According to a new market report published by Industry Probe, the global smart watches and wearable market is expected to reach US$ 48.9 Bn by 2027 and expand at a CAGR of 15.4% from 2019 to 2027.
New York, NY -- (ReleaseWire) -- 08/04/2020 --According to a new market report published by Industry Probe (www.industryprobe.com) titled 'Smart Watches and Wearable Market [Product: Smart Watches, Fitness Trackers, Smart Jewelry, Smart Clothing, Smart Glasses & Goggles, Ear Plugs, Others (Head Mounted Displays, Wearable Camera etc.); Type: Wrist Wear, Body Wear, Hearable, Eye Wear, Others (Neck Wear, Footwear etc.); Connectivity: Bluetooth, Wi-Fi, Others (NFC etc.); Application: Lifestyle, Fitness & Sports, Defense, Infotainment, Others ( Healthcare, Logistics etc.); Price Range: High, Medium, Low; Distribution Channel: Online, and Offline] – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027,' the global smart watches and wearable market is expected to reach US$ 48.9 Bn by 2027 and expand at a CAGR of 15.4% from 2019 to 2027.
Click here to Access Sample Report: Smart Watches and Wearable Market
As per the report, the global smart watches and wearable market was valued at US$ 13.7 Bn in 2018 and is expected to expand at a CAGR of 15.4% from 2019 to 2027. In terms of region, North America held a prominent share in the global smart watches and wearable market in 2018 followed by Asia Pacific and Europe. Europe is expected to be a key upcoming market for smart watches and wearable during the forecast timeframe. Rise in disposable income and growing number of fitness conscious people are anticipated to be the key factors driving the growth of the smart watches and wearable market in this region. Growing penetration of smartphones across the globe is significantly driving the growth of the smart watches and wearable market. Rise in participation in various fitness activities and sports is also encouraging the market growth.
The report further anticipates that rise in disposable income to lead to the increased demand for smart watches and wearable. Also, the smart watches and wearable market is witnessing an expansion in the global market due to rising participation in various sports and other fitness activities. Smart wearable such as smart watches, fitness trackers, wearable cameras, hearable, and other devices are increasingly becoming popular among the people in various regions. Limited battery life of smart watches and other wearable devices is a threat to the smart watches and wearable market across the globe. Furthermore, another major challenge in the smart watch and wearable market is the high power consumption of smart wearable devices. Smart wearable devices use wireless networks which consume a lot of power.
Share your requirements for Customized Smart Watches and Wearable Market Study
The report has segregated the smart watches and wearable market in terms of product, application, consumer group, distribution channel, and region. In terms of product, smart watches are mostly preferred as they help to show notifications and enables quick access to them. It helps to read messages without picking up the mobile phone. In terms of type, wrist wear is the major segment and is anticipated to dominate the market during the forecast period, followed by the body wear segment. Bluetooth segment contributes major share to the smart watches and wearable market and is anticipated to expand at a CAGR of 16.1% during the forecast period. Based on application, fitness and sports segment dominates the market as they provide comfort and compression at the same time. In terms of consumer group, women's segment dominates the smart watches and wearable market owing to rise in number of fitness conscious consumers. Based on distribution channel, the offline distribution channel is expected to be the most attractive segment during the forecast period due to the preference of consumers toward offline shopping.
The smart watches and wearable market is dominated by several players who are focused on the development of new products to cater to the rising demand for the product in the market.
The report includes the below mentioned pointers of the major players operating in the smart watches and wearable market:
- Competition Matrix
- Company Overview
- Market Share Analysis (2018)
- Product Innovation
- Business Strategies/Recent Developments
- Technological advancements
- Key mergers and acquisitions
- Expansion strategies
- Company Financial
Contact an analyst to understand more about Smart Watches and Wearable Market
Some of the major player operating in the global smart watches and wearable market are featured in this report to give a better competitive analysis of the market and these include Apple Inc., Huawei Technologies Co. Ltd, Casio Computer Co., Ltd, Polar Electro Oy, Fitbit Inc., Samsung Electronics Co. Ltd, Fossil Group Inc., Xiaomi Inc., Garmin Ltd., and LG Electronics.
About Industry Probe
Industry Probe is a global market intelligence and advisory firm with an unwavering purpose to help businesses achieve strategic objectives through a varied range of offerings. Based on a unique amalgamation of our big data technology and human intelligence, our services are dedicated to serve the businesses operating in the consumer goods and industrial machinery sectors. Our offerings comprise syndicated research, strategic consulting & advisory services, competitive intelligence, and full-time engagement to bring true & actionable insights into our clients' business environment. Combining research & technology adoption, playing the perfect mix of the best data, and centered on consumer goods & industrial machinery sectors, Industry Probe believes in targeting one industry at a time.
1441 Broadway, 6th Floor – # 6131
New York, NY 10018