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Why Is Young Population Purchasing Smartwatches?

According to P&S Intelligence, the APAC smartwatch market is expected to exhibit the fastest growth during the forecast period. This will be due to the mounting demand for high-end wearable devices and surging technological developments by regional players, such as Titan. Additionally, the burgeoning demand for utility watches in China and the soaring popularity of smartwatches, in general, in India will contribute to the market growth in the region.

The product segment of the smartwatch market is classified into classic, extension, and standalone. Under this segment, the extension category generated the highest revenue in 2017 due to the surging usage of next-generation smartwatches as an extension of smartphones and associated devices. Moreover, the increasing compatibility of connectivity, alerts, and tracking features with extension smartwatches is attracting more people toward them. 

In the coming years, these smartwatches will gain huge prominence among the middle- and upper-middle-class populations. Apart from Titan, Apple Inc., TomTom International BV, Fitbit Inc., LG Electronics Inc., Garmin Ltd., ASUSTeK Computer Inc., Sony Corporation, Alphabet Inc., Lenovo Group Ltd., and Samsung Electronics Co. Ltd. are the key manufacturers of such wearables. 

At present, they are developing new versions of their existing products and introducing more models frequently to meet the evolving needs of customers. For example, in September 2017, Apple Inc. launched the third-generation Apple Watch Series 3. Thus, the mounting public focus on tracking personal health and rising integration of automotive control features in smartwatches will boost the adoption of such wearables.

This market research report provides a comprehensive overview of the market
  • The 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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