Smartwatch Market

Smartwatch Market Size

The global smartwatch market size was estimated at 39.1 billion in 2024. The market is expected to grow from 42.5 billion in 2025 to 92 billion in 2034, at a CAGR of 9%.

Smartwatches are gaining popularity mainly because of the convenience and connectivity offered through smartphone integration such as receiving notifications about health, sleep patterns, etc. People want to stay connected and being able to access messages, calls, and information directly from their wrist as it saves time from having to reach for a smartphone. This not only improves productivity, but also resolves safety issues during, workouts, or any other ocassion where using a phone can be unsafe.

Generally, this form of connectivity is done through Bluetooth or cellular connections which sync the smartwatch to the paired smartphone. A good number of smartwatches also have Wi-Fi functionality, allowing access to the internet. Additionally, there is growing interest in wearable devices that combine health, fitness, and connectivity functions. Moreover, global smartwatch shipments registered a 24% growth YoY in Q2 2023, which is led by Apple’s 27% market share followed by Samsung and Huawei.

The growth of the smartwatch market is also driven by the demand for health and fitness rules. With consumers increasingly taking an interest in their health, smartwatches can now manage a user’s entire health portfolio with tools such as heart rate monitoring, sleep tracking, step counting, and workout supervision. These devices make use of advanced sensors that capture heart rate and physical activities along with a photoplethysmography sensor (PPG) and an accelerometer. The information is then processed through the smartwatch’s internal processor or through a connected smartphone to provide real-time insights into a user’s activities, sleep, and health metrics, therefore fostering a proactive approach towards health management.

For example, ECG monitoring, blood oxygen level tracking, and body composition analysis are the new health services offered by the Apple Watch Series 8 and the Samsung Galaxy Watch 5. As stated in a report from World Health Organization (WHO), non-communicable diseases (NCDS) like cardiovascular diseases and diabetes are responsible for 71% of deaths globally which is why there is great demand for wearable devices capable of health monitoring and management.

Moreover, the actigraphy and algorithms incorporated into smartwatches allow for sleep tracking, sifting through every stage of sleeping and even measuring levels of sleep quality. On top of it, majority of modern smartwatches come equipped with GPS which allows users to monitor their distance travel, pace, and routes taken while exercising outdoors.

Tech companies and healthcare services providers have taken notice of the potential of smart watches. They now seek to build an ecosystem that integrates the two. Apple, for example, has partnered with some healthcare providers to use the Apple Watch as a remote patient monitoring tool. Doctors can check vital signs of their patients in real time.

Smartwatch technology is beneficial for public health promotion which a lot of governments around the world have already achieved. The Singaporean government, for example, has instituted measures to encourage its citizens to wear devices for health tracking and participation in a national fitness drive. Likewise, the Centers for Disease Control and Prevention (CDC) in the US actively advocates the use of a wearable technology to track physical activity in order to deal with a rising obesity problem that affects approximately 42.4% of adults in America, as stated by CDC.

Smartwatch Market Trends

• The ever-increasing focus on health and fitness has resulted in an increased market potential for smartwatches with heart rate tracking functions. In January 2023, Maxima released its Max Pro Shogun smartwatch into the Indian market, which boasts an HD display of 1.85 inches with 91% screen to body ratio and 550 nits’ peak brightness.
  
• The equipment incorporates improved designs of UI controls and camera commands. The ever-growing demand for smartwatches is due to the robust combination of heart health monitoring and other fitness management functions, resulting in an expanded target market, which in turn creates greater market potential.
  
• Now one of the main features that accelerates the acquisition of smartwatches is the ability to track one’s health and fitness, for instance, maintaining the heart rate. More advanced functions such as ECG monitoring, blood oxygen level measurement, and stress level control are offered by modern smartwatches like the Apple Watch Series 8, Samsung Galaxy Watch 5, and Fitbit Sense 2.
  

• Furthermore, these gadgets utilize cutting edge technologies such as photoplethysmography PPG and electrocardiogram ECGs to give users accurate health information in real time.
  

smartwatch Market Analysis

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• The market by display type is segmented into LCD and OLED.
  
• OLED held the dominant market of USD 36.1 billion in 2024 and is expected to reach USD 78.8 billion by 2034.
  
• Smartwatches have been improving with the addition of OLED displays. OLED screens are better than LCD screens because they provide clearer images, deeper shades, and use lower power.
• Unlike older displays, OLED display pixels produce light, instead of needing backlight.
  
• In addition, smartwatches will not take up space due to the batteries, this gives users a slimmer smartwatch that they can trust. For example, the Consumer Technology Association noted that Garmin launched the Approach S70 smartwatches in January 2023.
  
