Smartwatches can seamlessly integrate daily health-related activities into an application-based module that can be accessed from a smart device, such as a tablet or smartphone. These watches are gaining traction among the young population, especially among people within the age group of 15–35 years, who want to monitor and maintain their fitness schedules and personal health. Thus, the surging public awareness on tracking personal health will fuel the adoption of smartwatches in the foreseeable future.
Moreover, the increasing integration of automotive control features in such consumer electronics will drive the smartwatch market at a vigorous CAGR of 22.7% during the forecast period (2018–2023). The market revenue is expected to surge from $10.2 billion in 2017 to $43.8 billion by 2023. Market players around the world are developing a new range of smartwatches that are compatible with automotive features such as remote ignition, smart locking and unlocking, and driver assistance. For instance, Viper SmartStart 4.0, a next-generation smartwatch, helps users remotely start an automobile using the CDMA/3G technology.
Browse detailed – Smartwatch Market Revenue Estimation and Growth Forecast Report
In recent years, people have shifted from unisex to gender-based smartwatches as the former often feature male-oriented designs, which reduce their popularity among the female population. Nowadays, women from the corporate and sports domains are preferring smartwatches over traditional watches, owing to which manufacturers are offering female-oriented designs. Additionally, female customers are using gender-specific smartwatches for wellness, fashion, spiritual wellness, and gaming applications. For example, in December 2017, Titan introduced a new smartwatch especially designed for the female population.
The product segment of the smartwatch market is classified into classic, extension, and standalone. Under this segment, the extension category generated the highest revenue in 2017 due to the surging usage of next-generation smartwatches as an extension of smartphones and associated devices. Moreover, the increasing compatibility of connectivity, alerts, and tracking features with extension smartwatches is attracting more people toward them. In the coming years, these smartwatches will gain huge prominence among the middle- and upper-middle-class populations.