The
global smartwatches market is expected to reach USD 19.62 billion by 2020,
according to a new study by Grand View Research, Inc. Growing companion device
demand is expected to give impetus to demand for smartwatches. Increasing
percentage of health/fitness conscious population has resulted in high demand
for wearable fitness monitoring and tracking devices, including smartwatches.
The
number of industry participants is expected to increase manifold over the next
six years. In addition to startups, the expected entry of established companies
is estimated to significantly fuel market growth. Ensuring usability and visual
appeal is a critical factor for enabling product adoption on a global level.
Furthermore, managing the tradeoff between battery life and performance is
critical for profitability.
In depth research report on Smartwatches Market
Further key findings from the study suggest:
·
Global smartwatch shipments
were close to 2 million units in 2013, and are expected to reach 135.3 million
units by 2020, at a CAGR of 53.5% from 2014 to 2020.
·
High-end smartwatches accounted
for approximately 90% of the global market in 2013. This segment is expected to
lose market share to the mid-end and low-end segments over the forecast period.
This can be attributed to the expected trend of decreasing selling prices with
a growing number of manufacturers. Majority of consumers have been reluctant to
invest in premium priced products on account of unclear benefits and lack of a
value proposition.
·
North America accounted for the
highest market share of 35% in 2013; this is mainly due to higher purchasing
power as well as increasing demand for fitness tracking equipment. Asia Pacific
is expected to be the fastest growing regional market over the next six years.
The regional market is expected to be driven by high smartphone proliferation
and usage of Internet services.
·
Industry participants include
Samsung Electronics (Galaxy Gear), Pebble, Sony Corporation, Google Inc. and
Qualcomm Inc. among others. R&D activities to drive innovation have been
the key growth strategy for these companies. Established companies are expected
to benefit from growing smartwatches demand, and drive revenue generation over
the forecast period.
Grand
View Research has segmented the global smartwatches market on the basis of
price segment and region:
Smartwatches Price Segment Outlook (Volume, Million
Units and Revenue, USD Million; 2012 - 2020)
·
High-end
·
Mid-end
·
Low-end
Smartwatches Regional Outlook (Volume, Million Units
and Revenue, USD Million; 2012 - 2020)
·
North America
·
Europe
·
Asia Pacific
·
RoW
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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