Smart Watch Global Market Report 2024

The smart watch market size has grown rapidly in recent years. It will grow from $77.91 billion in 2023 to $91.8 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The expansion observed during the historical period can be attributed to factors such as the emphasis on fitness and health tracking, seamless integration with smartphones, considerations of fashion and style, the adoption of mobile payment features, and the development of a robust app ecosystem.

The smart watch market size is expected to see rapid growth in the next few years. It will grow to $156.97 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The anticipated growth in the forecast period can be linked to factors like the expansion into healthcare and medical monitoring, integration with smart home systems, the implementation of 5G connectivity, a focus on environmental sustainability, and support for augmented reality (AR) and virtual reality (VR) technologies. Notable trends expected during the forecast period encompass the development of extended battery life, the creation of health and wellness ecosystems, the use of advanced sensors, the ability to customize straps and watch faces, and collaborations at the intersection of fashion and technology.

The smartwatch market is experiencing growth due to the increasing health awareness among consumers. Smartwatches empower users to proactively monitor their health and take necessary precautions. They enable doctors to remotely track patients' health status, prescribe treatments, and provide care as needed. As an example, in August 2022, Samsung Electronics, a South Korea-based company, unveiled the Galaxy Watch5 Series, featuring a Bioactive sensor for accurate digital health tracking and sleep monitoring. This unique chip combines optical heart rate, electrical heart signal, and bioelectrical impedance analysis to provide comprehensive health measurements, including heart rate, blood oxygen levels, and stress levels. More people are turning to digital tools like smartwatches to address critical health needs beyond just exercise tracking. Consequently, the increasing health awareness among consumers is expected to drive the smartwatch market's growth.

The primary product types of smartwatches include extension, standalone, and classical models, and they are applied in areas such as personal assistance, wellness, healthcare, sports, and more. Extension smartwatches, often referred to as companion smartwatches, rely on a tethered phone to function. Smartwatches come with different display types, including AMOLED, PMOLED, and TFT LCD, and they run on various operating systems such as watchOS, Android/Wear OS, and other proprietary operating systems.

The smart watch market research report is one of a series of new reports that provides smart watch market statistics, including smart watch industry global market size, regional shares, competitors with a smart watch market share, detailed smart watch market segments, market trends and opportunities, and any further data you may need to thrive in the smart watch industry. This smart watch market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smartwatch market is also being driven by the rising prevalence of women-centric diseases. Conditions like anemia, osteoporosis, breast cancer, menopause, and others predominantly affect women due to various risk factors, including family history, age, obesity, and more. Smartwatches offer valuable health monitoring, emergency assistance, and activity tracking features, particularly beneficial for an aging population, enhancing their independence and overall well-being. For instance, in 2023, it is estimated that around 300,590 people will be diagnosed with breast cancer in the U.S., as per the Breast Cancer Research Foundation. Therefore, the increasing aging population contributes to the growth of the smartwatch market.

The high cost of smartwatches may impede market growth. Designing and developing smartwatches with the required accuracy, including sensors, displays, and small semiconductor components, as well as using raw materials, demand expertise and substantial initial investments. For instance, in 2023, the Apple Watch Ultra 2 is priced at $799, highlighting the premium cost associated with smartwatches. Hence, the high cost of smartwatches is expected to be a hindrance to market growth.

IoT-driven smartwatches are a preferred choice in the smartwatch market. These devices, connected to the internet, offer a wide range of features, such as health monitoring, fitness tracking, communication functions, entertainment, contactless payments, and integration with other IoT devices to enhance users' daily lives. With growing consumer interest in health and fitness, as well as convenience in everyday activities and smart homes, IoT wearable devices like smartwatches provide a myriad of functionalities. In 2021, Samsung achieved its highest quarterly smartwatch shipments with the launch of the Galaxy Watch 4 series.

Major companies in the smartwatch market are focusing on developing smartwatches with advanced Snapdragon chipsets to gain a competitive advantage. These chipsets enhance performance and enable features like seamless connectivity, improved battery life, and efficient health tracking. For instance, in August 2022, Oppo, a China-based consumer electronics manufacturer, introduced the Oppo Watch 3, the world's first smartwatch with the Snapdragon W5 Gen 1 chipset. This smartwatch offers advanced health monitoring, including a skin temperature sensor, integrated ECG, heart rate sensor, and SpO2 sensor. It boasts up to 14 days of battery life, compatibility with blood glucose monitors, and support for over 100 sports modes.

In January 2021, Google LLC, a U.S.-based technology company, acquired Fitbit for $2.1 billion, aiming to expand access to health and wellness solutions, with a focus on investing in Wear OS and introducing Made by Google wearable devices to the market. Fitbit, a U.S.-based consumer electronics and fitness company, manufactures smartwatches.

Major companies operating in the smart watch market include Apple Inc., Garmin, Fitbit, Motorola, Sony Corporation, LG Electronics, Huawei Technologies Co. Ltd., Fossil Group Inc., Google Inc., Lenovo Group Ltd., Qualcomm, TomTom International BV, ASUSTeK Computer Inc., ConnectDevice Ltd., Huami Corp, Mobvoi Information Technology Company Ltd., Samsung Electronics Co. Ltd., Imoo, Amazfit, Garmin, Fitbit, TomTom International, Amazon, Pebble, Maritime, Suunto, Mobvoi, Tag Heuer, Polar Electro, Casio Computer Co. Ltd., Vector Watch, Nixon Inc., Misfit, Withings, Polaroid, Alcatel, Archos

Asia-Pacific was the largest region in the smart watch market in 2023. North America was the second-largest region in the smart watch market. The regions covered in the smart watch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the smart watch market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The smartwatch market consists of sales of extension smartwatches, standalone smartwatches, and classical smartwatches. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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