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Smartwatch Market Driven by Increasing Health Consciousness

The smartwatch market is expected to exhibit a CAGR of 22.7% during the forecast period due to the increasing consciousness regarding personal health and fitness and growing application of automotive control features in smartwatches. These growth drivers will result in an increase in the value of the market from $10,223.9 million in 2017 to around $43,800.0 million by 2023.

Moreover, the demand for computerized wristwatches equipped with basic smart, waterproof, and shockproof features is increasing, which is why manufacturers are introducing customizable products. One of the key factors driving the market growth is the surge in the deployment of automotive control features in smartwatches. For this, market players are focusing on the development of app-based offerings that are compatible with the current series of smartwatches.

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These new-generation smartwatches have smart vehicle locking and unlocking capabilities. For example, Viper SmartStart 4.0, a next-generation smartwatch, helps users in remotely starting the vehicle, by utilizing the CDMA/3G technology to connect the vehicle to a wireless network. This smartwatch is designed to function with Apple Watch and Android Wear devices.Moreover, the shift from unisex to gender-based smartwatches is generating lucrative opportunities for smartwatch market players.

In contemporary times, women and girls, especially from the corporate and sports domains, are preferring smartwatches over traditional watches. However, manufacturers of unisex smartwatches mostly produce male-oriented designs, which makes them less appealing to women. Due to the scarcity of female-oriented designs, smartwatch manufacturers have begun offering designs that attract the fairer sex, in a bid to boost their sales.

This market research report provides a comprehensive overview of the smartwatch market
  • Future potential of the market through its forecast for the period 2020– 2030
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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