Global Smartwatches Market: Snapshot
The presence of a few players makes the global smartwatches market fairly consolidated. Nevertheless, the smartwatches market is competitive. Savvy players are banking on product innovation and product development to gain an edge.
Worldwide, the massive adoption of electronics is having a positive impact on the worldwide smartwatches market. A smartwatch is generally a wrist-worn device that provides various functionalities to its user. Smartwatches are mostly paired with the user’s smartphone via Bluetooth or near-field communication technology. Some of the functionalities of a smartwatch are GPS, health tracker, distance tracker, etc.
In addition, smartwatches serves to offer high degree of connectivity to its users as they serve as a medium between the user and service. Owing to these positive factors, the demand for smartwatches is poised to rise in the future. Moreover, network infrastructure development and increasing internet penetration are some other factors favoring the global smartwatches market.
On the other hand, limited battery life and its impact on the overall performance of the device are the major drawbacks the market has to contend with.
As per a report on the global smartwatches market by Transparency Market Research (TMR), the said market is predicted to increase at a whopping 53.60% CAGR over the forecast period between 2013 and 2020. The market was valued at US$701.2 mn in 2013.
High-end Smartwatches lead the pack
Based on price range, the global smartwatches market is divided into high-end smartwatches, low-end smartwatches, and mid-end smartwatches. Among these, smartwatches that are above US$250 are high-end ones. The segment of high-end smartwatches is predicted to witness strong growth in the upcoming years. The focus of top-notch product manufacturers such as Apple Inc., Sony Corporation, and Samsung Electronics Inc. to innovate high-end smartwatches account for high growth of this segment. At present, companies involved in the manufacture of high-end smartwatches account for major share of the overall market. However, in the coming years, research and development and increased participation from mid-sized companies is expected to lead to larger number of newer mid-end and low-end smartwatch models.
By operating system, the smartwatches market is divided into iOS, Android, and others. Among them, iOS smartwatches led the overall market in 2014. The segment of Android smartwatches closely trailed in the same year. However, over the forecast period from 2014 to 2020, Android smartwatches is likely to rise at a CAGR of 57.90%.
Tech-savvy Population makes North America Frontrunner in Market
From a geographical standpoint, the global smartwatches market is spread across North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. In 2013, North America stood as the leading market for smartwatches vis-à-vis revenue. The growth of the smartwatches market in the region is mainly because of a large tech-savvy population. A high degree of health awareness generally is another key factor contributing to the growth of North America smartwatches market. Furthermore, high purchasing power and early adoption of next-generation devices will account for robust growth of North America smartwatches market.
Apart from this, Asia Pacific and Europe are expected to display healthy growth over the forecast period. Rising purchasing power and speedy adoption of technology are key factors behind the increasing sales of smartwatches in China and India. The availability of low-end and mid-end products is also propelling the Asia Pacific smartwatches market.
Key companies operating in the global smartwatches market include Samsung Electronics Co. Ltd., Nike Inc., Garmin Ltd., Martian Watches, ConnecteDevice Ltd., Apple Inc., Pebble Technology Corporation, Sony Electronics, and Qualcomm Incorporated.
The smartwatch market has gained significant momentum in recent years due to the entry of several major players in the smartwatch market. Most component suppliers and smartphone vendors such as: Samsung Electronics, Inc., Sony Corporation, and Apple Inc. are expanding their wearable product offerings. Furthermore, most smartwatches available in the market currently work as companion devices; thus, the presence of a large number of existing smartphone users is a key factor anticipated to drive the market in the next few years. Companies manufacturing smartwatches are customizing their operating systems for use in wearable devices. For instance, Google, Inc. has launched Android Wear, a customized version of the Android OS for use in wearable devices. Most hardware manufacturers are entering in the smartwatch market with Android Wear as the pre-installed OS; thus, the Android Wear OS has been experiencing significant growth in the smartwatch market.
The research report on smartwatch market provides a detailed analysis of the different categories of smartwatches, and helps in understanding the driving forces behind the popularity of the wearable products. It also provides an analysis of the major segments of the smartwatch market for the period from 2012 to 2020. The report includes extensive analysis of the industry drivers, restraints, opportunities, and market trends. The study provides comprehensive assessment of the stakeholder strategies and imperatives for succeeding in the business. This research study focuses on providing market data and insights, including the size and growth of the smartwatch market. The report provides a thorough analysis of the emerging industry trends, and the current state of the market. It offers a comprehensive coverage of the underlying technological and economic factors influencing the smartwatch business. The prevalent competition in the market is highlighted through the market share analysis of key players in the market. Furthermore, the value chain analysis is included in the report with an aim to provide strategic insights across the supply chain of the smartwatch market.
The report segregates the global smartwatch market based on operating systems, and the price range. Operating systems in the smartwatch market have been categorized into: Android Wear OS, Watch OS, and others. The others segment includes: Tizen OS, Pebble OS, Firefox OS, and LinkIt OS. The study also includes the categorization of smartwatch market on the basis of price range. High-end smartwatches, mid-end smartwatches, and low-end smartwatches are the price range categories included in the report. The report aims to provide a comprehensive cross-sectional analysis of the component, type, and application segments across North America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, Latin America, and the Middle East and Africa (MEA).
Additionally, the report also includes competitive profiling of leading players in the industry and various business strategies adopted by them. In addition, report explores potential opportunities that are estimated to increase profitability of market participants. The company profiles section in the report provides overview of the companies, annual revenue generated for the past two/three years, business strategies, and recent developments. Companies profiled in this report include Pebble Technology Corporation, Samsung Electronics Co. Ltd., Apple Inc., Nike Inc., Garmin Ltd., Sony Electronics Inc., Fitbit Inc., Martian Watches, ConnecteDevice Ltd., and Qualcomm Incorporated
The global smartwatches market is categorized into the following segments:
Smartwatches Market, by Price Range
- High-end Smartwatches
- Mid-end Smartwatches
- Low-end Smartwatches
Smartwatches Market, by Operating System
- Android Wear
- Watch OS (iOS)
Smartwatches Market, by Geography
- North America
- Eastern Europe
- Western Europe
- Asia Pacific
- Asia Pacific Excluding Japan
- Latin America
- Middle East and Africa