Global Smartwatches
Market is foretold to provide a
robust support for industry players to lay a solid foundation for their
business growth. It includes a comprehensive evaluation of the industry growth
status and risk. In addition, it provides detail market variables, trends, key
opportunities, new entrants & competitors.
Smartwatches Market study
offers detail overview of industry with all the requisite data to support
tactical business decisions and come up with strategic growth plans. This study
also proposes a comprehensive insight into the development policies and plans
in addition to manufacturing processes and cost structures.
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Industry Insights
Global smartwatch market
was estimated to be valued at USD 702.5 million in 2013 and is expected to grow
at a rate of 67.6% during forecasted period. Smartwatches provide
functionalities far beyond traditional watches which can be pared with
smartphones either by Bluetooth or near-field communication (NFC). Over 2
million units were sold in 2013. Smartwatches provide notification to user such
as distance travelled heart rate and can be used as an extension to a
smartphones because of high degree of connectivity and focus on apps. Addition
of innovative features, continuous technological advancement will lead to
increase in Global smartwatch shipments.
In 2014, Google introduced
new smartwatch which was capable of delivering real-time speed, distance and
time when user is on a run or walk. At present Samsung is dominating in
smartwatch industry as it is using Android operating system which is user-friendly
and ease to use. Google also announced Android wear an OS designed for wearable
watches and is currently working with companies like HTC, Motorola, Samsung and
LG. Major players like Pebble, Samsung, Sony and Maritime are heavily investing
on R&D to develop better product and increase their market share.
Price Segment Insights
Approximately 90% of market
share in 2013 was accounted by High-end smartwatches. Increase in demand for
wearable technology, Entry of new well established players can propel market,
but factors such as price range of smartwatches which is between USD 250 to USD
300 can act as barrier in market growth. In addition, Limited battery life,
overall performance and privacy concerns among the users can restrain the
market growth. The end users data is available on cloud and can be misused. At
present market is occupied by established companies that are offering high-end
products at a premium price. Average selling price of smartwatches will come
down due to commercialization activities, number of new entrants and will
result in development of mid-priced and low-end products over a given period.
Regional Insights
The demand for smartwatches
was high in North America across the globe due to increasing number of
smartphone users. Approximately 60% of overall market share in 2013 was
accounted by North America and Europe. Awareness about new technologies and
purchasing power due to increase in disposable income of users is expected to
drive the market growth in coming six years. Increase in smartphones
penetration in Asia pacific will drive market growth at a fastest rate. Health
and fitness will remain key applications of smartwatches due to growing
health-conscious consumer that needs real-time feedback and tracking. HTC,
Huawei and ZTE China-based technological giants are focusing to enter in
smartwatch market.
Competitive Insights
Growing adoption of
smartwatches will benefit companies like Apple Inc. and Samsung Electronics.
They main reason is these technological giants are already present in
smartphone industry. Paring with smartwatches with smartphone by these firms
will contribute to the revenue. Product differentiation and competitive
advantage will be achieved by primarily focusing on innovation. Growing number
of start-ups in emerging economies is expected to affect this industry in a
positive manner. Galaxy gear a flagship product of Samsung electronics
contributed majorly in smartwatch shipments in 2013 globally.
The manufacturers and
component provider such as display and technology are also expected to benefits
in coming period. Rising demands are attributed by increase in per capita
spending on consumer electronics, need of technological advanced products and
requirement of connectivity across the globe.
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