Published: January 2023 | Report Code: 10511 | Available Format: PDF
The global smartwatch market size stood at USD 33,431.2 million in 2022, and it is expected to grow at a CAGR of 9.5% during 2022–2030, to reach USD 69,282.5 million by 2030.
The growth can be primarily ascribed to the rising urbanization rate and the increasing demand for advanced products with multiple features, including pulse rate tracking, sleep quality monitoring, and step counting. Furthermore, the growing millennial population is widely spending on wearables because of its improving lifestyle.
The hybrid smartwatch, which is a fusion of a traditional mechanical watch and smart features, but without a touch display and charging functionality, is creating a huge opportunity for players. It is smart because of its Bluetooth connectivity and added functionalities, such as a heart rate and a calorie (burned) tracker, but resembles a normal mechanical watch.
Consumers, particularly those belonging to the upper and business classes, have shown great interest in such electronic gadgets, as they find less interest in complex smartwatches requiring long charging hours and sound technical knowledge for their optimal usage.
Additionally, the demand for computerized wristwatches with functionalities that go beyond just timekeeping and basic smart features has been driving the growth of the market. While the early models were capable of performing tasks such as calculations and sending notifications, since 2015, these products have been enabled with media and digital features and a proper OS.
Thus, over the past two years, there has been an increase in the demand for high-end smartwatches that are equipped not only with smartphone capabilities but also water and shock resistance, high-definition cameras, GPS receivers, tiny yet powerful speakers, ample storage, and thermometers.
The demand for high-end variants has also been on the rise with the introduction of software that has integrated a seamless wireless and touchless feature, high-end communication, digital mapping, and personal organizer into next-generation models.
The extension category holds the largest share, around 60%, attributed to the introduction of next-generation variants that can be used as an extension to smartphones and other similar devices. Besides, additional innovative applications, such as health tracking, alerts, and connectivity, which are compatible with extension smartwatches, have garnered consumer interest in recent years. This factor is expected to further increase the sales of these gadgets, particularly among the middle- and upper-middle classes, during the forecast period.
Besides, players have been increasingly investing in the design and development of economical products equipped with all basic smart features, which would drive growth in the sale of the classic variants during the forecast period. For instance, in August 2021, Samsung Electronics Co. Ltd. launched the Samsung Galaxy Watch4 Classic, which combines health and fitness tracking with an improved gadget design.
The iOS operating system-based smartwatches hold around 50% revenue share. The growth is attributed to the brand popularity of Apple and the presence of other devices with incompetent features. Apple’s watch software, watchOS, has grown by leaps and bounds in popularity since its introduction and left many other OSs behind, with its competence and innovation. Due to this, the iOS category has been contributing the highest revenue since 2015 and is predicted to maintain its stronghold during the forecast period as well.
Report Attribute | Details |
Historical Years |
2017-2022 |
Forecast Years |
2023-2030 |
Market Size in 2022 |
USD 33,431.2 Million |
Revenue Forecast in 2030 |
USD 69,282.5 Million |
Growth Rate |
9.5% CAGR |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Segments Covered |
By Product; By OS; By Application; By Region |
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Personal assistance is a major application, holding a share of over 30%, owing to a rise in consumers’ usage of smartwatches to ease their day-to-day activities (such as schedule tracking and sleep monitoring), along with routine assistance (instant access to messages and their replies and the ability to receive and make calls through a portable wearable device). This has led the personal assistance category to contribute the highest revenue to the global smartwatch market. Additionally, developments to integrate more smart and assistive features in forthcoming launches are expected to continue as a trend.
The demand for such devices for health and medical purposes has been suggestive of a bright future for the industry. Young people and sports enthusiasts across the globe have shown huge interest in these gadgets as a medium to track and monitor their health, along with receiving timely medicine dosage and health checkup alerts. Moreover, offerings from companies such as Fitbit and Garmin have raised the consumer awareness beyond the adoption of smartwatches as a status symbol to a medium of personal assistance, to address medical and health needs. Further, the innovations in wearable medical devices powered by wireless access to hospitals and medical centers, for heartbeat tracking and blood flow analyses, are expected to increase their uptake during the forecast period.
North America, which makes the largest market revenue contribution, will witness a CAGR of around 7%, because a large number of people are spending on these gadgets. North America, being a key target region for prominent companies, such as Apple and Samsung, generates higher revenue than any other region. Brand loyalty and the high consumer status in North America have largely helped companies in cashing in on the consumer interest in such consumer electronics.
Moreover, the rising health awareness, increasing disposable income, affordability of such products, and technological advancements are driving the demand for these products in the region.
In North America, the U.S. holds the major share, around 90%, because of the rising interest of teenagers and young adults in smartwatches. Besides, the population of the country is larger than that of Canada, which contributes to the larger share of the U.S., in terms of both value and volume, in North America.
According to government data, around 3.6 million people suffering from cardiovascular disease and approximately 34.4 million who are at a risk of these conditions in the country used wearable medical devices in 2022. Moreover, around 29% of the total adult population in the U.S. uses wearable devices.
One of the major trends around the world is the integration and cross-compatibility of personal health and personal assistance features in a single smartwatch. With the rapid emergence of wearable technologies globally, along with the fast growth in the demand for wearable fitness trackers, wearable healthcare gadget and consumer product developers have been integrating each other’s expertise into a single, compact product. Such players are investing increasingly in the cross-compatibility of personal health and personal assistance features in their offerings to cater to the vast demand for next-generation consumer electronics.
Besides, cross-compatibility is being witnessed in terms of platforms. To meet the rising demand for variants that are multiplatform-friendly, companies are rolling out new products that offer this functionality.
New automotive control features embedded in or compatible with next-gen smartwatches are one of the prime factors driving the global market. Smartphones have already become popular with their automotive control features in the past decade, and smartwatches with such capabilities can be seen as the next big thing in the smart and autonomous vehicles industry.
Companies are rolling out app-based offerings that are compatible with new series of smartwatches and go beyond the smart locking and unlocking and remote starting of cars and driver assistance. For instance, Viper SmartStart 4.0 is tailored to work with Apple Watch and Android Wear devices. The technology puts the vehicle’s control on the user’s wrist through the preinstalled Smart Start module, enabling remote start/stop and CDMA/3G technology and connecting the vehicle to a wireless network. The ongoing developments in extended automotive functionalities compatible with the latest smartwatch products are also expected to drive the global adoption of these wearables at a high rate in the years to come.
This report offers deep insights into the smartwatch market, with size estimation for 2017 to 2030, the major drivers, restraints, trends and opportunities, and competitor analysis.
Based on Product
Based on OS
Based on Application
Geographical Analysis
The 2022 value of the market for smartwatches was $33,431.2 million.
The 2022–2030 CAGR of the smartwatch industry CAGR will be 9.5%.
The market for smartwatches is driven by the rising disposable income and increasing health awareness.
Smartwatches with automotive control features and those that offer multiplatform compatibility are trending in the smartwatch industry.
North America is the largest market for smartwatches, while APAC will grow the fastest.
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