by Arvi Marie Dacuba (Content Editor)
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There's no stopping the growth, advancement and value of smart watches. After a slump caused by the COVID-19 pandemic in 2020, the market is showing signs of recovery, post-pandemic. Smart wearables' sales have increased, especially through online purchases from 2020 to 2021. Estimated to be valued at US$ 57.3 billion in 2021, the market is projected by Market Data Forecast to hit US$ 132.9 billion by 2026. Mordor Intelligence also estimates 230.30 million units to be sold by 2026 and states that there will be a 21.98 percent annual growth from 2021 to 2026. With the rising usage of smart wearables in various industries, find out the leading key players, valuable features that consumers, healthcare professionals and athletes are after, plus the future of the smart watch market.
According to 440 Industries, Apple still takes the lead with its 52.5 market global market share amidst the fierce competition. Aside from being a staple brand name in tech, the Apple Watch 7 offers some of the most innovative features we can see today in smart watches – ECG, heart rate and blood oxygen monitoring. Samsung and Huawei follow Apple, with their 11 and 10 percent market share, respectively. Chinese company Huawei’s smart watches are made of stainless steel and feature easily removable silicone straps. Other brands in the market are Imoo, Fitbit and Garmin.
As urbanization rises, tech-savvy millennials are purchasing smart watches for better efficiency at work and day-to-day lives, as a fashion statement and as a wearable buddy that tracks their fitness progress, a feature also highly used by athletes. The pandemic has also pushed consumers to live a fitter and healthier lifestyle, bolstering market demand even further. Component manufacturer Qualcomm has recently produced the Snapdragon Wear 3100 designed for smart watches, catered to improve battery life and utility.
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With recent advancements such as the fall detection feature, ECG, SpO2, skin temperature and blood oxygen monitoring, GPS tracking and more, smart watches are now being adopted for use in the elderly population. These devices aid healthcare physicians to remotely keep tabs on their senior patients' health. Today's advanced smart watches can even help discover atrial fibrillation (Afib), a heart condition that can cause stroke. Furthermore, sedentary, hydration and medication alerts aid patients who often forget to stay active, drink water and take their prescriptions.
Children are also considered a large proportion of consumers of this market. China manufacturers dominate the kids’ smart watch market with its 62 percent market share, which accounts for more than three out of every five devices sold. Suppliers at Global Sources offer innovative features that include two-way video and audio call support, GPS tracking, remote and history monitoring and the SOS feature.
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North America still dominates the market with its 35.47 percent share. This can be attributed to the country’s advanced medical infrastructural facilities compatible with sensors present in smart watches, rise in disposable income and the high case of obesity in this region. Asia-Pacific, however, is expected to see the highest growth in this sector because of the rise of market vendors like China, and the increase of diseases like obesity and diabetes in this region. Accessories like watch bands are becoming popular, with nearly 70 percent of Chinese smartwatch owners owning one.
Expect Internet of Things (IoT) to be further integrated in smart watches in years to come, with these becoming stand-alone tech that can interact with other fellow IoT devices. Apple’s next-gen releases are expected to feature glucose monitoring for diabetic users. It has also collaborated with L’Oreal to design the first skin sensor that detects UVA and UVB exposure, which is a leading cause of skin cancer. The industry holds great promise of what it can further do in health monitoring, aside from fitness tracking.
With Apple's and Samsung’s lead in the market, buyers can take the opportunity to source related wearable accessories and components including smart watch bands, cases & protectors, charging stands and batteries. If you’re looking for budget-friendly smart watch alternatives for great value, Global Sources verified suppliers offer a variety of these that adopt several outstanding features like ECG, SpO2, heart rate, sleep monitoring and more.
The products in the gallery below have been selected by our Market Analyst for representing trends in smart watches and related accessories in today’s market.
With BP, ECG monitor
Company: Shenzhen Nanway Industrial Co. Ltd
This IP68-rated smart watch, the W37 Watch 7-0198 monitors blood pressure and takes an ECG. The unit supports split screen view, dual Bluetooth mode and calls, pin locking, downloadable watch faces, temperature measurement, and the tracking and analysis of daily steps, heart rate and sleep. The watch runs on a HS6621 chipset and is powered by a 230mAh battery through magnetic charging. The unit has a 1.57in 320x385-pixel HD IPS 2.5D full touch curved panel, measures 44x38x10.7mm and weighs 50g. The watch case is made of alloy and the watch band silicone. Color options are black, silver, rose gold and blue. This watch is priced at $17.50 for an MOQ of 5 units.
Supports video calls, for kids
Company: Shenzhen Motto Electronics Co. Ltd
The LT05-3278 4G- and Wi-Fi-enabled smart watch for kids supports voice and video calls via its built-in HD camera. Additional features include alarm clock, do not disturb mode, remote monitoring, SOS calls, history tracking, geofencing, and LBS and GPS positioning. This IP67-rated watch is powered by a 650mAh battery, has 512MB RAM and 4GB ROM, and features a 1.44in colored touchscreen with a 240x240-pixel resolution. This CE- and RoHS-certified smart wearable is priced at $26.80 to $32 for a minimum order of one unit.
Doubles as TWS earbuds
Company: Shenzhen N+1 Intelligent Technology Co. Ltd
Shenzhen N+1 Intelligent offers the NDW05-1, a 2-in-1 smart watch and pair of wireless earbuds, which plays music via Bluetooth and can even hold up to 100 songs via internal storage. This CE- and RoHS-rated unit supports hi-fi calls and audio recording with HD noise reduction support. It has ten sports mode options and monitors body temperature, heart rate, blood pressure, blood oxygen, sleep, heart rate, steps and distance travelled, and calories burned. It goes for $25 to $26 for a minimum order of three units.
Tracks women’s monthly cycles
Company: Shenzhen Linwear Innovation Technology Co. Ltd
Shenzhen Linwear Innovation’s LW06-V2-34 is a Bluetooth 5.0-enabled multifunction smart watch made of stainless steel and tracks women's menstrual cycles. This IP68-rated watch measures blood oxygen, heart rate, blood pressure, sleep quality, has alarm clock and multi-sport mode support, and sends phone alerts and sedentary, meeting and pill drinking reminders. It features a round 1.09in round full touch display with a 240x240-pixel resolution and is powered by a 190mAh Li-ion polymer battery, which lasts 10 days on use and 30 days on standby.
Watch band for iWatch
Company: Shenzhen Gaiying Industry Co. Ltd
This smart watch band for Apple Watch, the AP6-2 from Shenzhen Gaiying, is available in 38, 42, 40 and 44mm variants. It is made of high-quality silicone, and is soft, flexible and durable. For an order of 100 to 500 pieces, price is at $3.30.
Features rhinestones
Company: Shenzhen DBL Technology Co. Ltd
Shenzhen DBL's DBL-21-39 screen protector for Apple Watch features decorative rhinestones on its bumper. It is compatible with 40 and 42mm iWatch models. This product is made of aluminum alloy and comes in green, red, blue, gray and orange. For 300 pieces, it is priced at $0.92.
