Press release
Smart Watch Market Report 2024: Strategies And Recent Developments
Smart Watch Market Growth
The Business Research Company offers in-depth market insights through Smart Watch Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The smart watch market size has grown rapidly in recent years. It will grow from $77.91 billion in 2023 to $91.8 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to fitness and health tracking, smartphone integration, fashion and style, mobile payments, app ecosystem.
The smart watch market size is expected to see rapid growth in the next few years. It will grow to $156.97 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to healthcare and medical monitoring, smart home integration, 5g connectivity, environmental and sustainability features, augmented reality (ar) and virtual reality (vr) support. Major trends in the forecast period include extended battery life, health and wellness ecosystems, advanced sensors, customizable straps and watch faces, fashion-tech collaborations.
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Market Segmentation:
The main product types of smart watches are extension, standalone, classical and are applied in personal assistance, wellness, healthcare, sports and others areas. The extension smartwatches are known as companion smartwatches and require a tethered phone to work. The main type of display in smart watch are AMOLED, PMOLED and TFT LCD that use operating system such as watch OS, android/wear OS and other operating systems.
Major Driver - Health Awareness Driving Growth In The Smartwatch Market
The increasing health awareness among consumers is a key factor driving the growth of the smartwatch market. Through a smartwatch, the user can take the necessary precautions in advance about health. The doctors can easily monitor the health status of patients remotely and can maintain, prescribe or treat them as required. For instance, in August 2022, Samsung Electronics, a South-Korea based company, announces Galaxy Watch5 Series. This Galaxy Watch5 series enables Bioactive sensor that allows for accurate digital health tracking and sleep monitoring. It incorporates a single, one-of-a-kind chip that combines three strong health sensors that are optical heart rate, electrical heart signal, and bioelectrical impedance analysis to provide comprehensive measurements such as heart rate, blood oxygen level, and even stress level. This increasing number of people are using digital tools such as smartwatch to address critical health needs rather than just exercise tracking. Therefore, the increase in health awareness among the consumer is expected to drive the smartwatch market growth.
Competitive Landscape:
Major companies operating in the smart watch market include Apple Inc., Garmin, Fitbit, Motorola, Sony Corporation, LG Electronics, Huawei Technologies Co. Ltd., Fossil Group Inc, Google Inc., Lenovo Group Ltd, Qualcomm, TomTom International BV, ASUSTeK Computer Inc., ConnectDevice Ltd, Huami Corp, Mobvoi Information Technology Company Ltd, Samsung Electronics Co. Ltd., Imoo, Amazfit, Garmin, Fitbit, TomTom International, Amazon, Pebble, Maritime, Suunto, Mobvoi, Tag Heuer, Polar Electro, Casio Computer Co. Ltd., Vector Watch, Nixon Inc., Misfit, Withings, Polaroid, Alcatel, Archos
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Top Trend - Development Of IOT-Driven Smart Watches
Internet of things (IoT) driven smart watches is highly preferred choice of smart watches. Smart watches connected to the internet offer a wide range of features such as time, health monitoring, and fitness tracking, receives calls and messages, entertainment, cardless payments, and connectivity to other IoT devices to improve the quality of the user's life. With increasing consumer's interests towards health and fitness, convenience in day-to-day activities and smart homes, wearable IoT devices such as smart watches offer various features. in 2021, Samsung achieved highest quarterly shipments of smart watches with the launch of the Galaxy Watch 4 series.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Watch Market Characteristics
3. Smart Watch Market Trends And Strategies
4. Smart Watch Market - Macro Economic Scenario
5. Smart Watch Market Size And Growth
…..
27. Smart Watch Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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