Smartwatch Market

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.

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.

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.