Global Smartwatch Market Overview
Global Smartwatch Market Size was valued at USD 38,569.9 Million in 2022. The Smartwatch Market industry is projected to grow from USD 42,387.5 Million in 2023 to USD 84,457.3 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 8.0% during the forecast period (2023 - 2032). The global Smartwatch Market is expected to grow significantly over the forecast period due to several factors. A smartwatch enables its user to keep track of health and fitness that can help in leading a healthier life, helps in convenient access to favorite apps and services, personalized style and customization options, and long battery life and fast charging that helps the user in using it throughout the day without worrying about frequent recharging. A smartwatch helps users stay connected to the virtual world without looking at his/her phones throughout the day, makes seamless calling, and keeps providing users with in-app notifications. The main factors driving the growth of the smartwatch market include the growing demand for wearable fitness and sports devices and the rise in the spending power in economies to fuel product demand. However, the high cost of smartwatches, technical difficulties, and the presence of substitute products are expected to hinder the growth of the smartwatch market. Nevertheless, customized smartwatches for elderly people and the growing demand for IoT-enabled smart devices are expected to present lucrative growth opportunities for the players in the smartwatch market.
FIGURE 1: GLOBAL SMARTWATCH MARKET, 2019 - 2032 (USD MILLION)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Smartwatch Market Driver:
GROWING DEMAND FOR WEARABLE FITNESS, SPORTS DEVICES, AND HEALTH-TRACKING
In this modern world, people are tied up to their computers at work, tend to spend time on their devices at home and use automated home systems to automate daily chores. Still, technology is encouraging people to improve their health by offering easy access to telemedicine, and physical therapy, managing diabetes, and keeping track of the schedule of medications. Smartwatches are rapidly becoming indispensable technologies in the healthcare industry. Smartwatches can monitor users’ physical activities performed, sleep habits, heart rate, etc. This data if provided to doctors, can give valuable insights about health issues if any to patients. Smartwatches also improve well-being by giving users access to apps designed around specific health conditions like diabetes. Additionally, they give access to a variety of diet, fitness, and mental health apps that make it easier than ever to live a healthy lifestyle.
Smartwatches encourage people lead an active lifestyle, they offer personalized healthcare data, they allow to set medication reminders, they may lower user’s healthcare costs, and they allow users to track diet and caloric intake.
Smartwatch Market Segment Insights:
Smartwatch Market Gender Insights
Based on Gender, the Global Smartwatch Market segmentation includes men, women, and unisex. By gender segment, men segment accounted for the largest market share. The gender segment held the majority share in 2022 contributing around ~53.32% to the market revenue. The smartwatch market has seen a significant increase in male consumers. Men have shown a strong interest in smartwatches for fitness and health tracking purposes. Features like heart rate monitoring, sleep tracking, step counting, and workout tracking are essential for many men who use smartwatches to monitor their fitness goals. Smartwatches designed for sports and outdoor activities have gained popularity among men who enjoy activities like running cycling, hiking, and swimming. These watches often offer rugged designs, GPS capabilities, and specific sports tracking modes. Men often look for smartwatches with good battery life, especially if they intend to use them for extended outdoor activities or workdays.
FIGURE 2: GLOBAL SMARTWATCH MARKET, BY GENDER, 2022 VS 2032 (USD MILLION)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Smartwatch Market Display Insights
Based on Display, the Global Smartwatch Market segmentation includes Analogue, Digital, and Analogue-Digital. The digital segment held the majority share in 2022 contributing around ~73.66% to the market revenue. The digital display in the smartwatch features digital screens to display information and interact with users. These smartwatches have digital watch faces and can display various types of content, including notifications, apps, and fitness data. Digital display smartwatches come with various types of screens, including OLED, AMOLED, and LCD. These smartwatches have several other features like, Touchscreen Interface, App Ecosystem, Fitness & Health Tracking, Voice Assistants, Music Control, and Notification Alerts. Most digital display smartwatches have touchscreen interfaces, allowing users to interact with the watch by tapping, swiping, and using gestures. Touchscreens make it easy to navigate menus, apps, and notifications. Digital display smartwatches typically support a wide range of apps, allowing users to extend the watch's functionality beyond basic notifications and fitness tracking. Most digital smartwatches come equipped with sensors for tracking fitness and health metrics. These sensors can include heart rate monitors, GPS, accelerometers, and more. Users can track their steps, distance, sleep patterns, heart rate, and other health data.
