Smartwatch Market Analysis

Smartwatch Market Analysis

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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.