The smart watches market in the Asia-Pacific region was estimated at USD XX billion in 2017 and is expected to reach USD XX billion by 2022, growing at a CAGR of XX% during the forecast period. With the advancement of technology and shrinking chip size, it is now possible to store large amounts of data in small spaces and access it with just a single touch. These small chips have now found their way into watches and phones. In addition to calling and messaging, users can now perform functions like using email, receive WhatsApp notifications or even monitor heartbeats with these watches.
These smart gadgets have started receiving a lot of attention in the market and are estimated to grow at a rapid pace, given the convenience and flexible functionality of the smart watches. These are becoming popular for providing hands-free control and access to data anywhere, at any time of the day. Apart from this, biometric functionality, GPS and mapping capability, and smartphone-independent functionality are also unique features of these smart gadgets.
Asia-Pacific Smart Watches Market-Market Dynamics
The smart watches market breakdown in Asia-Pacific is done on the basis of the different kinds of smart watches, i.e. stand-alone smart watches and Bluetooth smart watches. Smart watches have been present in one form or the other since 1982, when Pulsar, a Seiko brand, brought the Pulsar NL C01 into the market. It had features such as a storage capacity of 24 digits of information, which is obviously way below the currently available capacities. Smart watches in the earlier days possessed limited functionality and data processing capability.
The benefits associated with the storage of and access to a large amount of data have led to the increased penetration of smartphones and smart watches. The reducing costs with time and other factors such as the compatibility and flexibility of these smart watches are contributing largely to this particular market.
Some of the challenges faced by the smart watches market are low internet penetration in some of the regions, lack of knowledge or skill to operate these smart watches, and also, the prevailing issue of low battery life of these gadgets.
The smart watches market is growing rapidly and we have new players entering the market such as Asus, Motorola, Tag Heuer, Alpina, Breitling, Xiaomi, and more, apart from Google, Apple, and Samsung, which is the current leader in the smart watches market with more than 65% of the smart watches market share.
Some of the key players mentioned in the report are:
What the Report Offers