LOS ANGELIS, Aug. 29, 2022 (GLOBE NEWSWIRE) -- LOS ANGELIS, August 29, 2022 (GLOBE NEWSWIRE) – The Global Smartwatch Market is anticipated to grow at a CAGR of around 20.1% during the forecast period 2022 to 2030 and to reach around USD 156.3 Billion by 2030.
Smartwatch Market Report Key Highlights
- Global Smartwatch Market Size was USD 30.4 billion in 2021 and expected to grow at CAGR of 20.1% from 2022 to 2030
- North America Smartwatch Market is expected to lead with more than 38% market share
- Asia-Pacific Smartwatch Market is expected to grow with approximately 23% CAGR during the forecast period from 2022 to 2030
- Among products, standalone Smartwatch occupied more than 55% of total market share
- More than 500 million units of smart wearables were shipped in 2021
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Report Coverage:
| Market | Smartwatch Market | |
| Smartwatch Market Size 2021 | USD 30.4 Billion | |
| Smartwatch Market Forecast 2030 | USD 156.3 Billion | |
| Smartwatch Market CAGR During 2022 - 2030 | 20.1% | |
| Smartwatch Market Analysis Period | 2018 - 2030 | |
| Smartwatch Market Base Year | 2021 | |
| Smartwatch Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Product, By Application, By Operating System and By Geography | |
| Smartwatch Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, TomTom International and Amazfit. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Rising demand for wearable devices with advanced smart features is the major factor expected to drive the global smartwatch market growth during the projected timeframe from 2022 to 2030.
Government expenditure on the development of smart cities and easy availability of advanced infrastructure that helps in connecting with the internet and various applications are expected to fuel the smartwatches market share. Consumer spending on healthcare is increasing with the gradual increase in the geriatric population with various old age problems and rising heart-associated troubles among the young population resulting in demand for smartwatches.
An increase in the home healthcare approach among consumers is resulting in the adoption of watches that helps in sharing health data with professionals and alarm the emergency service in times of need these are factors expected to impact the growth of the target market. In addition, the major player's approach to enhancing the business through strategic mergers and partnerships is expected to augment the growth of the smartwatch market.
COVID-19 Impact on the Global Smartwatch Market Revenue
According to our recent smartwatch industry report, the demand for smartwatches increased during COVID-19 because they aid in the detection of viruses in the human body. Consumer wearable gadgets that continuously assess vital signs have been used to track the progression of infectious diseases. We show how data from consumer smartwatches may be used to detect coronavirus illness 2019 before symptoms appear. Smartwatches and other wearable devices are already used by tens of millions of individuals across the world to monitor a variety of physiological characteristics such as heart rate, skin temperature, and sleep. The large number of human studies conducted during the pandemic enabled researchers to collect significant data on the health of participants. Because most smartwatches recognized early indications of coronavirus in people, the smartwatch market value swiftly dominated. As a result, increased awareness of these devices will fuel market expansion in the coming years.
Smartwatch Market Dynamics
Increasing penetration of sensor technology in various industry verticals, rapid technological advancements in electronic devices, and increasing demand from consumers for wireless fitness and sports devices are major factors expected to drive the global smartwatch market growth.
In addition, high spending capacity and rising health awareness are resulting in demand for smart wearable devices which is expected to augment the growth of the global smartwatch market. Factors such as the high cost of devices and high competition for low profit are expected to hamper the growth of the global smartwatch market. In addition, technological glitches are expected to challenge the growth of the target market.
However, high investment by major players for product development activities and the introduction of innovative solutions is expected to create new opportunities for players operating in the target market. In addition, increasing partnerships and agreements between regional and international players are expected to support the growth of the smart watch market size.
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Smartwatch Market Segmentation
The global smartwatch market is segmented into product, application operating system, and region. The product segment is bifurcated into extension, standalone, and classical. Among product types, the standalone segment is expected to account for a major revenue share in the global market.
The application segment is divided into personal assistance, wellness, healthcare, sports, and others. Among applications, the personal assistance segment is expected to account for a major revenue share in the target market. The operating system segment is bifurcated into WatchOS, Android, RTOS, Tizen, and others. Among the operating system, the Android segment is expected to account for a major revenue share in the target market.
Smartwatch Market Regional Outlook
North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the smartwatch industry.
The market in North America is expected to account for a major revenue share in the global smartwatch market due to a gradual increase in the number of consumers adopting smart devices. Consumers' inclination toward the use of smart devices that facilitate health monitoring, finding a phone, etc. with the rising technological advancements manufacturers are focused on the introduction of devices that emphasize various modes of operation.
The market in the Asia Pacific is expected to witness faster growth in the target market due to the high penetration of the internet and smartphones. Increasing spending capacity of consumers, increasing demand for smart devices, and the introduction of innovative solutions are factors expected to augment the growth of the regional smartwatch market.
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Smartwatch Market Players
Some prominent smartwatch companies covered in the industry include Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, TomTom International, and Amazon. The market is highly competitive due to the presence of a large number of players operating on a global level.
In 2020, Xiaomi a device manufacturing company launched a smartwatch called Mi Watch Color in China that comes with a 1.39-inch AMOLED display. This product launch is expected to help the company to enhance its business in China market.
In addition, the company is also expected to launch another smartwatch in the Indian market. The product launch is expected to help the company to increase its customer base in the country.
In 2020, boAt a company providing wearables in India launched boAt Enigma features a 1.54-inch square-shaped color screen with support for touch inputs and AOD (Always-on Display) in the Indian market. This product launch is expected to help the company to enhance its business in the country and increase its customer base.
Questions Answered By This Report
- What was the market size of Smartwatch Market in 2021?
- What will be the CAGR of Smartwatch Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Smartwatch Market?
- Which region held the largest share in Smartwatch Market in 2021?
- What are the key market drivers of Smartwatch Market?
- Who is the largest end user of Smartwatch Market?
- What will be the Smartwatch Market value in 2030?
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