Market Trends of Smartwatch Industry
Sports Segment to Account for Significant Market Share
- Smartwatches are increasingly becoming a key wearable fitness technology. Users are connecting them to different apps to track various types of data. Most of the time, a smartwatch can also be used as a tracking device, lowering the barrier of access and offering a great user experience. This is why smartwatches are expected to become a critical part of the industry soon.
- In June 2022, Boat launched the Xtend Sport smartwatch, an upgraded version of the Boat Xtend. The company has been on a launch spree lately. After dominating the budget audio market, the company now aims to dominate the budget smartly. Such innovations and expansions will leverage the studied market in the sports industry.
- The impact of technologies on recent advancements in the fitness industry laid the foundation for stakeholders in smartwatch devices. Monitoring is a critical focus area of the market. It is witnessing an increasing integration of intelligence into smartwatch devices, offering real-time insights based on the individual's data. New features in smartwatches with time schedules offer to track physical activities, due to which the growth in the smartwatch devices is expected to witness a comparatively high growth rate. The growing investments by numerous smartwatch vendors to eliminate any preventable injuries of highly paid professional athletes are anticipated to fuel the number of smartwatches developed for professional usage.
- For instance, Qualcomm offers its made-for-wearables processor, Snapdragon Wear 3100. The processor is very prominent across many smartwatches in the market. The processor was designed to maximize battery life and utility in various scenarios. Watchmakers such as Fossil Group, Louis Vuitton, and Montblanc use the Snapdragon Wear 3100 in their smartwatches.
- Furthermore, launching new products with enhanced features by prominent vendors worldwide is expected to drive market growth. In June 2021, Garmin International Inc. announced its latest creation, the Forerunner 945 LTE, a premium GPS running and triathlon smartwatch with LTE connectivity. The watch was designed to help athletes stay connected on the go. The watch also brings phone-free safety and tracking features, spectator messaging, and live event sharing to the wrist while providing detailed training data, performance monitoring tools, and smartwatch features that the athletes today have come to rely.
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Asia-Pacific Expected to Have Significant Growth
- Asia-Pacific is expected to witness the highest growth in the smartwatch market, owing to the growing consumer electronics industry and the rapid rise of smartwatch market vendors across the region's emerging economies. The increasing tech-savvy population, a rising pool of chronic diseases, such as obesity and diabetes, and the growing popularity of health and fitness to maintain a healthy lifestyle drive the market growth.
- Smartwatches and smart wristbands are becoming popular, with nearly 70% of Chinese smartwatch owners owning a wristband. Local smartwatch brands responded promptly to this trend and snapped up most of the market share. There is an opportunity for western brands to copy from China and establish leading positions in their home markets.
- Moreover, in April 2021, Casio Computer Co. Ltd. announced the release of the GSW-H1000, a G-SQUAD PRO smartwatch powered by Wear OS by Google and packed with functions designed to assist users in achieving their activity goals and utilizing fitness tracking features. The GSW-H1000 is oriented toward usage in a wide range of athletic settings, including activities, like running, indoor workouts, road biking, swimming, surfing, and snowboarding.
- Vendors operating in the Indian market are also launching new products with attractive prices and multiple functions to lure consumers toward their offerings. For instance, Aug 2021, In base launched its latest smartwatch Urban Sports. The new smartwatch comes with 45 days of standby battery life. The smartwatch primarily expands the affordable range of smartwatches available in the country.
- Some of the ongoing partnerships and collaborations among the prominent players across the region are further expected to expand the scope of the market studied during the forecast period. For instance, Huami Corporation partnered with PAI Health, which is a health technology software company, to combine Huami's massive biometric database collected by the high-quality smartwatch devices and powerful algorithms, along with PAI Health's software to offer a scientifically validated approach to help address some of the health risks that are associated with an inactive lifestyle.
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