Nordic Smartwatch Market - Forecasts from 2023 to 2028

The Nordic smartwatch market is projected to grow at a CAGR of 19.13% during the forecast period from US$564.086 million in 2021, to US$1,920.767 million by 2028.

The increasing preference for wearable fitness gadgets like smartwatches coupled with rising disposable incomes of consumers in various Nordic countries is anticipated to be one of the major driving factors driving the demand in the projected period. Additionally, the integration of AI in sectors such as healthcare among others has aided in rapid advancements in smartwatches. Furthermore, innovative applications such as sensing surroundings, greater ease of communication, real-time data collection, and GPS monitoring are evolving features that are expected to provide additional impetus to sales of smartwatches in upcoming years.

Market Drivers:

• Booming digitization and emphasis on wearable technology.

With the increasing digitalization and internet connectivity, the penetration of fitness technology is gaining a wider demand in the market. The popularity of wireless gadgets such as smartwatches in Nordics will continue to propel due to rising millennial spending coupled with increased activity levels. Moreover, favorable government policies are anticipated to have a positive impact on market growth. For instance, the Danish government introduced a new digital strategy for the period 2022-2025. Moreover, in the year 2021, the government came up with a Digitization Partnership involving the business and research community, civil society, and labor unions among others. Hence, major reasons are anticipated to grow the market for wearable gadgets like smartwatches in Nordic countries in the projected period.

• Growing internet penetration.

As per the estimates by the Agency for Digital Government, in the year 2020-2021, the internet penetration for access at home stands at around 95% for the overall Danish population. This highlights favorable prospects for the adoption of wearables such as smartwatches in the Nordic nations. Furthermore, as per Statistics Sweden, a prominent government agency of the country, internet usage grew manifolds among the older population with almost 8 million people accessing the internet in the last three months of 2022. With the advanced features of smartwatches such as the ability to track heart rate, daily steps taken and information about calories burned, its sales are expected to witness an upward trend in Nordic nations such as Finland, Sweden, and Denmark among others.

Norway is expected to witness significant growth during the forecast period.

Smartwatches have successfully reduced the burden of carrying phones around, and as such devices are equipped with various advanced features such as heart rate monitoring, and sleep & activity tracking, smartwatches are slowly becoming the medium to lead a healthy life. The growing popularity of wearable technology coupled with an emphasis on healthy lifestyle adoption is propelling the smartwatch market growth in Norway. According to Statistics Norway, in 2021, Per capita healthcare expenditure stood at NOK 77,244 (Norwegian Krone) which represented a 6.7% increase over 2020’s figure. Moreover, major health disease such as Ischaemic heart disease is one of the leading causes of death in Norway. Smartwatches are equipped with sensors that enable users to keep their heart rate and blood pressure under constant check.

Market Developments:

• In January 2023:Xplora Technologies, one of the leading smartwatch companies announced its collaboration initiative with Elisa Oyj in Finland. This will result in innovative features in kids’ smartwatches.

Segmentation:

By Product Type

• Standalone
• Extension
• Classic

By Operating System

• Watch OS
• Wear OS
• Other

By End-User Industry

• Personal Assistance
• Medical and Healthcare
• Sports and Fitness
• Others

By Country

• Norway
• Sweden
• Denmark
• Finland
• Others