Smartwatch Market Display Type Insights
Based on the Display Type, the Global Smartwatch Market segmentation includes LCD, LED, AMOLED, and OLED. By Display Type, LCD segment hold the majority market share in 2022 contributing around 44.80% of the market share. LCD (Liquid Crystal Display) is a common type of display technology used in various electronic devices, including smartwatches. They work by using liquid crystals that can be controlled to either allow or block light. LCD screens in smartwatches are typically of two main types, TFT-LCD (Thin-Film Transistor Liquid Crystal Display) and IPS-LCD (In-Plane Switching Liquid Crystal Display). TFT-LCD screens are known for their fast response times and are commonly used in smartwatches. They offer good visibility in various lighting conditions and can display vibrant colors. TFT-LCDs are often used in budget-friendly smartwatches. IPS-LCD screens provide wider viewing angles and better color accuracy compared to TFT-LCDs. They are often used in higher-end smartwatches and offer excellent visibility even when viewed from different angles. LCD-based smartwatches are commonly found in the mid-range and budget segments of the smartwatch market, offering a balance between cost, display quality, and battery life.
Smartwatch Market Operating System Insights
Based on the Operating System, the Global Smartwatch Market segmentation includes iOS, Android, Tizen, FreeRTOS, and Others. By Operating System, Android segment hold the majority market share in 2022 contributing around 37.65% of the market share. Wear OS is a version of the Android operating system designed specifically for smartwatches. It is developed by Google and serves as the foundation for various smartwatches from different manufacturers. Smartwatches running Wear OS are typically compatible with Android smartphones, although many of them also offer limited compatibility with iOS devices for basic functions like notifications. Wear OS features a user-friendly interface optimized for the small screens of smartwatches. Users navigate the interface through touch gestures, swipes, and taps. Wear OS has its own app ecosystem, with a wide range of third-party apps available on the Google Play Store. Users can download and install apps directly on their smartwatches, expanding functionality beyond stock features.
Smartwatch Market Application Insights
Based on the Application, the Global Smartwatch Market segmentation includes Personal Assistance, Wellness, Healthcare, Sports, and Others. By Application, Healthcare segment hold the majority market share in 2022 contributing around 28.50% of the market share. Smartwatches have evolved beyond basic fitness tracking and are increasingly being used as valuable tools for healthcare professionals and individuals to monitor and manage various health conditions. Some smartwatches are equipped with medical-grade sensors that provide accurate and reliable health data. These sensors may include ECG (electrocardiogram) sensors, PPG (photoplethysmography) sensors, and more. Smartwatches can track heart rate, detect irregular heart rhythms (arrhythmias), and provide ECG readings in some cases. These features are valuable for monitoring heart health and detecting potential issues. Smartwatches can store and organize health records, making it easier for users to keep track of their medical history and share it with healthcare professionals.
Smartwatch Market Regional Insights
Based on Region, the Global Smart Watch Market is segmented into North America, Europe, Asia-Pacific, and Rest of World. Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil. In terms of revenue, Asia-Pacific held the largest share of 38.30% in the Smartwatch market in 2022 and is expected to maintain its dominance during the forecast period. Rapid economic growth and urbanization in many Asia-Pacific countries have led to increased disposable incomes and lifestyles that prioritize technology and convenience. This has created a strong market for consumer electronics, including smartwatches. The expansion of the middle-class population in APAC countries has led to a larger consumer base with the purchasing power to buy smartwatches as part of their tech-savvy lifestyles. Like other regions, there's a growing awareness of health and fitness in Asia-Pacific. Consumers are increasingly adopting smartwatches to track physical activity, monitor health metrics, and achieve their fitness goals. Continuous technological advancements in smartwatches have led to improved performance, longer battery life, enhanced displays, and more sophisticated sensors. This innovation attracts tech-savvy consumers in the region. Wearable payments have gained traction across APAC, with smartwatches enabling contactless payments at point-of-sale terminals. The convenience and security of mobile payments contribute to smartwatch adoption. Thus, the combination of economic growth, health awareness, technological innovation, and the presence of leading tech companies has driven the growth of the smartwatch market in the Asia-Pacific region.
North America smartwatch market holds the second largest market share as of 2022. The smartwatch market in North America is growing due to several key factors such as, increasing health & fitness awareness and due its ability of advanced health monitoring. There is a growing emphasis on health and fitness in North America, with consumers increasingly turning to wearable devices, including smartwatches, to monitor their physical activity, track health metrics, and achieve their fitness goals. Health-conscious consumers are driving the demand for smartwatches with robust fitness tracking capabilities.
FIGURE 3: GLOBAL SMARTWATCH MARKET SIZE BY REGION 2022 VS 2032 (USD MILLION)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Smartwatch Key Market Players & Competitive Insights
With a strong presence across different verticals and geographies, the Smartwatch market is highly competitive and dominated by established, pure-play vendors. Over 30 vendors cater to this market, and they continually innovate their solutions to meet the evolving needs of businesses by adopting new technologies to make business more effective. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The Smartwatch market is highly competitive, with many vendors offering similar products and services.
