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Smart Watches Market The global smartwatch market size was USD 30,434.1 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.2 % from 2022 to 2030. The market is anticipated to witness a surge in adoption owing to the growing inclination for fitness tracking and health monitoring features.
During the predicted timeframe (2022-2027). The first quarter of 2020 saw a sharp decline in global demand for electronics due to the recent COVID-19 epidemic. However, online sales of wearables, like smartwatches, saw a significant uptick, eliminating many other expenses. Customers had the option of comparing features and prices while purchasing things online for less money.
Global demand for smartwatches has been driven by the increasing rates of urbanization and the demand for visually pleasing, technologically advanced products to better meet customer needs, such as time schedules and numerous functionalities in one device. Additionally, the enormous millennial population has been
To share phone notifications, such as text messages, email notices, or application alerts, smartwatches can currently only be connected to smartphones (through Bluetooth), which serve as information gateways. However, because they can typically only be coupled with a small number of compatible smartphones, smartwatches are not replaceable. For instance, the Apple Watch is compatible with iPhones alone, whereas Samsung’s Gear A wristwatch is only compatible with Galaxy series smartphones. Because they require a compatible smartphone to transmit additional important information to their owners, the smartwatches now on the market from mobile device manufacturing businesses are more like smartphone accessories than standalone gadgets.
The region’s leading players’ ongoing partnerships and collaborations are also anticipated to broaden the market under study during the forecast period. For instance, Huami Corporation partnered with PAI Health, a health technology software company, to combine Huami’s enormous biometric database gathered by the high-quality smartwatch devices and powerful algorithms with PAI Health’s software in order to provide a scientifically validated approach to help address some of the health risks connected with an inactive lifestyle.
Over the next ten years, it is anticipated that the rising popularity of smartwatches among younger people and the growing millennial population will drive sales of the devices. Other elements that could boost demand for smartwatches include high disposable income, a growing interest in health and fitness, an increase in product launches, and the availability of reasonably priced models. Throughout the forecast period, demand for industrial and construction smartwatches is anticipated to increase.
Every area of life now involves technology, and this has led to an enormous global demand for cutting-edge and intelligent products. Globally expanding millennial populations are a big factor in smart watch and other smart gadget use.
Due to their portability and flexible functionality, smart watches play a significant role in the world’s major shift to the digital sphere and increased connectivity.
Increasing urbanization, the spread of technology, the popularity of smartphones, rising luxury standards, rising smartphone use, and rising disposable income are some of the main factors influencing the demand for smart watches globally.
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Global Smart Watches Market: Major Players
Bong
Samsung Electronics
Geak
Huawei
EZON
Baby
Sony
Abardeen
XPERIA
Motorola
Google
SUUNTO
OKII
LG Electronics
Fitbit
TOMTOM
Garmin
Apple Watch
Global Smart Watches Market: Types
WatchOS
Android
RTOS
Tizen
Others
Global Smart Watches Market: Applications
Personal Assistance
Wellness & Healthcare
Sports
Others
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