The Latin America, Middle East and Africa Smartwatch Chips Market would witness market growth of 16.0% CAGR during the forecast period (2022-2028).
The single-chip wristwatch offers numerous benefits over the dual-chip smartwatch, including improved connection, a more excellent and more effective calling range, and reduced battery usage. In this case, a single-chip smartwatch completely defeats a dual-chip smartwatch. Therefore, one might choose a single-chip smartwatch if they wish to get one of the two smartwatches for the same affordable price.
Since many smartwatches have NFC chips, you may use them to make purchases even when your phone is not nearby. Apple Pay is available on every Apple Watch model, even those without an iPhone nearby or an LTE connection. Due to the rising demand for smartwatches and rising health consciousness, the market for smartwatch chips is expected to expand.
In addition, the Internet of Things (IoT) is gaining popularity and is a key driver in the expansion of the sector. Along with the increase in connected devices, there will likely be a greater need for semiconductors to power these devices. Another key reason in the industry's expansion is the proliferation of 4G networks. In developed countries such as the U.S. and Japan, in particular, 4G networks are becoming increasingly popular.
Dubai, Kuwait, Saudi Arabia, and Qatar are the countries with the highest demand for luxury watches in the Middle East. At the same time, there are differences in tastes due partly to social media. Despite the pandemic, there is a high demand for timepieces and long waiting lines. The UAE is the seventh-largest market since it receives almost half of its exports. With almost 30 million customers, Saudi Arabia is one of the most coveted GCC markets for premium goods. Most luxury sports watchmakers anticipate double-digit growth in the Saudi area during the next several years. In the LAMEA region, this is anticipated to assist the market growth for smartwatch chips.
The Brazil market dominated the LAMEA Smartwatch Chips Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $49.7 million by 2028. The Argentina market is experiencing a CAGR of 16.6% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 15.6% during (2022 - 2028).
Based on Application, the market is segmented into iOS System, Android System, and Others. Based on Type, the market is segmented into 64-bit, 32-bit, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Smartwatch Chips Market is Predict to reach $2.3 Billion by 2028, at a CAGR of 9.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Analog Devices, Inc., Arm Limited (Softbank Group Corp.), Microchip Technology, Inc., Broadcom, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Ingenic Semiconductor Co., Ltd., Intel Corporation, Silicon Laboratories, Inc., QUALCOMM Incorporated (Qualcomm Technologies, Inc.), and Nordic Semiconductor ASA.
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