Asia Pacific Smart Watches Market is Segmented by Operating Systems (Watch OS, Android/Wear OS, Other Operating Systems), Display Type (AMOLED, PMOLED, TFT LCD), Application (Personal Assistance, Medical, Sports, Other Applications), Country.
ABOUT THIS REPORT
Scope of the report
Key Market Trends
TABLE OF CONTENTS
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Asia Pacific smartwatches market is expected to grow at a CAGR of 16.36% during the forecast period. The growing consumer electronics industry, coupled with a rapid rise of smartwatch market vendors across the emerging economies of the region, is contributing in growth of the studied market.
An increasing tech-savvy population, a growing pool of chronic diseases, such as obesity and diabetes, along with rising awareness of a healthy lifestyle among the population, is driving the market growth.
Currently, more than 135 million individuals are affected by obesity in India. The prevalence of obesity in India is varying from rural to urban and state-wise. Urban populations and states with high socioeconomic status were found to be having higher obesity prevalence. Due to this, most people are adopting fitness trackers and smartwatches to monitor health and fitness levels.
The ongoing investment in research department by the major vendors across the region is leading to innovation in recent years, which is instrumental, thereby driving the demand for the smartwatch market to augment public safety measures by the department of police and other public safety organizations.
For instance, in September 2020, the government of Singapore and Apple has announced their partnership on the health initiative LumiHealth, a personalized program to encourage healthy activity and behaviors using Apple Watch. LumiHealth uses technology and behavioral insights to encourage Singaporeans to keep healthy and complete wellness challenges through their Apple Watch and iPhone.
Moreover, the increase in the presence of key vendors, such as Samsung, Sony, Huawei, Lenovo, among others, offering smartwatches with the integration of the latest technology features has added to the growth of the market during the forecast period. For instance, in March 2020, Huawei Technologies Co. Ltd has launched GT 2e smartwatch designed for the sportier, younger generation. The smartwatch is made of stainless steel with a Kirin A1 processor. The watch can go 14 days without charging and can track workouts for as long as 30 hours.
Scope of the report
A smartwatch is a wearable electronic device that also has computed capabilities for specific functions and closely resembles a wristwatch. Owing to the type of application it is used for, in addition to displaying the time, many smartwatches have wireless communication capabilities that a user can use from the watches interface to initiate and answer phone calls, read emails and messages, receive weather report updates, dictate emails or text messages, or use it as a personal digital assistant.
By Operating Systems
Other Operating Systems
By Display Type
Rest of Asia Pacific
Report scope can be customized per your requirements. Click here.
Key Market Trends
Increasing Internet Penetration in the Asia Pacific is Expected to Drive the Studied Market
The strong economic growth in the Asian countries, coupled with the collapse of socialist ideologies regarding the control of information, has led to explosive penetration of the internet in the region.
As of March 2020, the number of people using the internet in China reached 900 million, an increase of 75 million from the end of 2018. Around 710 million Chinese people shopped online in 2019, and 37 % of them were live-streaming shoppers, according to a report published by the China Internet Network Information Center (CNNIC) on internet development in China.
This is expected to drive the sales of the smartwatch in the country as most of these devices now offer separate payment applications to ease digital payment. For instance, Apple smartwatches have Apple Pay, which enables users to make payments straight from the wrist quickly and securely.
In addition to that, many international vendors are partnering with financial institutions to launch their services in Asian countries. For instance, Apple Pay has partnered with China UnionPay, a state-run company that is the country's only bank-card issuer, to bring Apple Pay to the People's Republic of China (PRC). The users can add a transit card to their Apple Watch and use Express Transit with Apple Pay for public transport in China mainland.
The rapid penetration of the internet has helped in building a connected smart ecosystem; thus, many vendors in the market are adding technology in the smartwatch, which would help the user to take the help of connected devices in daily tasks.
For instance, Fitbit Versa 2 offers built-in Alexa allowing users to take the help of Alexa with several tasks; this is one of the distinguishing features of the Fitbit offerings. With such vendors in the market combined, the other operating systems segment holds a prominent share of the market and caters to a niche market on customer specifications as well.
To understand key trends, Download Sample Report
Increasing Young Consumers and Health awareness is Expected to Drive the Studied Market
The major driver force in the adoption of smartwatches has been the young generation of people. For instance, it is estimated that India has more than 50% of its population below the age of 25 and more than 65% below the age of 35. It is expected that, in 2020, the average age of an Indian will be 29 years. The young millennials desire a wearable device that offers real-time health-related information in order to cope up with any kind of health risks.
Additionally, the adoption percentage among the age group 25 to 34 years is estimated to jump to 42% by the end of the forecast period. However, the adoption rate for the older age consumer group of 55 years and beyond is also expected to increase substantially to a range of 20% to 25%, owing to increasing health-related awareness in the aging population and the mix of that age group population experiencing the influx of people more acquittance to technology.
Due to this, many vendors in the market are investing in developing sensors that can measure various other irregularities in real-time and can save a customer from many tests and checkups. For instance, in May 2020, Samsung introduced ECG monitoring for Galaxy Watch Active 2. The function has been cleared with the South Korea Ministry of Food and Drug Safety. The feature uses advanced sensor technology on the Galaxy Watch Active2 and will enable users to measure and analyze their heart rhythm for irregularities indicating Atrial Fibrillation.
Moreover, many regional players in the studied market are setting up their manufacturing facilities in the countries with a higher opportunity that will increase its presence in the country as well as decrease its supply chain cost. For instance, in July 2020, Samsung, a South Korean company, which has its largest smartphone manufacturing facility in Noida, India, has announced its plan to manufacture smartwatches locally. The Aluminium edition of Galaxy Watch Active2 4G is the most affordable 4G watch and will be the first smartwatch to be made in India.
Amidst of pandemic, Covid-19, vendors are seizing opportunity by launching the smartwatch and fitness tracker, which can monitor and guide the user based on its measurements. For instance, Xiaomi launched the Mi band five that brings features related to Covid-19, such as stress monitoring, yoga mode, few home exercise modes, and so on. The latest addition to the list is by Hammer, an athleisure and electronics brand that offers a range of audio speakers and fitness bands.
To understand geography trends, Download Sample Report.
The Asia Pacific smartwatch market is concentrated due to higher initial investments. It is dominated by a few major players like Samsung Electronics Co. Ltd, Huawei Technologies Co. Ltd, Huami Corporation, Xiaomi Corporation, Apple Inc, and Fitbit Inc. These significant players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are growing their market presence by securing new contracts and tapping new markets.
August 2020 - Samsung Electronics Co. Ltd launched the Galaxy Watch 3 among its new product lineup. The Galaxy Watch3 is available in 41mm and 45mm models, both in LTE and Bluetooth variants. The stainless-steel version comes in Mystic Bronze, Mystic Black, and Mystic Silver, while the titanium model is available in Mystic Black. Galaxy Watch3 uses red LED and infrared rays to estimate SpO2 levels. Galaxy Watch3 automatically detects hard falls with its enhanced accelerometer. Galaxy Watch3 records REM cycles, deep sleep, and total sleep time to score and improve the quality of sleep.
July 2020 - Huami Corporation and the team of Academician Zhong Nanshan opened the wrist smart wearable joint laboratory. The laboratory will jointly develop the New Coronary Pneumonia based on the accumulation of Huami Technology’s wrist wearable technology and artificial intelligence algorithms, using the respiratory health big data platform of the National Respiratory Disease Clinical Medical Research Center.