Increasing popularity of hybrid watches, rising demand for IoT enabled devices, and growing adoption of wearable devices are the major factors driving the Global Smartwatch Market.
According to the TechSci Research report, “Smartwatch Market– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”
The global smartwatch market is expected to grow during the forecast period owing to factors such as growing popularity of wearables, increasing smartphone penetration and increasing demand from the young population.
With features such as calling/messaging, navigation, voice assistance, pairing with other connected devices, and more, smartwatches, like other wearable technology, enable users to automate their daily tasks. The operating systems and user interfaces for smartwatches have undergone fundamental technological advancements. Owing to this, businesses can now offer smart watches with a lag-free user interface and innovative features in just three to four weeks. For example, in 2021 Garmin introduced the Forerunner 945 LTE, a triathlon smartwatch with features like LTE connectivity, GPS, and more.
To share phone notifications, such as text messages, email notices, or application alerts, smartwatches can currently only be connected to smartphones (via Bluetooth), which serve as information gateways. However, smartwatches are not interchangeable because they can typically be paired with a number of compatible smartphones. For instance, the Apple Watch is compatible with iPhones only. As they require a compatible smartphone to transmit additional useful information to their owners are more like smartphone accessories than standalone devices.
The market for smartwatches is expanding as a result of rising health consciousness among consumers. They can use a smartwatch to take the proper safety measures for their health. Additionally, doctors can easily check on their patients’ health remotely and maintain, prescribe, or treat them as necessary. For instance, the Xiaomi Smart Band 7 Pro watch can measure stress or heart rate, Apple Watch since Series 5 can monitor heart rate, nervous system activity, inactivity or emergency alerts, and health events.
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The global smartwatch market is segmented into type, operating system, display technology distribution channel, and region. Based on type, the market is segmented into analog, digital, and fitness bands. Based on operating system, the market is segmented into wearOS, watchOS, and others (free RTOS, fitbitOS, etc.). Based on display technology, the market is fragmented into AMOLED, OLED, and Others (TFT LCD, LCD, etc.). Based on the distribution channel, the market is segmented into supermarkets/hypermarkets, exclusive stores, online, and others (direct sales, non-retail, etc.). The market analysis also studies regional segmentation, divided into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Owing to the expanding consumer electronics sector and the quick rise of smartwatch market vendors in the region’s emerging economies, Asia-Pacific is predicted to experience the fastest growth in the smartwatch market. The rise in chronic diseases such as obesity and diabetes, as well as the popularity of health and fitness to maintain a healthy lifestyle, are factors driving the market’s expansion.
Smartwatch usage is increasing among younger consumers in the region, particularly in countries such as China and India. Younger consumers are significantly attracted toward smartwatches with features such as social media integration, music playback, and mobile payments.
Key market players operating in the Smartwatch market include:
- Apple Inc.
- Samsung Electronics Co. Ltd
- Garmin Ltd, Fitbit Inc.
- Fossil Group Inc.
- Huawei Technologies Co. Ltd
- Xiaomi Corporation
- Sony Corporation
- Casio Computer Co. Ltd.
- Anhui Huami Information Technology Co., Ltd.
In 2023, Xiaomi launched Watch S1 Pro. The watch has a sapphire crystal covering the screen, a stainless steel case, and a leather strap. The brushed stainless-steel case is available in black with a black flourorubber strap or silver with a brown leather strap. The large 1.47-inch AMOLED screen is neatly encased by a chamfered sapphire crystal bezel.
In 2023, Fire Boltt launched two new smartwatches in India. The Fire Boltt Stardust has a sizable 1.95-inch rectangular display that offers a true HD display with a resolution of 320×385. The watch has a metal case and a full metallic body, and it has an integrated speaker and microphone to support Bluetooth calling. With a 120-minute charge, Fire Boltt claims a battery life of up to five days. Around 108 sports modes are available on Fire Boltt Stardust for fitness tracking and health suit to monitor body vitals such as SpO2, heart rate, sleep, and more. The watch has a rotating crown that enables use of the stopwatch and alarm timer. Additionally, it has more than 500 cloud watch faces.
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“The smartwatch market is a growing industry that offers wearable devices with features such as health monitoring, smartphone integration, and fitness tracking. The market is driven by technological advancements, increasing demand for convenient and accessible devices, and a growing interest in health and wellness.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Smartwatch Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Type (Analog, Digital, and Fitness Bands), By Operating System (WearOS, WatchOS, and Others (Free RTOS, FitbitOS, etc.)), By Display Technology (AMOLED, OLED, Others (TFT LCD, LCD, etc.)), By Distribution Channel (Supermarkets/Hypermarkets, Exclusive Stores, Online, and Others (Direct Sales, Non-Retail, etc.)), By Region, By Company”, has evaluated the future growth potential of smartwatch globally and provides statistics and information on market structure, size, share, and future growth. The report provides cutting-edge market intelligence and helps decision-makers to make sound investment decisions. Besides, the report also identifies the emerging trends along with essential drivers, challenges, and opportunities present in the global smartwatch market.