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Summary of our market study
The global market for connected watches has grown substantially. This trend is in line with the growing use of e-health functionalities.
Apple remains the market leader, with sales of its Apple Watch more than tripling from 12 million units to 38 million, eclipsing the Swiss watch industry.
The adoption of connected watches has also been boosted by the diversification of the product range, from luxury tastes to sporting utility, with notable collaborations such as Apple x Nike and Fitbit x Adidas.
Emerging brands are closing in on market share, as shown by Amazon France's bestseller list, indicating that consumers are moving towards a mix of high-end and moderately priced models.
the Asia-Pacific region is expected to show significant growth, contributing to the market's expected expansion at a CAGR of 8.2% from 2022 to 2030.
The dynamic landscape of connected watch consumption in France
The French connected watch sector reflects global trends, characterized by a wide diversity of players, from new entrants like Fitbit to the giants of consumer electronics.ants such as Apple and Samsung, as well as traditional watchmakers such as Hublot and TAG Heuer, who are venturing into digital connectivity.
Despite the wide range of models available, from luxury to fitness-oriented varieties, the French market is particularly focused on the health-related capabilities of these devices.
Sales have almost doubled, from under a million units to over 1.5 million, representing an annual growth rate of close to 20%. The value of the market has risen accordingly, to around 400 to 500 million euros.
The appeal of connected watches goes beyond mere gadgetry. French consumers are increasingly exploring smartphone-like functions.
The sports segment is making a significant contribution to demand for connected watches, with around a fifth of the French population incorporating these devices into their fitness routines. As health and wellness awareness permeates daily life, connected watches are finding a growing space in the lifestyles of the French.
French market players for connected watches
- Apple - The Cupertino-based giant has remained at the forefront of the smartwatch industry with the iconic Apple Watch.
- Samsung - A major player in consumer electronics, Samsung has carved out a substantial share of the market with its Galaxy Watch series.
- Huawei - Chinese technology conglomerate Huawei has made significant inroads into the connected watch market with its Huawei Watch series.
- Google - With the acquisition of Fitbit, Google has demonstrated its ambition to be a serious contender in the wearable technology segment focused on fitness and health.
- Xiaomi - Known for its value-for-money products, Xiaomi has made a name for itself in the connected watch market, notably with its Mi Band range,
- Withings - A French company distinguished by its resolutely health-oriented approach, Withings offers a range of sophisticated products, including smartwatches that combine the aesthetics of a classic watch with modern health-tracking functions.
- Garmin - Designed for athletes and fitness enthusiasts, Garmin's range of smartwatches is renowned for its robustness and precise activity tracking.
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Summary and extracts
1 Market overview
1.1 Definition and scope of study
A connected watch, also known as a " smartwatch ", is an electronic watch that integrates sophisticated communication functions: telephone call reception and transmission, cell phone notifications, message sending and reception, voice recognition. These instruments are usually equipped with a touchscreen that allows the display to be customized by changing the dial; in general, they act as a companion for smartphones to which they are linked by Bluetooth.
The global market for connected watches grew at a staggering 53.5% per year in volume terms between 2014 and 2020. While North America represents the leading regional market for this technological product, with 35% of global consumption, it is in Asia-Pacific that growth is expected to be strongest in the coming years. Asian demand is fuelled by widespread access to smartphones and the massive use of digital services. The European market is currently the second largest, with Germany, France and Italy leading the way. [Market Research Future]
The main trend that could transform the connected watch market is the shift towards healthcare. Indeed, the arrival of the electrocardiogram on the Apple Watch 4 (validated by the US Food and Drug Administration, among others) is a major step forward.and Drug Administration, and approved in France) has given it a new status as a medical monitoring device. The customer segment of the elderly could thus develop strongly with a connected watch used as a health support and risk prevention tool. Finally, on the other side of the demographic spectrum, young people are more interested in connected watches than their elders, and could leave the traditional high-end or luxury brands behind to equip themselves with smartwatches.
1.2 A fast-growing global market
The global market for connected watches is estimated at US$**.* billion in ****. It is expected to grow at a CAGR of *.*% over the period ****-****.
sales trend for connected watches World, ****-****, in billions of US dollars Source: ****
The main growth driver for this market is the growing demand for monitoring physical performance and vital functions.
In addition, the uses of connected watches appear to be increasingly comprehensive: contactless payment, talking on the phone, taking photos, listening to music, and so on. as can be seen from the graph below, ** million connected watches were sold in ****, compared with *.* million in ****. This explosion in sales corresponds to a CAGR of over **%.
