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The global smartwatch market size reached approximately USD 43.58 billion in 2023. The market is projected to grow at a CAGR of 15.6% between 2024 and 2032, reaching a value of around USD 160.67 billion by 2032.
A smartwatch is a wearable computing device that is worn on the wrist. It can be connected to smartphones that can notify users about e-mails, incoming calls, and app notifications. Smartwatches empower users to track their fitness goals, enhance their digital experiences, and offer efficient and convenient ways to stay connected.
Smartwatches are widely used to track steps, pulse rate, heart rate, calories, sleep, and other health metrics with improved accuracy. One of the trends fuelling the smartwatch market growth is the rising health awareness. Moreover, there is an increasing development of smartwatches that can not only detect physical changes but also identify stress and anxiety levels to assess the mental, emotional, and physical states of users and provide personalised suggestions accordingly.
The rising trend of personalisation and customisation is also boosting the smartwatch market development. Smartwatches that enable users to personalise their watch face, offer customisable widgets to provide quick access and at-glance updates, and feature innovative applications to expand their functionality are gaining popularity. Key players are also launching innovative smartwatches with interchangeable accessories, customisable watch faces, and personalisation features to capitalise on this trend.
Integration with healthcare systems; wearable payment solutions; enhanced connectivity; and technological advancements in the market are the major trends impacting the smartwatch market expansion
March, 2024
Airtel Payments Bank partnered with Mastercard and the Indian device brand Noise to introduce a smartwatch aimed at enhancing contactless transactions.
March, 2024
Itel announced the launch of the Icon 2, a Bluetooth-calling smartwatch equipped with a single-chip Bluetooth feature for fast and smooth connectivity.
March, 2024
Noise, India's top brand for smartwatches and connected lifestyle products, launched its newest smartwatch, the Noise ColorFit Icon 3 Plus, which features a 2-inch HD display.
March, 2024
Polar announced the launch of the Grit X2 Pro, a rugged smartwatch designed for comprehensive activity tracking and navigation, built to meet military 810H standards.
Integration with healthcare systems
This integration allows for remote patient monitoring and can provide valuable insights for personalised healthcare.
Wearable payment solutions
Smartwatches are increasingly being used for contactless payments by integration with payment systems like Apple Pay, Google Pay, and Samsung Pay.
Enhanced connectivity
The latest smartwatches offer improved connectivity options, including LTE/4G support, which allows them to function independently of a smartphone.
Technological advancements in the market
Advancements in semiconductor, artificial intelligence (AI), and sensor technologies are expected to aid the market growth in the coming years.
Advancements in semiconductor, artificial intelligence (AI), and sensor technologies are poised to significantly impact the smartwatch market development. For instance, advances in semiconductor technology have enabled the miniaturisation of electronic components. This allows for more features to be packed into the compact form factor of a smartwatch, without compromising on performance or battery life. These are anticipated to drive the development of affordable smartwatches that can track blood composition changes, detect atrial fibrillation and stroke, track ECG, and alert emergency services in case of severe health complications.
Market players in smartwatches market are readily incorporating smart features into their range of smartwatches. For instance, Noise, a leading Indian brand in the smartwatch launched its latest smartwatch, the Noise ColorFit Icon 3 Plus, in March 2024. The highlight of the watch is its 2-inch HD display. This feature is significant as it enhances the user experience by providing a larger and clearer screen, which is desirable for better visibility of notifications, fitness data, and other smartwatch functions.
“Smartwatch Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Display Type
Market Breakup by Operating System
Market Breakup by Application
Market Breakup by Distribution Channel
Market Breakup by Region
AMOLED segment accounts for a major smartwatch market share as it offers high-quality resolution and brightness
The demand for AMOLED smartwatches is considerably increasing. AMOLED, also known as Active Matrix Organic Light Emitting Diode, boasts excellent brightness levels, superior contrasts, richer colours, and superior resolution, hence it offers better viewing angles than its LCD counterparts. Moreover, fast refresh rates, excellent visibility in sunlight, compatibility with different screen sizes, and flexibility enhance the appeal of AMOLED for use in smartwatches. AMOLED screens are also more energy-efficient when displaying dark colors because they can turn off individual pixels, reducing power consumption which is particularly advantageous for smartwatches, as it can lead to longer battery life, a critical factor for wearable devices.
TFT LCD are anticipated to grow significantly in the forecast period. TFT LCD displays are commonly used in budget and entry-level smartwatches. While they are less expensive than AMOLED displays, they offer lower contrast ratios and consume more power, leading to shorter battery life. However, their lower cost makes them a popular choice for manufacturers aiming to offer affordable smartwatches.
Personal assistance segment maintains its dominance in the market as these smartwatches offers standard smart features that can be of great assistance to the users
Personal assistance smartwatches hold the majority share of the smartwatch market. This segment includes smartwatches that offer features like notifications, calendar reminders, messaging, voice assistants, and other productivity tools. Personal assistance is a core function of most smartwatches, as they are designed to be an extension of the user's smartphone, providing convenience and quick access to information. This segment holds the highest share in the market because these features are standard in almost all smartwatches, regardless of their primary focus or target audience.
