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Asia-Pacific Smartwatch market to Reach $28,596 Million, by 2022
The Asia-Pacific smartwatch market is set for growth, driven by technological advances, new entrants, rising utility watch usage, and high-end device demand, despite challenges in design and costs.” - Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, August 23, 2024 /EINPresswire / -- Among the major trends, the increase in the usage of fitness apps and the budgets of manufacturers for R&D of hi-tech devices govern the market trends for smartwatches. China dominates the overall market, being a manufacturing hub in the Asia-Pacific region. In addition, Australia is projected to witness the fastest growth during the forecast period.
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Asia-Pacific Smartwatch Market Report, published by Allied Market Research, forecasts that the Asia-Pacific market is expected to garner $28,596 million by 2022, registering a CAGR of 69.8% during the period 2016-2022. An increase in the number of smartphone users, technological advancements, and a rise in demand for high-end devices led the market growth to a significant extent in the Asia-Pacific region.
The smartwatch market has grown at a steady pace. Smartwatch leads the bandwagon for wearable devices that enable a user to easily switch to it replacing traditional watches and providing more usability, functionality, and convergence similar to smartphones, which captured the market around two decades ago.
Extension smartwatches dominated the market in 2015, owing to their usage simplicity and multitasking ability. However, the classic smartwatch is projected to witness the fastest growth over the forecast period.
Among the operating systems, Android-based smartwatches dominated the market, owing to numerous embedded apps and Android phone users in the Asia-Pacific region. Nevertheless, Windows OS is expected to show the fastest growth over the forecast period.
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Top factors impacting the Asia-Pacific smartwatch market
Entry of large players
The widespread adoption of smartwatches has led to an increased number of players penetrating the market. Well-established manufacturers invest in R&D and product advancements, offering the latest technology and economies of scale that benefit the users as well. This enables small market players to provide similar specifications, providing an impetus to their products. Samsung, Apple, Microsoft, Google, and others provide more featured products to customers and help the market to gain visibility. These companies possess a wide customer base, which increases the competition.
Advancement in technology
Smartwatch manufacturing companies invest considerably in R&D to devise optimum solutions to gain a higher market share. The smartwatch industry witnessed continuous growth gradually with enhanced feature ranges, such as notification alerts, internet connectivity, and others. Growth in technological features and advancements is expected to drive the smartwatch market during the forecast period.
High cost of manufacturing
The manufacturing cost of smartwatches is high and the components integrated in these watches are expensive. In addition, the marketing and promotional activities of smartwatches incur high costs, which increases the overall cost of the product. Companies are heavily funding R&D activities to add more features and make the products competitive. However, the overall impact of this factor is expected to reduce during the forecast period.
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Asia-Pacific Smartwatch Market Key Findings:
- Extension smartwatch is projected to dominate the Asia-Pacific smartwatch market during the forecast period
- Based on the operating systems, the Windows OS is anticipated to hold huge potential during the forecast period
- China is the largest regional market for the sale of smartwatches and is expected to dominate the market space during the forecast period
The key companies profiled in this report are Apple Inc., Google Inc., Garmin Ltd., Fitbit, Inc., Motorola Mobility LLC., Sony Corporation, Samsung Electronics Co. Ltd., Huawei Technologies Co., Ltd., Pebble, and Nike, Inc.
About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on analyzing high-tech and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use various tools and techniques when gathering and analyzing data, including patented data sources.
David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.