The main objective of this report is to define, describe, and forecast the global “Smartwatch” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market. According to report the global Smartwatch Market is projected to grow at a CAGR of 36% over the forecast period of 2018-2024.
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Fossil Group and CITIZEN entered in the partnership agreement to produce Hybrid Smartwatch
October 2018, Fossil Group and CITIZEN Watch Company, Ltd. entered into a global strategic technology licensing partnership. This partnership is designed to expand the worldwide reach of hybrid smartwatches. The partnership would leverage CITIZEN’s globally-respected watch movement expertise while providing CITIZEN access to Fossil Group’s hybrid smartwatch technology.
Fossil Group, Inc. is an American fashion designer and manufacturer company. It was founded in 1984 by Tom Kartsotis and based in Richardson, Texas. Their brands include Fossil, Relic, Abacus, Michele Watch, Skagen Denmark, Misfit, WSI, and Zodiac Watches. Fossil also makes licensed accessories for brands such as Skechers, Emporio Armani, Karl Lagerfeld, Michael Kors, Marc Jacobs, formerly Marc by Marc Jacobs, DKNY, Diesel, Kate Spade New York, Tory Burch, Chaps, Burberry and Armani Exchange.
Citizen Watch Co., Ltd. is an electronics company primarily known for its watches and is the core company of a Japanese global corporate group based in Tokyo. In addition to Citizen brand watches, it is the parent of American watch company Bulova, and is also known for manufacturing small electronics such as calculators.
Huami launched Amazfit Verge Smart Watch
September 2018 Huami Corporation a biometric and activity data-driven company with significant expertise in smart wearable technology, launched Amazfit Verge – the Amazfit smartwatch. It has several customized features, which are new to the smart wearables industry. The Verge is the first watch of the new Amazfit smartwatch product line in addition to the existing smart sports watch product line. The Verge offers many new and improved features to enrich the user experience including a 1.2G dual-core processor, running Huami Watch OS (WOS) based on the Android infrastructure with remarkable extensibility that allows downloads and operation of third-party Apps. The Verge also comes with a 1.3-inch full-color AMOLED round screen as well as optimized power consumption that provides an industry-leading five days of battery life on a single charge. More importantly, the Verge is capable of making and receiving phone calls directly via blue-tooth connected mobile phones and displaying real-time messages, including WeChat and incoming phone call alerts, all of which allow users to more conveniently stay connected with their friends, family and business associates.
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North America to strengthening the Global smartwatch market through 2018-2024
North America holds a large market share of a smartwatch in terms of revenue generation, due to the presence of a large number of manufacturing companies in this region. It is followed by European countries. Asia Pacific region is showing the highest CAGR growth rate in the smartwatch market globally, due to growing disposable income among middle-class consumers, and exposure to several media about the benefits of using a smartwatch.