Smart Watch Market Continues to Grow as Consumers Embrace Wearable Technology With Growth At A CAGR Of 9.4%

The global smartwatch market is experiencing continued growth as more consumers adopt wearable technology.

According to a recent report by Market Square Insights, the smartwatch market is projected to reach a CAGR of 9.4% during the forecast period 2022-2030. Furthermore, it is projected to reach USD 156.20 Billion by 2028.

The rise of smartwatches can be attributed to their versatility and convenience. With features such as fitness tracking, message alerts, and mobile payment capabilities, smartwatches have become essential accessories for many consumers.




Market overview:

• According to the latest Global smartwatch report from Market Square Insights, smartwatch shipments increased by 11% in 2022 compared to the previous year, driven by strong sales in the first three quarters of the year. However, shipments in the fourth quarter experienced a 1.5% year-on-year decline due to inflation levels and slow growth in India.

• Apple continued to dominate the market with a 34% share, followed by Samsung with 9.6% and Huawei with 6.5%. Noise and Fire Boltt, two Indian smart wearables brands, rose to fourth and fifth place in global shipments, respectively.


• North America was the largest market by volume of shipments, accounting for 29% of total shipments, while India and China came in second and third place, respectively. The ≤$100 price category accounted for 35% of all shipments, while the >$400 category saw the largest increase in shipments, up 127% year-on-year, driven largely by the success of Apple's Watch Series 8 and Watch Ultra models.

Get a copy of the sample report: https://marketsquareinsights.com/smartwatch-2/?query=sample_report




Market analysis:

Key Companies Profile in the Report:
Apple
Samsung
Sony
Motorola/Lenovo
LG
Pebble
Fitbit
Garmin
Withings
Polar
Asus
Huawei
ZTE
InWatch
Casio
TAG Heuer
TomTom
Qualcomm
Weloop
Epson
Ceak
SmartQ
Hopu
Truly

By Type:
Apple Watch Kit
Android Wear
Tizen
Embedded OS

By Application:
Personal Assistance
Fitness
Medical and Health
Personal Safety




Challenges and opportunities of the market:

Challenges:
• Battery life: The limited battery life of smartwatches can be a challenge for users who require constant use of their devices.

• Price: Smart watches can be expensive, which may limit adoption by some consumers.


• Privacy concerns: Smartwatches collect personal data, which may raise privacy concerns for some users.

Opportunities:

• Technological advancements: Advancements in technology such as 5G connectivity and improved sensors will lead to more advanced features and capabilities for smartwatches.

• Health and fitness tracking: The increasing focus on health and fitness is creating opportunities for smartwatches to offer more comprehensive and personalized health-tracking features.


• Customization: Offering customizable designs and features can increase appeal and adoption among consumers.

• Enterprise use: The adoption of smartwatches in the workplace for productivity and wellness programs presents a significant opportunity for growth in the market.




Consumer demand and recent developments:

Consumer demand:

• Consumers are increasingly adopting smart watches for convenience, functionality, and personalization.

• Health and fitness tracking features, message alerts, and mobile payment capabilities are among the most sought-after features by consumers.


• As consumers become more tech-savvy and seek out ways to streamline their daily routines, the demand for smartwatches is expected to continue to grow.

Recent developments:

• The rise of 5G connectivity is expected to enable even more advanced features and capabilities for smartwatches.

• Manufacturers are exploring new form factors and designs for smartwatches, such as flexible displays and hybrid designs that combine traditional watch aesthetics with smart technology.


• WearOS, the operating system used by many smartwatch manufacturers, has undergone recent updates to improve performance and battery life.

• Health tracking features continue to be a focus for smartwatch manufacturers, with some devices now able to track blood oxygen levels, ECG, and even COVID-19 symptoms.


• Manufacturers are also exploring partnerships and integrations with other technology and healthcare companies to expand the capabilities and functionality of smartwatches.




Recent News:

• India's smartwatch market grew 310% YoY in Q2 2022, according to the latest research from Market Square Insights. This growth can be attributed to growing consumer interest in smartwatches as an accessory and as a fitness trackers.

• Apple released the Apple Watch Series 7, which features a larger display and a redesigned interface.


• Google announced a partnership with Samsung to combine their respective WearOS and Tizen operating systems for smartwatches.

• Fitbit released the Fitbit Charge 5, which includes health tracking features such as ECG and stress management tools.




Highlights of data Covered in The Report:

> The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors, etc.

> The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analyzed 12 years of data history and forecast.

> The market's growth factors are discussed in detail wherein the different end users of the market are explained in detail.

> Data and information by market player, region, type, application, etc, and custom research can be added according to specific requirements.

> The report contains a SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.




Key Reasons to Purchase:

> To gain insightful analyses of the market and have a comprehensive understanding of the global market and its commercial landscape.

> Assess the production processes, major issues, and solutions to mitigate the development risk.

> To comprehend the industry's most important driving and restraining forces and their influence on the global market.

> Learn about the market strategies used by the most successful companies in their fields.

> To understand the future outlook and prospects for the market.

To buy this report click on this link > https://marketsquareinsights.com/smartwatch-2/?query=buy_now

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Market Square Insights is a market research and consulting firm.

At Market Square Insights, we understand research requirements and help a client in taking informed business-critical decisions. The company focuses on helping clients achieve transformational growth by helping them make crucial business decisions. At Market Square Insights, we diligently study emerging trends across various industries at global and regional levels, to identify potential opportunities for our clients.

This release was published on openPR.