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Smartwatch Market

Smartwatch Market

Smartwatch Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

141

Base Year:

2021

Date

Apr - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1507

Segments Covered
  • By Application Personal Assistance, Wellness, Healthcare, Sports, Others
  • By Operating System Watch OS, Android, Real-Time Operating System, Tizen, Others
  • By Products Extension, Standalone, Classical
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 28.5 Billion
Revenue 2028Revenue 2028: USD 80.1 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 18.8%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Smartwatch Market Share

Market Synopsis:

The Global Smartwatch Market valued at USD 28.5 Billion in the year 2021 and is projected to reach a value of USD 80.1 Billion by the year 2028. The Global Market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 18.8% over the forecast period.

Smartwatch Market Size, 2021 To 2028 (USD Billion)

Smartwatches are designed to provide features such as connecting to the internet, running mobile apps, making calls, messaging via text or video, checking caller ID, accessing stock and weather updates, providing fitness monitoring capabilities, providing GPS coordinates & location directions, and more, either on their own or when paired with a smart phone. Smartwatch firms are investing extensively in R&D, driven by advancements. A strong distribution network is also an important aspect of this business. Leading companies collaborate with their suppliers and distributors to break into the market by selecting the appropriate channel, area, and target audience. Increased demand for wireless fitness and sports gadgets, increased health awareness among users, and market players' technological developments in Smartwatches are likely to drive the smart watch market size to some extent. However, the market's growth is constrained by the technology's high initial cost, as well as issues with power consumption and battery life. Furthermore, increased investment in the development of a connected ecosystem is likely to provide profitable opportunities for global market growth.

Significant drivers driving the worldwide Smartwatch Market include increased demand for wireless fitness and sports devices, increased consumer health awareness, and the development of a large number of wristwatch players, all of which are projected to drive the market globally. The high cost of Smartwatches, on the other hand, is a major limitation that is projected to stifle market growth to some extent. Furthermore, increased investment in the development of a connected ecosystem is likely to provide profitable opportunities for global market growth. With the rapid rise in internet connectivity and digitalization, there is a surge in demand for wireless devices. Some of the primary applications that are expected to meet the major needs of customers in smart wireless fitness devices include monitoring and measuring physical activities, sensing the environment, real-time data collection, and communication. The incorporation of artificial intelligence has aided the advancement and rapid development of healthcare. The rise in user data dependency, the surge in demand for linked and smart systems, and the government's massive investment in smart city development are the major factors driving demand for smart wearables. These smart wearables can be used to make phone calls, send text messages, listen to music, play games, and do other things.

Market Segmentation:

The Smartwatch Market is segmented on the basis of Application, Operating System and Products. On the basis of Application, the market is segmented into Personal Assistance, Wellness, Healthcare, Sports and Others. On the basis of Operating System, the market is segmented into WatchOS, Android, real-time operating system, Tizen and Others. On the basis of Products, the market is segmented into Extension, Standalone and Classical.

Below tree is interactive. You can click the nodes to get more information.

Based on Application

Based on application, the healthcare segment is expected to grow at the fastest rate in the Global Smartwatch Market during the forecast period. One of the most important applications of wearable devices is health monitoring. Fitness enthusiasts are tested for necessary parameters, whereas patients benefit from these devices by keeping track of their health conditions on a regular basis. Another factor contributing to the growth of this segment is the increasing incorporation of technologies to measure various physiological parameters such as ECG, Heart Rate, Blood Pressure, Blood Glucose, and so on.

Based on Operating System

Based on product type, the standalone market segment is expected to dominate the Global Smartwatch Market during the forecast period due to increased awareness of advanced versions of products at reasonable prices. Furthermore, the increasing consumption of smartphones and laptops is fueling the growth rate of the Global Smartwatch Market.

Asia Pacific Smartwatch Market to Grow at Fastest CAGR during Forecast Period

Asia Pacific acquired the largest market share during the year 2021 with a share of 35.10%. The Asia-Pacific Smartwatch Market is expected to grow the fastest, owing to the region's expanding consumer electronics industry and the rapid rise of Smartwatch Market vendors across the region's emerging economies. The growing popularity of health and fitness to maintain a healthy lifestyle, as well as a growing pool of chronic diseases such as obesity and diabetes, are driving market growth. The Chinese watch market is becoming more casual, and Smartwatch brands are being rewarded. Leading technology companies and tech-obsessed consumers are fueling a surge in Smartwatch sales. Smartwatches and smart wristbands are becoming increasingly popular in China, with nearly 70% of Smartwatch owners also owning a wristband. Local Smartwatch brands were quick to capitalize on this trend, capturing the lion's share of the market share. Western brands have an opportunity to imitate Chinese brands and establish dominant positions in their home markets.

Competitive Landscape:

Key players operating in the Global Smartwatch Market include- Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, Tom Tom International, Amazon. and others.

Segmentation of the Global Smartwatch Market:

Parameter Details
Segments Covered
  • Application (Personal Assistance, Wellness, Healthcare, Sports, Others)
  • Operating System (Watch OS, Android, Real-Time Operating System, Tizen, Others)
  • Products (Extension, Standalone, Classical)
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Apple Inc.
  • Fitbit Inc.
  • Garmin
  • Huawei Technologies
  • Fossil Group
  • Motorola
  • Sony Corporation
  • Samsung Electronics
  • LG Electronics
  • Tom Tom International
  • Amazon.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Smartwatch Market to Reach Valuation of USD 80.1 Billion by 2028 - Increased demand for wireless fitness and sports devices will drive growth in the Global Smartwatch Market
From the period 2022 to 2028, the Global Smartwatch Market is expected to reach USD 80.1 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 18.8%. The recent COVID-19 breakout resulted in a significant drop in global demand for electronics in the first quarter of 2020. ...
FAQ
Frequently Asked Question
  • The global Smartwatch valued at USD 28.5 Billion in 2020 and is expected to reach USD 80.1 Billion in 2028 growing at a CAGR of 18.8%.

  • The prominent players in the market are Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, Tom Tom International, Amazon..

  • The market is project to grow at a CAGR of 18.8% between 2021 and 2028.

  • The driving factors of the Smartwatch include

    • Growth in demand for wireless fitness & sports devices

  • Asia Pacific was the leading regional segment of the Smartwatch in 2020.