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 18.60%.
The recent COVID-19 breakout resulted in a significant drop in global demand for electronics in the first quarter of 2020. However, online sales of wearable devices such as Smartwatch es increased significantly, removing many other costs associated with sales and allowing users to purchase products at lower prices on online platforms while comparing features and prices. The demand for aesthetically appealing technological products to better satisfy consumers' expectations, such as time schedules and numerous capabilities in one device, has been boosting the market for Smartwatch es globally as urbanization rates rise. Furthermore, due to increased spending on regular work hours tracking and luxury, the large millennial generation has been adopting Smartwatches. Since wearable makers are adding health-monitoring features that appeal to older people and keep them updated on their health status in real-time, Smartwatches are seeing an increase in new users, including the elderly population. Patients frequently forget to take their medications for a variety of reasons. The wearable can be useful in reminding people to take their medications and tracking when they do. During the forecast period, such trends are expected to drive Smartwatch adoption in medical applications among individual users.
Key Highlights from the Report
- Personal Assistance, Wellness, Healthcare, Sports, and Others are the application segments of the market. The healthcare application is expected to grow at the fastest rate in the Global Smartwatch Market during the forecast period. Health monitoring is one of the most important applications of wearable devices. Fitness enthusiasts are tested for necessary parameters, whereas patients benefit from these devices by regularly monitoring their health conditions.
- The market is divided into three categories: Extension, Standalone, and Classical. Because of increased awareness of advanced versions of products at reasonable prices, the standalone market segment is expected to dominate the Global Smartwatch Market during the forecast period. Furthermore, rising smartphone and laptop sales are fueling the Global Smartwatch Market's expansion.
- Asia Pacific is the fastest regional segment in terms of growth. The Indian Smartwatch Market, in particular, is expected to grow at a healthy rate during the forecast period. 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 the market growth. Some of the ongoing partnerships and collaborations among the region's key players are expected to broaden the scope of the market studied during the forecast period. 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.
Some of the key players in the 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.
Demand for Wireless Fitness and Sports Devices is Growing
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. AI-enabled Smartwatch es allow smart diagnostics and clinicians to keep track of their patients' health. Furthermore, the market is expanding as a result of increased investment in techniques for developing smart technologies for improved support in healthcare and fitness. Steps done, calories burned, distance traveled, and other fitness activities can be conveniently watched and tracked using a Smartwatch. The wristwatch may be simply connected to a smartphone via Bluetooth or wireless networking. This also helps the athlete or client plan their daily activities. As a result, the growing demand for wireless fitness and sports gadgets is aiding the worldwide Smartwatch Market's growth.
Increased Spending on Creating a Connected Ecosystem
The rise in data dependency among users, 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 may be used to make phone calls, receive text messages, listen to music, play games, and more. The smartphone allows easy access to the mobile phone. Its future connectivity through numerous other gadgets will lead to ecosystem development. This is likely to create a profitable Smartwatch Market opportunity around the world.
Due to increased technological applications, the North American Smartwatch Market held a commanding share of the Global Smartwatch Market in 2021. As the first country to implement and integrate virtual SIM cards in Smartwatch technology, the United States has become a hub for manufacturers to use standalone Smartwatch technology, which is a boon for market developers. Furthermore, the high obesity and overweight population in North America leads to an increase in the use of Smartwatch es to track parameters such as the number of steps taken, calories burned, pulse rate, and so on. This has a significant impact on the demand for Smartwatch es. Furthermore, increased integration of loT in Smartwatch es is a driving factor in this region's market growth.