According to a new report published by Allied Market Research, titled, “Kids smartwatch Market by Product Type, Compatibility, Connectivity, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global kids smart watch market size was valued at $1,125.0 million in 2020, and is projected to reach $4,268.7 million by 2030, registering a CAGR of 14.6% from 2021 to 2030.
A smartwatch is a new kind of watch that functions similar to computer or smartphone. Alarms and notifications have become the most popular smart watch features. Health and wellness functions are another popular set of functions used by many smart watch users. Many smart watches can be used as activity trackers. The new generation of smart watches allows users to make and receive calls.
Some of the examples of smartwatches used by kids are ProTech Electronics Smartwatch, Smartwatch for kids GPS tracker band, RUilY GPRS 4G kids Smartwatch, MySecureKid Kids Smartwatch, VTech Kidizoom Smartwatch, and 3Keys Kids Smartwatch.
The growing disposable income also encourages the use of kids smartwatch. This, in turn, is expected to have a significant impact on the growth of the kids smartwatch market during the forecast period. Several technology companies are entering the kids smartwatch market to meet consumer demand.
According to the kids smartwatch market analysis, market segmentation is done on the basis of product type, compatibility, connectivity, distribution channel, and region. On the basis of product type, the kids smartwatch market is categorized into integrated and standalone. By compatibility, the market is divided into IOS, android, and others. On the basis of connectivity, the kids smartwatch market is segmented into Bluetooth, Wi-Fi, cellular networks, and NFC. According to distribution channel, the market is fragmented into supermarket/hypermarket, convenience stores, specialty stores, and online sales channel. Region wise, the kids smartwatch market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
As per the kids smartwatch market forecast, by product type, the standalone segment was highest revenue contributor in 2020. The standalone smartwatches include parental controls which allow parents to track every movement of their kids. By compatibility, the android segment held the largest kids smartwatch market share because this type of smartwatch is equipped with advance features and is easy to use.
By connectivity, the cellular networks segment was highest revenue contributor in 2020. This is attributed to the increased use of cellular network connected devices. By distribution channel, the specialty stores held the largest market share because this type of stores provide different kind of kids smartwatch with a variety of specifications and features.
The increase in number of online stores around the world will provide smartwatch suppliers with a new platform to reach customers. As the demand for kids smartwatches continues to increase, market suppliers also provide their smartwatches online. With the development of technology and digitalization, everyone is moving towards online shopping and safe transactions. This factor will provide opportunities for smart watch suppliers in the near future.
The increased use of smartphones in the market is creating a demand for smartwatches. In this era, almost everyone uses smartphones. With the advancement of technology, smartphone applications easily monitor and analyze tracking data are outstanding features of using smartphones and smartwatches together. Due to this progress, the demand for kids smartwatches is also increasing because these smartwatches are easy to use and compatible with most smartphones.
During the COVID-19 pandemic, supply chain disruption was a major issue for manufacturers, as countries closed their borders or raised trade barriers. As a result, manufacturers and exporters faced fierce competition to sell their products abroad. Moreover, as a result of subsequent lockdowns and retail store closures, on-premise sales at supermarkets and convenience stores have decreased, as people have practiced social distancing and avoided gatherings and outings. Sales via online retail channels, on the other hand, significantly aided market penetration. All these factors had negative impact on kids smartwatch industry.
The innovation of kids smartwatches for various applications is supporting the kids smartwatch market growth. Due to the latest innovations in smartwatch products, the North America market is growing rapidly, providing unique product features and bringing benefits to manufacturers. With the evolution of new technologies, these technologies are increasingly used in North America.
Key market strategies implemented by market players include product launches, mergers and acquisitions, joint ventures, partnerships, acquisitions, and geographic expansion. Product innovation is being prioritized by prominent market players in order to provide consumers with more innovative products. The key players in the global kids smartwatch industry include Doki Technologies Ltd., Huawei Technologies Co. Ltd, LG Electronics Inc., Omate Inc., Precise Innovation LLC, Tencent Holdings Ltd., Tinitell AB, Vtech Holdings Ltd., and Xiaomi Global Community.
Key findings of the study
- The global kids smart watch market was valued at $1,125.0 million in 2020, and is projected to reach $4,268.7 million by 2030, registering a CAGR of 14.6% from 2021 to 2030.
- By product type, the standalone segment was the highest contributor to the market, with $797.2 million in 2020, and is estimated to reach $2,970.6 million by 2030, at a CAGR of 14.4% during the forecast period.
- By compatibility, the android segment was the highest contributor to the market, with $807.0 million in 2020, and is estimated to reach $2,983.1 million by 2030, at a CAGR of 14.3% during the forecast period.
- By connectivity, the cellular networks segment was the highest contributor to the market, with $514.9 million in 2020, and is estimated to reach $1,991.7 million by 2030, at a CAGR of 14.8% during the forecast period.
- By distribution channel, the specialty stores segment was the highest contributor to the market, with $703.0 million in 2020, and is estimated to reach $2,454.1 million by 2030, at a CAGR of 13.6% during the forecast period.
- By region, North America was the highest revenue contributor, accounting for $380.3 million in 2020, and is estimated to reach $1,357.5 million by 2030, with a CAGR of 13.9%.