Global Batteries Market for Smart Wearables 2017-2021
About Batteries Market for Smart Wearables
The global batteries market for smart wearables will experience a significant growth during the forecast period. The market is highly dependent on the unit shipment of the smart wearable devices owing to the increasing demand for wearable electronics from diverse industries like military and protection, architecture, sports and fitness, transportation, fashion and entertainment, and medical. Miniaturization of electronic components and increasing use of nanotechnology have been boosting the demand for smart wearable technologies across all application segments.
Technavio’s analysts forecast the global batteries market for smart wearables to grow at a CAGR of 28.91% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global batteries market for smart wearables for 2017-2021. To calculate the market size, the report considers the revenue generated by the demand for the batteries that are used in smart wearables by end-users in each region and their corresponding key countries.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Batteries Market For Smart Wearables 2017-2021
Technavio recognizes the following companies as the key players in the global batteries market for smart wearables: Enfucell, Guangzhou FULLRIVER Battery New Technology, LG Chem, Panasonic Industrial Devices & Solutions, and Samsung SDI.
Other Prominent Vendors in the market are: Accutronics, Batteries and Power Solutions, Blue Spark Technologies, BrightVolt, Cymbet, Front Edge Technology, IMPRINT ENERGY, Infineon Technologies, ProLogium Technology, and VARTA Microbattery.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is increasing number of smart wearable products. Wearables are the next big thing among tech enthusiasts, which has led to the proliferation of smart wearables, from technology that is worn on the wrist to fabrics and textiles that are printed with the technology. The growing emphasis on health and fitness has driven the need for wearables, creating a highly attractive market. Major technology, fashion, and sports companies are developing a wide range of smart wearables focusing on health and fitness needs. Some companies have formed a strategic partnership to support and promote the development of wearable device technology. Such strategic partnerships can be traced back to the year 2006 when Nike, in partnership with Apple, developed the company's fitness tracker called the Nike+.”
According to the report, one driver in market is increased shipments of smart wearables. Smart wearables such as smartwatches, smart bands, and smart glasses, which were introduced initially in the market had failed to attract the attention of consumers because of their high price, unattractive design, and lack of appealing functionalities. Several products have been introduced by startups such as Pebble. However, with added functionalities pertaining to health and wellness, security and payments have led to the market, which are slowly gaining traction. Thus, there was an increased attractiveness of the market. The introduction of the Apple Watch renewed the interest in smartwatches among customers and changed the market dynamics. It quickly became the highest selling smart wearable product and made Apple the segment leader for smartwatches. To capitalize on the growing interest of technology enthusiasts, many wearable manufacturers rolled out new or updated versions of their products with huge improvements from their first-generation counterparts. They promised better performance and features to keep up the sales momentum of wearable devices.
Further, the report states that one challenge in market is unappealing wearable designs. Design constraints lead to the low adoption of smart wearables such as smartwatches and smart bands. For some consumers, wearable electronics reflect the fashion trend of users, and they make a fashion statement for their personal identity by using wearable accessories that include wristbands, watches, jewelry, and glasses. Currently, most of the smart wearable device manufacturers are focused on technology instead of design. For instance, most of the smartwatches have processors and components as its main constituent that is intended for smartphones. As a result, they are bulkier than a standard watch and may not be fashionable. In the same way, smart glasses may not reflect the users' fashion preferences. The physical appearance is one of the most important buying criteria, and there are hardly any smart glasses that can be worn all day long. Therefore, the unappealing design results in lower adoption, which in turn affects the battery market.
Enfucell, Guangzhou FULLRIVER Battery New Technology, LG Chem, Panasonic Industrial Devices & Solutions, Samsung SDI, Accutronics, Batteries and Power Solutions, Blue Spark Technologies, BrightVolt, Cymbet, Front Edge Technology, IMPRINT ENERGY, Infineon Technologies, ProLogium Technology, VARTA Microbattery.