USD 21.25 billion
Smartwatch Market Size, Share, Growth Analysis, By Operating System(IOS, Android, Others), By End User(Male and Female), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2156 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
61
|Figures:
76
Smartwatch Market Insights
Global Smartwatch Market size was valued at USD 21.25 billion in 2022 and is poised to grow from USD 23.04 billion in 2023 to USD 43.92 billion by 2031, at a CAGR of 8.4% during the forecast period (2024-2031).
The global smartwatch market is experiencing rapid growth and evolution, driven by technological advancements and shifting consumer preferences. Smartwatches are wearable devices offering a wide range of features beyond traditional timekeeping, such as fitness tracking, notifications, and smartphone connectivity.
One key driver of the market's growth is the increasing emphasis on health and fitness. Smartwatches have sensors that can monitor heart rate, track steps, and even analyze sleep patterns, making them valuable tools for individuals looking to improve their well-being. Additionally, integrating GPS and other location-based services enhances their appeal to outdoor and fitness enthusiasts. The connectivity aspect is another major factor fueling the smartwatch market. These devices allow users to receive notifications, make calls, and even control smart home devices directly from their wrists, enhancing convenience and productivity.
Furthermore, the market is marked by fierce competition among tech giants and smaller players. Companies like Apple, Samsung, and Garmin dominate the market with feature-rich offerings, while startups continue to innovate, offering unique designs and specialized functionalities. As technology advances, we can expect even more sophisticated and diverse smartwatch options to cater to the ever-growing demand for wearable tech. The global smartwatch market is poised for continued expansion as these devices become increasingly integrated into our daily lives.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Male
Fastest Growth
Female
Growth Rate
8.4% CAGR
Global Smartwatch Market ($ Bn)
Country Share for North America Region (%)
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Smartwatch Market Segmental Analysis
Global Smartwatch Market is segmented on the basis of operating system, end user, display technology and region. By operating system, the market is segmented into IOS, android, others. By end user, market is segmented into male and female. by display technology, the market is segmented into LCD and OLED. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Smartwatch Market Analysis by Display Technology
The OLED-based smart watches had a significant market share of over 91.5% in 2022 and are anticipated to continue to rule during the projected period. Nowadays, OLED and LCD screens of various types are found in almost all smartwatches. Although OLED technology has a high manufacturing cost, the demand for clear and dynamic displays has compelled manufacturers to incorporate them due to their advantages over LCDs. Additionally, OLED displays were already being used in smartphones and televisions, which made it easier for the manufacturers to gauge the demand for each technology and incorporate it into smartwatches on a larger scale, lowering the overall cost of mass production.
Due to their excellent image quality and low power consumption, OLED screens provide users a better experience. With design options extending to flexible OLED panels, it also gives manufacturers greater freedom for innovation. This enables the producers to make displays in a variety of shapes and sizes without sacrificing their resolution or quality. Despite the benefits of OLED displays, LCDs are anticipated to remain popular because of their affordability and versatility in terms of readability.
Global Smartwatch Market Analysis by Operating System
Due to the Apple brand's extensive market penetration in the global wristwatch market, it is anticipated that IOS will hold the majority of the market share. The growth is ascribed to Apple's superior advantage over competing devices in terms of overall built quality, functionality, and durability.
Due to a focus on a larger range of consumers and the production of a variety of products that are accessible even to those with lesser power purchasing ability, the android and other categories are also gaining pace
Global Smartwatch Market By End User
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Smartwatch Market Regional Insights
More than 44.0% of the global smartwatch market was accounted for by North America, which was followed by Europe and the Asia-Pacific region. The demand for smartwatches in North America has been significantly influenced by the success of Apple, Inc.'s smartwatch line. Early product availability and high technology adoption rates have been significant industry growth factors. Additionally, the proliferation of connected devices and the incorporation of IoT in smartwatches have increased sales in North America by enhancing user convenience.
In 2022, Europe became one of the top regional markets, and during the forecast period, it is expected to continue to grow at a stable rate of 8.9%. Market expansion is anticipated to be fueled by rising connected car sales and rising disposable income among different demographic groups in European nations. Additionally, the market is anticipated to grow as a result of young consumers' growing preference for smart wearables.
