"Assisting You in Establishing Data Driven Brands"

Smartwatch Market Size, Share & COVID-19 Impact Analysis, By Operating System (IOS, Android, and Others), By End-User (Male and Female), By Application (Running, Checking Notifications, Swimming, Cycling, and Others) and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI106625



Play Audio Listen to Audio Version

The global smartwatch market size was USD 18.62 billion in 2020 and is projected to grow from USD 22.02 billion in 2021 to USD 58.21 billion by 2028, with a CAGR of 14.9% in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with the industry witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a stellar growth of 21.23% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

The growing consumers' inclination towards technological devices owing to incredible attributes to help simplify their life has a significant contribution towards spiking product usage. The device comes with multiple positive aspects, including navigation, fitness tracking, notification checking, and others, which thus help users of various needs from athletes, tech enthusiasts to regular users. Nowadays, key brands are offering innovative wristwatches to influence people buy such items. These key brands’ efforts will offer newer market growth opportunities.  An independent news publisher in Pakistan ‘Pro Pakistani. Pk’, in September 2020, mentioned that Xiaomi was working towards the launch of its futuristic curved screen smartwatch.


COVID-19 Propelling Consumers to be Health Conscious to Bolster the Growth

The impact of the COVID-19 pandemic has prompted a large number of people around the world to be more cautious and put more emphasis on the maintenance of their well-being. This is thus playing a significant role in surging the utilization of the product, especially for monitoring the body’s health is assisting in escalating the demand for the product during the outbreak. For instance, the published statistical data by the National Interest.Org in August 2020, declared that the worldwide wristwatches market experienced an increase of 20% in the first half of 2020.


Request a Free sample to learn more about this report.

Key Brands Shifting their Focus Towards Kids to Spike the Development

The key companies of the industry are increasingly shifting their attention towards kids by increasing the manufacturing of products that are designed to specifically target them is expected to drive the market growth. This is due to a large number of parents increasingly aware of how it could help enhance the lives of their children by allowing them to be more physically active. The released data by the Gadget. NDTV, in June 2021, stated that the launch of GOQii smart vital junior wristwatch, which is specifically designed for kids, and the product, even comes with 18 activity modes.


Growing Popolarity of Fitness among Youth and Urban Population to Reinforce Market Progression

The growing popularity of fitness in youth and increasingly adoption of fitness tracking devices among them is expected to help surge the consumption of such products.  International Health, Racquet and Sportsclub Association, in January 2020, declared that 33% of the Millennial Generation and 14 % of Generation Z in the U.S. were evaluated to be health club members in 2018. Likewise, the escalating rise of the urban population around the world is likely to propel the need for the product as they are more exposed to and aware of the multiple types of smart devices. United Nations.Org in May 2018, stated that the worldwide urban population grew speedily from 751 million in 1950 to 4.2 billion as of 2018.

The High Spending Power of Developed Economies to Fuel the Demand

The high consumer expenditure of the developed economies has played an essential role in spiking the product's sales owing to its ability to help boost the spending on smart devices, including smart wearables. The published data by the Trading Economics, states the consumer spending of the United Arab Emirates was USD 154,959.54 million in 2019. Additionally, growing production of the kids smartwatches by the companies will support the market growth.

Moreover, countries of the European Union possessing a high per capita income are also acting as a propelling factor that is driving the market development. It is because high per capita income could encourage more consumers to intensify their shopping for smart wearables. As per the data published by World Bank Group, an International Financial Institution, in 2020, GDP per capita of various European countries such as Italy, France, and Germany reached USD 31,714.2, USD 39,030.4, and 46,208.4 respectively.


Presence of Substitute Product to Restrain Market Growth

The substitute products, such as regular watches have a strong existence in the marketplace and hold a steady sentimental value among consumers worldwide. Inclination of a large number of high-income consumers towards luxury watches and also middle- and many low-income consumers favoring regular watches are expected to hamper the market growth.


By Operating System Analysis

To know how our report can help streamline your business, Speak to Analyst

IOS to Hold the Dominant Share due to Apple’s Robust Market Penetration

The global smartwatch market analysis can be conducted based on various operating systems such as IOS, Android, and Others. IOS is anticipated to hold the dominant market share on account of the Apple brand’s strong market penetration in the wristwatches market worldwide. The growth is attributed to Apple’s higher edge when it comes to the overall built quality, features, and durability as compared to other products.

The android and other segments are also gaining traction due to focus on a wider range of consumers and manufacturing varieties of products that are available even for people with lower power purchasing ability.

By End-User Analysis

Male Segment to Lead Global Market Share Due to the Massive Presence of Tech Enthusiast

Based on end-user, the market is fragmented into male and female. Male segment is evaluated to be the larger market shareholder due to a large number of male population being fascinated by tech products and willing to make a higher spending as compared to women.

On the other hand, women segment also has witnessed an intensifying growth owing to key players increasingly manufacturing products specifically designed for women. For instance,  Gadget.NDTV, in March 2021, stated that the Garmin Lily brand launched a women's wristwatch that even comes with a pregnancy tracker.

By Application Analysis

Significant Consumers’ Preference Towards Running Exercises Make Running Segment to Dominate Market

Based on end-user, the market is segmented into running, checking notifications, swimming, cycling, and others. Running is estimated account for a significant percentage of the smartwatch market share as it is one of the most popular and easy exercising activities. Additionally, growing awareness regarding the health benefits of running among youngsters is further supporting the running-purpose wristwatch demand globally.

