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non-smart watches exist in way larger models than what the 42mm Apple Watch represents, but I have small wrists so I wouldn't really care for a bigger watch, but I can imagine there's a market for 46mm watches. Question is, is it big enough and I guess Apple decided it isn't.

In theory, there is likely a market for everything, but in the case of a 46 mm Apple Watch, that seems like a very minimal demographic that wants a display that large on the wrist, coupled with the weight depending on which model they choose. Given the premium Apple already charges for the Apple Watch, I can only imagine what they would charge for a 46 mm variant, which would not be attractive as well.
 
I would love a 46-47mm Apple Watch, as long as it can give me battery-life consisting of minimum: 12 hours of GPS tracking ON THE WATCH only, without needing a connection to a phone. 4-7 days of battery life, more buttons (required for sports and when wearing gloves).

My AW3 Nike+ mostly spends it's time in my drawer. I wear my Fenix 5X most of the time, and I'm more or less happy with it's size. I have smaller wrists, but I think the AW3 is too small. I mainly want better battery-life and more buttons (1 or two more, and they need to be more tactile).

I go mountain hiking in Norway all the time, and the AW3 doesn't cut it in regards to battery-life. A hike for me isn't a 2-hour hike where there is cell reception. It's an all-day event without cell reception in very harsh mountains. I'm not interested in bringing along a AW charger to charge it while hiking... With the "WorkOutDoors" app the AW could technically do what I want it to do, if only it had significantly better battery life.

My Fenix 5X can do proper GPS tracking for 20 hours non-stop with turn-by-turn route guidance, track back, and full topographical maps down to 24K. And the screen is always on, and is much more readable in sunlight than the AW3. The AW3 is much more readable when it get's dark though :)

As of today I consider the AW3 to be a nice office and gym watch. But it's sure as heck not an adventure watch.

I’m hoping for a real Apple Watch Sport :)
spot on, I wish my wrist could handle a 5x! I got the fenix 5 though
 
While I'm quite content with my 42mm SBSS Series 2, I wouldn't mind there being a third size for an Apple Watch, so long as no feature differentiation exists. My wrist is on the thinner side (using the 2nd notch on the sports band) but if the bigger size doesn't add too much bulk or weight, I might like the larger screen.
 
YES, they should definitely introduce a 44mm or 46mm Apple Watch Plus AND with slim bezels while at it (i.e. with extended screen real estate to the edges rather than having thick black bezels which shrink the actual screen real estate).

I have the 42mm AW and it just feels small compared to my classic 42mm analogue watch.
 
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