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Smartwatch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A4286
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Market Overview:
The global smartwatch market size reached US$ 37.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 113.9 Billion by 2028, exhibiting a growth rate (CAGR) of 19.9% during 2023-2028.
A smartwatch is a digital device worn on the wrist to give atomic clock accuracy. It is connected to a smartphone to provide notifications of e-mails, messages, and incoming calls. It includes several apps that offer additional functionality, such as displaying weather information, and maps, and listing stock prices. It can also be used to make phone calls and send and receive text messages. As it has pedometers and heart rate monitors to help users track their health, its demand is escalating around the world.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Global Smartwatch Market Trends:
The rising adoption of smart and connected devices represents one of the key factors stimulating the market growth. In addition, the increasing penetration of the internet and boosting sales of smartphones are influencing the market positively. Moreover, the rising health consciousness among individuals due to the growing prevalence of chronic and lifestyle diseases is catalyzing the demand for wireless fitness devices like smartwatches across the globe. Smartwatches are connected to fitness apps to provide insightful information about the overall health of individuals and track their nutritional intake. Apart from this, the integration of artificial intelligence (AI) ensures smart diagnostics and monitoring of patient health. The increasing participation of individuals in sports and other physical activities, in confluence with the emerging trend of adventure recreation and wellness tourism, is also contributing to market growth. Furthermore, due to the mass outbreak of coronavirus disease (COVID-19), health institutes across the globe are studying the significance of smartwatches for monitoring patients. For instance, Karolinska Institutet (KI), a Sweden-based medical university, initiated research on the use of smartwatch electrocardiogram (ECG) tests to identify individuals with Long COVID.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smartwatch market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, operating system, application and distribution channel.
Breakup by Product:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Extension
- Standalone
- Hybrid
Breakup by Operating System:
- WatchOS
- Android
- Others
Breakup by Application:
- Personal Assistance
- Healthcare and Wellness
- Sports
- Others
Breakup by Distribution Channel:
- Online Stores
- Offline Stores
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Apple Inc., Fitbit Inc. (Alphabet Inc.), Fossil Group Inc., Garmin Ltd, Huawei Technologies Co. Ltd., LG Electronics Inc., Samsung Electronics Co. Ltd., Sony Corporation, Withings and Zepp Health Corporation.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Product, Operating System, Application, Distribution Channel, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Apple Inc., Fitbit Inc. (Alphabet Inc.), Fossil Group Inc., Garmin Ltd, Huawei Technologies Co. Ltd., LG Electronics Inc., Samsung Electronics Co. Ltd., Sony Corporation, Withings and Zepp Health Corporation |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global smartwatch market was valued at US$ 37.6 Billion in 2022.
We expect the global smartwatch market to exhibit a CAGR of 19.9% during 2023-2028.
The growing number of health-conscious consumers, coupled with the rising demand for aesthetically appealing, multifunctional smartwatches, is primarily driving the global smartwatch market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing utilization of smart watches, owing to the growing need for accurately and regularly monitoring various health parameters, such as oxygen saturation and blood pressure levels.
Based on the product, the global smartwatch market has been divided into extension, standalone, and hybrid. Currently, extension smartwatch exhibits a clear dominance in the market.
Based on the operating system, the global smartwatch market can be categorized into watchOS, Android, and others. Among these, watchOS accounts for the majority of the global market share.
Based on the application, the global smartwatch market has been segregated into personal assistance, healthcare and wellness, sports, and others. Currently, healthcare and wellness segment holds the largest market share.
Based on the distribution channel, the global smartwatch market can be bifurcated into online stores and offline stores. Currently, offline stores exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global smartwatch market include Apple Inc., Fitbit Inc. (Alphabet Inc.), Fossil Group Inc., Garmin Ltd, Huawei Technologies Co. Ltd., LG Electronics Inc., Samsung Electronics Co. Ltd., Sony Corporation, Withings, and Zepp Health Corporation.
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