Smartwatch Market Research Report - Forecast to 2030

Smartwatch Market Research Report, by Operating System (iOS, Android, Tizen, Linux, and Others), by Application (Personal Assistance & Safety, Health / Wellness, Media and Entertainment, Sports, Communication and Others) — Forecast till 2030

ID: MRFR/SEM/0461-HCR | February 2023 | Region: Global | 100 Pages         

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Smartwatch Market

Smartwatch Market size to reach USD 109.28 Million by 2030 growing at 17.34% CAGR.

By Operating System iOS Android Tizen Linux Others
By Application Personal Assistance & Safety Health / Wellness Media and Entertainment Sports Communication Others
Key Players
Companies Profiled   Amazfit    Apple Inc.    Fitbit Inc.    Fossil Group    Garmin Ltd.    Google Inc.    Huawei Technologies Co. Ltd.    Imoo    LG Electronics Inc.    Samsung Electronics Co. Ltd.
Market Driving Forces   Growing concern about personal health & fitness.   The rise in use of smartphones.
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Smartwatch Market Size and Research Overview

Globally, the size of smartwatch market is set to grow at a CAGR of 17.34%, estimated to reach USD 109.28 million during the forecast period 2020-2030 driven by the rising penetration rates of urbanization, the demand for aesthetically appealing advanced products.

A smartwatch is a digital device worn on the wrist to give atomic clock accuracy. It is connected to a smartphone to provide the notifications of emails, messages, and incoming calls. It includes several applications which offer additional functionality like displaying weather information and maps and listing stock prices. It can also make phone calls and send and receive text messages. As it has pedometers and heart rate monitors to help users track their health, its demand is escalating worldwide.

Due to the rising penetration rates of urbanization, the demand for aesthetically appealing advanced products to better serve customer requirements like time schedules and multiple features in one device has been driving the need for smartwatches globally. However, a substantial millennial population has been adopting smartwatches due to the increased spending on their regular work hours tracking and luxury standards. Most smartwatches are designed to be paired with smartphones to function as the information gateways so that these watches can share phone notifications.

Covid 19 Analysis

As of the current outbreak of Covid 19 the world is going crazy. Every single business is being affected by a downfall in growth. Similarly, smartwatch market reports show major players in the market. With the growing pandemic, the expected consumption, as well as demand for smartwatches, increased. This was because people started working out at their houses during the lockdown period which compelled them to buy smart watches. As the gyms closed smartwatches came in handy. Hence during the pending make, more and more people traded smartwatches online. The pandemic is a new wave of cellular wearables. More and more people became concerned about their health which also resulted in the demand for smartwatches.

Market Dynamics

Market Key Drivers

The midget factors that add up to the smartwatch industry and smartwatch market growth are the shift in consumer preferences words high-tech electronics and watches which couples serve with various demands. People demand the best fitness smartwatch. This category anticipates a major drive for the smartwatch industry. Apple dominates the smartwatch market with a 41% share. The total Global smartwatch shipments have grown by 37% year-on-year in the second quarter of 2020. Samsung Electronics Co. LtdApple IncSony Corporation, Huawei Technologies Co. are some of the famous enterprises in the market. Apple Inc all these companies are escalating the growth of the smartwatches market.

Market Key Opportunities

The factors that contribute as opportunities for the growing market of smartwatches are the higher degree of connectivity that is provided by smartwatches. Companies such as Apple Inc. Sony Corporation, Huawei Technologies Co., Samsung Electronics Co. Ltd., among others. Apple Inc is escalating the smartwatch market trends. These are some of the factors which provide opportunities for further growth.

Market Key Restraints

Those are factors that hamper the growth of the smartwatch market. These factors include the high cost of smartwatches that are not easily affordable by each one of the population. Not everyone in the population of a country is prosperous enough to buy smartwatches that can display time, work as a fitness band and do all the cool stuff. Sometimes the battery remains low which makes it non reliable in scary conditions, Technology has a risk of discharging at the time of need. Other restraints involve the presence of hybrid watches which are traditional and somewhat smartwatches. Most people usually prefer hybrid watches rather than smartwatches. These are some of the factors that hamper the growth of the smartwatch industry. 

Value Chain Analysis

The benefits of having the best smartwatch include the integration of multiple functionalities into one watch. Consumers have started demanding more than just displaying time on watches hence people prefer the best smartwatch for Androids that can help not only in displaying time but as well as following smartwatch market trends.

Market Segmentation Overview

The various market segmentations better made in the global market are based on the order type, based on application, and based on region.

By Order Type Outlook (Revenue, USD Million, 2020-2030):

The global smartwatch market is divided based on the order type into Apple Watch, Android wear, One UI watch, etc.