The major players in the market include Huawei Technologies Co., Ltd, Fossil Group, Xiaomi Inc, Garmin Ltd, Samsung Electronics Co. Ltd, Samsung Electronics Co. Ltd, Apple Inc., Fitbit, Inc, LG Electronics, Lenovo Group Limited, Pebble Technology Corporation, ASUSTeK Computer Inc., Casio, Huami, and Tomtom International B.V.
As the foundation of its competitive edge, Apple has adapted innovative features and capabilities of its products and services. Apple's innovations include, but are not limited to, the introduction of the iPad, the first device of its kind that stored thousands of songs and had simple shuffle capabilities through songs, and the development of the Macintosh, the first computer to use a graphical user interface, and the release of the iMac, which "ripped up the computer design rule book, doing away with dull beige boxes and instead replacing them with fun, translucent machines in shades such as "Bondi Blue." Apple's business approach is vertical integration, which means that the corporation has advanced competence in software, hardware, and services simultaneously. One primary aspect distinguishing Apple from the competition is its vertical integration. The corporation has reaped enormous benefits from vertical integration. A key element of Apple's competitive advantage is its ecosystem, which is enabled through such integration. Apple uses various distribution methods to reach its target customers and consumers, including online and physical channels, direct and semi-direct, company-owned stores, and other authorized partners. According to product portfolios and product kinds, Apple uses several channels for various items.
Key Companies in the Smartwatch market include:
- Huawei Technologies Co., Ltd
- Fossil Group
- Xiaomi Inc
- Garmin Ltd
- Samsung Electronics Co. Ltd
- Apple Inc.
- Fitbit, Inc
- LG Electronics
- Lenovo Group Limited
- ASUSTeK Computer Inc.
- Tomtom International B.V.
Smartwatch Industry Developments:
- In September 2022, Apple launched the Apple Watch Series 8 and SE by bringing innovative technology and performance, as well as vital safety advancements. Apple Watch Series 8 retains Apple Watch's popular design, featuring a significant, Always-On Retina display and a robust crack-resistant front crystal.
- In August 2022, Fitbit and Google launched two new smartwatches, Versa 4 and Sense 2, which prioritize health and exercise. These devices, powered by the new Fitbit OS, are simple to use and designed to help user with fitness and health tracking.
- In September 2020, Apple Inc. launched its Apple Watch Series 6 with its new Blood Oxygen feature that gives customers even more information about their overall wellness. Apple Watch Series 6 includes many major hardware advancements, such as a speedier S6 SiP and always-on altimeter, as well as different colorful lineups.
Smartwatch Market Segmentation
Smartwatch Gender Outlook
Smartwatch Display Outlook
Smartwatch Display Type Outlook
Smartwatch Operating System Outlook
Smartwatch Regional Outlook
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
Market Size 2022
USD 38,569.9 Million
Market Size 2023
USD 42,387.5 Million
Market Size 2032
USD 84,457.3 Million
Compound Annual Growth Rate (CAGR)
Market Forecast Period
Market Forecast Units
Value (USD Million)
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Gender, display, display type, operating system, application and Region
Europe, North America, Asia-Pacific, Middle East & Africa, and South America
The U.S, Germany, Canada, U.K., Italy, France, Spain, Japan, China, Australia, India, South Korea, Brazil, and others.
Key Companies Profiled
Huawei Technologies Co., Ltd, Fossil Group, Xiaomi Inc, Garmin Ltd, Samsung Electronics Co. Ltd, Samsung Electronics Co. Ltd, Apple Inc., Fitbit, Inc, LG Electronics, Lenovo Group Limited, Pebble Technology Corporation, ASUSTeK Computer Inc., Casio, Huami, and Tomtom International B.V.
Key Market Opportunities
· Personalized smartwatches for elderly people
· Growing demand for IoT enabled smart devices
Key Market Dynamics
· Growing demand for wearable fitness, sports devices, and health tracking
· Rise in the spending power in economies to fuel the smartwatch demand
Frequently Asked Questions (FAQ) :
The global Smartwatch market size is expected to be valued at USD 38,569.9 Million in 2022.
The global market is projected to grow at a CAGR of 8.0% during the forecast period, 2023-2032.
Asia-Pacific had the largest share of the global market.
The key players in the market are Huawei Technologies Co., Ltd, Fossil Group, Xiaomi Inc, Garmin Ltd, Samsung Electronics Co. Ltd, Samsung Electronics Co. Ltd, Apple Inc., Fitbit, Inc, LG Electronics, Lenovo Group Limited, ASUSTeK Computer Inc., Casio, Huami, and Tomtom International B.V.
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