Smartwatches are worn on the wrist and offer functionalities beyond conventional wristwatches. They are generally utilized as companion instruments and require pairing with smartphones. The smartwatches market stood about USD 702 million in 2013. Its consignments were more than 2 million units that year.
Smartwatches are particularly helpful for health-aware clients. Smartphone consignments across the globe are estimated to augment in the future, providing market impetus. The smartwatches market is experiencing a double digit CAGR. Furthered by advancements, smartwatch companies are heavily investing on research.
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Top participants like Pebble, Samsung, and Sony rely on their research spending to increase their shares. Moreover, robust distribution backup is crucial for the market. Top companies team up with their re-vendors and providers to achieve market penetration in terms of the correct channel, target audience, and regions.
Restricted battery life of these watches can hinder the smartwatches market. The market is split on account of three categories. These comprise price sectors, applications, and regions. In relation to price sectors, high-end smartwatches occupied nearly 90 percent of the global shares in 2013. Clients’ confidentiality concerns can prevent the acceptance of high-end smartwatches.
Whilst the market is flooded with companies providing high-end products at quality costs, commercialization and research are anticipated to lead to a considerable number of low-end and mid-valued products during 2014 to 2020 (forecast period). Demand across application segments like healthcare, sports, wellness, and others should also propel the market.
With regards to regions, North America and Europe captured around 60 percent shares in 2013. Client-consciousness and higher purchasing power should drive these regions in the future. The Asian Pacific smartwatches market will expand at the fastest pace, primarily due to high penetration of smartphones in the region. Chinese companies, in particular, concentrate on the development of smartwatches.
Asia Pacific should be propelled by proliferation of products in Singapore, Japan, and India. Companies working in the global smartwatches market focus mainly on advancements for attaining differentiation and staying ahead. The market is marked by multiple participants and research activities. It would expand significantly over the forecast period.
Companies like Apple Inc. and Samsung Electronics are anticipated to profit in the years ahead.
Information Source: Grand View Research
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