"Assisting You in Establishing Data Driven Brands"
The global smartwatch market size was valued at USD 25.61 billion in 2022 and is projected to grow from USD 29.31 billion in 2023 to USD 77.22 billion by 2030, exhibiting a CAGR of 14.84% during the forecast period.
The growing consumer inclination toward technological devices owing to incredible attributes to help simplify their life has a significant contribution toward spiking the product usage. The device comes with multiple positive aspects, including navigation, fitness tracking, notification checking, and others, which helps users of various needs from athletes and tech enthusiasts to regular users. Nowadays, key brands are offering innovative wristwatches to influence people to buy such items. These brands’ efforts will offer newer market growth opportunities. For instance, in August 2022, Xiaomi, a Chinese manufacturer of consumer electronics products, launched their new series of smartwatches ‘S1 Pro’, with Real Time OS (RTOS) and several advanced features.
COVID-19 Led to Rising Health Consciousness among Consumers
The impact of the COVID-19 pandemic prompted a large number of people across the globe to be more cautious and put more emphasis on the maintenance of their well-being. This played a significant role in surging the utilization of the product, especially for monitoring the body’s health. This resulted in an increased product demand during the outbreak.
Request a Free sample to learn more about this report.
Shifting Focus of Key Brands toward Kids to Spike the Development
Key companies in the industry are increasingly shifting their attention toward kids by increasing the manufacturing of products that are designed to specifically target them. This is expected to drive the market growth. The growth is due to a large number of parents becoming increasingly aware of how it could help enhance the lives of their children by allowing them to be more physically active. For instance, June 2021 witnessed the launch of the GOQii smart vital junior wristwatch. The watch was specifically designed for kids and comes equipped with 18 activity modes.
Growing Popularity of Fitness among Youth and Urban Population to Reinforce Market Progression
The growing popularity of fitness in youth and increasing adoption of fitness tracking devices among them is expected to help surge the consumption of such products. The escalating rise of the urban population across the globe is likely to propel the need for the product as they are more exposed to and aware of the multiple types of smart devices. For instance, according to the United Nations (UN), in September 2021, it has been estimated that ~56.61% of the world’s population will dwell in urban areas and is expected to increase to 68% by 2050.
High Spending Power of Developed Economies to Fuel the Product 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. Additionally, growing production of kids’ smartwatches by 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 due to the fact that high per capita income could encourage more consumers to intensify their shopping for smart wearables. For instance, as per data published by Trading Economics, in December 2021, the GDP per capita recorded USD 115,683 in Luxembourg, followed by Ireland at USD 102,496 and Switzerland at USD 71,033 in the same year.
Presence of Substitute Products 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 across the globe. Inclination of a large number of high-income as well as middle- and low-income consumers toward luxury watches may hamper the market growth.
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
Based on operating system, the market is segmented into iOS, Android, and others. The iOS segment is anticipated to hold the dominant market share on account of the strong penetration of Apple products made of advanced iOS operating systems in the wristwatches market worldwide. Furthermore, technological advancement in iOS operating systems is favoring the segmental growth.
Android and others segments are also gaining traction. This is mainly 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.
Male Segment is the Forefront Due to the Massive Presence of Tech Enthusiast
Based on end-user, the market is fragmented into male and female. The 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.
The women segment also witnessed a substantial growth over the past years. This is owing to key players’ increasing manufacturing of products specifically designed for women. For instance, in March 2021, Garmin Lily launched a women's wristwatch that even comes with a pregnancy tracker.
Significant Consumer Preference toward Running Exercise to Drive Running Segment Growth
Based on application, the market is segmented into running, checking notifications, swimming, cycling, and others. The running segment is estimated to account for a prominent 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 wristwatch demand for running purposes 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, 2022 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
North America holds the leading share in the market, boasting a size of USD 9.88 billion in 2022. The people of this region making massive expenses on consumer units are expected to play a vital role in the market progression. For instance, in September 2021, the U.S. Bureau of Labor Statistics claimed the U.S. average yearly expenditures for every consumer unit were USD 61,334. The elderly population making high expenditure on tech products is expected to have a notable impact on the consumption rate.
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 aided by the growing number of youth consumers being inclined toward smart wearable devices as compared to the rest of the population. 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.
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. 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. For instance, Gizmo China, in October 2021, stated that Xiaomi had launched an affordable wristwatch that comes with a slim bezel and 2.5 D glass.
South America is projected to show considerable growth owing to the escalating growth of e-commerce businesses encouraging more people to spike their expenses on smart electronic goods. For instance, according to Trade.Gov, in January 2021, Brazil witnessed an e-commerce industry growth of 16% in 2019, compared to the previous 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. For instance, according to the World Bank, the GDP per capita of the Middle East and North Africa clocked USD 7569.1 in 2021, from USD 6491.5 in 2020.
Key Players are Shifting toward Production of Health-Related Device to Gain a Competitive Edge
The companies operating in the market are progressively shifting toward manufacturing health monitoring watches. This is anticipated to help surge the sales as more consumers are increasingly putting efforts into owning a device that provides personal assistance to the users in upholding their health. In September 2021, Mobi Health News declared that the Withings band was launching its new cardiac-monitoring wristwatch in France, Germany, and the U.K. markets.
An Infographic Representation of Smartwatch Market
To get information on various segments, share your queries with us
The market research report provides a detailed analysis of the industry and focuses on key aspects such as leading companies, end-users, and key operating system. Besides this, the free sample of the report lists insights into the current market trends and highlights key industry developments. In addition to the aforementioned factors, the global smartwatch market outlooks several factors that have contributed to the growth of the market in recent years.
CAGR of 14.84% from 2023 to 2030
Value (USD Billion)
By Operating System
Fortune Business Insights states that the global market size was USD 25.61 billion in 2022 and is projected to reach USD 77.22 billion by 2030.
In 2022, the North America market value stood at USD 9.88 billion.
Growing at a CAGR of 14.84%, the market is expected to grow from 2023 to 2030.
The iOS operating system segment is projected to be the leading segment in this market during the forecast period.
The rising consumer inclination toward smart wearables is one of the major factors supporting the growth of the market.
Apple Inc, The Samsung Group, Garmin Ltd., Fitbit LLC, Huawei Technologies, and others are a few of the key players operating in the market.
North America dominated the market share in 2022.
The growing online promotional activity is expected to drive the adoption of this product.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“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