Smartwatch Market to Grow at CAGR of Over 25% Through 2021: TechSci Research Report
NEW YORK, November 4, 2016 /PRNewswire/ --
Increasing number of smartphone users, changing lifestyles and rising consumer spending on consumer electronics to drive global smartwatch market through 2021
According to TechSci Research report, "Global Smartwatch Market By Type, By Application, By Operating System, Competition Forecast and Opportunities, 2012-2021'’, global smartwatch market is projected to grow at a CAGR of more than 25% during 2016-2021, on account of increasing smartphone user base, rising per capita spending on consumer electronics coupled with increasing awareness about health & fitness devices across the globe. Further, rising usage of third party applications, increasing focus of smartwatches manufacturers towards R&D coupled with increasing adoption of smart technology based devices by youth population is driving demand for smartwatches across the globe. Further, increasing disposable income, growing young population coupled with changing lifestyles is also fueling demand for smartwatches across the globe.
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Browse 75 market data Tables and 100 Figures spread through 300 Pages and an in-depth TOC on
"Global Smartwatch Market"
Global Smartphone Users, 2014-2021F (Billion Individuals)
Year Smartphone Users
2014 1.62
2015 1.89
2016E 2.12
2017F 2.35
2018F 2.66
2019F 2.91
2020F 3.20
2021F 3.48
Source: TechSci Research
Robust growth in demand for standalone smartwatches can be attributed to its ability to make and receive phone calls as well as browse internet without the need for a smartphone. Further, increase in demand for high feature smartwatches among consumers coupled with rapid technology advancements is driving demand for standalone smartwatches across the globe. Apple, Samsung Electronics, Pebble Technology, Garmin, etc., are few of the major companies operating in global smartwatch market. North America was the largest regional market for smartwatches across the globe due to large smartphone and internet subscribers base, growing focus of companies towards innovation coupled with high disposable income of people. Further, Asia-Pacific demonstrated robust growth in demand for smartwatches due to rising disposable income of consumers and increasing spending on consumer electronics.
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"With increasing demand for advanced technology products coupled with growing emphasis on wireless health monitoring is driving demand for high end smartwatches. In addition, with growing smartwatch market, traditional watch manufacturers including Fossil, Titan, etc., have also forayed into the global smartwatch market. Rising number of technology advancements, growing shift towards standardized connectivity, increasing innovation in smartwatch designs and growing focus on development of app ecosystems is driving usage of smartwatch for personal assistance such as calendar management, task management, information management, etc.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Smartwatch Market By Type, By Application, By Operating System, Competition Forecast and Opportunities, 2012-2021" has evaluated the future growth potential of global smartwatch market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities in global smartwatch market.
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