Keywords: smart watches; market; wearable devices; smart phones; Huawei; Apple; Veepoo; Garmin; FITBIT;
Children; adults; seniors;
From the perspective of smart watch shipments, in 2019, the global shipment of wearable devices was about 337 million, an increase of 81.2% year-on-year; in 2020, despite the impact of the epidemic, the shipment of wearable devices will still increase by 32%, reaching 444.7 million. According to IDC forecasts, with the gradual rise of the global wearable device market, the shipment of wearable devices will continue to grow, and its compound annual growth rate (CAGR) in the next five years may reach 12.4%, and the market is not diminishing.
Smart watches were born as a derivative of smart phones, and now they have developed into an independent product line and a variety of products have been developed. In particular, manufacturers such as Huawei, Huami, and Xiaomi continue to enrich their product styles.
Smart watches, with rich functions, can meet the needs of different age groups. The main consumer groups of smart watches are roughly divided into three categories: adults, children, and the elderly. Since consumers’ needs for functions vary depending on the purpose of use, the market provides diversified product series for consumers to choose from.
Adult smart watches mainly provide sports and health functions, provide information about speed, heart rate measurement, etc., and can play music, take photos, and make mobile payments;
Sports functions mainly include functions such as step counting, mileage, cycling, running, and diving. Such as Garmin, FITBIT and so on.
Another main function of the smart watch is the health monitoring function, which mainly includes health applications such as sleep, heart rate, ECG, blood oxygen, and breathing training. These functions are mainly to monitor the health of the human body and provide medical advice on the data monitored by the administrative bureau. Most manufacturers now regard the health monitoring of smart watches as their main development direction. It is currently predictable that blood glucose monitoring technology will be applied to smart watches.
Adult smart watches cannot be generalized. According to different scenarios, manufacturers develop the same product to adapt to business, sports, leisure and other scenarios. Such as Huawei, Apple, Samsung, Veepoo, etc.
Children’s smart watches focus on voice calls and security, and are equipped with communication and positioning functions to facilitate parents to understand their children’s whereabouts; for example, in daily life, we can make some children’s products mainly by some low-end manufacturers. For example, backgammon, 360, etc.
The smart watch for the elderly keeps track of the activities of the elderly at any time and provides protection through the customized functions and location tracking functions of the elderly such as heart rate measurement, emergency rescue request, fall detection and medication alarm settings. This type of smart watch mainly monitors the daily life of the elderly. It mainly includes the daily behavior of the elderly and the trajectory of their actions. The purpose is to protect the elderly.
Although smart watches make a distinction based on age, the focus of functions is different. But most products integrate various functions to meet the needs of a broad audience as much as possible. In short, smart watches are a blue ocean market with broad development prospects.