Smartwatches Market
Global smartwatch 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).
Global smartwatch 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).
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Smartwatches Market Expands Worldwide With
Impressive Sales Trends.
“Global smartwatch 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.”
Industry Insights
Global smartwatch 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.
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.
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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.
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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.
The manufacturers and component provider such as display and technology are also expected to benefits in coming
period. Rising demands are attributed by increase in per capita spending on consumer electronics, need of technological
advanced products and requirement of connectivity across the globe.
Market Segment:
Smartwatches Price Segment Outlook (Volume, Million Units and Revenue, USD Million; 2012 - 2020)
• High-end
• Mid-end
• Low-end
Smartwatches Regional Outlook (Volume, Million Units and Revenue, USD Million; 2012 - 2020)
• North America
• Europe
• Asia Pacific
• RoW
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