Market Drivers
The growing importance of tracking physical activities like walking, running, and others, along with monitoring vital signs like heart rate, sleep monitoring, and others, is majorly fuelling the growth rate of the smartwatch market. Owing to quick adoption of the latest technologies with the penetration of high-speed internet connectivity is adding fuel to the market’s growth rate during the forecast period. The rising awareness of the benefits of using smartwatches through social media influencers is estimated to surge the growth rate of the market. New entrants are launching these watches with effective cost.
In the recent eras, the rising incidences of heart failure diseases, even among adults across the world, have, subsequently increased the importance of frequently monitoring heart rate and other vital signs. The launch of advanced heart monitoring features by top companies like Apple, Samsung, and others is attributed to showcase new opportunities for smartwatches in the coming years. In both developed and developing countries, doctors are recommending using smartwatches to analyze and diagnose certain diseases help them to specify the proper treatment procedures. The growing number of people focusing on fitness activities and their preference to monitor the activities for better outcomes is also to leverage the growth rate of the market.
Market Restraints
Though the use of smartwatches has huge benefits, the growing concern about privacy and security is slightly limiting the growth rate of the market. The smartwatch can be connected to the internet, where it is easy to breach the data with modern technologies, which are restricting customers from using these electronic devices. These watches manufactured with the most advanced technologies cost very high and are not affordable by the common people, which substantially degrades the growth rate of the market. Also, disruptions in the supply chain of raw materials and stringent rules and regulations by government authorities are ascribed to degrade the market’s growth rate in the coming years. Difficulty in imports and exports of definite raw materials due to stringent government policies will pose great challenges for key players.
Segment Analysis:
By Product Type
- Extension
- Standalone
- Classic
The extension segment is leading and has the dominant share of the smartwatch market. The rising use of smartwatches with the growing prominence of carefully monitoring vital signs, especially among geriatric people, is esteemed to elevate the growth opportunities for the market in the coming years. The standalone segment is likely to gear up with the new opportunities to hold the highest CAGR by the end of 2029. The rapid adoption of technological advancements in launching innovative smartwatches like simply monitoring ECG and blood oxygen tracking systems are attributed to enhancing the growth rate of the market.
By Application
- Personal Assistance
- Sports
- Medical
- Others
The personal assistance segment is dominating the largest share of the smartwatch market, whereas the sports segment is likely to hit the highest CAGR by the end of 2029. The increasing awareness of the use of smartwatches for personal assistance that helps them maintain healthy lifestyles is attributed to leveling up the growth rate of the market. In recent times, smartwatches have come with the most advanced technologies, where the overall fitness activities are recorded and can be used for further reference. Sports people are showing interest in smartwatches to track their daily fitness activities and encourage them to perform well. The medical segment is attributed to having significant growth opportunities in the future period.
Regional Analysis:
Asia Pacific is leading with the largest share of the smartwatch market owing to the rising population in merging countries like India and China. The expansion of the industries and the rising prominence of launching a high number of smartwatches with the rising popularity among people in these countries are significantly boosting the growth rate of the market. The number of people in urban areas is gradually increasing in these countries, where the prominence of launching innovative smartwatches in accordance with their interests has accumulated in surging the market’s growth rate. Around 45% of Indian residents are using smartwatches which is definitely a prominent factor to leverage the growth rate in the coming years in Asia Pacific.
North America is substantially to have a prominent growth rate during the forecast period with the presence of top key players. The US is a well-developed country and has significantly led the market share with the launch of various innovative smartwatches. High per capita income and huge investments in IT companies are likely to promote the growth rate of the market. Growing expenses on wearable devices among people to track vital signs are likely to level up the growth rate of the market.
Europe is next to North America, holding the prominent growth rate during the forecast period. According to the UK Dementia Research Institute, 30% of the people in the UK use smartwatches to maintain good health by quietly monitoring their physical activities and vital signs through smartwatches.
Latin America and Middle East & Africa are esteemed to have the prominent growth rate during the forecast period.
Recent Market Developments:
In 2024, Motorola launched the Moto Watch 120 with Google features, which is gaining a lot of attention across the world due to its affordable price. The company updated the feature in a smartwatch that integrated with Google Fit and Gemini.
Key Players:
Apple Inc., Google Inc., Garmin, Fitbit, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, and Huawei Technologies Co. Ltd
Browse full details of the report @ https://www.marketdataforecast.com/market-reports/smartwatch-market
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