Global Smartwatch Market By Region
- Largest
- Fastest
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Smartwatch Market Dynamics
Global Smartwatch Market Drivers
Health and Fitness Monitoring to Bolster market growth
- One significant driver for the global smartwatch market is the increasing demand for health and fitness monitoring features. These devices have evolved beyond basic timekeeping to become essential tools for individuals striving for a healthier lifestyle. Smartwatches are equipped with sensors that track various health metrics like heart rate, sleep patterns, and activity levels, empowering users to monitor and improve their overall well-being. With growing health consciousness and a focus on preventive healthcare, consumers are increasingly turning to smartwatches as convenient and accessible means to take charge of their health, making health and fitness monitoring a key catalyst in the ongoing expansion of the smartwatch market.
Global Smartwatch Market Restraints
Battery Life might act as a Restrain
- Battery life remains a significant constraint in the global smartwatch market. While manufacturers have made strides in enhancing power efficiency, most smartwatches still struggle to provide extended usage on a single charge. This limitation often frustrates consumers who desire longer-lasting devices, particularly for continuous health tracking and outdoor activities. Balancing the need for powerful features with extended battery life remains a challenging engineering task. Addressing this constraint is pivotal for smartwatch manufacturers to keep consumers satisfied and promote widespread adoption, as consumers increasingly demand both advanced functionalities and dependable, long-lasting performance from their smartwatches.
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Smartwatch Market Competitive Landscape
Even though the aforementioned companies dominate the industry, they are up against Fossil, Swatch, and Tag Heuer as well as other established watch companies. Their primary goal is to produce hybrid watches with contemporary features. But many premium brands are losing market share to Chinese and Indian suppliers who provide unique features at competitive prices.
Top Player’s Company Profiles in Global Smartwatch Market
- Apple Inc. (USA)
- Samsung Electronics Co., Ltd. (South Korea)
- Huawei Technologies Co., Ltd. (China)
- Garmin Ltd. (Switzerland)
- Fitbit, Inc. (USA)
- Fossil Group, Inc. (USA)
- Amazfit (China)
- Xiaomi Corporation (China)
- LG Electronics Inc. (South Korea)
- Polar Electro Oy (Finland)
- Mobvoi Information Technology Company Limited (China)
- Casio Computer Co., Ltd. (Japan)
- Suunto Oy (Finland)
- Sony Corporation (Japan)
- Misfit, Inc. (USA)
- Ticwatch (China)
- Vector Watch SA (Switzerland)
- TAG Heuer SA (Switzerland)
- Withings (France)
- Citizen Watch Co., Ltd. (Japan)
- Michael Kors (USA)
Global Smartwatch Market Recent Developments
- In March 2024, several new tech launches hit the market, including the world's slimmest smartwatch and Bluetooth 5.4 gaming TWS. These latest releases are packed with innovative features, offering users exciting options to explore.
- In January 2024, Ceva, Inc., a prominent provider of silicon and software IP for Smart Edge devices, joined forces with boAt, India's top audio and wearables brand, to collaborate on technology innovation for boAt's upcoming lifestyle-focused consumer products. This partnership aims to enhance various products such as TWS earbuds, neckbands, headphones, speakers, and smartwatches with cutting-edge technology.
- In September 2023, Noise, a popular connected lifestyle brand, revealed a collaboration with Il Jin Electronics, a subsidiary of Amber Enterprises India Ltd, to ramp up the production of smart wearables within the country.
Smartwatch Key Market Trends
- A prominent market trend in the smartwatch industry is the increasing ability of these devices to work seamlessly with multiple devices. Smartwatches are evolving into versatile hubs for interconnected technology, offering enhanced compatibility with smartphones, tablets, laptops, and IoT devices. This trend allows users to switch between devices, access notifications, control smart home gadgets, and sync data, creating a more integrated and convenient user experience. As the demand for a connected ecosystem grows, smartwatch manufacturers actively pursue cross-platform compatibility, positioning these wearables as central tools for managing a wide range of digital devices in our interconnected world.
Smartwatch Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global smartwatch market has seen significant growth in recent years and is expected to continue to do so in the coming years. The market is being driven by a number of factors, including the increasing popularity of wearable technology, advancements in technology, and the growing trend of using technology to monitor health and fitness. Advancements in technology are also driving growth in the smartwatch market. Smartwatches are becoming more powerful, with longer battery life, more accurate sensors, and improved connectivity options. The growing trend of using technology to monitor health and fitness is another key driver of the smartwatch market. Smartwatches are being used to track a range of health metrics, including heart rate, sleep patterns, and exercise routines.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 21.25 billion |
| Market size value in 2031 | USD 43.92 billion |
| Growth Rate | 8.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smartwatch Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smartwatch Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smartwatch Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smartwatch Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smartwatch Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smartwatch Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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