By Application Outlook (Revenue, USD Million, 2020-2030):

Based on application the global smartwatch market is classified into personal assistance medical and health fitness and personal safety.

By Region Outlook (Revenue, USD Million, 2020-2030):

The regional division is done off the global smartwatch market into Asia Pacific Europe North America of the world.

Regional Insights

In the research report of smartwatch market analysis, it is proved that based on the region the smartwatch market is divided into North America, Europe, Asia Pacific, and the rest of the world. According to the global estimates, each region is evaluated after considering its revenue, sales shares, developments, innovations, and growth rates.

North America holds the largest market share due to its quality of life in the region Owing to high disposable income.

Europe is estimated as the second-largest market for smartwatches as countries like Germany, France, and Italy have higher adoption of wearable technologies.

Asia-Pacific is expected to be the fastest-growing region owing to technology developments by regional players such as Titan, the entry of large global players, and increasing demand for high-end wearable devices.

The region of North America is divided into the US and Canada, and the region of Europe is divided into the UK, Germany, France, and the rest of Europe. The region of Asia Pacific has its market divided into China, Japan, India, and the rest of Asia Pacific.

Key Players and Market Share Insights

The prominent key players of the smartwatch market in the global market are mentioned down below-

  • Amazfit

  • Apple, Inc.

  • Fitbit Inc.

  • Fossil Group

  • Garmin Ltd.

  • Google Inc.

  • Huawei Technologies Co. Ltd.

  • Imoo

  • LG Electronics Inc.

  • Samsung Electronics Co. Ltd.

All these prominent key players play a major road in the dynamics and growth of the smartwatch market. These major key players opt for many strategies and policies to widen their customer base. These policies and strategies mainly include collaborations, mergers, acquisitions, extensions, joint ventures, establishments, new production processes, innovations, technology widening the existing products, partnerships, etc. All these important methods are opted to get the needs of customers and develop a strong potential growth base. These major key players contribute a major amount to the sugar frequency and are very helpful in developing innovations to improve the market.

Industry Developments

June 2021

In June 2021, Garmin International Inc. announced its new product, the Forerunner 945 LTE, a premium GPS running and triathlon smartwatch with LTE connectivity. The watch was designed to help athletes stay connected on the go. The watch also brings phone-free safety and tracking features, spectator messaging, and live event sharing to the wrist while also providing the detailed training data, performance monitoring tools, and smartwatch features that the athletes today have come to rely on.

April 2021

In April 2021, Casio Computer Co. Ltd announced the release of the GSW-H1000, a G-SQUAR PRO smartwatch powered by WEAR OD by Google and packed with functions designed to assist the users in achieving their activity goals and utilizing the fitness tracking features. The GSW-H1000 is oriented toward usage in various athletic settings, including running, indoor workout, road biking, swimming, surfing, and snowboarding.

Report Overview

The global smartwatch market in the global market research report consists of the following elements which are mentioned down below-

  • Market Overview

  • Covid 19 analysis

  • Market dynamics

  • Value chain analysis

  • Market segmentation

  • Regional analysis

  • Competitive landscape

  • Recent developments

In the global smartwatch market research report, there are major factors that drive the growth of the market. The report consists of opportunities that may further in the future and hands the global market of the smartwatch. Various factors restrain the growth of sugar-free confectioneries and hamper the development of such a fine-based market. Disney search report also consists of videos analysis based on Covid 19 impact market dynamics, different segmentations, regional analysis, trends, statistics etc. This research report also consists of various strategies and policies followed by the major key players that drive the smartwatch market. The future growth rate is also discussed and mentioned in this research report.  

Report Scope:

Report Attribute/Metric Details
  Market Size   USD 109.28 million
  CAGR   17.34% (2020-2030)
  Base Year   2019
  Forecast Period   2020-2030
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Operating System, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Huawei Technologies Co., Ltd. (China), Fossil Group (US), Pebble (US), Qualcomm (US), Samsung Electronics Co. Ltd. (South Korea), Sony Corporation (Japan), ConnecteDevice Ltd. (Japan), Apple Inc. (US), Fitbit, Inc. (US), LG Electronics (South Korea) and Motorola (US)
  Key Market Opportunities   Design and development of gender-based smartwatches.
  Key Market Drivers

  • Growing concern about personal health & fitness.
  • The rise in use of smartphones.

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    Frequently Asked Questions (FAQ) :

    The global smartwatch market is set to grow at a CAGR of 17.34%, estimated to reach USD 109.28 million during the forecast period

    A few major market players operating in the global smartwatch market are Apple Inc., Samsung, Fossil Group, and Lenovo Corporation among others

    tracking, alerts, and connectivity in smartwatches have garnered consumer interest in recent years