The entry of Chinese electronics manufacturers in smartwatch market is expected to result in mass production of smartwatches helping low-end smartwatches segment to grow, in one of the key trends that will drive global market into the $29.6 billion region by 2020, according to a new report.
The global smartwatch market was valued at $ 701.2 Mn in 2013 and is estimated to grow at a CAGR of 53.6% during the forecast period from 2014 to 2020.
Rise in smartphone and internet penetration along with the changing technological preferences of young population has emerged as the most significant growth driver for the global smartwatch market. In 2013, North America was the largest market for smartwatch with a share of 34.5% in terms of revenue due to the growing awareness towards health and early adoption of new products and technology.[blockquote right=”pull-right”]”Most of the smartwatch manufacturers have their offerings in this price range and the trend to use smartwatch as a companion device is enabling the growth of mid-end smartwatches segment. However, as the use of smartwatch is diverging from just a companion device to fitness tracking device, high-end smartwatches segment is expected to witness strong growth in the next few years.“[/blockquote]
