The market report “Smartwatch Market by Processors (Apple S1, Dual-Core, Quad-Core and Single-Core), Display Types (Active-Matrix Organic Light-Emitting Diode (AMOLED), Interferometric Modulator Display, Liquid-Crystal Display (LCD) Smartwatches, Organic Light Emitting Diode (OLED) Smartwatches, Passive Matrix Organic Light-Emitting Diode (PMOLED), Super Active-Matrix Organic Light-Emitting Diode (SAMOLED) Smartwatches, and Thin Film Transistor (TFT) Liquid-Crystal Display (LCD)), Genders (Men and Women), Age Groups (3-14 Years, 15-24 Years, 25-34 Years, 35-54 Years and 55+ Years), Operating Systems (Android/Android Wear OS (Operating System), AsteroidOS (Operating System), Embedded OS (Operating System), Firefox OSn(Operating System), Linux, Pebble OS (Operating System), Real Time Operating System (RTOS), Sailfish OS (Operating System), Tizen, Ubuntu Touch, iOS/ Apple Watch Kit and Windows), Price Ranges (High Price, Low Price, and Medium Price), RAM’s (Random Access Memory) (512 MB, 1 GB, 2 GB, 3 GB and 4 GB), Products (Classic Smartwatch/Hybrid Smartwatch, Companion, Extension Smartwatch, Integrated, and Standalone Smartwatch), Technologies (Bluetooth, Wi-Fi and Global Positioning System (GPS)), Applications (Personal Assistance & Safety, Wellness, Healthcare, Sports, Media and Entertainment, Communication, Fitness and Other Applications), Sales Channels (Online E-commerce Store and Offline) and Region – Forecast to 2028”. The smartwatch market is growing at a CAGR of 20.6% by 2028, owing to the demand in fitness & sports devices.
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Based on application, the fitness segment is estimated to grow at highest CAGR segment during the study period.
On the basis of application, the market is categorised into personal assistance & safety, wellness, healthcare, sports, media and entertainment, communication, fitness, and other applications. Fitness is estimated to be the fastest growing market segment strongly as people are more concerned about their physical condition; this has led to a rise in the shipment of fitness trackers. As all smartwatches have a module of a fitness tracker, the popularity growth of the smartwatch is increasing much, as it has multi-functional features for recording fitness parameters.
Based on sales channel, the online e-commerce store segment is anticipated to grow faster during the forecast period.
On the basis of sales channel, the market is segmented into online e-commerce store and offline. The online e-commerce store segment is projected to grow faster during the forecast period owing to the increasing number of online stores across the globe and the high demand for smartwatches offering a new platform for smartwatch vendors to approach customers. With the evolution of technology and digitalization, everyone is moving toward online shopping and secured transactions.
By geography, North America is expected to dominate the market
On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America experiencing a dominant position in the feed additives market due to the high integration of IoT in smartwatches, increased technological applications, and higher purchasing power as well as increasing demand for fitness tracking equipment. Moreover, the high obese and overweight population in North America leads to an increase in smartwatches use to track parameters like the number of steps, calories burnt, pulse rate, etc. This is significantly influencing the demand for the smartwatch market.
The key players in this market are Apple Inc., Fitbit Inc, Fossil Group Inc., Garmin Ltd, Huami Corporation, Huawei Technologies Co. Ltd, Lenovo Group Limited, LG Electronics Inc., Polar Electro OY, Samsung Electronics Co. Ltd and Sony Corporation.
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