Germany Dominates the European Market
Dublin, Aug. 30, 2021 (GLOBE NEWSWIRE) — The “Smartwatch Market 2021-2027” report has been added to ResearchAndMarkets.com’s offering.
The global smartwatch market is anticipated to grow at a substantial CAGR of 19.6% during the forecast period. The major driving factors for the market growth include the various functionalities of smartwatches. Biometric, GPS mapping, and independence from smartphones are amongst few popular features which are attracting consumers.
The integration of smartwatches with automotive vehicles is the latest innovation in the market. Lots of automobile companies are now collaborating with smartwatch manufacturers for the installation of this feature in their vehicles. For instance, Daimler AG and Garmin had collaborated to install this technology in Mercedes-Benz vehicles; the vivoactive 3 GPS smartwatch was launched in 2019 for this purpose.
The global smartwatch market suffered a small downfall during the initial COVID-19 crisis due to the supply chain disruption. However, now this device has been updated by market players to be used as an alternative to medical equipment to monitor essential health parameters including oxygen levels and heart rate. SpO2 sensors are playing a major role in this diagnosis. Due to this factor, the global smartwatch market had bounced back with a V-shaped growth.
The global Smartwatch market is segmented based on products, operating systems, and applications. Based on the product, the market is segmented into a classic smartwatch, fitness band smartwatch, and standalone smartwatch. Based on the operating systems, the market is segmented into Android, iOS, windows, and others. Apart from this, by applications, the market is segmented into medical/health, personal assistance, sports, and others.
The market is showing significant growth in Europe. Germany dominates the European smartwatch market and will continue to dominate during the forecast period. The major application of smartwatches in Europe is for personal assistance. The iOS operating system had captured major market their while the Android system is expected to show rapid growth in the forecast period. According to the Office for National Statistics (UK), there were 4.66 million populations in the UK which are in between 50-54 years age group in 2019 and due to this, they are at high risk of chronic diseases. According to NHS Digital, 30% of men and 26% women of UK have hypertension in 2018. These health concerns had increased the use of smartwatches in the region.
The key players of the smartwatch market Apple Inc., Fitbit Inc., Fossil Group Inc., Nike, Inc., Qualcomm Inc., Samsung electronics co. Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, Fitbit and FibriCheck had partnered in March 2020. It had…
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