Newark, July 24, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the smartwatch market will grow from USD 30.21 Billion in 2022 to USD 118.44 Billion by 2032. The smartwatch market is witnessing a rise in demand due to product design and technology advancements. Further, the rising purchasing of smart devices by consumers in developed and developing regions provides lucrative opportunities to the market players.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 30.21 Billion |
| Market Size in 2032 | USD 118.44 Billion |
| CAGR | 14.64% |
| No. of Pages in Report | 235 |
| Segments covered | Operating System, Product Type, Display Type and Application |
| Drivers | Increasing usage of smartwatches |
| Opportunities | Increasing disposable income |
| Restraints | High cost |
Key Insight of the Smartwatch Market
North America region to account for the largest market size during the forecast period.
North America is expected to have the most major smartwatch market share during the forecast period. The factors supporting the growth of the regional smartwatch market include the increasing number of consumers with high disposable and a rising preference towards physical well-being. Many agencies perform high-end smart medical devices to increase overall health and fitness.
The WatchOS segment is expected to augment the market during the forecast period.
The operating system segment is divided into Android, WatchOS, Tizen, Sailfish OS, RTOS, Wear OS and others. The WatchOS segment is expected to augment the market during the forecast period. WatchOS operating system enables a significantly larger screen size in smartwatches. The watchOS operating system was created by Apple Inc. for the Apple Watch. Many of its features are shared with iOS, the operating system used by the iPhone.
The standalone segment is expected to grow at the highest CAGR during the forecast period.
The product type segment is divided into standalone, classic and extension. The standalone segment is expected to augment the market during the forecast period. The standalone smartwatch can be used independently, without a smartphone or other device. Some smartwatches can connect to cellular networks, enabling standalone use without a smartphone nearby.
The AMOLED segment is expected to grow at the highest CAGR during the forecast period.
The display type segment is divided into TFT LCD, AMOLED, PMOLED and others. The AMOLED segment is expected to augment the market during the forecast period. Amoled display smartwatches have efficient BT connectivity, ultra-resolution, higher contrast ratio, and various colours and iconic designs. Many manufacturers are now installing AMOLED displays in their smartwatches.
The personal assistance and safety segment is expected to grow at the highest CAGR during the forecast period.
The application segment is divided into health and wellness, personal assistance and safety, sports, media, communication and others. The personal assistance and safety segment is expected to augment the market during the forecast period. Smartwatches are increasingly used in personal assistance and safety applications to manage chronic health issues by analyzing data. These tools can be used in safety management to monitor the consumer's activity levels, heart rates, and exhaustion to stop accidents and injuries.
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Market Dynamics
Driver: Multi-functions of smartwatch
Consumers can now use a smartwatch to access information and carry out actions like sending messages, dialling and receiving calls, and controlling music playing. Numerous smartwatches are equipped with sensors and algorithms to monitor various fitness parameters, including steps taken, heart rate, and burned calories. Smartwatches can be adjusted to meet their style and preferences due to the range of available watch faces and bands. Consumers can use GPS-enabled smartwatches with maps and a compass when travelling without using their phone or a traditional map. Smartwatches can assist users in staying more organized and scheduling their activities by receiving notifications and alerts on the screen.
Restraint: Lower awareness in developing regions
The underdeveloped regions need more investments in smartwatches. The consumers in these regions need to be made aware of the use of such applications. Also, consumers are hesitant to invest in innovative technologies as they are sceptical about the potential returns on their investments. Also, in underdeveloped regions, the per capita income of consumers is low as it leads to lower purchasing of smartphones, which further acts as a restraint in the growth of the market in such regions.
Opportunity: Increasing investment in the smartwatch industry
Over the years, there has been high investment in smart devices that can be used for numerous applications. The rapid growth of urbanization and the increased prevalence of physical illness have increased the overall demand for smartwatches. Continuous innovation and technological advancements have led to the development of efficient wearable devices. These devices have advanced features, touchscreen technology, and better functionality. Manufacturers are now investing in developing more efficient smartwatches that provide accurate data readings. For example, several modern smartwatches feature optical sensors that continuously monitor blood volume and composition alterations using photoplethysmography. Due to several technological advancements, smartwatches will soon be able to record ECGs and even alert emergency services.
Challenges: Inaccuracy in data readings
Even while the tracking capabilities of smartwatches are generally efficient, testing data has shown that up to 80% of the information, including heart rate, may be inaccurate. Also, tracking calories burnt while working out and the step count could be more accurate. These factors act as a challenge to market growth.
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Some of the major players operating in the smartwatch market are:
• Apple Inc.
• Fitbit, Inc.
• Samsung Electronics Co., Ltd.
• Garmin Ltd.
• Huami Co., Ltd.
• Fossil Group, Inc.
• Huawei Technologies Co., Ltd.
• Virtual-Realties, LLC
• Sony Corporation
• Xiaomi
• Honeywell International Inc.
• LG Electronics
• SAMSUNG
• ASUSTeK Computer Inc.
• Motorola Solutions, Inc
• Polar Electro
• Michael Kors
• TomTom International
Key Segments Cover in the Market:
By Operating System:
• Android
• WatchOS
• Tizen
• Sailfish OS
• RTOS
• Wear OS
• Others
By Product Type:
• Standalone
• Classic
• Extension
By Display Type:
• TFT LCD
• AMOLED
• PMOLED
• Others
By Application:
• Health and Wellness
• Personal Assistance and Safety
• Sports
• Media
• Communication
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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