Strong Growth Projected for Smart Wearables
QY Research expects the global smartwatch market to reach $72.5 billion by 2027, up from $19 billion in 2020, growing at a compound annual rate of 20.5 percent.
Growth is being driven by increased demand for wireless fitness and sports devices, increased health awareness among users, and technological advancements by market players, it said. Another key groiwth enabler is the fact that the average selling price of smartwatches is expected to fall steadily. While the market is currently flooded with high-end products at premium prices, rising R&D and commercialization activities are expected to result in an increase in the number of mid-priced and low-end products.
Among the uses, the report cites an important role in reminding people to take their medications and tracking when they do so. Smart wearables are also used to make phone calls, send text messages, listen to music, play games, and more.
The report identifies Apple, Samsung, Lenovo, Garmin, Fitbit, LG Electronics, Huawei, and Fossil as the leading players in the market.