with a luxury look. The ScanWatch Horizon is equipped with multiple heart health features.
In November 2021, Motorola announced the launch of its smartwatch - Moto Watch 100. The watch is the first to run on Motorola's proprietary Moto OS, which is claimed to be focused on health with a battery life of 14 days.
Key Takeaways from Market Study
Over the next ten years, the global smart watch market is estimated to rise at a CAGR of 19%.
Demand for smart watches from the Asia Pacific region is expected to be highest among all regions.
Rising proliferation of technology, increased demand for smart devices from emerging economies, and high demand from the millennial population are some of the major factors driving smart watch sales.
By the end of the decade, market sales revenue is estimated to top US$ 120 Bn.
Apple, Samsung, and Garmin are leading smart watch manufacturers in terms of sales and market share.
"Demand from economies such as India and China is expected to be majorly influential in shaping the smart watch market on a global scale," says a Persistence Market Research analyst.
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Competitive Landscape
The global market for smart watches has been identified as a fairly fragmented space due to the presence of a high number of market participants.
Some of the key market players included in the report are Fitbit Inc., Samsung Electronics Co. Ltd, Sony Corporation, Garmin Ltd., Fossil Group Inc., Huawei Technologies Co. Ltd., Xiaomi Corporation, Nokia Corporation (Withings), and LG Electronics Inc.
The above are identified as key suppliers of smart watches. These market participants are engaged in market expansion activities and are investing in expanding their product portfolios to boost their sales across various geographies.
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