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Global Smart Watch: Hybrid Smart Watch Segment Poised to Increase 3.6X in Terms of Value by 2025
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The smart watch market has a major portion of prominent players, and some of the major manufacturing companies are in APAC and North America that export their products all over the globe. Among all the regions, APAC has the largest consumer market for smart watch. Prominent players in this market are Apple Inc., Fitbit Inc., Garmin Ltd., Samsung Electronics, Nokia Corporation (Withings), and LG Electronics etc. Apple Inc., Samsung Electronics Co., Ltd, Fossil Group, Inc., Tag Heuer International SA, Sony Corporation etc. are the tier-1 companies in the global smart watch market which earn revenue more than US$ 20 Bn.
In terms of value, hybrid smart watch segment is anticipated to increase at a high CAGR during the forecast period
Hybrid smart watch segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 17.4% during the forecast period. In terms of value, extension smart watch segment is projected to be the most attractive in the Global Smart Watch market during the forecast period. In 2016, extension smart watch segment was valued at US$ 2,863.3 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period.
Increasing number of online stores and rise in usage of smartphones provide new opportunities in the global smart watch market
Increasing number of online stores across the globe will offer a new platform for smart watch vendors to approach customers. With increasing demand for smart watch, the vendors in the market are providing their smart watch also in the form of accessories online. With the evolution of technology and digitalization, everyone is moving toward online shopping and secured transactions. This advancement will provide opportunity for the smart watch vendors in the near future.
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Increasing usage of smartphones in the market is creating demand for smart watch. In the present era, almost everyone uses a smartphone. With the advancement of technology the smartphone applications offered for easy monitoring and analyzing the data tracked is one of the prominent feature for using smartphone and smart watch together. Due to this advancement, demand for smart watch is also increasing since these smart watch are user friendly and compatible with most of the smartphones.
Recent trends observed in the global smart watch market
Innovation in smart watch for variety of applications is supporting growth of the smart watch market. North America market is rising rapidly due to recent innovations in smart watch products, which offer unique capabilities of products and provides benefits to manufacturers. With the evolution of new technologies, the number of applications of these technologies is increasing in North America region.
As there is increase in demand of smart watch in smart wearable industry, the tech giants are bringing innovative smart watch for activity tracking, heart rate monitoring, message notifications, voice recording, calls, reminder etc. This tech giants offer smart watch based on competitive pricing that helps to increase their customer base. This increasing competitiveness among prominent players such as Apple Inc., Fossil Group, Samsung, and Lenovo Corporation etc. to launch smart watch has triggered the growth of smart watch market in Asia Pacific region.
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