Asia-Pacific Smartwatch Market to reach $28,596 Million, Globally by 2022
Asia-Pacific Smartwatch Market Report, published by Allied Market Research, forecasts that the Asia-Pacific market is expected to garner $28,596 million by 2022, registering a CAGR of 69.8% during the period 2016-2022. Increase in the number of smartphone users, technological advancements, and rise in demand for high-end devices lead the market growth to a significant extent in the Asia-Pacific region.
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“Among the major trends, increase in the usage of fitness apps and budgets of manufacturers for R&D of hi-tech devices govern the market trends for smartwatches. China dominates the overall market, being a manufacturing hub in the Asia-Pacific region. In addition, Australia is projected to witness the fastest growth during the forecast period“, said Sonia Mutreja, Lead Analyst, High Tech, Enterprise, and Consumer IT at AMR
The smartwatch market has grown at a steady pace. Smartwatch leads the bandwagon for wearable devices that enables a user to easily switch to it replacing traditional watches and providing more usability, functionality, and convergence similar to smartphones, which captured the market around two decades ago.
Extension smartwatches dominated the market in 2015, owing to its usage simplicity and multitasking ability. However, classic smartwatch is projected to witness the fastest growth over the forecast period.
Among the operating systems, Android based smartwatches dominated the market, owing to numerous embedded apps and Android phone users in the Asia-Pacific region. Nevertheless, Windows OS is expected to depict the fastest growth over the forecast period.
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Asia-Pacific Smartwatch Market Key Findings:
- Extension smartwatch is projected to dominate the Asia-Pacific smartwatch market during the forecast period
- Based on the operating systems, the Windows OS is anticipated to hold huge potential during the forecast period
- China is the largest regional market for the sale of smartwatches and is expected to dominate the market space during the forecast period
The key companies profiled in this report are Apple Inc., Google Inc., Garmin Ltd., Fitbit, Inc., Motorola Mobility LLC., Sony Corporation, Samsung Electronics Co. Ltd., Huawei Technologies Co., Ltd., Pebble, and Nike, Inc.