SMARTWATCHES MARKET ANALYSIS

Smartwatches MarketSize and Trends

The global smart watches market accounted for US$ 28.72 Bn in 2022.

Market Trends

The rising popularity of lightweight and stylish design smart watches among consumers is encouraging manufacturers to introduce lightweight and durable smart watch. Increasing spending on R&D by key manufacturer to develop next-generation smart watches is one of the growing trends in the market For instance, in August 2021, In base a manufacture  launched, Urban Sports, one of its newest smart watches. The brand-new smart watch offers 45 days of standby time. The smart watch mainly broadens the affordable selection of smart watches offered in the nation. Market 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.

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. 

Market 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.