Press release
Smart Watches Market is anticipated to reach a value more than US$ 61 Bn by 2022
Fact.MR
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A smart watch is a computerized wrist watch which is worn on the wrist like a normal watch but has a higher functionality than a wrist watch. Not only timekeeping, but it has several features which makes the life of the wearer more convenient. The global smart watches market is expected to grow at a moderate growth rate and is influenced by several aspects which drive the growth of this market. For example, there are factors such as rise in the demand of smart watches, increase in the disposable income of the people worldwide, the increased tech savviness of the people, the convenience the smart watch offers, the easy tracking and convenience in managing tasks, rapid penetration of smart phones, rising technological developments including more features, growing health and fitness awareness (which can be tracked on the smart watch) and shift towards standardized connectivity, are fuelling the growth of the global smart watches market. However, a main restraint persists which could hamper the growth of this market, which is associated with the higher pricing of the smart watches. This limits the use of smart watches only to the higher class people, as it becomes a premium device and cannot be afforded by everyone in spite of rising disposable income. North America region is the most attractive region for this market.
A smart watch is a computerized device which has a touchscreen display along with special features which keeps the wearer updated not only with time and date but also other facts such as news, emails, missed phone calls etc. and it is worn on the wrist like a normal watch. It runs on various operating systems such as Android, Tizen, and Linux etc.
6 Forecast Highlights on Global Smart Watches Market
· Asia-Pacific excluding Japan (APEJ) region shows the highest growth rate and registers a CAGR of 3.9% during the period of forecast. North America region dominates the global market in terms of market share by revenue
· The E-commerce segment by distribution channel is expected to slate a CAGR of 4.1% thereby claiming to be the fastest growing segments in the global market by distribution channel. However, the franchised outlets segment is set to dominate this category by showing higher market share by revenue
· watchOS segment by operating system shows higher market share and a poised to show higher gain in the BPS by the end of 2022. The Tizen segment by operating system reflects highest growth rate, thereby registering a CAGR of 3.8% during the period of forecast
· The OLED segment by display type is expected to show high growth rate and poised to register a CAGR of 4.9% during the period of forecast. The LCD segment shows higher market share by revenue. To draw a comparison line between OLED, LCD and SAMOLED segments, there is not much difference in the market shares, but only the growth rates
· Companion smart watches segment has the highest market share by revenue as of 2017 and dominates the global market by product type. This largest market is expected to witness this continued trend till 2022 thereby retaining its dominance. The standalone smart watches segment, however, is the fastest growing segment reflecting a CAGR of 4.3% during the period of forecast
· Android wear segment and watchOS segment have a close clash with respect to market growth, as the later wins the race. However, watchOS segment, also is poised to show higher gain in the BPS by the end of 2022 whereas the android wear segment is expected to lose BPS during this period
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North America to Dominate the Global Market
The North America region possess higher market attractiveness index and is considered to be the most lucrative market for the global smart watches market. This region dominates other regions as it shows a higher market share by revenue and growing at a moderate rate during the period of forecast. This trend is anticipated to continue over the forecast period of 2017 to 2022. The Asia-Pacific excluding Japan (APEJ) region is an emerging economy and it reflects the highest growth rate despite of low market share during the period of forecast. North America is expected to reach a value more than US$ 22 Bn by the end of 2022. Following North America, Europe stands second in line as far as market share is concerned. Other regions, apart from APEJ, show comparatively less growth during the forecast period, with Japan region to show the lowest CAGR.
Standalone Smart Watch Segment Poised to Show Good Pace; but Companion Smart Watch Surpasses all
The standalone smart watch segment by product type is poised to show the highest growth rate during the period of forecast. However, the companion smart watch segment has a higher market share by revenue with comparatively less growth rate. Companion smart watch segment dominates all other segments in terms of market share. Standalone segment, which is the second largest segment following companion smart watch segment, is expected to register the highest CAGR of 4.3% in the product type category.
LCD Resembles Strength Whereas OLED Represents Growth
The OLED segment by display type is expected to show higher growth rate than any other segment by display type and is anticipated to reach a CAGR of 4.9% during the forecast period of 2017 to 2022. The LCD segment has a slower growth rate but has the highest market share by revenue, thereby dominating the global market. The decision between OLED, LCD and SAMOLED is difficult to make as all these segments hive minor differences in their market shares in global smart watches market.
Tizen Moves at Fast Speed; watchOS Shows Similar Speed
The Tizen segment by operating system shows highest growth rate yet a small market share. Following Tizen the watchOS segment grows at a similar speed but has the highest market share by revenue and reflects a market share of 48.9% and this trend is bound to grow as years pass by. It is also expected from this segment to reflect a higher gain in BPS by the end of 2022.
E- Commerce is the Need of the Day
The e-commerce segment by distribution channel shows higher growth rate to register a CAGR of 4.1% during the period of forecast and also expected to gain a higher BPS by the end of 2022. The franchised outlets segment dominates the global smart watches market by reflecting the highest market share by revenue and this trend is poised to continue throughout the period of forecast.
Competition Tracking
The report also profiles companies that are expected to remain active in the expansion of the global smart watches market through 2022, which include companies like Alphabet Inc., Apple, Inc., Beijing Xiaomi Technology Co., Fitbit, Inc., Fossil Group, Inc., Garmin International, Inc., LG Electronics, Inc., Motorola Mobility Holdings, Inc., Samsung Electronics Co., Ltd., and Sony Corporation.
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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Retail & Consumer Goods market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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