LONDON--(BUSINESS WIRE)--Technavio has announced the top six leading vendors in their recent global smartwatch market report. This research report also lists 10 other prominent vendors that are expected to impact the market during the forecast period.
The global smartwatch market is expected to grow at a staggering CAGR of 16% by 2021. The global smartwatch market is facing steady growth rate in terms of unit shipments because of the introduction of new models and the entry of numerous Chinese vendors with less expensive smartwatches. Several vendors have launched new versions of smartwatches.
Competitive vendor landscape
Despite offering expensive smartwatches, Apple holds the largest share of the global smartwatch market. This is mainly because of their aesthetics and consumers' preferences for Apple's products. These products provide advanced features such as a powerful processor, built-in GPS, and waterproof displays. However, to remain competitive in the market, many vendors have reduced the prices of smartwatches.
“Increasing number of M&A in the global smartwatch market is also intensifying the rivalry among the existing vendors. In December 2016, Fitbit, which is well known for fitness tracking wearables, announced the acquisition of software assets of Pebble Technology to evolve as a stronger competitor against Apple Watch,” says Ujjwal Doshi, a lead consumer electronics research analyst from Technavio.
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Top six smartwatch market vendors
Apple offers mobile communication and media devices, personal computers, portable digital music players, related software, networking solutions, accessories, third-party digital content, and applications globally.
Samsung offers a range of products as smart wearable devices under its Gear portfolio. These include the Gear, Gear 2 Neo, Gear S, Gear Fit, and Gear 2 range of smartwatches. Gear S has a high popularity as it is able to operate without a smartphone and uses its own SIM card.
Lenovo Group is a Chinese multinational company that has expanded its business globally. The company's smartwatches are featured as Moto 360 Sport. The watches have Wi-Fi connectivity, Android Wear OS, includes heart rate sensors, and dual digital mics.
Smartwatches offered by Garmin have GPS, built-in sports apps, and activity trackers. They are compatible with entertainment apps, Bluetooth-enabled devices, and support notifications such as alerts for calls, texts, e-mails, and calendar items while pairing with smartphones.
Pebble Technology manufactures and sells smartwatches that can connect with Android smartphones and iPhone. The company sells smartwatches through a strong network of retail stores and its online website. The key retail stores of the company are AT&T, Amazon UK, Target, Swisscom, Mediamarkt, Coolblue, Alternate, Crystal Media, and Dick Smith.
Fitbit sells products under the brand names Zip, One, Flex, and Charge. Zip is a clip-based device that tracks steps, distance, and calories burned. It syncs the statistics with computers and selected smartphones. One tracks steps, stairs climbed, distance, and calories burned.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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