The latest research study, “Smart Band Market Share: Global Industry Trends, Size, Growth, Opportunity and Forecast 2022-2027″ has been added by IMARC Group. The global smart band (smart watch) market reached a volume of 46.5 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 59.1 Million Units by 2027, exhibiting at a CAGR of 4.26% during 2022-2027.
A smart band, also known as a smartwatch, refers to a multipurpose device that assists in tracking the amount of daily physical activities performed by an individual. It also monitors various fitness-related metrics such as distance covered while jogging or walking, calorie consumption, and in some cases, heartbeat and quality of sleep. It is connected to smartphones, tablets, laptops or personal computers wirelessly for long-term data storage. In recent years, smart bands have gained traction across the globe due to the increasing tech-savvy population.
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The competitive landscape of the market has also been examined with some of the key players being:
Nike and Sony.
Market Trends and Drivers:
The growing awareness among the masses regarding health and fitness represents the primary factors driving the global smart band market. The rising health consciousness due to the widespread prevalence of lifestyle diseases like obesity and diabetes has augmented the product demand. As a result, consumers are increasingly seeking reminders that promote healthy living, adequate sleep patterns and connectivity due to the changing lifestyles and hectic work routines. Besides this, the increasing penetration of the internet of things (IoT) and the availability of high-speed internet have encouraged the utilization of smart bands. Furthermore, manufacturers are introducing innovative product variants integrated with advanced features and aesthetically appealing designs to attract more consumers. Besides this, the expanding e-commerce sector, an emerging trend of product premiumization, rapid urbanization, reduced product prices and elevating incomes are other growth-inducing factors.
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Market Breakup by Type:
Non-Screen Smart Bands
Based on the product type, the market has been divided into with screen and without screen smart bands.
Market Breakup by Distribution Channel:
On the basis of the distribution channel, the market has been classified into specialist retailers, company outlets, online and others.
Breakup by Region:
Middle East and Africa
Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
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