Batteries For Smart Wearable Market Size, Share, Trends, Analysis and Forecasts To 2021
Market Research analysts forecast the global batteries market for smart wearables to grow at a CAGR of 28.91 % during the period 2017-2021.
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 +.
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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.