Connected watch sales World, ****-****, in millions Canalys
Among screen technologies, OLED technology is used in **.*% of connected watches, with LCD technology accounting for the remaining share. This proportion is likely to remain the same over the next decade, as OLED technology uses less energy to operate than LCD technology.
In terms of segmentation by region, North America occupies the largest share of this market, with **% of worldwide revenues generated there. Europe is in second place, and is expected to post a CAGR of *.*% over the period, higher than the global ...
1.3 Connected watch sales in France
In France, connected watches have gained in popularity, despite some initial reluctance to adopt the product.as we can see from the graph below, in **** (***) just ***,*** connected watches had been sold in the whole of France, compared with *.* million in ****, a CAGR of almost **%.thus; the French connected watch market reached a value of *** million euros in ****.
trend in connected watch sales in France France, **** - ****, in millions of watches sold GFK
The global market for connected watches was valued at $**.** billion in ****[***], or €**.** billion. At *** million euros in ****, the French market accounts for *.*% of the total.
To estimate the size of the French market in ****, we'll assume that the French market's share of the global market has remained the same. We then find :
French market size in **** = World market size in **** x Conversion from US dollar x to euro *.***
We then find that the size of the French market is *** million euros in ****.
1.4 A growing sector despite the COVID crisis
Despite the COVID-** crisis, global shipments of connected watches actually reached **.* million units in the first quarter of ****, representing a**% increase on thesame period in **** (***). Indeed, the health crisis is accelerating changes in people's habits: people are even more sensitive to their health, and are looking for devices that enable them to monitor their state of health, as well as their sporting performance. In this respect, connected watches today represent one of the main growth drivers for electronic devices.
In ****, the effects of these changing habits are still being felt, with sales up **% in the second quarter of **** compared with the second quarter of ****.
Impact of COVID-** on shipments of connected watches World, **** - ****, in milllions Canalys
The gamble taken by the major manufacturers of connected watches is to occupy the functional segment and offer customers products that offer a multitude of functions. For example, Apple, leader in this segment, has decided to position itself in the health segment with an ECG integrated into its Apple Watch, in order to follow the development of the e-health trend.
2 Demand analysis
2.1 Connected watches at the heart of French interest in connected objects
According to a survey carried out in October **** byIfop among *,*** people representative of the French population, **% of French people have acquired a connected device for themselves and/or someone else in the last ** months prior to the study.
Percentage of French people who have purchased at least one connected object France, ****, % (***) Source: ****
Connected watches and bracelets top the list, with **% of French people having purchased at least one device of this type.
Connected objects purchased by those who answered "Yes" to the previous question France, ****, % of total Source: ****
The market is dominated by women, who will account for **% of connected watch buyers in ****. [***]
2.2 The use of connected watches
Although connected watches are enjoying a real momentum, the main obstacle to their adoption remains the gadget image they suffer from. Indeed, connected watches offer functions that are increasingly similar to those of smartphones, even if they cannot replace them. Connected watches supplement the smartphone for quick access to notifications or the calendar, and also act as activity trackers. However, its functionalities remain very limited, so while the object may be practical, it quickly becomes frustrating. Nevertheless, use cases for connected watches seem to be multiplying and taking root. Indeed, the graph below shows which functionalities are most in demand by consumers. It can be seen that the functions sought are increasingly similar to the classic functions offered by smartphones. Sim cards, voice control and contactless payment are the functionalities whose demand has grown the most during ****, with +***%, +**% and +**% respectively.
The most in-demand functions integrated into connected watches in **** France, evolution over ****, in % GFK
2.3 Connected watches capitalize on the emergence of e-health
E-health refers to "the application of information and communication technologies (***) to all health-related activities". These innovations use data sensors to collect health information. Sensors integrated either into a smartphone, or into a connected object such as a watch or wristband, record various items of information linked to the user's movement or health.
In this respect, connected watches provide a medium for both collecting health data and monitoring the consumer's progress in various health-related areas (***). As a result, e-health-related use cases are multiplying and democratizing.
worldwide, **% of connected watch users use functions to monitor and improve their health and physical performance, while **% use it to achieve a fitness goal. [***]
Health uses of connected watch users World, ****, in Source: ****
In France, too, the interest in connected objects for tracking performance indicators in real time, particularly in terms of physical activity and health, is being confirmed. According to a study by Iligo Research Agency, French interest in this functionality has risen by ** percentage points between **** and ****, and now ranks among the top * most-requested functionalities in a connected object.
