Published Date : Nov 14, 2016
Albany, NY, Nov 14, 2016: The Report, titled “Global Wrist Wearable Market 2016-2020,” provides a comprehensive evaluation of the global wrist wearable market. According to the report, the market is estimated to expand at a CAGR of about 11% from 2016 to 2020.
The global wrist wearable market has gained significant traction over the past few years owing to changing consumer lifestyles and rising disposable income. The rising geriatric population and increasing incidence of chronic disorders including cardiovascular diseases are positively impacting the dynamics of the market. Moreover, the growing occurrence of lifestyle-related disorders and the subsequent high costs of healthcare are prompting people to shift towards a healthy lifestyle. Thus, the rising awareness is propelling the demand for smart devices such as fitness bands and smartwatches, thereby fuelling the growth of the market. Another factor augmenting the growth of the market is the easy connectivity offered by present-day wrist wearables.
However, factors such as design constraints and high cost are limiting the widespread adoption of wrist wearables. This, in turn, is hampering the growth of the market. Furthermore, the difficulty faced in the integration of sensors with consumer-end devices and accessories is impeding the growth of the market. On the other hand, the rising trend of crowdfunding along with technological developments are paving way for low-cost wearable products. Therefore, boosting the demand for wrist wearable in the foreseeable future. Moreover, the reduction in the size of sensors is likely to mitigate the design constraints. Another trend that is likely to provide tremendous momentum to the market in the forthcoming years is the increasing popularity of smartwatches, especially amongst children. The manufacturers are incorporating several functionalities and features in smartwatches, keeping the preferences of children in mind.
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On the basis of type, the global wrist wearable market is segmented into fitness bands and smartwatches. The fitness bands segment is anticipated to experience robust growth during the forecast period. The rising health consciousness amongst consumers and the increasing popularity of fitness band are bolstering the growth of this segment. With the launch of low-cost bands, the consumer preference for fitness bands over smartwatches will continue to rise in the forthcoming years. Geographically, Asia Pacific is anticipated to exhibit a noteworthy CAGR during the forecast period. The growth of the wrist wearable market in this region is driven by countries such as India, Singapore, and Japan. The increasing focus towards the development of smartwatches coupled with the growing product proliferation is contributing to the growth of the Asia Pacific region.
Product innovation is the key strategy for the majority players in the global wrist wearable market. The market is highly fragmented in nature. The low entry barrier and the high growth potential in the market are attracting a large number of players, thereby intensifying the competition. The key players in the market are Fitbit, Apple, Jawbone, Garmin, Samsung, Lenovo, and Xiaomi.
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