Smartwatch Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Smartwatch Market Overview

Global Smartwatch market to grow at a CAGR of 18.86% during the forecast period 2024- 2031. The competitive rivalry intensifies with Xiaomi Corporation, Nokia Corporation., Sonostar Inc., and others operating in the market.

A smartwatch is a portable, wearable device in the form of a wristwatch that is used to track various activities such as calories burnt, heart rate, steps covered in a day, and others.It is a portable intelligent watch that can be connected to various mobile phone devices. Smartwatches provide a local touchscreen interface for daily use, while an associated smartphone app provides for the management, telemetry, and biomonitoring. Some models, called watch phones have mobile cellular functionality like making calls.

Market Summary

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Market Dynamics

• The advantageous features of smartwatches such as their convenience, affordability, functionality, custom firmware, and many more are driving the demand for this product.
• The prompt occurrence of technology has made people more aware of their health and fitness. With better access to technology and a rise in demand for wireless fitness & sports devices in this context of fitness and health, smartwatches help them in tracking their daily activities that may affect their wellness due to an increase in health awareness among the consumer. With the rapid rise in internet connectivity and digitalization, the demand for wireless electronics is also increasing.
• In today’s digital era, mobile apps are used for various purposes such as listening to music, playing games, and others. The smartwatch offers lots of apps, which can be customized as per our requirements increase in the adoption of the smartphone along with fast internet connectivity is the key driver for the growth of the global smartwatch market.
• The statistic shows sales of smartwatches worldwide from 2014 to 2018. In 2018, sales of smartwatches were 141 million units.

Market Segmentation

• The global smartwatch market is segmented by product type into three main segments: companion, standalone and classic smartwatch.
• Among all these standalone smartwatch segments accounts for the highest market share in the global smartwatch market owing to features such as wireless operations, connectivity to 3G or 4G mobile networks, and capable of SIM card which can also be used as a mobile phone, and to access the internet.
• Based on the application of smartwatches market is segmented into different streams like personal assistance, healthcare, sports, and others.
• Of all these, personal assistance occupies the dominant share, and the healthcare segment is projected to rise at an impressive rate in the forecast period. In the recent studies by the Nation Institutes of Health smartwatches and healthcare, fitness wearables have backed the widespread awareness on tracking personal health among people for a healthy future.
• Thus, the growing awareness of personal health in people is a significant driver of this segment in the smartwatch market. This has led to a surge in research focused on the health applications of smartwatches.
• Healthcare apps currently account for 4% of all apps on the market. In recent times, Ochsner Health System is the first hospital to use the Apple Watch for managing patients suffering from chronic diseases
• As part of the Ochsner Digital Medicine Program, Apple Watches are used to track the blood pressure of several hundred patients. This program proves that smartwatches could be a valuable instrument to improve healthcare.
• Smartwatch is available in various operating systems that include watchOS, Android Wear, Fitbit OS, Linux, Tizen, and others. Watches by Apple are the highest contributor, owing to the massive penetration of the Apple iPhone in the market due to its powerful processor, built-in GPS, and waterproof housings. According to Consumer Technology Association Apple’s Smartwatch platform, watchOS made up 41% of all smartwatch shipments worldwide as of the second quarter of 2018.

Market Geographical Share

• The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and RoW.
• North America is one of the major regions for the smartwatch market. The Smartwatch market in North America is expected to grow at a CAGR of %. Various critical infrastructure components in North America entirely depend on digital systems to perform their operations.
• The digital technology industry provides the foundation for information exchange in all sectors, including healthcare, and retail. Additionally, IoT is expected to experience substantial growth in the coming years, and mobile technologies play a vital role in assisting industrial growth.
• The following statistic gives information about smartwatch sales in the United States between 2013 and 2017. Smartwatch sales in the US reached 12.8 million units in 2017.

Smartwatch Manufacturers

• Prominent players in the global Smartwatch market are Fitbit Inc., Sony Corporation, Garmin Ltd., Fossil Group, Inc., Nokia Corporation, Huawei Technologies Co. Ltd., Xiaomi Corporation, LG Electronics Inc, Samsung Electronics Co Ltd and others.
• Product launches, partnerships, and expansions are some of the strategies adopted by players to increase their market share. For instance, in December 2018, Huawei Watch 2 4G was launched with the latest connectivity options, such as NFC, Wi-Fi, Bluetooth, and GPS.
• In September 2018 Apple Inc. launched the Apple watch series 4, and in September 2017 Apple watch series three was launched.
• In February 2018, Apple launched its first store in Austria; this is a part of the company’s expansion.
• In October 2015, Samsung Electronics Co.Ltd. Launched the Samsung Gear s2 runs on Tizen OS with a 1GHz dual-core Qualcomm MSM8x26 processor, NFC, a heart-rate monitor, an accelerometer, a barometer, and a 250mAh battery.