The smartwatch market is expected to reach $43.8 billion by 2023, registering a CAGR of 22.7% during the forecast period.
The market has been thriving in the mobile technology space, which can be attributed to the increasing awareness on personal health and fitness and the rise in smartwatch-controlled automotive capabilities. The smartwatch market is categorized into three types: extension, classic, and standalone; of which the standalone category is projected to witness highest growth during the forecast period.
Access Report Summary with Detailed TOC on "Smartwatch Market by Product (Extension, Classic, Standalone), by OS (iOS, Android), by Application (Personal Assistance, Wellness, Sports, Medical), by Geography (U.S., Canada, Spain, Italy, France, Germany, U.K., South Korea, China, India, Australia, Japan, Brazil, South Africa, Mexico) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at: https://www.psmarketresearch.com/market-analysis/smartwatch-market
As per the findings of the research, Apple’s watch software watchOS has grown by leaps and bounds since its introduction and left many smartwatch OS behind with its competency in innovation. Due to this, the iOS category has been contributing the highest revenue in smartwatch market since 2015 and is predicted to maintain its strong hold during the forecast period as well. Moreover, high sales of Apple smartwatches have fueled the overall market growth on the back of brand popularity and presence of other rudimentary devices with incompetent features.
During the forecast period, smartwatches based on another OS, such as Tizen and proprietary OS, are expected to grow the fastest. In the recent past, other types of smartwatch OS, such as Samsung’s Tizen, have taken over Google’s Android Wear, which has restructured the global smartwatch market. Besides, massive sales of Samsung Gear S3 have escalated the company’s interest in investing more in the development of smarter standalone smartwatches, which clearly asserts a strong growth of this market in the near future.
Rise in Smartwatch-Controlled Automotive Capabilities Pushing the Smartwatch Demand
New automotive control features embedded in, or compatible with, next-generation smartwatches are one of the prime factors driving the global market growth of smartwatches. Smartphones have already hit the ground with their automotive control features in the past decade, and smartwatches with automotive control capabilities can be seen as the next big thing in the smart and autonomous cars industry.
Companies are rolling out app-based offerings that are compatible with new series of smartwatches and go beyond smart locking and unlocking of cars, remote starting of cars, and driver assistance. For instance, Viper SmartStart 4.0 is a next-generation smartwatch-compatible technology tailored to work with Apple Watch and Android Wear devices. The technology puts the vehicle control on the user’s wrist through installed SmartStart module, enabling the remote start system and CDMA/3G technology and connecting the vehicle to a wireless network. Ongoing developments in extended automotive technology functionalities compatible with latest smartwatch products are also expected to drive the smartwatch market, at a high rate, in the years to come.
Asia-Pacific as the Fastest Growing Smartwatch Market
Geographically, North America, being a key target region for prominent companies (like Apple and Samsung) for the introduction and sale of their products, is a higher revenue generator than any other region in the world. Brand loyalty and consumer status in North America have largely helped companies in cashing in consumer behavior and interest toward the adoption of smartwatches.
However, dominated by pocket-friendly smartwatches in China, advanced infrastructure in South Korea, and rising consumer interest for smartwatches in India, APAC will be the fastest growing smartwatch market, globally, during the forecast period. Besides, factors like in-house technology advancements by regional players, such as Titan, entry of large global players, growth in the use of utility watches, and increasing demand for high-end wearable devices are expected to drive the APAC smartwatch market in the near future.
Shift from Unisex to Gender-Based Smartwatches Offering Lucrative Opportunities
One of the major opportunities for the growth of smartwatch market lies in the design and development of gender-specific smartwatches by market players. Many women, particularly from the sports and corporate domains, have shown great interest in the adoption of a smartwatch as a replacement to their traditional watch, in the recent past. However, unisex offerings by companies often feature male-oriented designs, making them less popular among women.
Apple has already rolled out its smartwatch accessories, which can be of great interest to women. Similarly, in December 2017, Titan announced the launch of a smartwatch, especially designed for women. However, there is still a huge gap in the industry to fill in with the development of gender-specific smartwatches.
Global Smartwatch Market Competitiveness
Some of the key players operating in this market are Apple Inc., Garmin Ltd., Fitbit Inc., Sony Corporation, Samsung Electronics Co. Ltd., Lenovo Group Limited, TomTom International BV, ASUSTeK Computer Inc., LG Electronics, and Alphabet Inc.
GLOBAL SMARTWATCH MARKET SEGMENTATION
By Operating System (OS)