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Smartwatch Market Trends

Report ID: GMI6819
Published Date: Sep 2024
Report Format: PDF

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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.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global market size for smartwatch, valued at USD 36.1 billion in 2023, is expected to grow at a CAGR of 9.8% during the forecast period, with continuous innovations in health and fitness tracking driving the growth.

In 2023, OLED displays dominated the industry with a value of USD 33.3 billion, and they are expected to reach USD 84.2 billion by 2032, owing to their better contrast, vivid colors, and energy efficiency, which drive consumer demand for these visually appealing smartwatches.

The North American market, valued at USD 14.6 billion in 2023, is projected to reach USD 31.6 billion by 2032, driven by increasing consumer interest in health-focused features like ECG monitoring and blood oxygen tracking.

Leading companies in the market include Apple, ASUS, Fitbit, Fossil, Garmin, Google, Huawei, Michael Kors, Motorola, Polar, Samsung, Sony, TomTom, Virtual-Realties, and Xiaomi.