The global smartwatch market is poised for a 17% growth in 2024, projecting a shipment of approximately 83 million units, as indicated by a recent report.
Initially, consumers were drawn to basic or affordable smartwatches. However, the landscape has shifted, with users now seeking heightened functionality, particularly those who adopted these devices during the pandemic.
Market research firm Canalys' research analyst, Jack Leathem, highlighted that vendors are gearing up to augment shipment revenues by advocating advanced smartwatches equipped with forthcoming hardware improvements. These enhancements are anticipated to include significant boosts in battery life and the potential integration of micro-LED screens in premium devices.
Furthermore, the advancements will encompass innovative fitness and health features such as blood pressure monitoring and sleep apnea detection. These additions are expected to set new industry benchmarks, especially upon their introduction in Apple Watches.
Regarding the recent ban imposed by the US's International Trade Commission (ITC), Leathem foresees that prior-generation devices will constitute the bulk of lost shipments in the US market. This shift may impact the market dynamics for smartwatch sales within the region.
(With Agency Inputs)
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