Besides, checking notifications, swimming, cycling, and other segments have also experienced a significant development owing to working professionals increasingly using the device for alert notifications. Also, people participating in outdoor activities, such as swimming and cycling increasingly incorporating smart devices to help improve their skills boosted the usage in this segment.


North America Smartwatch Market Size, 2020 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample

Singificant Working Population’s Preference for Wristwatches Result North America to Dominate Market

North America is holding the leading share in the market, boasting a size of USD 7.13 billion in 2020. The people of this region making massive expenses on consumer units are expected to play a vital role in the market progression. In September 2021, the U.S. Bureau of Labour Statistics claimed the United States average yearly expenditures for every consumer unit were USD 61,334. Likewise, the elderly population making high expenditure on tech products is expected to have a notable impact on the consumption rate. In January 2020, the American Association of Retired Persons asserted that 51% of older Americans proclaimed to purchase tech in the past year.

Europe is anticipated to display a significant growth owing to the low youth unemployment rate, giving end-users a higher spending ability. The trend is fostered by the growing number of youth consumers being inclined towards smart wearable devices as compared to the rest of the population. The World Bank.Org stated that the youth unemployment rate of the European Union in 2019 was 16.83 % which was a decline from 18.02% in 2018. In addition, the high physical activity participation rate in the European Union countries is expected to provide a vital contribution to the growing demand as it assists in monitoring and helps enhance their performance. Global Wellness Institute.Org claimed 46.6% of European population were evaluated to be participating in physical activity in 2018.

Asia Pacific is projected to have a vital presence in the global market. Rising disposable income across the emerging economies is likely to foster the product demand. As per the Hindu Business Line,  in July 2019, India  had lifted 271 million people from poverty within ten years. In addition, the escalating production of affordable smart wearables, which is mainly targeting middle and lower class populations, is likely to boost the Asia Pacific smartwatch market growth. Gizmo China, in October 2021, stated that Xiamoi had launched an affordable wristwatch that comes with a slim bezel and 2.5 D glass.

South America is projected to show a considerable growth owing to the escalating growth of e-commerce businesses encouraging more people to spike their expenses on smart electronic goods. According to Trade.Gov, in January 2021, Brazil witnessed an e-commerce industry growth of 16 percent in 2019, compared to the prior year.

To know how our report can help streamline your business, Speak to Analyst

The Middle East & Africa wristwatch market growth is attributed to the rising economic progress and increasing disposable spending of the population in the region. Take-Profit.Org disclosed  the growth in per capita income of various countries, including Kenya, USD 79.58 billion in 2019 from USD 73.49 billion in 2018; and South Africa, first quarter of 2021 USD 221.58 from its prior year of USD 219.03 billion.


Key Players are Shifting towards Production of Health-Related Device to Gain a Competitive Edge

The companies operating in the market are progressively shifting towards the manufacturing of health monitoring watches. This is anticipated to help surge the sales as more consumers are increasingly putting efforts into owning a device that assists in upholding their health. Mobi Health News, in September 2021, declared that the Withings band was launching its new cardiac-monitoring wristwatch in France, Germany, and the UK market.



  • November 2020 – Xiaomi declared the launch of its wristwatches in the Indian market, and these are Watch Series 6 and Watch Series SE.

  • September 2019 – Puma, with its partnership with Fossil Group, announced the launch of its first smartwatch.


An Infographic Representation of Smartwatch Market

To get information on various segments, share your queries with us

The global market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, end-users, and leading operating system. Besides this, the report offers insights into the current smartwatch market trends and highlights key industry developments. In addition to the aforementioned factors, the global market outlooks several factors that have contributed to the growth rate of the market over recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion)


By Operating System

  • IOS

  • Android

  • Others


By End-User

  • Male

  • Female


By Application

  • Running

  • Checking Notifications

  • Swimming

  • Cycling

  • Others


By Geography

  • North America (By Operating System, End-User, Application and by Country)

    • U.S. (By Operating System)

    • Canada (By Operating System)

    • Mexico (By Operating System)

  • Europe (By Operating System, End-User, and by Country)

    • Germany (By Operating System)

    • France (By Operating System)

    • Italy (By Operating System)

    • U.K. (By Operating System)

    • Rest of Europe (By Operating System)

  • Asia Pacific (By Operating System, End-User, and by Country)

    • China (By Operating System)

    • India (By Operating System)

    • Japan (By Operating System)

    • Australia (By Operating System)

    • Rest of Asia Pacific (By Operating System)

  • South America (By Operating System, End-User, and by Country)

  • Brazil (By Operating System)

  • Argentina (By Operating System)

  • Rest of South America (By Operating System)

  • The Middle East and Africa (By Operating System, End-User, and by Country)

  • South Africa (By Operating System)

  • UAE (By Operating System)

  • Rest of the Middle East and Africa (By Operating System)

Frequently Asked Questions

Fortune Business Insights states that the global market size was USD 18.62 billion in 2020 and is projected to reach USD 58.21 billion by 2028.

In 2020, the North American market value stood at USD 7.13 billion.

Growing at a CAGR of 14.9%, the smartwatch market forecasted to grow from 2021 to 2028.

IOS operating system segment is projected to be the leading segment in this market during the forecast period.

The rising consumer's inclination towards smart wearables is one of the major factors driving the market's growth.

Apple Inc, The Samsung Group, Garmin Ltd., Fitbit LLC, Huawei Technologies, and others are few of the key players operating in the market.

North America dominated the market share in 2020.

The growing online promotional activity is expected to drive the adoption of this product.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • Apr, 2022
  • 2020
  • 2017-2019
  • 168


  • $4850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Consumer Goods Clients

Health Canada

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.