The global smart wearable bands market is expected to grow strongly, reaching USD 58.41 million by 2028. As per the report titled “Smart Wearable Bands Market Size, Share & COVID-19 Impact Analysis, By Product Type (With Screen and Without Screen), By Operating System (Android, Windows, iOS and Others), By Distribution Channel (Specialist Retailers, Company Outlets, Online and Others) and Regional Forecasts, 2023-2030″ observes that the market size in 2021 stood at USD 45.9 million and USD 58.41 million in 2028. The market is expected to exhibit a CAGR of 4.10% during the forecast period.
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Fossil Unveiled its Gen 6 Touchscreen Smartwatch, a New Generation of Smart Wearable Band
In August 2021, Gen 6 Touchscreen Smartwatch, a new generation of the smart wearable band from Fossil, was unveiled. A new Qualcomm Snapdragon chip called the Wear 4100+ powers this smartwatch, which offers effective power consumption, quicker application launch times, and extremely responsive user experiences.
Progressive Technological Advances Supporting Market Expansion
The global market for smart wearable bands has been pushed by the rising urbanization rates and the desire for aesthetically pleasing advanced feature items that can better meet consumers' daily needs, such as time schedules. A large portion of the millennial population has also begun to use smart wearable bands due to increased spending on their standard of luxury and frequent work hour tracking. Millennial spending is anticipated to rise across several major nations, according to the International Council of Shopping Centers (ICSC).
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Market Expansion Is Limited by High Product Cost
It is anticipated that the availability of counterfeit goods will constrain industry growth. The market expansion for smart wearable bands is expected to be constrained by the increased manufacture of cheap counterfeit goods with enhanced features and advantages. Customers frequently pick products with equal qualities at a much lower price. The high price of premium smart wearable bands and the intense pressure from the competition on manufacturers represent a substantial obstacle to the industry's growth.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the smart wearable bands market plan acquisitions to improve their brand recognition globally. For instance, in July 2021, Garmin unveiled two smartwatches focusing on health in India. AMOLED displays with Gorilla Glass 3 protection, a health snapshot feature, and more than 25 built-in sports applications are among the features of the Venu 2S and Venu 2 smartwatches.
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List of Key Players Profiled in the Report
- Fitbit
- Garmin
- Jawbone
- Samsung Electronics
- Apple
- Xiaomi
- Lenovo
- LG
- Nike
- Razer
- Sony
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