Share of French people who find connected objects interesting for ... France, ****/****, in % Source: ****
The graph below shows whichhealth-related uses the French are looking for in their ...
2.4 Sports segment drives demand for connected watches
The use of connected watches for sports purposes is one of the main drivers of demand for connected watches. The first so-called "smart" watches date back to the ****s. But while we started talking about connected watches in the ****s, the concept really took off in the ****s. In addition to telling the time, these watches also use a heart rate monitor to measure a sportsperson's heart rate.
The graph below gives a clearer picture of the use of connected objects in sport. **% of French people use smartphone applications dedicated to sport. Connected watches appeal to **% of French people, thanks in particular to their integrated functions (***).
The use of connected objects and mobile applications for sporting activities France, ****, in Odoxa
The offer segment is at the heart of a wave of innovation, embodied in particular by the rise of the connected watch. The gradual integration of these connected objects into the sporting habits of the French reflects their growing interest in tracking their sporting performance, as well as the evolution of their physical conditions.
2.5 Consumer distrust is a real brake
Connected objects suffer from a real distrust on the part of users: the use of these objects naturally raises questions in terms of personal data collection and security. Events such as the discovery of a leaked database containing health information on users of connected watches in ****, tend to reinforce users' fears. [***]
This trend of mistrust is growing, even if it's not preventing consumer adoption, according to the Association de l'économie numérique. **% of those polled said they were bothered by the storage of their personal data in **** , compared with **% in ****. Nevertheless, **% of French people fear that their data will be used for commercial purposes in ****, versus **% in ****. [***] Despite this fear, over the same period, the proportion of French people equipped with connected objects rose by ** percentage points to **% in ****.
What's more, according to a Harris Interactive poll, **% of French people are afraid of the risk of privacy invasion posed by connected watches.
2.6 Connected watches for Christmas
Thanks to Google Trends, we can observe the seasonality of demand for connected watches through the evolution of the number of queries for the term "montre connectée" in France over the last * years. We then observe a rise in demand at Christmas time, between the end of November and the beginning of September.
Seasonality of searches for the term "montre connectée" on Google France, ****-****, interest rating / *** Source: ****
We can also observe the best-selling connected watch models on theAmazon France website. The table below shows the ** best-selling models.
Brand Model Price (***) ASWEE X*C in pink **.** IOWODO IP** **.** KIQULOV P** **.** ASWEE X*C in black **.** SAMSUNG Galaxy Watch * Aluminium BT ** mm *** TUYOMA - **.** HENGTO H**PLUS **.** HUAWEI WATCH GT * ***.** GYDOM - **.** POPGLORY P** **.** Although Apple and Samsung smartwatches are the biggest sellers in terms of volume, connected watches from lesser-known brands are increasingly close to these two giants in the rankings. This is due to the widespread adoption of this market in emerging countries. The Indian brand Noise, for example, has climbed to the top * in terms of shipment share in this market, with growth of ***% in one year. According to Counterpoint's analysis, by ****, very high-end connected watches (***) will ...
3 Market structure
3.1 Market structure
Among connected watch manufacturers, we distinguish between international players (***) who market watches on a large scale, and smaller, French companies that target particular segments of demand to build a reputation for specialty, such as Withings.
In addition, connected watches are distributed both by specialist stores (***).
3.2 Apple, the undisputed leader in the connected watch market
Apple is the undisputed leader in this market, with its Apple Watch launched in ****. In ****, Apple Watch sales exceeded those of the Swiss watch industry for the first time. They sold ** million worldwide (***), according to Strategy Analytics. Apple dominates this sector in terms of market share. In ****, sales of connected watches and bracelets will continue to rise, with sales up **% in the first quarter compared with the same period in ****.IDBOOX] SmartWatches maintain their leadership position among the **.* million connected watches and bracelets sold
Market share of leading manufacturers of connected watches Worldwide, Q* **** vs. Q* ****, as a percentage of revenue Counterpoint
Apple Watch sales have surged in recent years. In fact, as we can see from the chart below, the Apple Watch sold ** million connected watches in ****, compared with ** million in ****, the year the first Apple Watch model was launched, representing a CAGR of almost **.*%. In ****, twice as many AppleWatches will be sold as Swiss watches. Apple Watch sales World, ****-****, in millions of units Le Temps
3.3 Sector concentration
The connected watch sector, and wearables in general, is experiencing a wave of concentration. Indeed, the tech giants, the GAFAMs in particular, are trying to carve out a place for themselves in this market, either via internal development or acquisitions.
