The global smartwatch market was valued at US$20.64 billion in 2019, and is projected to reach $96.31 billion by 2027, registering a compound annual growth of 19.6%, according to Research and Markets.
The companies operating in the market have adopted strategies such as collaboration, partnership, product launch, R&D, and acquisition to increase their market share and expand their geographical presence, adds the research group.
The smartwatch market is dominated by few major players such as Apple Inc., Fitbit, and others. However, a lot of key players from China, and other countries are entering into this market, notes Research and Markets. Various emerging players in the smartwatch market such as Nike, Casio, LG Electronics, and Gramin are increasingly investing in design and development of economic products, which are equipped with enhanced smart features that creates lucrative opportunities for the product globally.
Xiaomi, a Chinese firm, has entered into this market and offers smartwatches at low cost. In addition, Huawei has launched its classic version of smartwatches. These factors are expected to accelerate the potential demand and make the market more competitive in the future, says Research and Markets. This in turn drives the smartwatch market growth globally and also helps capture various range of consumer base.