• The S70 smartwatch is specifically targeted for golfers. This model comes with a high-quality OLED display and is available in 42mm and 47mm sizes, succeeding in the older Approach S62 model. Sharp images and easy interaction are made possible with high resolution OLED displays, improving overall experience with the watch. Because of OLED's versatile features, manufacturers can design smartwatches with round and edge-to-edge displays without compromising on the user experience.
  
• Further, it ensures perfect fitting of the display to the main body of the smartwatch. In addition to this, OLED displays have been proven to have lower refresh rates, response rates, and animations, meaning a more responsive touch interface for the users.
  
  

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• The smartwatch market by application is segmented into running, checking notifications, swimming, cycling and others.
  
• The running segment accounted for a market share of around 37% in 2024 and is projected to grow by 2034.
  
• The rise of specialization and targeting runners leads to a higher adoption of smartwatches during these activities. The accuracy of tracking, ergonomics of user interface, and usability features are getting better in this area.
  
• For instance, Samsung Electronics partnered with The Michigan University’s Exercise & Sport Science Initiative - Smartwatch Health in Running and Physical Activity Management of a Runner in September 2023 to study the impact of smartwatches on the health and physical activity management of runners.
  
• The Consumers Technology Association (CTA) suggests that the market for wearable technology like smartwatches will continue to grow, as more people want devices that monitor their health. This collaboration seeks to increase the effectiveness of smartwatches by making their data more reliable for runners and their fitness and health goals.
  

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• In the U.S., the market for smartwatches is growing at a rate of 7.8% each year. Smartwatches are now functional devices and fashionable jewelry. Features like custom designs, different straps, and a variety of styles enable users to personalize their watches, showcasing their individuality. According to CTA, the smartphone industry has been seeing a realizable surge in demand due to the multi-functional appeal of smartwatches.
  
• Germany is one of the major countries in the European region's smartwatch market. With the introduction of e-commerce, consumers can now look and buy virtually any smartwatch that suits them the best. Due to these factors, there is increasing awareness and better purchasing choices are being made, therefore, increased market penetration. As per the European E-commerce Association, the sales for wearable technology have increased by 20% in annual growth during the past several years.
  
• In China, the market for smartwatches is growing at a rate of 7.8% each year. There is a growing demand and therefore a wider market for consumers due to increased acceptance of these devices. Smartwatches that track health are becoming more popular and easier to use for a larger audience. According to the China Academy of Information and Communications Technology (CAICT), China is experiencing a rapid growth of adoption of wearables due to higher levels of technological development and more awareness among the population.
  

Smartwatch Market Share

The global smartwatch industry is fragmented, with prominent players, such as Apple, ASUS, Fitbit, Fossil, Garmin, Google, Huawei, Michael Kors, holding a market share of 10%-15%.

• In the market, Apple has the largest share due to its comprehensive product portfolio.
  
• The foremost position of Apple can be known for their loyalty along with the broad marketplace and its ecosystem. The company is known for its brand reputation, innovation, good user experience, and quality which makes smartwatch range from apple very appealing, especially for any iPhone user.
  
• This is also brought out by the deep interconnection of Apple Watch with the rest of Apple devices whereby users enjoy seamless pairing, handoff, and cross device usage.
  
•  In addition to loyal customers, Apple has remained the leader in the smartwatch game by introducing advanced features like Digital Crown, ECG, and blood oxygen monitoring, thus enhancing their standing in the health and fitness tracking.
  

Smartwatch Market Companies

Apple, a major player in the market, reported USD 391 billion USD in revenue in 2024. In September of 2023, Apple launched the Apple Watch Series 9 with the Apple Watch Ultra 2. These came with the new S9 chip which had an innovative double tap gesture control feature. Series 9 also had an incredibly bright display (up to 2000 kits) and more precise Siri commands due to the on-device processing. The introduction of carbon-neutral versions of the Series 9 smartwatches serves as a new benchmark for Apple’s products as these watches are the company’s first carbon-neutral recorded versions.

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. released the Galaxy Watch6 and Galaxy Watch6 Classic. This smartwatch is known due to its usage, design changes on mobile devices, and health monitoring features.
  
• In June 2023, Apple also released watchOS 10. This smartwatch has new functionalities such as the Smart Stack, more watch face choices, cycling and hiking modes, new app designs, and features for mental well-being.
  
• In May 2023, Garmin released the Epix Pro Series smartwatches. These watches are equipped with an AMOLED ultra clear display, 31 days of battery life, health and fitness monitoring features, and a built-in LED light with three watch designs.
  

This smartwatch market research report includes in-depth coverage of the industry, with estimates & forecasts in terms of revenue (USD Billion) and volume (Million units) from 2021 to 2034, 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
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia 
• Latin America
  • Brazil
  • Mexico 
• MEA
  • Saudi Arabia
  • UAE
  • South Africa