Sports smartwatches are anticipated to gain sizeable growth in the smartwatch market in the coming years. This segment includes smartwatches that are specifically designed for fitness and sports enthusiasts. These watches typically come with features like GPS tracking, heart rate monitoring, workout tracking, and other fitness-related functions. As health and fitness have become major trends, the demand for sports-oriented smartwatches has grown significantly. These watches appeal to a wide range of users who are looking for devices that can help them monitor and improve their physical activity and performance.
Many smartwatch market players are forming partnerships with health and fitness companies, fashion brands, and tech firms to expand their product offerings, enhance functionality, and reach new customer segments
Nexxbase Marketing Pvt. Ltd. (Noise), founded in 2014, is a leading wireless headphones and smart wearable company and is one of the first Indian brands to sell wireless earbuds.
Garmin Ltd., headquartered in Kansas City, the United States, is a leading consumer electronics company which has expanded the reach of its wearable and GPS navigation technology to different sectors.
Zepp Health Corporation, Ltd. (Amazfit) is a leading health technology and smart wearable company that was established in 2013. The company develops accessible solutions and aims to create a healthy ecosystem.
Apple Inc. was founded in 1976, and is best known for its range of consumer electronics including iPhone, iPad, Mac, and Apple Watch, among others.
Other smartwatch market players include Fitbit Inc., Samsung Electronics Co. Ltd., Huawei Device Co., Ltd., Fossil Group, Inc., Xiaomi Corporation, LG Electronics Inc., and Polar Electro Oy, among others.
The Asia Pacific represents a significant market share, driven by the increasing awareness regarding health and fitness. India, particularly, is emerging as a major market for smartwatches due to increasing interest in tracking health metrics and the rising demand for wearable technology. The growing affordability of the devices, coupled with the increasing proliferation of indigenous brands like Noise and BoAT, make India a lucrative market for smartwatches. Economic growth in many Asia Pacific countries has led to increased disposable income, allowing more consumers to invest in premium wearable devices like smartwatches.
The smartwatch market in North America is anticipated to witness sizeable growth in the forecast period. North American consumers are quick to adopt new technologies, and smartwatches have become increasingly popular as they offer seamless integration with smartphones and other smart devices. Features like notifications, voice commands, and mobile payments have made smartwatches a convenient accessory for many. Smartwatches are seen as both a technology gadget and a fashion accessory as brands offer a variety of styles, materials, and watch faces, allowing users to personalise their devices to match their style.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Display Type |
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Breakup by Operating System |
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Breakup by Application |
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Breakup by Distribution Channel |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Smartwatch Market Analysis
8.1 Key Industry Highlights
8.2 Global Smartwatch Historical Market (2018-2023)
8.3 Global Smartwatch Market Forecast (2024-2032)
8.4 Global Smartwatch Market by Display Type
8.4.1 AMOLED
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 PMOLED
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 TFT LCD
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Smartwatch Market by Operating System
8.5.1 Watch OS
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Wear OS
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Others
8.6 Global Smartwatch Market by Application
8.6.1 Personal Assistance
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Medical
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Sports
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Others
8.7 Global Smartwatch Market by Distribution Channel
8.7.1 Online
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Offline
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Smartwatch Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Smartwatch Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Smartwatch Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Smartwatch Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Smartwatch Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Smartwatch Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Apple Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Garmin Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Fitbit Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Samsung Electronics Co. Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Huawei Device Co., Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Zepp Health Corporation, Ltd. (Amazfit)
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Fossil Group, Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Xiaomi Corporation
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 LG Electronics Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Nexxbase Marketing Pvt. Ltd. (Noise)
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Polar Electro Oy
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Smartwatch Market: Key Industry Highlights, 2018 and 2032
2. Global Smartwatch Historical Market: Breakup by Display Type (USD Billion), 2018-2023
3. Global Smartwatch Market Forecast: Breakup by Display Type (USD Billion), 2024-2032
4. Global Smartwatch Historical Market: Breakup by Operating System (USD Billion), 2018-2023
5. Global Smartwatch Market Forecast: Breakup by Operating System (USD Billion), 2024-2032
6. Global Smartwatch Historical Market: Breakup by Application (USD Billion), 2018-2023
7. Global Smartwatch Market Forecast: Breakup by Application (USD Billion), 2024-2032
8. Global Smartwatch Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
9. Global Smartwatch Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
10. Global Smartwatch Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Smartwatch Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Smartwatch Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Smartwatch Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Smartwatch Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Smartwatch Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Smartwatch Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Smartwatch Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Smartwatch Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Smartwatch Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Smartwatch Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Smartwatch Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Smartwatch Market Structure
In 2023, the market attained a value of nearly USD 43.58 billion.
The market is assessed to grow at a CAGR of 15.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 160.67 billion by 2032.
The major market drivers are the increasing health awareness and the growing launches of smartwatches with AMOLED displays.
The key trends supporting the market growth are rising trend of personalisation, the growing affordability of smartwatches, and advancements in sensor and semiconductor technologies.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant applications of smartwatch are personal assistance, medical, and sports, among others.
The major players in the market are Apple Inc., Garmin Ltd., Fitbit Inc., Samsung Electronics Co. Ltd., Huawei Device Co., Ltd., Zepp Health Corporation, Ltd. (Amazfit), Fossil Group, Inc., Xiaomi Corporation, LG Electronics Inc., Nexxbase Marketing Pvt. Ltd. (Noise), and Polar Electro Oy, among others.
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