SMARTWATCHES MARKET ANALYSIS

Market Challenges And Opportunities

Drivers

• Increasing trends for online shopping contributes to the growth of the market

Increasing usage of the internet and smartphone are primarily fueling the smart watches market growth. Additionally, features such as ease of handling and use are boosting the market growth. The growing youth population coupled with the rising popularity of these devices due to their advanced features is also expected to foster the market growth over the forecast period. For instance, in August 2021, Urban Sports, one of its newest smart watches, was unveiled by base. The new smart watch has a standby time of 45 days. The smart watch primarily broadens the affordable variety of smart watches available in the country.

Growing demand for extension smart watches boost the market growth

Growing demand for extension smart watches, which act as an extension of a smartphone or other connected device, is likely to drive market expansion. Incorporation of advanced apps such as tracking, alerts, and connectivity that are compatible with extension smart watches is expected to boost smart watch market growth. Furthermore, growth in the middle-class population is likely to boost smart watch market growth.

Market Opportunities

Continuous product innovation by key players is projected to bring new market growth opportunities over the forecast period. For instance, in June 2021, Garmin International Inc a manufacture launched Forerunner 945 LTE, a triathlon wristwatch with LTE connectivity, GPS, and other functions.

A growing number of people participating in the sports activity due to the increasing adoption of a healthy lifestyle is expected to offer lucrative growth opportunities for the smart watches market. Moreover, the growing popularity of smart watches among almost all age-groups is also expected to boost the adoption of these watches. The rising demand for cellular-connected wearable devices is further projected to foster the market growth. 

Restraints

• The limited battery life of the smart watches is a major factor restricting the adoption of smart watches

The limited battery life of the smart watches is a major factor restricting the adoption of smart watches. Limited battery life affects the overall performance of the device, thereby hindering the market growth. The high initial costs of smart watches is restricting their demand across low-income and middle-income populations. This is projected to negatively impact the market growth of the global smart watch.