New York, Oct. 31, 2017 (GLOBE NEWSWIRE) -- The global market for smart watch is witnessing a tremendous growth due to increase in demand for high end smart watch and increase in technological advancement. Revenue from the global smart watch market was US$ 7,840.8 Mn in 2016. This revenue growth is attributed to addition of new features in smart watch. According to a recent report “Smart Watch Market: Global Industry Analysis (2012 – 2016) and Forecast (2017 – 2025),” published by Persistence Market Research, the revenue from the global smart watch market to increase from US$ 9,019.2 Mn in 2017 to US$ 30,811.0 Mn by 2027 end, representing a CAGR of 16.6% from 2017 to 2025. This increasing revenue growth is attributed to continuous launch of innovative smart watch supporting growth of this market.
Global Smart Watch Market: Recommendations
- Evaluation of smart watch technologies is helping users to keep real-time monitoring of health, syncing with their smartphones which is creating opportunity for the smart watch manufacturers in this market.
- Increasing retail networks in various states and cities also increasing e-commerce sale is creating opportunity for smart watch manufacturers to maintain the effective supply chain.
- Smart watch are expected to witness substantially high demand during the forecast period due to increase in demand for sports & health devices which will create opportunities to enter in competitive market.
- Some of the key players such as Apple Inc., Fitbit Inc., Garmin Limited, Samsung Electronics Co., Ltd., Fossil Group, LG Electronics, Inc. are following product launch strategy in order to offer innovative Smart Watches.
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Global Smart Watch Market: Forecast by Operating System
On the basis of operating system, the global smart watch market is segmented into watchOS (iOS), Android /Android Wear, Linux, Pebble OS, RTOS, Tizen, and Others. In terms of value, watchOS (iOS) segment is projected to be the most attractive in the global smart watch market during the forecast period. In 2016, watchOS (iOS) segment was valued at US$ 2,933.6 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period. Android/Android wear segment is also expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 17.5% during the forecast period. Among operating system, watchOS (iOS) segment is expected to dominate the market with a revenue share of 37.6% in 2017.
Global Smart Watch Market: Forecast by Price Range
Price range segment consists of high price, medium price and low price. In 2016, medium segment was valued at US$ 2,550.1 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period. In terms of value, medium segment is projected to be the most attractive in the global smart watch market during the forecast period. Low price segment is also expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 16.7% during the forecast period.
Global Smart Watch Market: Forecast by Type
By type segment includes, Extension smart watch, Standalone smart watch and Hybrid smart watch. Among type, the standalone Smart Watch dominated the market with a revenue share of 37.5% in 2017.
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Global Smart Watch Market: Forecast by Age Group
On the basis of age group segment, global smart watch market is segmented into 3-14 Years, 15-24 Years, 25-34 Years, 35-54 Years and 55+ Years. In terms of value, 25-34 years segment is projected to be the most attractive in the Global Smart Watch market during the forecast period. 15-24 years segment is also expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 16.9% during the forecast period. In 2017, 25-34 years segment is expected to be valued at US$ 2,504.6 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period.
Global Smart Watch Market: Forecast by Sales Channel
Online e-commerce store, organized retail chain, and unorganized retail store are the three segments fall under the category of sales channel segment. Organised retail chain segment is also expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 17.4% during the forecast period. In 2016, online e-commerce store segment was valued at US$ 3,876.1 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period. In terms of value, online e-commerce store segment is projected to be the most attractive in the global smart watch market during the forecast period.
Global Smart Watch Market: Forecast by Region
Five regions namely, North America, Europe, Latin America, APAC and MEA are covered in this report. In 2017, Asia Pacific dominated the Smart Watch market share by contributing US$ 2,915.4 Mn to the overall market. Additionally, North America Smart Watch market is expected to expand at a high CAGR during the forecast period.
Global Smart Watch Market: Key Players
Following are some of the key players operating in the global smart watch market: Apple Inc., Fitbit Inc., Samsung Electronics Co., Ltd., Sony Corporation, Garmin Ltd., Fossil Group, Inc., Huawei Technologies Co., Ltd., Xiaomi Corporation and Nokia Corporation (Withings)
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