According to Fortune Business Insights, the global smartwatch market size was valued at around USD 22.02 billion in 2021 and is projected to rise USD 58.21 billion by 2028 at 14.9% CAGR during the forecast period 2023-2028. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Smartwatch Market, 2023-2028.”
According to the study, consumers are likely to exhibit demand for technological devices to streamline fitness tracking, navigation, and notification checking. End-users, such as athletes and tech users, are likely to invest in advanced products. Amidst the COVID-19 pandemic, strategic approaches may change to gain a competitive edge in the landscape.
Emphasis on Well-being Amidst Pandemic to Boost Product Adoption
The onslaught of the COVID-19 pandemic prompted end-users to shift their attention toward health and well-being. Accordingly, manufacturers have bolstered the production of a smartwatch for men and women. 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.
Report Coverage
The report is prepared rigorously with the use of qualitative and quantitative analysis. The use of primary sources, including interviews of stakeholders and suppliers, has propelled the integrity of the report. The report also includes secondary sources, including annual reports, SEC filings and studies published by notable organizations. The report also includes top-down and bottom-up approaches to boost estimations and product mapping
Drivers and Restraints
Burgeoning Youth Population to Underpin Growth Potentials
An exponential rise in youth population across emerging- and advanced- economies could boost smartwatch market growth during the forecast period. Gen Z and millennials have shown profound interest in fitness-tracking products and devices. Moreover, rising consumer expenditure among developed economies has triggered product adoption. According to Trading Economics, rising per capita income across Ireland, Luxembourg, the U.K., and Germany will augur well for the business outlook.
While smart wearables will continue to gain ground, the prevalence of substitute products, including luxury watches and regular devices could challenge smartwatch manufacturers.
Information Source:
https://www.fortunebusinessins....ights.com/smartwatch
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