Smartwatches Market was estimated to be valued at USD 702.5 million in 2013 and is expected to grow at a rate of 67.6% during forecasted period. Smartwatches provide functionalities far beyond traditional watches which can be pared with smartphones either by Bluetooth or near-field communication (NFC). Over 2 million units were sold in 2013. Smartwatches provide notification to user such as distance travelled heart rate and can be used as an extension to a smartphones because of high degree of connectivity and focus on apps. Addition of innovative features, continuous technological advancement will lead to increase in Global smartwatch shipments.
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The key driving factors responsible for the growth of Smartwatches
market :
In 2014, Google introduced new
smartwatch which was capable of delivering real-time speed, distance and time
when user is on a run or walk. At present Samsung is dominating in smartwatch
industry as it is using Android operating system which is user-friendly and
ease to use. Google also announced Android wear an OS designed for wearable
watches and is currently working with companies like HTC, Motorola, Samsung and
LG. Major players like Pebble, Samsung, Sony and Maritime are heavily investing
on R&D to develop better product and increase their market share.
Price Segment Insights
Approximately 90% of market share
in 2013 was accounted by High-end smartwatches. Increase in demand for wearable
technology, Entry of new well established players can propel market, but
factors such as price range of smartwatches which is between USD 250 to USD 300
can act as barrier in market growth. In addition, Limited battery life, overall
performance and privacy concerns among the users can restrain the market
growth. The end users data is available on cloud and can be misused. At present
market is occupied by established companies that are offering high-end products
at a premium price. Average selling price of smartwatches will come down due to
commercialization activities, number of new entrants and will result in
development of mid-priced and low-end products over a given period.
Regional Insights
The demand for smartwatches was
high in North America across the globe due to increasing number of smartphone
users. Approximately 60% of overall market share in 2013 was accounted by North
America and Europe. Awareness about new technologies and purchasing power due
to increase in disposable income of users is expected to drive the market
growth in coming six years. Increase in smartphones penetration in Asia pacific
will drive market growth at a fastest rate. Health and fitness will remain key
applications of smartwatches due to growing health-conscious consumer that
needs real-time feedback and tracking. HTC, Huawei and ZTE China-based
technological giants are focusing to enter in smartwatch market.
Competitive Insights
Growing adoption of smartwatches
will benefit companies like Apple Inc. and Samsung Electronics. They main
reason is these technological giants are already present in smartphone
industry. Paring with smartwatches with smartphone by these firms will
contribute to the revenue. Product differentiation and competitive advantage
will be achieved by primarily focusing on innovation. Growing number of
start-ups in emerging economies is expected to affect this industry in a
positive manner. Galaxy gear a flagship product of Samsung electronics
contributed majorly in smartwatch shipments in 2013 globally.
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