Asia leads growth in smartwatch market
February 18, 2015
Market growth in smartwatches looks set to be driven by the Asian region with China emerging as a popular hub, as it hosts low-cost Android based smartwatch manufacturers, according to a report from Big Market Research.
The market as a whole is witnessing a double-digit growth rate globally. North America is the highest revenue generating geography for smartwatches and accounted for nearly a third of the market revenue in 2013, and is further expected to grow at a significant rate.
The analysis unveils the dominant aspects, with an upsurge in demand for smartwatches in applications such as PA, wellness, medical, health and sports.
Out of the total smartwatch shipment in 2013, Samsung was market leader, followed by Nike and Garmin. The global market is witnessing a huge inflow in the number of companies and is expected to grow manifold from the existing number of 40 companies at present. As of now, the market is purely driven by the leading technology companies such as Samsung, Apple and Google. However, in the near future, the entry of watch companies is expected to increase the competition and dynamics of this market.
Led by innovations, the smartwatch companies are spending heavily on R&D. Top players such as Samsung, Pebble, Maritime and Sony are counting on their R&D investments to be the dominant strategy to increase their market shares. Further, strong distribution support is another key aspect that is imperative to this market. The leading companies are collaborating with their suppliers and re-sellers to penetrate the market through the right selection of channel, geography and target audience.
The report highlights the major milestones of the smartwatch market with details covering the key influencing factors impacting this market. An insight on the competitive scenario and its evolution in the near future has been covered along with the forecast of the future of the smartwatch market worldwide. Key players such as Samsung, Pebble, Garmin, Nike, Sony, Fitbit and Casio have been profiled with information on business overview, financials, product portfolios, investments, news and recent developments.