| Status : Published | Published On : May, 2023 | Report Code : VRSME9020 | Industry : Semiconductor & Electronics | Available Format :
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Page : 200 |
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 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 2024 |
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
Smart Watch Market 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.
Smart Watch Market 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.
Recent Devlopments By the Key Players
Lenovo Group Limited collaborated with Alat (a public investment fund company focused on transformative technology investment and sustainable manufacturing). This partnership will enable Lenovo to further accelerate its ongoing transformation, enhance its global presence, increase geographic diversification of its manufacturing footprint, and capitalize on the growth momentum of the IT and business services industry in the MEA region.
Sony Semiconductor Solutions Corporation (SSS) and Raspberry Pi Ltd today announced that they are launching a jointly developed AI camera. The Raspberry Pi AI Camera, which is compatible with Raspberry Pi’s range of single-board computers, will accelerate the development of AI solutions which process visual data at the edge. Starting from September 30
Smart Watch Market 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.
Smart Watch Market Competitive Insight
- Alphabet Inc.
- Fitbit Inc.
- Lenovo Group Limited
- Sony Corporation
- Garmin Ltd.
- LG Electronics
- Samsung Electronics Co. Ltd.
- ASUSTeK Computer Inc.
- TomTom International BV
- 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
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Source: VynZ Research
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Source: VynZ Research
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Smart Watch Market