The
global smartwatch market was valued at US$ 701.2 Mn in 2013 and is
estimated to grow at a CAGR of 53.6% during the forecast period from
2014 to 2020. Rise in smartphone and internet penetration along with
the changing technological preferences of young population has
emerged as the most significant growth driver for the global
smartwatch market. In 2013, North America was the largest market for
smartwatch with a share of 34.5% in terms of revenue due to the
growing awareness towards health and early adoption of new products
and technology.
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Mid-end
smartwatches was the largest segment in terms of revenue in 2013 and
accounted for around 44% share of the total smartwatch market. Most
of the smartwatch manufacturers have their offerings in this price
range and the trend to use smartwatch as a companion device is
enabling the growth of mid-end smartwatches segment. However, as the
use of smartwatch is diverging from just a companion device to
fitness tracking device, high-end smartwatches segment is expected to
witness strong growth in the next few years. High-end smartwatches
segment accounted for around 17% share of the total smartwatch market
in 2013. Moreover, companies such as Apple Inc., Samsung Electronics
Inc., and Pebble Technology Corporation are focusing on the
development and launch of their high-end smartwatches resulting in
strong growth of this segment. In 2013, low-end smartwatches segment
accounted for around 39% share of the total smartwatch market.
However, entrance of Chinese electronics manufacturers in smartwatch
market is expected to result in mass production of smartwatches
helping low-end smartwatches segment to grow.
Based
on the operating systems used, the global smartwatches market is
segmented into Android Wear, Watch OS (iOS), and others. Other
operating systems used in smartwatches include Tizen OS, Pebble OS,
Linklt OS among others. Since the smartwatch running on Android Wear
OS were commercialized in 2014, other OS segment comprising Tizen OS,
Pebble OS, Linklt OS, etc. was the major contributor to the global
smartwatch market in 2013. However, in 2014, Google Inc. launched
Android Wear OS focusing on wearable devices. Furthermore, the market
is witnessing growing demand for Android Wear based smartwatches due
to high number of available applications and continuous up-gradation
support from Google Inc. Android Wear OS segment is anticipated to
show highest growth rate over the forecast period from 2014 to 2020,
growing at a CAGR of 57.9% during the period from 2014 to 2020.
Moreover, there are high numbers of Android OS based smartphones
present in the market, which is expected to help Android Wear OS
based smartwatches segment.
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Key
players in the global smartwatch market include Pebble Technology
Corporation, Samsung Electronics Co. Ltd., Apple Inc., Nike Inc.,
Garmin Ltd., Sony Electronics Inc., Fitbit Inc., Martian Watches,
ConnecteDevice Ltd., and Qualcomm Incorporated. The market is
witnessing entry of smartphone manufacturers such as Apple Inc.,
Samsung Electronics Inc., and Sony Corporation into smartwatch
market. Furthermore, the market is anticipated to witness entrance of
Chinese electronics manufacturers which would intensify the
competition among market players in near future.
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The
global smartwatch market is segmented into following segments:
Smartwatch
Market, by Price Range
- High-end Smartwatches
- Mid-end Smartwatches
- Low-end Smartwatches
Smartwatch
Market, by Operating System
- Android Wear
- Watch OS (iOS)
- Others
Smartwatch
Market, by Geography
North
America
Europe
- Eastern Europe
- Western Europe
Asia
Pacific
- Asia Pacific Excluding Japan
- Japan
- Latin America
- Middle East and Africa
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