DUBLIN–(BUSINESS WIRE)–Feb 9, 2021–
The "Smartwatch Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)" report has been added to ResearchAndMarkets.com’s offering.
The smartwatch market had a shipment of 68.6 million unit shipment in 2020 and expected to reach 157.2 million by 2026 and grow at a CAGR of 14.5% over the forecast period (2021 – 2026).
- Apple Inc.
- Samsung Electronics Co. Ltd
- Garmin Ltd
- Fitbit Inc.
- Fossil Group Inc.
- Huawei Technologies Co. Ltd
- Sony Corporation
- Lenovo Group Limited
- Huami Corporation
- LG Electronics Inc.
- Polar Electro OY
Key Market Trends
Medical and Fitness to Account for a Significant Market Share
- Monitoring health has been the most advantageous aspect of wearables technology. Not only does it help fitness-enthusiasts by providing them with necessary health parameters but also aids patients by providing insights on their conditions. People are more worried about their health, and this has led to an increase in shipment of fitness trackers. Since every smartwatch has a component of a fitness tracker, the popularity growth of the smartwatch is increasing significantly, as it has multi-functional features for recording health parameters.
- Saving on both the time and resources, smartwatches are helping doctors by rendering some complex and significant information. Medical professionals are being backed by this data in solving puzzles, like what would be the impact of a new drug, or the constant monitoring of recovery status of an operated patient and much more.
- The accelerometers built into smartwatches can potentially be deployed to detect seizures and tremors, particularly with conditions, like epilepsy. When epilepsy seizures happen, quick and effective treatment is an essential part of making sure the risks of long-term damage to the body are minimized. Smartwatches can be used to alert friends, family, and healthcare workers about seizures that could make a huge difference in patient recovery.
- Fitbit is working towards clinical validation and regulatory approval of its software for use in detecting health conditions, such as sleep apnea and atrial fibrillation, which will help in promoting health fitness and growth of the market.
Asia-Pacific Region is Expected to have Fastest Growth
- The Asia-Pacific is expected to witness the highest growth in the smartwatch market due to the growing consumer electronics industry, coupled with a rapid rise of smartwatch market vendors across the emerging economies of the region. Also, increasing the tech-savvy population, a rising pool of chronic diseases, such as obesity and diabetes, along with growing popularization of health and fitness to maintain a healthy lifestyle, is driving the market growth.
- Advancements in research across the region are leading to increased innovation in recent years, which is instrumental, thereby driving the demand for the smartwatch market to augment public safety measures by the department of police and other public safety organizations. Also, the growth in disposable income and the rapid adoption and popularity of enhanced gadgets are some of the primary drivers for the market in this geographical region.
- Moreover, the increase in the presence of key vendors, such as Samsung, Sony, Huawei, and Lenovo, offering smartwatches with the integration of the latest technology features has added to the growth of the market during the forecast period. For instance, in January 2018, China’s Huawei was one of the first device makers to commit to using the Snapdragon wear 2500 series chipset across a wide variety of smartwatches.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.3 Industry Value Chain Analysis
4.4 Market Drivers
4.4.1 Increasing Technological Advancements in the Wearables Market
4.4.2 Increase in Health Awareness among the Consumers
4.5 Market Restraints
4.5.1 Growing Complexity of Wearable Devices and Limited Use of Features, augmented With Security Risks
4.6 Assessment of Impact of COVID-19 on the Industry
5 MARKET SEGMENTATION
5.1 Operating Systems
5.1.1 Watch OS
5.1.2 Android/Wear OS
5.1.3 Other Operating Systems
5.2 Display Type
5.2.3 TFT LCD
5.3.1 Personal Assistance
5.3.4 Other Applications
5.4.1 North America
5.4.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Apple Inc.
6.1.2 Samsung Electronics Co. Ltd
6.1.3 Garmin Ltd
6.1.4 Fitbit Inc.
6.1.5 Fossil Group Inc.
6.1.6 Huawei Technologies Co. Ltd
6.1.7 Sony Corporation
6.1.8 Lenovo Group Limited
6.1.9 Huami Corporation
6.1.10 LG Electronics Inc.
6.1.11 Polar Electro OY
6.2 Vendor Market Share Analysis
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/bw1rfv
View source version on businesswire.com:https://www.businesswire.com/news/home/20210209006005/en/
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INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS
SOURCE: Research and Markets
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PUB: 02/09/2021 12:29 PM/DISC: 02/09/2021 12:29 PM