Smart Watch Market Key Company Profiles and Industry Size, Share Analysis | COVID-19 Analysis

Market Highlights

The use of smartwatches has increased due to their prestige factor, and this is estimated to affect the global smartwatch market 2020. The semiconductor and electronics industry reports are produced by Market Research Future, which highlights market options for expansion. A USD 109.28 billion income by 2023 is likely to be accomplished with a CAGR of 17.34%.

The smartwatch demand has been strongly backed by the marketing strategies of the companies offering the product in the global market. The increased disposable income level of individuals around the world is estimated to promote further the sales of the smartwatch market in the forecast period. Moreover, the inclusion of new features in smartwatches is predicted further to enhance their market worth in the forecast period.

Segmentation:

The segmentation study of the smartwatch market is conducted on the basis of the operating system, region and application. The operating system based segmentation of the smartwatch market is segmented into Android, Tizen, iOS, Linux, and others. Based on the application, the smartwatch market is segmented into communication, health/wellness, personal assistance & safety, sports, media and entertainment, and others. Based on the regions, the smartwatch market is segmented into Europe, North America, Asia-Pacific, and the rest of the regions.

Detailed Regional Analysis

The COVID-19 analysis of smartwatch market includes regions such as Europe, North America, Asia-Pacific, and the rest of the regions. The North American regional market is accountable for the prime market stake in the smartwatch market due to the better value of life in the region owing to the towering disposable income levels in the region. The European region is considered as the next principal market for smartwatches as countries like France, Italy, Germany, have soaring implementation of wearable technologies. The Asia-Pacific regional market is estimated to be the top mounting region because of the technology progress by regional companies, entry of huge international players, and mounting demand for high-end wearable devices. Furthermore, mounting competition among notable players among others to introduce smartwatches with exceptional and highly developed features is boosting the augmentation of the market in the Asia Pacific region.

Competitive Analysis

The incidence of options that can be favorably capitalized on is aiding the market players in improving their overall position in the market. The balance in demand and supply in the market will prove as an encouraging growth factor in the forecast period. The market is expected to record a stable growth rate in the coming years. Market competitors are expected to play a vital role in the development of the global market. The development of adequate sources of raw material is predicted to transform the market in the upcoming period further. The availability of strong government support and the presence of encouraging policies is expected to enliven the growth prospects in the approaching period. The competition in the market is manageable, which is inducing the entry of new players in the global market. The upgrades in production methods are estimated to transform the potential of the market in the forecast period.

The major companies in the smartwatch market are Fossil Group (US), Pebble (US), Sony Corporation (Japan), Qualcomm (US), Huawei Technologies Co., Ltd. (China), Samsung Electronics Co. Ltd. (South Korea), Fitbit, Inc. (US), LG Electronics (South Korea), Apple Inc. (US), ConnecteDevice Ltd. (Japan), and Motorola (US), among others.

Industry Updates:

April 2020 Xiaomi Youpin has recently announced the crowdfunding of Haylou’s newest smartwatch. As per the company, this economical smartwatch is retailing for only USD 21. This smartwatch has been named “Haylou Solar Smart Watch” and it is encased in a metal body. It has 12 sports modes, all-day heart rate examining, and 30-day long reserve.