The global smart watch was market valued at $30.4 billion in 2021 and it is expected to reach $180.3 billion at a CAGR of 17.5% between 2022 and 2032. A rise in market adoption is projected due to consumers' increasing preference for fitness tracking and health monitoring capabilities. Smartwatches with sophisticated health monitoring capabilities have been made available by manufacturers. These features include blood oxygen and SpO2 sensors, a stress monitor, electrocardiograms, calorie counters, and more. Several businesses are releasing smartwatches with health monitoring devices, including SAMSUNG, Noise, Fitbit, Fossil Group, Inc., and others.
A smartwatch is a digital gadget with atomic clock accuracy that is worn on the wrist. To receive notifications of emails, messages, and incoming calls, it is connected to a smartphone. It has several programs that provide further functionality like showing maps and weather data as well as stock prices. Additionally, it can send and receive text messages as well as phone calls. Its demand is rising globally as pedometers and heart rate monitors enable users to track their health. Digital timepieces with easy connectivity to smartphones and tablets are known as smartwatches. Wearers of smartwatches can access a variety of data, including heart rate, daily steps, breathing rate, sleep analysis, and more.
Source: SAI Research
The Internet of Things wearable enables users to connect with coworkers remotely for video conferencing and aids in making data-driven decisions. Smartwatches come with IoT-related technologies that enable the transmission of the gathered data to a distant server, enabling real-time behavioral tracking. Smartwatches with IoT capabilities are employed in a wide range of industries, including sports, edge analytics, computational offloading, biometric readings, automatic device connection, and more. The market is anticipated to be driven by the expanding uses of smartwatches, which have finally enabled IoT applications with human components.
R&D spending is high at smartwatch companies as a result of developments. Leading companies like Samsung, Pebble, Maritime, and Sony place a high premium on their R&D expenditures to increase their market shares. A strong distribution network is another key aspect of this company. Leading companies choose the appropriate channel, region, and target market in collaboration with their suppliers and distributors to enter the market. However, shifts in raw material pricing would further slow the market's expansion. The market growth rate would also be hampered by the delay in spectrum standardization.
A smartwatch with a good design can be used to extend the functionality of a smartphone or other connected device. The most common class of wearable technology is represented by smartwatches. The advantages of smartwatches are greatest when they are Bluetooth and Internet-connected. A smartwatch is, thus, a wrist-worn wearable electronic device that delivers functionalities well beyond those of a traditional watch. Hence, these rising factors are expected to drive market growth during the forecast period from 2022 to 2032.
Based on display type, the LED segment accounted for the largest share of this market and is also anticipated to propel the market growth during the forecast period due to rising demand among a large number of users across several regions. OLED and LCD screens and their variations are currently found in almost all smartwatches. Despite having a high manufacturing cost, OLED technology has been adopted by manufacturers because of its benefits over LCDs in the desire for crisp and dynamic displays. Additionally, cell phones come with a variety of tracking functions, such as pedometers that track how many steps a person takes each day. To track the user's heart rate while exercising, they also have a heart rate monitoring device.
In terms of application type, the sports category holds most of the market share due to the growing demand for smartwatches among numerous athletes and other sports persons who are related to sports activities such as cricket, football, and tennis, among others. In several developed countries, users have become more interested in buying smartwatches due to their health benefits. Running is another segment that is projected to propel the market growth as people are using smartwatches during their cardio exercises or jogging time. Since more and more working professionals are using the device for alert notifications, other segments like checking notifications, swimming, cycling, and others have also seen significant growth. Therefore, several key players are focusing on producing innovative smartwatch products according to customers’ preferences.
Geographically, the North American region has been dominating the market and is also expected to hold its dominant position during the forecast period. Most of the major companies are established in several emerging countries across North America, which is an advantage for the regional market. The demand for smartwatches in North America has been significantly influenced by the success of Apple, Inc.'s smartwatch line. Early product availability and high levels of technology adoption have been important industry growth drivers. Over the forecast period, fitness and health are anticipated to continue to be the top applications for smartwatches. This is primarily related to the extensive use of smartphones in North America. On the other side, the Asia-Pacific region is also expected to have similar growth opportunities due to rising demand for several types of smartwatches among youngsters and the geriatric population.
According to the study, key players such as Apple Inc (U.S), Amazfit (China), Alphabet Inc (U.S), Asus (Taiwan), Fossil Group (U.S), Garmin Ltd (U.S), Huawei (China), Lenovo (Hong Kong), LG Corp (South Korea), Noise (India), Polar Electro (Finland), Samsung Group (South Korea), Sony (Japan), Tom Tom (Netherlands), Withings (France), Xiaomi (China), Zepp Health (China), among others are leading the global smart watch market.
|Market Size in 2021||US$ 30.4 Billion|
|Market Volume Projection by 2032||US$ 180.3 Billion|
|Forecast Period 2022 to 2032 CAGR||17.5%|
|Historical Data||2019, 2020 and 2021|
|Forecast Period||2022 to 2032|
By Display Type: LCD, LED & Others
By Application Type: Personal Assistance, Medical, Sports & Other
North America, Europe, Asia-Pacific, LAMEA
|Companies covered||Apple Inc (U.S), Amazfit (China), Alphabet Inc (U.S), Asus (Taiwan), Fossil Group (U.S), Garmin Ltd (U.S), Huawei (China), Lenovo (Hong Kong), LG Corp (South Korea), Noise (India), Polar Electro (Finland), Samsung Group (South Korea), Sony (Japan), Tom Tom (Netherlands), Withings (France), Xiaomi (China), Zepp Health (China), among others.|
The Global Smart Watch Market – by Display Type:
The Global Smart Watch Market – by Application Type:
The Global Smart Watch Market – by Regions:
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