Global Smartwatch Market – Industry Trends and Forecast to 2030

Global Smartwatch Market, By Product Type (Extension, Standalone and Classic/ Hybrid), Application (Personal Assistance and Safety, Health/ Wellness, Media And Entertainment, Sports, Communication and Others), Operating System (Wear OS, Watch OS, Firefox OS, Tizen, Asteroid OS, Sailfish OS, Ubuntu Touch and Others), Processor (Single-Core, Dual-Core, Quad-Core and Apple S1), RAM (512 MB, 1 GB, 2 GB, 3 GB and 4 GB), Display Type (OLED, LCD and Interferometric Modulator Display), Price Range (High-End Smartwatches, Mid-End Smartwatches and Low-End Smartwatches), Distribution Channel (Direct Sales, E-Commerce, Retail Stores and Others), End User (Male, Female) – Industry Trends and Forecast to 2030.

 Smartwatch Market Analysis and Size

Several manufacturers have introduced many upgraded smartwatches with advanced health monitoring features such as a stress monitor, electrocardiograms, a calorie counter, blood oxygen and SpO2 sensors and many more. Numerous companies such as Fossil Group, Inc., Samsung, Noise, Fitbit and more are introducing smartwatches with advanced and upgraded features. For instance, Apple, Inc. launched the new Apple Series 7 smartwatch model in September 2021 that features many health monitoring functions, such as blood oxygen saturation, electrocardiogram (ECG) sensor, improved fall detection, native sleep tracking, and heart health monitoring.

Data Bridge Market Research analyses that the smartwatch market was valued at USD 33,081.86 million in 2022 and is expected to reach USD 64,480.18 million by 2030, registering a CAGR of 8.70% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behaviour.

Smartwatch Market Scope and Segmentation

Market Definition

A smartwatch is a wearable computing device similar to a wristwatch or other time-keeping device. In addition to showing time, several smartwatches are Bluetooth-capable. This watch becomes a wireless Bluetooth adaptor and is capable of prolonging the capabilities of the wearer's smartphone to the watch. The user can use this watch to initiate and answer phone calls from their mobile phone, get weather reports, listen to music, read email and text messages, dictate email and text messages, and ask a digital assistant.

Global Smartwatch Market Dynamics

Drivers

• Increasing usage of organic light emitting diodes (OLED) in smartwatch

The growing usage of organic light emitting diodes (OLED) displays increases the demand for the smartwatch, which is expected to drive the market's growth rate. Organic light emitting diodes (OLED) displays provide an improved experience to the end user owing to their low power consumption and high image quality. This aids the manufacturers in producing shows in many sizes and shapes without compromising their quality and resolution.

• Increasing penetration rate of urbanization

Growing penetration rates of urbanization have increased the demand for the aesthetically appealing advanced products. These advanced products provide better experiences to consumers such as time schedules and several features in one device. This factor is anticipated to drive the need for smartwatches. Furthermore, the large millennial population has been adopting smartwatches owing to increased spending on luxury standards or tracking for their regular work hours.

Opportunities

• Increasing demand for health monitoring smartwatches

Wearable electronic product manufacturers such as Fitbit and Apple are presenting health-monitoring capabilities that appeal to older people and keep them up-to-date regarding their health status in real-time; smartwatches are witnessing a growth in new users, comprising the elderly. In contrast to Fitbit, which just encompassed a tool to diagnose sleep apnea in smartwatches, Apple Watch Series 4 comes with and a fall detection app and EKG monitor. People with diabetes use glucose monitoring which is anticipated to boost market growth. Furthermore, the business and L'Oreal worked together to make the first skin sensor that can detect UVB and UVA exposure with the help of smartwatch. These are some factors that will likely create ample and new opportunities for market growth in upcoming years.

Restraints/ Challenges

• High cost of the device

The high expense of smartwatches is estimated to hamper the market's expansion. It takes an extensive range of skills and costly initial investments to manufacture and design numerous devices including displays, sensors, small-sized semiconductor device with a core diameter of 10 micro metres.

