The global smartwatch market size is expected to advance at a CAGR of 9.5% during 2022–2030, to reach USD 69,282.5 million by 2030. This is ascribed to the surging awareness of personal health and fitness and the increasing use of automotive control features in smartwatches.
The clear distinction between fitness trackers and smartwatches in terms of their functionalities and usage opens up doors for the growth of this market.
Moreover, the increasing demand for technologically advanced, feature-rich smartwatches is one of the major trends being observed in this market. However, unlike the other market trends, it is expected to mature after a while because of the vacuum currently seen in the industry in terms of next-generation smartwatch feature integration. Revenue from touch-based smartwatch technologies is already bolstering the global market growth. Besides, a stable average selling price (ASP) with new budget models is driving the market on the path of growth.
Furthermore, the major opportunities for the growth of this market lie in gender-specific models. Many women, particularly from the sports and corporate domains, have shown great interest in smartwatches as a replacement to their traditional watches in the recent past. However, unisex offerings by companies often feature male-oriented designs, making them less popular among women.
The rapid emergence of advanced healthcare technologies has made people more conscious of their health and fitness. With better access to technology, people are increasingly using advanced gadgets to maintain their fitness levels. In this context, fitness-and-health-centric smartwatches help them in tracking their daily activities and reducing bad practices that may affect their wellness in the long run.
The ability of smartwatches to seamlessly integrate day-to-day health-related activities into an application-based module accessible from a smart device, such as smartphone or tablet, is adding to their popularity. These gadgets are increasingly becoming popular among consumers (especially the age group of 15‒35) who like to track and maintain their health and fitness schedules. According to a recent study, smartwatches and other wearable medical devices have raised the awareness on tracking personal health among people and pushed their outlook toward a healthy future. Thus, the growing awareness on personal health is a growth driver for this market.
APAC is expected to be the fastest-growing smartwatch market, at a CAGR of around 10%, owing to the rising chronic disease incidence, growing electronics industry, and increasing awareness of health. Moreover, because of the availability of pocket-friendly smartwatches in China, advanced HIT infrastructure in South Korea, and rising consumer interest in these devices in India, product sales will burgeon in APAC.
Besides, the technological advancements by regional players, such as Titan, entry of large global players, growth in the use of utility watches, and increase in the demand for high-end wearable devices are expected to drive the APAC smartwatch market in the near future.
Further, Europe is expected to show significant growth because of a high employment rate, which increases the spending ability of end users. Moreover, the integration of unique features, such as biometric functionality, mapping, and GPS capability, in these gadgets and the increasing count of smartphone users are expected to drive the product demand in European countries.
The most-significant smartwatch market players are Apple Inc., Samsung Electronics Co. Ltd., Garmin Ltd., Fitbit International Limited, Fossil Group Inc., Huawei Technologies Co. Ltd., Xiaomi Corporation, LG Electronics, and Sony Corporation.