Press Release Description

GCC Smartwatch Market to Surge at a CAGR of Around 5.50% During 2024-30

The GCC Smartwatch Market is anticipated to grow at a CAGR of about 5.50% during the forecast period, cites MarkNtel Advisors in the recent research report. The growth factors responsible for the surge in demand for smartwatches in the GCC region include rising awareness about health and fitness, emerging fashion trends, increasing digitization, and the expanding e-commerce sector. Over the past few years, there has been a noticeable shift in consumer lifestyles due to factors such as work-life imbalance, unhealthy dietary habits, and sedentary routines. Consequently, there has been a notable increase in health issues like diabetes, obesity, and related conditions across the region. These health challenges pose significant risks, such as heightened chances of cardiovascular diseases. Hence, consumers are turning to smartwatches as tools to monitor their health metrics continuously, including heart rate, sleep patterns, and activity levels, driving the growth of the GCC Smartwatch Market.

Moreover, governments of GCC nations are actively promoting health awareness programs to spread educational information & preventive care related to diseases. Consequently, consumers are becoming more health-conscious and are seeking smartwatches with advanced health-tracking features. Thus, major players in the smartwatch market are responding to this demand by introducing devices with comprehensive health-monitoring capabilities. This increasing availability of health-centric smartwatches is attracting health-focused consumers, thereby further propelling the GCC Smartwatch Market.

Additionally, there is a growing trend of collaboration between digital payment banks and smartwatch manufacturers to facilitate online payments through smartwatches. This partnership between the major market players & financial institutions aims to simplify and expand the accessibility of contactless payments, catering to consumers who prefer online payment solutions. As a result, the increasing integration of digital payment options with smartwatches is capturing the interest of individuals who favor online transactions, contributing to the continued growth of the GCC Smartwatch Industry in the coming years as well, further states the research report, “GCC Smartwatch Market Analysis, 2024.”

GCC Smartwatch Market

GCC Smartwatch Market Segmentation Analysis

AMOLED Segment Holds a Major Market Share

Based on the display type, the GCC Smartwatch market is bifurcated into AMOLED, TFT LCD, and PMOLED. The AMOLED segment held the dominant market share in the GCC region. AMOLED displays have thinner monitors and offer higher performance. As a result, consumers prefer smartwatches with AMOLED displays. In addition, AMOLED screens emit light independently, providing precise control over brightness and color accuracy. As a result, the AMOLED displays have sharper imagery, more vibrant colors, and superior contrast ratios compared to other display types.

Moreover, AMOLED screens illuminate individual pixels only when necessary, effectively reducing power consumption and allowing consumers to use smartwatches for longer durations. Hence, consumers purchase smartwatches featuring AMOLED displays since they consume less battery power than other display types.

Saudi Arabia Leads the Market

Saudi Arabia gained a significant share of the GCC Smartwatch Market. The government of Saudi Arabia is increasingly focusing on health and fitness by launching various health awareness programs and initiatives. These initiatives are leading to the rising adoption of smartwatches with fitness-tracking capabilities, heart rate monitoring, sleep analysis features, and wellness apps. Moreover, the growing preference for smartwatches that facilitate health metric monitoring, workout tracking, and fitness goal setting is gaining popularity among health-conscious individuals in the Kingdom. As a result, Saudi Arabia is poised to maintain its dominance in the GCC Smartwatch Market in the foreseeable future.

GCC Smartwatch Market Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Apple Inc., Samsung Electronics Co. Ltd., Garmin Ltd., Fitbit Inc. (Google Inc.), Huawei Technologies Co. Ltd., Sony Middle East & Africa (Sony Corporation), Lenovo Group Limited, Amazfit (Huami Corporation), LG Electronics Inc., Fossil Group Inc., others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping up across various countries?
  6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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