 This smartwatch market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smartwatch market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Smartwatch Market

The outbreak of Covid-19 has affected several industries. Every single sector is being affected by a downfall in growth. Similarly, smartwatch market has also been affected during this pandemic. With the growing pandemic, the expected consumption and demand for smartwatches augmented. This was because the people started working out at their houses which compelled them to purchase smartwatches during the lockdown period. As the gyms shut down, smartwatches came in handy. Hence during this situation, more and more people traded smartwatches online. The epidemic is a new wave of cellular wearables. Many people became concerned about their health, resulting in the demand for smartwatches.

Recent Development

• June 2022 - Garmin revealed one of the world's first and new GPS running smartwatch 955, with a solar forerunner and charging 255 series. This latest addition to Garmin's Forerunner range has become the preferred choice of runners worldwide. These are triathlon-ready smartwatches with training features developed for mid-level and professional runners and athletes. 
• May 2022 - Huawei Consumer Business Group has announced several cutting-edge hardware products, including HUAWEI Mate Xs 2, HUAWEI WATCH GT 3 Pro, and HUAWEI WATCH FIT 2, HUAWEI WATCH D, HUAWEI Band 7 and HUAWEI S-TAG at the Huawei flagship product launch in 2022. This aims to streamline the daily lives of consumers.

Global Smartwatch Market Scope

The smartwatch market is segmented on the basis of product type, application, operating system, processor, ram, display type, price range, distribution channel and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Extension
• Standalone and Classic/ Hybrid

 Application

• Personal Assistance and Safety
• Health/ Wellness
• Media
• Entertainment

• Sports
• Communication
• Others

 Operating System

• Wear OS
• Watch OS
• Firefox OS
• Tizen
• Asteroid OS
• Sailfish OS
• Ubuntu Touch
• Others

Processor

• Single-Core
• Dual-Core
• Quad-Core
• Apple S1

RAM

• 512 MB
• 1 GB
• 2 GB
• 3 GB
• 4 GB

Display Type

• OLED
• LCD
• Interferometric Modulator Display

Price Range

• High-End Smartwatches
• Mid-End Smartwatches
• Low-End Smartwatches

Distribution Channel

• Direct Sales

• E-Commerce
• Retail Stores
• Others

 End User

• Male
• Female

Smartwatch Market Regional Analysis/Insights

The smartwatch market is analyzed and market size insights and trends are provided by country, product type, application, operating system, processor, ram, display type, price range, distribution channel and end user as referenced above.

The countries covered in the smartwatch market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the global smartwatch market due to the increasing focus on technological advancements in digital wearable devices. Moreover, growth in the number of sales of toothbrush sterilizers through e-commerce platforms is another major factor that is fostering the market growth rate in this region.

Asia-Pacific is anticipated to be the fastest developing region during the forecast period of 2023-2030 due to the growing personal disposable income, westernization, modernization, rapid globalization. Moreover, surge in awareness about the profits of smartwatches, especially in nations such as India and China will likely to boost the market growth in this region.  

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Smartwatch Market Share Analysis

The smartwatch market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smartwatch market.

Some of the major players operating in the smartwatch market are:

• Apple Inc. (U.S.)
• Huawei Technologies Co., Ltd. (China)
• Fitbit Inc. (U.K.)
• Nike, Inc. (U.S.)
• Virtual-Realties, LLC (U.K.)
• Xiaomi (China)
• Sony Corporation (Japan)
• Garmin Ltd. (U.S.)
• Honeywell International Inc. (U.S.)
• LG Electronics (South Korea)
• SAMSUNG (South Korea)
• Motorola Solutions, Inc. (U.S.)
• ASUSTeK Computer Inc. (Taiwan)
• Michael Kors (U.S.)
• Polar Electro (Finland)
• Fossil Group, Inc. (U.S.)
• Google LLC (U.S.)
• TomTom International BV (Netherlands)