The expansion of the global market for smartwatches is being driven in large part by the rising prevalence of internet and smartphone use. In addition, characteristics such as simple operation and handling are key contributors to the expansion of the smartwatch market. These watches are becoming increasingly popular. It is anticipated that a growing youth population in conjunction with the growing popularity of these gadgets as a result of their advanced features will also contribute to the growth of the smartwatch market over the course of the projected period.The expansion of the market is anticipated to be driven by the rising demand for extension smartwatches, which can be utilized as an extension of a smartphone or other associated gadgets. The incorporation of advanced apps that are compatible with extension smartwatches and that include tracking, alerts, and connectivity is again projected to boost the market expansion of smartwatches. This growth is expected to be driven by smartwatches. Additionally, an increase in the proportion of the population that falls into the middle class is another factor that is anticipated to contribute to the expansion of the smartwatch industry.
Global Smartwatches Market was valued at US$ 23,306.4 Mn market in 2019 and is forecast to reach a value of US$ 5, 97,264.4 Mn by 2027 at a CAGR of 53.6% between 2015 and 2025.
Key Companies in the Smartwatches Industry
1. Pebble Technology Corporation
Pebble Technology Corporation was founded in 2009 and its Scottsdale, AZ. The company operates in 55 countries. Mensa has acquired the wearables brand Pebble for an undisclosed sum, marking its entry into the smart wearables segment
2. Samsung Electronics Co. Ltd
Samsung Electronics Co. Ltd founded in 1980, and it’s located in Suwon-si, South Korea. The company operates in 74 Countries. In2022 Samsung India consolidated its leadership in smartwatch* as well as TWS (INR 5.5K+ segment) businesses to emerge as the number 1 smartwatch
3. Nike Inc.
Nike Inc. was launch in 1964 and it’s headquarter located Beaverton, Oregon, United States.it operate over 190 country . Nike on Monday announced the acquisition of RTFKT, a company that makes digital sneakers,
4. Garmin Ltd.
Garmin Ltd.was launch in 1989 and it’s headquarter located Olathe, Kansas, United StatesUnited States..it operate over 100 country.
5. Sony Electronics Inc.
Sony Electronics Inc.was founded1946, with its headquarters in Minato City, Tokyo, Japan With businesses in over 70 countries.
6. Fitbit Inc.,
Fitbit Inc.Was launch in 2007. and its headquarter San Francisco, California, United States. it operate over 100 country. In20218 Fitness wearables brand Fitbit has made yet another acquisition in the software platform behind European smartwatch maker Vector Watch.
7. Martian Watches.
Martian Watches founded in 2007 and it’s headquarter located Irvine, California.it operate over 50 country.
8. Apple Inc.
Apple Inc. was launch in 1976 and it’s headquarter located Cupertino, California, United States.it operate over 175 country. In 2023 Apple held the largest share of the global smartwatch shipment market in the second quarter of 2021.
*Definition- Smartwatches are wearable computing devices that resemble wristwatch but come with added advanced features such as weather update, messaging, enable call making, connection to the internet, Bluetooth-enabled, GPS, and more.
