Smartwatch Market Evolving Wearable Technology to Register a CAGR of 22.1% During 2019-2025
NEW YORK, May 16, 2019 (GLOBE NEWSWIRE) — The global smartwatch market is expected to witness a CAGR of 22.1% from 2019 to 2025 to reach 46.81 billion by the year 2025. Growing concern about health and fitness is expected to drive the market growth over the forecast period. Moreover, demand for multifunctional gadgets is anticipated to propel the market growth in the coming years. Additionally, rise in disposable income is likely to propel the market growth.
A smartwatch is a device worn on a user’s wrist capable of performing computations similar to a smartphone. Precursors of wearable smartwatch technology were used for telecommunications, as a calculator, among other basic applications. However, the portfolio of new products includes applications in fitness, healthcare, and personal assistance. Smartwatches are now sated with intelligent features, and live access to information to add convenience to the life of the user.
Key Findings from the Report:
- The global smartwatch market is expected to witness a CAGR of 22.1% from 2019 to 2025 to reach 46.81 billion by the year 2025.
- By product type, extension segment generated the highest revenue during 2015-2018.
- By operating system, iOS segment held the major share of the market during 2015-2018.
- North America held the major share of the market in the year 2018 and the trend is likely to continue over the forecast period.
- Apple Inc. dominated the global sales in the year 2018 and held a share of around 50% of the global market.
- Some of the key companies operating in the market includes Samsung, Sony Corporation, Huawei Technologies Co., Ltd., ASUSTeK Computer Inc., Pebble Technology Corporation, Motorola Mobility LLC., Fitbit Inc., LG Electronics, Google Incorporated, and Apple, Inc. among others.
iOS Segment: held the largest share of the market from 2015 to 2018
Based on operating system, iOS segment held the largest share of the market from 2015 to 2018. This can be attributed to the highest selling smartwatch of the market, the apple watch. Since its launch, apple has sold more than 22 million units, falling to a share of around 50% of the global market. The apple watch offers health and fitness-tracking, decent battery life, the taptic engine, among other unique features, giving impetus to its market growth. However, the apple watch is compatible with only iPhones, which acts as a restraining factor to its market growth.
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Smartwatch – Regional insight
North America held the major share of the market in the year 2018 and the trend is likely to continue over the forecast period. High purchasing power of the demographic of this region is anticipated to drive the market growth in the coming years. Moreover, awareness of health and fitness in this region is expected to drive the market growth over the forecast period. Additionally, presence of a key player in this region such as Apple Inc. is expected to give impetus to the market growth from 2019-2025.
The report segments smartwatch market based on operating system, product type, price range, distribution, application, and region.
By Operating System
By Product Type
By Price Range
By Distribution Channel
- Operator channel
- Personal assistance
- North America
- Asia-Pacific (APAC)
- Rest of the World (RoW)
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