Announced in **** and after more than a year of regulatory review, Google has announced that it has officially finalized its $*.* billion acquisition of Fitbit, a pioneer in fitness tracking. The web giant had first made the deal public in November ****. at the time, both companies promised to maintain Fitbit's approach to user privacy and security, including its data collection practices, and pledged never to use Fitbit's health data for Google ads.
In addition, the major manufacturers of connected watches are buying up companies developing innovative algorithms for acquiring and processing health data. Garmin, for example, has acquired Firstbeat. Firstbeat is a Finnish company that researches and develops algorithms integrated into the sports watches of numerous manufacturers. The algorithm calculates, for example, VO*Max, altitude acclimatization, body battery, stress level, calorie count, breathing rate and recovery status.
4 Offer analysis
4.1 Connected watch product range typology
The range of connected wellness products and services available in the US and UK is similar to that in France. The range of products is identical, with international manufacturers (***) targeting global markets. As a reminder, this market is made up of :
new entrants such as Fitbit, Xiaomi and Withings, consumer electronics manufacturers such as Apple, Samsung, Sony, LG, etc, traditional manufacturers such as Casio, Swatch, and more specialized (***) manufacturers such as Garmin, Suunto, etc. watch manufacturers: Hublot and TAG Heuer, etc.
It is also interesting to note that in China, the offer is characterized by a large number of local brands, with very low prices.
source: Distributors' websites
4.2 Connected watches compete with classic watchmaking
In addition to the major tech players - Apple, Samsung, Google and others - traditional watchmakers are alsooffering connected watches. Having long ignored the competition from these connected watches, it now appears that the traditional watch segment has undergone a profound change, suffering a gradual decline in sales volume.
The graph below shows the evolution of Swiss watch sales worldwide. As can be seen, the decline in sales volume appears to be structural: in ****, **.* million Swiss watches were sold, compared with **.* million in ****.
Part of this gradual decline can be explained by competition from connected watches. For example, since Apple entered the market with its Apple Watch in ****, the leading market segment for Swiss watches with a retail price below *** Swiss francs (***). At the same time, the Californian giant leapt like a devil from its box. This year, it should have sold around **.* million of its Apple Watches. Five million more than in ****. And **.* million more than five years ago, when it wasn't selling anything that could claim to be a watch.
However, value sales of Swiss watches have surged to record growth of over **% in ****. There is therefore a trend towards higher prices in this segment, reinforcing the luxury image ...
4.3 Development of the offering
Partnership development
Various sports brands have developed close partnerships with manufacturers of connected watches. After its partnership with Hermès, Apple set up a collaboration with Nike around accessories and functionalities to be developed in Apple Watches. To keep pace with this trend, Fitbit and Adidas have also decided to launch a connected watch. The watch, called Ionic, is equipped with GPS, heart rate tracking and an underwater waterproofing system up to ** meters. Puma and Fossil have also launched a partnership for a range of connected sports watches.
source : Distributors website
Designs to suit all tastes
The aesthetics of connected watches have evolved, and there is now something to suit every taste. Some prefer discreet models that look like jewelry or classic watches, such as :
The luxury fitbit model with a gold link bracelet The Mickael Kors with rhinestones The sober, vintage model from Fossil
On the other hand, other trends accentuate the idea of gadgetry with highly colorful models and rubber bracelets, for example:
Roxy's sporty Slimtide model The waterproof Huawei Fit
Increasingly advanced functionalities
The connected watch market can be divided into two categories: basic watches costing less than *** euros, where it is not possible to download applications, and ...
5 Regulations
5.1 Regulations governing connected watches
Regulations on connected objects and data protection
Initially, it was the French Data Protection Act of January *, **** that provided a legal framework for the protection of personal data in France.
In the European Union, the General Data Protection Regulation (***).
Thus, only the data necessary for the required use may be requested from users, and all information on the collection of this data, its use, etc. must be provided to the consumer. Consumers may also request that their personal data be deleted. The collection of data from children under the age of ** requires parental consent. [***]
Also, in order to avoid programmed obsolescence, since January *, ****, the seller of a good containing digital elements must inform consumers of the length of time during which software updates provided by the producer remain compatible with the good's functionality.[***]
6 Positioning the players
6.1 Positioning the players
- Apple Watch
- FitBit
- Withings
- Swatch Group
- Samsung Galaxy Watch (Groupe Samsung)
- Encaps
- Encaps
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