LOS ANGELIS, Aug. 29, 2022 (GLOBE NEWSWIRE) — LOS ANGELIS, August 292022 (GLOBE NEWSWIRE) – The Global Smartwatch market is expected to grow at a CAGR of around 20.1% over the forecast period 2022 to 2030 and reach around USD 156.3 billion by 2030.
Key Highlights of the Smart Watches Market Report
- The global smartwatch market size was USD 30.4 billion in 2021 and is expected to grow at a CAGR of 20.1% from 2022 to 2030
- North America Smartwatch Market Expected to Lead with Over 38% Market Share
- The Asia-Pacific Smartwatch Market is expected to grow with a CAGR of around 23% during the forecast period from 2022 to 2030
- Among the products, Standalone Smartwatch occupied more than 55% of the total market share
- Over 500 million units of smart wearables were shipped in 2021
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|Smartwatch market Size 2021||$30.4 billion|
|Smartwatch market Forecast 2030||$156.3 billion|
|Smartwatch market CAGR from 2022 to 2030||20.1%|
|Smartwatch market Analysis period||2018 – 2030|
|Smartwatch market Year of reference||2021|
|Smartwatch market Forecast data||2022 – 2030|
|Segments Covered||By product, by application, by operating system and by geography|
|Smartwatch market Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, TomTom International and Amazfit.|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
Growing demand for wearable devices with advanced smart features is the major factor that is expected to drive the growth of the global smartwatch market over the forecast period 2022 to 2030.
Government spending on the development of smart cities and easy availability of advanced infrastructure to connect to the internet and various applications are expected to fuel the smartwatch market share. Consumer spending on healthcare is increasing with the gradual increase in geriatric population with various old age problems and increase in heart disorders among the young population, resulting in demand for smart watches.
An increase in the approach to home health care among consumers is reflected in the adoption of watches that help share health data with professionals and alert the emergency service when needed, these are factors that are expected to impact the growth of the target market. In addition, the major player’s approach to improve the business through mergers and strategic partnerships is expected to increase the growth of the smartwatch market.
Impact of COVID-19 on Global Smartwatches Market Revenue
According to our recent report on the smartwatch industry, the demand for smartwatches has increased during COVID-19 as they help detect viruses in the human body. Consumer wearable gadgets that continuously assess vital signs have been used to track the progress of infectious diseases. We show how data from consumer smartwatches can be used to detect coronavirus disease 2019 before symptoms appear. Smartwatches and other wearable devices are already used by tens of millions of individuals around the world to monitor various physiological characteristics such as heart rate, skin temperature and sleep. The large number of human studies conducted during the pandemic allowed researchers to gather important data on the health of participants. Because most smartwatches recognized early signs of coronavirus in people, the market value of smartwatches quickly dominated. Hence, the increased awareness of these devices will fuel the expansion of the market in the coming years.
Dynamics of the smartwatch market
Growing penetration of sensor technology across various industry verticals, rapid technological advancements in electronic devices, and growing consumer demand for wireless fitness and sports devices are the major factors expected to drive the growth. of the global smartwatch market.
In addition, high spending capacity and growing health awareness are driving demand for smart wearable devices, which is expected to augment the growth of the global smartwatch market. Factors such as high cost of devices and heavy competition for low profit are expected to hinder the growth of the global smartwatch market. Additionally, technological glitches are expected to challenge the growth of the target market.
However, high investments of major players in product development activities and introduction of innovative solutions are expected to create new opportunities for players operating in the target market. In addition, increasing partnerships and agreements among regional and international players are expected to support the growth in smartwatch market size.
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Segmentation of the smartwatch market
The global smartwatch market is segmented into product, application operating system and region. The product segment is divided into extension, standalone and classic. Among the product types, the standalone segment is expected to account for a major share of revenue in the global market.
The application segment is divided into personal assistance, wellness, healthcare, sports and others. Among the applications, the personal assistance segment is expected to account for a significant portion of the target market’s revenue. The operating system segment is divided into WatchOS, Android, RTOS, Tizen and others. Among the operating systems, the Android segment is expected to account for a significant share of revenue in the target market.
Regional Outlook of the Smartwatches Market
North America, Latin America, Europe, Asia-Pacific, Middle East and Africa are the regional categorizations of the smartwatch industry.
The North American market is expected to account for a major share of the global smartwatch market revenue owing to a gradual increase in the number of consumers adopting smart devices. The inclination of consumers towards the use of smart devices that facilitate health monitoring, finding a phone, etc. With increasing technological advancements, manufacturers are focusing on introducing devices that emphasize various modes of operation.
The Asia-Pacific region market is expected to witness faster growth in the target market due to high internet and smartphone penetration. Increasing consumer spending capacity, increasing demand for smart devices and introduction of innovative solutions are factors that are expected to increase the growth of the regional smartwatch market.
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Smartwatch market players
Some of the major smartwatch companies covered in the industry include Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, TomTom International, and Amazon. The market is highly competitive due to the presence of a large number of players operating globally.
In 2020, Xiaomi, a device manufacturing company, has launched a smartwatch called Mi Watch Color in China, which comes with a 1.39-inch AMOLED screen. This product launch is expected to help the company strengthen its business in the Chinese market.
Besides, the company is also expected to launch another smartwatch in the Indian market. The product launch is expected to help the company increase its customer base in the country.
In 2020, boAt, a company providing wearable devices in India, has launched boAt Enigma featuring a 1.54-inch square-shaped color display with support for touch and AOD (Always-on Display) inputs in the Indian market. This product launch is expected to help the company strengthen its business in the country and increase its customer base.
Questions this report answers
- What was the market size of Smartwatch Market in 2021?
- What will be the CAGR of the Smartwatch Market during the forecast period from 2022 to 2030?
- Who are the key players in the global smartwatch market?
- Which region held the largest Smartwatch market share in 2021?
- What are the key market drivers of Smartwatch Market?
- Who is the biggest end user of the Smartwatch market?
- What will be the value of the Smartwatch market in 2030?
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