Smartwatch Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030

The Global Smartwatch Market Size accounted for USD 30.4 Billion in 2021 and is estimated to achieve a market size of USD 156.3 Billion by 2030 growing at a CAGR of 20.1% from 2022 to 2030. Smart watches are one of the trending consumer gadgets that are being commercialized all over the world. The increasing number of applications and reduced prices of these watches are primarily bolstering the smartwatch market growth. In addition, the integration of smartphones with these devices is a popular smartwatch market trend that is fueling the industry's growth.

Smart Watch Market Report Key Highlights

• Global smartwatch market revenue poised to garner USD 156.3 billion by 2030 with a CAGR of 20.1% from 2022 to 2030
• Based on product type segment, standalone attained more than 60% of the total market share in 2021
• North America is the leading region with over 38% shares in 2021
• Asia-Pacific is likely to achieve a substantial growth rate of 23% from 2022 to 2030
• Smartwatch shipments reached over 127 million units in 2021 with over 24% growth from 2020 to 2021
• Robust demand from fitness enthusiast fuels the smartwatch market revenue

Increasing health awareness among consumers and rising demand for smart devices that aid in tracking wellness and healthcare is resulting in demand for the smartwatch which is expected to drive the global smartwatch market growth. Consumers' demand for smart wearable devices is increasing with the high spending on wearable is increasing demand for a device that connects to the internet, and help in running mobile apps, making calls, etc. In addition, rapid technological advancements in wearable devices, and increasing adoption of sensors by manufacturers in electronic devices are factors expected to augment smart watch market growth. Major players are investing high in R&D activities and their approach toward the introduction of innovative solutions in order to attract new customers are factors expected to augment the smartwatch market shares from 2022 to 2030.

Global Smartwatch Market Dynamics

Market Drivers

• Growing health awareness among the population
• Rising demand for wireless fitness & sports devices
• Increasing product innovation in wearables
• Growing digitalization across the world

Market Restraints

• High cost of premium smartwatches
• Presence of substitute products

Market Opportunities

• Advent of COVID-19 increased the sales of smart watches
• High spending power in developed economies

Smartwatch Market Report Coverage

Smartwatch Market Insights

Factors such as the high cost of smart devices and issues such as technological glitches are expected to hamper the growth of the global smartwatch market. In addition, high competition at a low profit is expected to challenge the growth of the smartwatch market. However, high investment by major players for innovative product offerings and increasing partnerships and agreements in order to enhance the business are factors expected to create new opportunities for players operating in the target market over the forecast period. In addition, major players’ inclination toward tracking the untapped market in developing countries is expected to support the revenue transaction of the smartwatch market.

Smartwatch Market Segmentation

The worldwide smartwatch market is split based on product type, application, operating system, and geography.

Smartwatch Market By Product Type

• Extension
• Standalone
• Classical

According to our smartwatch industry analysis, the standalone product type sub-segment achieved the largest market share in 2021 and is likely to do so in the coming years. Standalone smartwatch utilities include SIM cards, which allow you to make and receive calls without having to use a phone. Furthermore, the growing need for intelligent gadgets that track normal activities propels the category forward.

Smartwatch Market By Application

• Personal Assistance
• Wellness
• Healthcare
• Sports
• Others

In 2021, personal assistance application generated a significant smartwatch market share and is expected to continue this trend from 2022 to 2030. On the other hand, healthcare application is likely to record a substantial growth rate throughout the forecasted timeframe. The high growth in the segment is credited to the increasingly health-conscious population, growing fitness enthusiasts, and rising prevalence of chronic disorders such as diabetes, blood pressure, and cardiovascular disorders.

Smartwatch Market By Operating System

• WatchOS
• Android
• RTOS
• Tizen
• Others

According to our smartwatch market forecast, IOS-based operating smartwatches accumulated a considerable market share. The premium smartwatches offered by Apple such as watchOS and other Apple premium watches with advanced applications fuel the segmental demand. However, the android operating system watches are expected to gain significant momentum in the coming years. The high growth in the android watches is credited to the rising number of players offering these watches, reduced price of these watches, and growing technological innovation in these watches.

Smartwatch Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Latin America

• Mexico
• Brazil
• Rest of Latin America

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

The Middle East & Africa (MEA)

• Gulf Cooperation Council (GCC)
• South Africa
• Rest of the Middle East & Africa

Smartwatch owners in US crossed 35 Million in 2021

Among all the regions, North America generated the largest smart watch market revenue in 2021. This is due to the increasing number of smartwatch owners in the US and Canada. Recent statistics claimed that there are over 35 to 37 million Smartwatch owners in the United States and that the number is going to surpass more than 43 Million by 2025. In addition to that, the rising investments by private and public players in technological innovations are supporting the North American smart watches market. For instance, in 2020, Apple Inc. invested USD 16.2 billion in research and development, thereby boosting the smartwatch industry. On the other hand, the Asia-Pacific region is likely to attain a quick CAGR driven by the growing number of smartwatch users in the region. China and India dominated the Asia-Pacific smartwatch market industry.

Smartwatch Market Players

Some of the top smartwatch companies offered in the professional report include Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, TomTom International, and Amazfit.

Rising competition across the globe is pressurizing players to deliver more advanced product types. Xiaomi a device manufacturing company 2020 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.

Players are focused on enhancing the business through strategic mergers and acquisitions this is expected to help the company to increase the customer base and increase the revenue share further augmenting the revenue growth of the market. In 2019, Google LLC a global technology company acquired Fitbit a smartwatch manufacturer for US$ 2.1 Bn. This acquisition is expected to help the company to enhance its business and increase its revenue share. In addition, the company also acquired Fossil a smart watch manufacturer. According to Google they and Fossil had combined forces on smartwatch development before this. This is expected to help the company to enhance its product portfolio and increase its revenue share.