Adoption of innovative technologies is gaining traction in the consumer electronics sector as smart devices offer hassle-free and flexible functionality. These are becoming popular for providing hands-free control and access to data anywhere at any time of the day. Smart watches market have been rapidly growing, with consumers seeing new and more innovative features getting added to the wearable devices. The smart watch comes with advanced features such as fitness tracker, heart rate monitor, and route tracking etc. It is mainly used for outdoor activities such as music apps and fitness app that are installed which can be listened while running and calculate pulse rate, burned calories and other tracking activities.
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Growing smartphone penetration will fuel the adoption of smart watches as it is connected to receive calls and notifications and due to growing awareness of health and fitness is contributing to growth of smart watch market
Smart Watch Market: Market Dynamics
Internet of Things and usage of smart watches for fitness and wellness owing to compatibility and flexibility features is expected to fuel the growth of smart watch market.
Low battery life issues and high cost of smart watches can hamper the growth of smart watch market.
Global Smart Watch Market: Market Segmentation
Smart Watch market segmented by product type, application, operating system and region.
Segmentation by product type in Smart Watch market:
- Extension smart watch
- Classic smart watch
- Standalone smart watch
Segmentation by operating system in Smart Watch market:
Segmentation by application in Smart Watch market:
- Personal Assistance
Global Smart Watch Market: Competition Landscape
Prominent players in Smart Watch market includeSamsung Electronics Co., Ltd, Apple Inc., Google Inc., NIKE, Inc., Garmin Corporation, Fitbit Inc., Sony Corporation, LG Electronics Inc., Motorola Corporation, TAG Heuer International SA, Qualcomm Inc. and Xiaomi Corporation etc.
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Smart Watch Market: Regional Outlook
Smart watch market is dominated by North America which is followed by Asia Pacific and Western Europe Region. The market in North America is expected to witness higher growth owing to various technological advancements in smart devices and presence of prominent players such as Google Inc., Apple Inc. etc. in this region. Asia Pacific is also estimated to contribute owing to increasing usage of smart gadgets in consumer electronics sector. Latin America and MEA are projected to contribute significantly over the forecast period.
In August 2017, Louis Vuitton launched Louis Vuitton Tambour Horizon Smart watch which is specially designed for premium frequent travellers. Through this launch Louis Vuitton entered the smart watch market.
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