Smartwatch Market - By Product Type, By Operating System, By Display Type, By Price Range, By Application, By End Use, By Distribution Channel & Forecast, 2024 - 2032

Smartwatch Market Size

The global smartwatch market was valued at USD 36.1 billion in 2023 and is estimated to grow at a CAGR of 9.8% during the forecast period. Smartwatches have gained popularity due to their ability to provide real-time notifications and connectivity to smartphones. In today's fast-paced environment, consumers value the convenience of checking their wrists for messages, calls, and important updates without accessing their smartphones. This feature enhances productivity and addresses safety concerns by allowing users to stay connected while keeping their phones secure during meetings, workouts, or other activities.
 

Health and fitness tracking has significantly contributed to the growth of the smartwatch market. As consumers increasingly focus on their well-being, smartwatches offer a comprehensive approach to health management with features such as heart rate monitoring, sleep tracking, and workout guidance. These devices allow users to monitor their physical activity, sleep patterns, and health metrics in real time, encouraging a proactive approach to wellness. Smartwatches are also increasingly used as sleep monitoring devices. The growing emphasis on health-conscious lifestyles has made this aspect a crucial factor in the rising adoption of smartwatches.
 

The high cost of advanced smartwatches poses a potential barrier to market expansion. While these devices offer numerous features, premium smartwatches with sophisticated capabilities often come with a significant price tag. This pricing structure may discourage price-sensitive consumers from purchasing smartwatches, especially when compared to traditional timepieces or more affordable fitness trackers. Consequently, manufacturers face the challenge of balancing competitive pricing with feature-rich products to attract a wider consumer base and drive growth in the market.
 

Smartwatch Market Trends

Smartwatches with heart rate monitoring capabilities demonstrate significant market growth potential due to increasing interest in health and fitness. In January 2023, Maxima launched its Max Pro Shogun smartwatch in India, featuring a 1.85-inch HD display with a 91% screen-to-body ratio and 550 nits peak brightness. The device includes an enhanced UI design and camera control functionality. The heart health monitoring capabilities of smartwatches, combined with other fitness features, are driving higher demand and attracting a wider consumer base, thus fueling market expansion.
 

Smartwatch Market Analysis

Based on display type, the market is divided into LCD and OLED. In 2023, OLED held the dominant market of USD 33.3 billion and is expected to reach USD 84.2 billion by 2032. OLED smartwatches are driving growth in the smartwatch industry through their distinct advantages. These displays offer vivid colors, enhanced contrast, and improved energy efficiency. The slim profile of OLED screens enables manufacturers to create more compact and visually appealing designs, attracting consumers who prioritize aesthetics. In January 2023, Garmin introduced the Approach S70 smartwatch, targeting golf enthusiasts. This golf-focused device features an OLED display and comes in 42mm and 47mm sizes, positioning itself as the premium successor to the Approach S62. The flexibility of OLED technology allows for curved and edge-to-edge displays, enhancing the overall user experience. As consumers increasingly seek devices that combine visual appeal with functionality, the integration of OLED screens in smartwatches is boosting their popularity and contributing to market growth.

Based on application, the smartwatch market is categorized into running, checking notifications, swimming, cycling, and others. The running segment accounted for a market share of around 36% in 2023 and is projected to grow till 2032. The ongoing focus on product development and customization for runners is driving the adoption of smartwatches in running applications. Continuous innovation leads to more accurate tracking, improved user interfaces, and enhanced features tailored for runners. In September 2023, Samsung Electronics and the University of Michigan Exercise & Sport Science Initiative (ESSI) launched a collaborative research project to explore how smartwatch technology can help runners better manage their health and physical activity. This partnership aims to improve the reliability and accuracy of data provided, supporting runners in their pursuit of enhanced well-being and fitness.
 

North America held a market of around USD 14.6 billion in 2023 and is expected to reach USD 31.6 billion by 2032. Consumers are becoming more proactive about their health. Smartwatches that offer features like ECG monitoring and blood oxygen level tracking support this trend and appeal to health-conscious individuals.
 

The market in U.S. is set to grow through a CAGR of 7.8% through the forecast period. Smartwatches are increasingly viewed as fashion accessories. Customizable designs, interchangeable bands, and a variety of styles cater to consumer preferences for personalization and aesthetics.
 

The German smartwatch market maintained a considerable position in Europe. The rise of online shopping platforms has made it easier for consumers to access a wider range of smartwatch options, facilitating informed purchasing decisions and increasing market penetration.
 

China is supposed to grow at the highest rate of 15.6% in the region. The increasing acceptance of wearable technology among consumers has expanded the market, as more individuals recognize the benefits of integrating smartwatches into their daily lives.
 

Smartwatch Market Share

Smartwatch industry seems to be consolidated in nature due to presence of local and global players across the globe. In 2023, the market players such Apple, ASUS, Fitbit, Fossil, Garmin, Google, Huawei, Michael Kors collectively held around 10%-20% market share. These prominent players are proactively involved in strategic endeavors, such as mergers & acquisitions, facility expansions & collaborations, to expand their product portfolios, extend their reach to a broader customer base, and strengthen their market position.
 

Smartwatch Market Companies

Major players operating in the smartwatch industry are:

• Apple
• ASUS
• Fitbit
• Fossil
• Garmin
• Google
• Huawei
• Michael Kors
• Motorola
• Polar
• Samsung
• Sony
• TomTom
• Virtual-Realties
• Xiaomi
   

Smartwatch Industry News

• In July 2023,  Samsung Electronics Co., Ltd. launched the latest Galaxy Watch6 and Galaxy Watch6 Classic. The watch provides advanced health monitoring, design modifications, and an improved mobile experience, an essential advancement in the smartwatch sector.
   
• In June 2023, Apple launched watchOS 10. This smartwatch includes new Smart Stack, additional watch faces, cycling and hiking functions, redesigned applications, and mental health tools.
   
• In May 2023, Garmin launched the Epix Pro Series smartwatches. This watch comes with an AMOLED crystal-clear display, 31 days of battery life, monitors health and fitness, and comprises a built-in illumination LED in three watch designs.
   

The smartwatch market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) (Million Units) from 2021 to 2032, for the following segments:

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Market, By Product Type

• Extension
• Standalone & Classic

Market, By Operating System

• IOS
• Android
• Others

Market, By Display Type

• LCD
• OLED

Market, By Price Range

• USD 0-299
• USD 300-699
• USD 700-999
• Over USD 1000

Market, By Application

• Running
• Checking notifications
• Swimming
• Cycling
• Others

Market, By End-use

• Male
• Female

Market, By Distribution Channel

• Online
  • E-commerce
  • Company websites 
• Offline
  • Supermarkets
  • Specialty stores
  • Others (departmental stores, etc.)

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia 
• Latin America
  • Brazil
  • Mexico 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa