The global smartwatch market size was valued at around USD 18.62 billion in 2020. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Smartwatch Market, 2021-2028.”
Amidst the COVID-19 pandemic, strategic approaches may change to gain a competitive edge in the landscape.
COVID-19 Impact
Emphasis on Well-being Amidst Pandemic to Boost Product Adoption
The onslaught of the COVID-19 pandemic prompted end-users to shift their attention towards health and well-being. According to the National Interest.Org, the global smartwatch industry witnessed a 20% surge in the first half of 2020. The trend will likely maintain the upward growth trajectory over the next few years.
Fortune Business Insights™ lists out all the smartwatch market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Apple Inc. (U.S.)
- The Samsung Group (South Korea)
- Garmin Ltd. (U.S.)
- Fitbit LLC (U.S.)
- Huawei Technologies (China)
- Fossil Group, Inc. (U.S.)
- Polar Electro (Finland)
- ASUSTek Computer Inc. (Taiwan)
- LG Electronics (South Korea)
- Xiaomi Inc. (China)
Report Coverage
The use of primary sources, including interviews of stakeholders and suppliers, has propelled the integrity of the report.
Drivers and Restraints
Burgeoning Youth Population to Underpin Growth Potentials
Gen Z and millennials have shown profound interest in fitness tracking products and devices.
Emphasis on Well-being Amidst Pandemic to Boost Product Adoption
The onslaught of the COVID-19 pandemic prompted end-users to shift their attention towards health and well-being. According to the National Interest.Org, the global smartwatch industry witnessed a 20% surge in the first half of 2020. The trend will likely maintain the upward growth trajectory over the next few years.
Regional Insights
North America to Provide Compelling Opportunities with Rising Investments in Tech Devices
Bureau of Labor Statistics stated that the average yearly expenditures for every consumer unit stood at USD 61,334.
The unemployment rate of the EU was 16.83% in 2019, a reduction from 18.02% in the preceding year.
Emerging economies are likely to act as a catalyst towards the growth of advanced devices across the region.
Regional Insights
Europe is projected to display a substantial growth due to the existence of a huge number of geriatric population who are susceptible to numerous sorts of tooth ailments. This has created a necessity for the product.
Asia Pacific is anticipated to hold a considerable share in the global market. The elevating utilization of e-commerce platforms, which further results in an amplified expenditure on oral care products, comprising electric toothbrush, is probable to drive the consumption rate.
North America is holding the leading electric toothbrush market share, with a size of USD 1.04 billion in 2020. The surging growth of personal consumption spending among people of this region is projected to have a noticeable influence in elevating the sales for the product.
Segmentation
Competitive Landscape
Industry Participants to Infuse Funds into Organic and Inorganic Strategies to Gain a Competitive Edge
The competitiveness of the market is such that leading companies could invest in geographical expansion and product offerings.
Key Industry Developments
- September 2021: Samsung announced its smartwatch operating system partnership with Google to help better compete with Apple products.
- August 2020: Fitbit declared the launch of its Fitbit Sense smartwatch, which comes with advanced health features.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/smartwatch-market-106625
