The use of smartwatches has increased due to their prestige factor, and this is estimated to affect the global smartwatch market 2020. The semiconductor and electronics industry reports are produced by Market Research Future, which highlights market options for expansion. A USD 109.28 billion income by 2023 is likely to be accomplished with a CAGR of 17.34%.
Detailed Regional Analysis
The regional analysis of the smartwatch market includes regions such as Europe, North America, Asia-Pacific, and the rest of the regions. The North American regional market is accountable for the prime market stake in the smartwatch market due to the better value of life in the region owing to the towering disposable income levels in the region. The European region is considered as the next principal market for smartwatches as countries like France, Italy, Germany, have soaring implementation of wearable technologies. The Asia-Pacific regional market is estimated to be the top mounting region because of the technology progress by regional companies, entry of huge international players, and mounting demand for high-end wearable devices. Furthermore, mounting competition among notable players among others to introduce smartwatches with exceptional and highly developed features is boosting the augmentation of the market in the Asia Pacific region.
The major companies in the smartwatch market are Fossil Group (US), Pebble (US), Sony Corporation (Japan), Qualcomm (US), Huawei Technologies Co., Ltd. (China), Samsung Electronics Co. Ltd. (South Korea), Fitbit, Inc. (US), LG Electronics (South Korea), Apple Inc. (US), ConnecteDevice Ltd. (Japan), and Motorola (US), among others.
April 2020 Xiaomi Youpin has recently announced the crowdfunding of Haylous newest smartwatch. As per the company, this economical smartwatch is retailing for only USD 21. This smartwatch has been named Haylou Solar Smart Watch and it is encased in a metal body. It has 12 sports modes, all-day heart rate examining, and 30-day long reserve.