Smartwatches 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.
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The key driving factors responsible for the growth of Smartwatches market :
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.
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.
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.
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