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Increasing Functionality And New Product Launches Aiding The Smartwatch Market Growth Positively
According to a new market research report published by Credence Research “Smartwatch Market(Operating System– watchOS, Tizen OS, Android and RTOS; Gender – Men and Women; Distribution Channel – Online and Offline) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the smartwatch market was valued at US$ 12.45 Bn in 2017 and will be growing at a CAGR of 16.4% during the forecast period from 2018 to 2026.
Browse the full report at https://www.credenceresearch.com/report/smartwatch-market
The smartwatch market was valued at US$ 12.45 Bn in 2017 and expected to be growing at a compounded annual growth rate (CAGR) of 16.4% during the forecast period from 2018 to 2026. In recent years, the functionality of watches have expanded well beyond just showing time. The introduction of the smartwatches, with its multi-functional features, has disrupted the traditional analog watch industry. The fact that, in many Asian countries, the demand for luxury Swiss watches have declined drastically as a result of more people preferring affordable timepieces such as smartwatches. Moreover, an increasing number of smartwatch manufacturers are focusing on the improving the visual aesthetics of the watches in order to present them as fashion pieces. One of the most important factor aiding the smartwatch market growth can be attributed to the enhancement of functionalities of smartwatches. Modern smartwatches have various features such as GPS, barometer, heart rate sensor, better display and longer battery life among others. Rising net disposable income among consumers is another prominent factor contributing to the smartwatch market growth.
The manufacturers of smartwatches are continuously engaged in research and development activities. These activities are directed towards adding new functionalities as well as improving the existing functionalities. For instance, in August 2018, Samsung unveiled its latest smartwatch; the galaxy watch. It features 3G / LTE connectivity and charges wirelessly. The company also claims that the new watch would provide an improved battery life that should provide several days of use on a single charge. Similarly, in October 2018, Huawei launched the Huawei Watch GT, which the company claims, uses an innovative smart power-saving algorithm. Depending on user activity, this feature enables it to dynamically switch between performance and efficiency modes, thereby improving the battery life. The watch also features enhanced positioning capabilities which can simultaneously tap into GPS, GALILEO and GLONASS three of the major satellite positioning systems, for precise positioning.
In coming years, the online sales channel expected to witness the fastest growth rate. The availability of better offers in the form of discounts coupled with ease of shopping are expected to lead an increasing number of consumers to choose online platforms over offline platforms. Moreover, improving internet penetration in regions such as Asia Pacific and Middle East and Africa bodes well for the market growth. Faster delivery and easy return policy are further supporting the growth of the online segment.
In terms of investment, the Asia Pacific market expected to remain the most lucrative for smartwatch manufacturers. Rising net disposable income coupled with growing consumer awareness about the benefits of smartwatches expected to influence the market growth positively in the region. Moreover, the fact that a large number of smartwatch manufacturers are headquartered in the region further compliments the market growth in Asia Pacific. Some of the leading smartwatch manufacturers headquartered in the Asia Pacific region includes Huawei, Xiaomi and Asus among others.
Key players profiled in the report include Apple, Inc., Sony Corporation, LG, Samsung Electronics, Huawei Technologies Co. Ltd., ASUS, Fossil, Xiaomi, Michael Kors and Garmin among others.
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