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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, 2023-2030

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

 

KEY MARKET INSIGHTS

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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 IMPACT


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.


LATEST TRENDS


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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.


DRIVING FACTORS


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.


RESTRAINING FACTORS


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.


SEGMENTATION


By Operating System Analysis


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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.


By End-User Analysis


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.


By Application Analysis


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.


REGIONAL INSIGHTS


North America Smartwatch Market Size, 2022 (USD Billion)

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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.


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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 INDUSTRY PLAYERS


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.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • January 2022 – Garmin Ltd., an American-based technology company, announced the launch of two new smartwatch series, Venu 2 Plus and Vivomove Sport.

  • September 2022 - Apple Inc., an U.S. technology company, launched its new series of smartwatches, ‘Series 8 and Apple Watch SE’ with innovative health benefit features and advanced technology.

  • August 2022 – Samsung Electronics, a consumer electronics company, based in South Korea, announced the launch of their new smartwatch series, ‘Galaxy Watch5 and Galaxy Watch5 Pro’, equipped with advanced and smart features, suitable for tracking health and wellness habits.

  • August 2022 - Fitbit LLC, an American consumer electronics company, released a set of smartwatches, ‘Fitbit Sense 2’. The solution is equipped with sensors to track stress, heart health, and other health fitness features.

  • August 2022 – boAt, an India-based manufacturer of wearables products, launched its new range of smartwatches, ‘Watch Xtend Pro and Wave Call’, in-built with several advanced features, including speaker, calling tool, sports modes, HD display, and others.


REPORT COVERAGE


An Infographic Representation of Smartwatch Market

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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.


Report Scope & Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 14.84% from 2023 to 2030



Unit



Value (USD Billion)



 



By Operating System



  • iOS

  • Android

  • Others



 



By End-User



  • Male

  • Female



 



By Application



  • Running

  • Checking Notifications

  • Swimming

  • Cycling

  • Others



Segmentation



By Geography



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

    • U.S. (By Operating System)

    • Canada (By Operating System)

    • Mexico (By Operating System)



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

    • Brazil (By Operating System)

    • Argentina (By Operating System)

    • Rest of South America (By Operating System)



  • Middle East and Africa (By Operating System, End-User, and 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 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.

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