San Francisco, 31
October 2018: 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.
Access Research Report of Smartwatches Market@ www.grandviewresearch.com/industry-analysis/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.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
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
Access Press Release of
Smartwatches Market@ www.grandviewresearch.com/press-release/global-smartwatches-market
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, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
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