Smartwatch Market Size, Outlook, Share, Prominent Players, Growth, and Forecast 2031 | Fitbit Inc., Lenovo Group Limited, Sony Corporation

The global smartwatch market size was estimated at ~US$ 20.5 billion in 2019. The global smartwatch market is forecast to reach US$ 138 billion by 2030 by registering a compound annual growth rate (CAGR) of 19% during the forecast period from 2021 to 2030.

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Factors Influencing

The growing awareness regarding personal health and fitness forecasts to drive the global market for smartwatches during the forecast period.

Increasing product launches and advancements in the smartwatch industry are other factors expected to fuel the market growth. Companies have been introducing advanced systems that will help users lock and unlock the vehicle using the smartwatch.

The rising adoption of smartwatches is likely to fuel the growth of the market. Smartwatches and mobile devices have been extending the applicants of the devices. Now users can link smartwatches with smartphones and other devices to perform operations. Sony recently introduced Yahoo, Instagram, and other smart extensions for its smartwatches. Apart from that, Motorola has launched the Moto 360 that can perform operations by connecting to smartphones and tablets. Through this innovation, mobile notifications, messages, and emails would pop up on the smartwatch screen. Apart from that, various benefits associated with the usage of smartwatches would enhance their adoption in the upcoming years. Smartwatches can easily perform several tasks at once. Moreover, the personal assistance feature of the device simplifies the regular activities by analyzing the data and assisting the users to become more efficient and productive.

On the contrary, the shorter battery life of smartwatches is forecasted to decelerate the growth of the global smartwatch market.

Geographic Analysis

Regionally, the global smartwatch market may witness favorable growth in the Asia-Pacific region during the forecast period. Rapidly growing technological advancements and rising demand for smart wearable devices are forecast to boost the region's contribution.

Apart from that, North America is expected to hold dominance in the global smartwatch market during the forecast period. It is due to the rapidly fueling adoption of IoT (Internet of Things) devices and advancements in technology. Apart from that, the presence of prominent players, such as Gramin, Apple, Fitbit Versa, and Fossil Group, would boost the contribution of the region during the analysis period.

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COVID-19 Impact on the Global Wearable technology market

The COVID-19 pandemic adversely affected the overall supply chain of the global smartwatch market. The trade activities highly declined, which negatively affected revenue generation. Apart from that, the market is expected to recover at the same pace during the forecast period as companies would launch innovative products that were postponed during the pandemic period.

Competitors in the market

Alphabet Inc.
Fitbit Inc.
Lenovo Group Limited
Sony Corporation
Garmin Ltd.
LG Electronics
Samsung Electronics Co. Ltd.
ASUSTeK Computer Inc.
TomTom International BV
Apple Inc.
Other prominent players

Market Segmentation

By Type:

Wearable Smart Textiles
Wearable Products and Devices (Non-Textiles)

By Product:

Wristwear
Headwear
Footwear
Fashion & Jewelry
Bodywear
Other Wearable Technology

By Application:

Consumer Electronics
Healthcare
Enterprise and Industrial Applications
Other Applications

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By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America

What is the goal of the report?

-The market report presents the estimated size of the ICT market at the end of the forecast --period.

-The report also examines historical and current market sizes.

-During the forecast period, the report analyzes the growth rate, market size, and market valuation.

-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.

-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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This release was published on openPR.