Status : Published Published On : May, 2023 Report Code : VRSME9020 Industry : Semiconductor & Electronics Available Format : Page : 200
2025
2030

Global Smartwatch Market – Analysis and Forecast (2023 – 2030)

Industry Insights by Product (Classic, Extension and Standalone), by Operating System (Android, iOS and Others), by Application (Wellness, Medical, Personal Assistance, Sports and Others)

Industry Overview

Global Smartwatch Market has experienced remarkable growth in recent years, with a projected value of USD 68.8 billion by 2030. In 2023, the market was estimated to be worth USD 27.2 billion. This impressive growth is attributed to a compound annual growth rate (CAGR) of 21.8% during the period of 2025-2030. One of the primary drivers of this expansion is the widespread utilization of smartwatches for health monitoring, including the recording and tracking of vital health indicators such as body temperature and blood pressure levels. Key players in the industry are continuously upgrading the technology of smartwatches, while there is a growing demand for wireless health monitoring devices and remote patient monitoring solutions worldwide. These factors collectively contribute to the thriving global smartwatch market.

Smart Watch Market

Market Segmentation

Insight by Product

On the basis of product, the smart watch market is segmented into classic, extension and standalone watches. Among all of these products, extension smart watches have been contributing largest revenue and will continue to do so in the coming years. The growth of in demand for this product is attributed towards development of well-equipped smart watches that are extensively being utilized for the extension of smart devices. Moreover, development of innovative devices such as connectivity, tracking and alerts having compatibility with extensive smartwatches is expected to generate massive interest among the users thereby strengthening the growth of smart watch market across the globe.

Insight by Operating System

On the basis of operating system, the smart watch market is segmented into android, iOS and others. Among these operating systems, iOS based smart watches hold the largest share in the market. “watchOS” product, launched by Apple is observing tremendous growth since the launch of this product in the market due to innovative technology and its competence.

Insight by Application

Based on application, the smart watch market is segmented into wellness, medical, personal assistance, sports and others. Among these segments, smartwatches inscribed with features for personal assistance are expected to witness the highest CAGR during the forecast period. Personal assistance on smart watches thereby simplifies the routine activities of the users by analyzing critical information and data that helps the users to become more efficient and productive.

Global Smart Watch Market Report Coverage

Report Metric

Details

Historical Period

2018 - 2023

Base Year Considered

2024

Forecast Period

2025 - 2030

Market Size in 2023

U.S.D.  27.2 Billion

Revenue Forecast in 2030

U.S.D.  68.8 Billion

Growth Rate

21.8%

Segments Covered in the Report

By Product, By Operating System and By Application

Report Scope

Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling

Regions Covered in the Report

North America, Europe, Asia-Pacific, Middle East, and Rest of the World

Industry Dynamics

Growth Drivers

The growth of the smartwatch market is anticipated to be propelled by the growing emphasis on personal health and fitness, as well as the widespread adoption of health and fitness monitoring applications worldwide. Additionally, the increasing integration of smartwatches with advanced automotive capabilities is driving market expansion globally. Companies are actively developing systems that enable users to conveniently unlock and lock their vehicles using smart devices, while also providing remote start technology for cars. This trend contributes to the overall growth of the smartwatch market.

There are various smart watches that enable remote start system, connecting the car with a wireless network and remote start technology, this is boosting the demand of smart watches in the automotive domain across the world. Moreover, technological advancement in automotive systems to make it compatible and convenient to use with the help of latest smart watch devices is thereby fueling the growth of smart watch market globally.

Challenges

The inadequate information related to product or services is the major factor that is hampering the growth of global smartwatch market. Also, the shorter battery life of these smart watches is another factor that is expected to further hinder the growth of smart watches market across the globe in the near future.

Geographic Overview

Geographically, smart watch market in Asia-Pacific is expected to witness the highest growth during the forecast period due to the technological advancements and increasing demand for high-end wearable devices. North America hold the major share of the smart watch market and also anticipated to witness significant growth during the forecast period. The growth of smart watch market in this region is attributed towards massive adoption of IoT devices in this region along with advanced mobile technology.

Competitive Insight

The key players in the smartwatch market include Alphabet Inc., Fitbit Inc., Lenovo Group Limited, Sony Corporation, Garmin Ltd., LG Electronics, Samsung Electronics Co. Ltd., ASUSTeK Computer Inc., TomTom International BV, and Apple Inc.

Primary Research

VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.

The Smartwatch Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.

Segments Covered in the Report

  • By Product
    • Classic
    • Extension
    • Standalone
  • By Operating System
    • Android
    • iOS
    • Others
  • By Application
    • Wellness
    • Medical
    • Personal Assistance
    • Sports
    • Others

Region Covered in the Report

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Rest of the World (RoW)
    • Brazil
    • Saudi Arabia
    • South Africa
    • U.A.E.
    • Other Countries

Smartwatch Market Size

Source: VynZ Research

Smartwatch Market Analysis

Source: VynZ Research

Frequently Asked Questions

On the basis of product, the smart watch market is segmented into classic, extension and standalone watches. Among all of these products, extension smart watches have been contributing largest revenue and will continue to do so in the coming years.
Smart watch market in Asia-Pacific is expected to witness the highest growth during the forecast period due to the technological advancements and increasing demand for high-end wearable devices.
North America hold the major share of the smart watch market and also anticipated to witness significant growth during the forecast period.
The increasing responsiveness pertaining to personal health and fitness is expected to drive the growth of the smart watch market due to the establishment of large numbers of health and fitness monitoring applications worldwide.
On the basis of operating system, the smart watch market is segmented into android, iOS and others. Among these operating systems, iOS based smart watches hold the largest share in the market.

Purchase Options

Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle

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