The global smartwatch market size was valued at USD 25.61 billion in 2022. The market is projected to expand from USD 29.31 billion in 2023 to USD 77.22 billion by 2030, exhibiting a CAGR of 14.84% over the estimated period. The expansion is propelled by the increasing consumer inclination toward technological devices on account of various features such as fitness tracking, navigation, notification checking, and others.
Fortune Business Insights™ provides this information in its research report, titled “Smartwatch Market, 2023-2030”.
List of Key Players Mentioned in the Report:
- Apple Inc. (U.S.)
- The Samsung Group (South Korea)
- Garmin Ltd. (U.S.)
- Fitbit LLC (U.S.)
- Huawei Technologies (China)
- Fossil Group, Inc. (U.S.)
- Polar Electro (Finland)
- ASUSTek Computer Inc. (Taiwan)
- LG Electronics (South Korea)
- Xiaomi Inc. (China)
iOS Segment to Exhibit Substantial Surge Owing to Robust Market Penetration of Apple
On the basis of operating system, the market is subdivided into Android, iOS, and others. The iOS segment is slated to register considerable growth over the forecast period. The segment holds a dominating share in the market. The rise is due to the robust penetration of Apple products considering their overall durability, features, and quality.
Male Segment to Lead Driven by Rising Number of Tech Enthusiasts
By end-user, the market is segmented into female and male. The male segment is touted to expand at a substantial rate over the estimated period. Compared to women, a large proportion of the male population constitutes tech enthusiasts and is willing to spend more on the purchase of these products.
Running Segment to Register Appreciable Growth Impelled by Significant Consumer Preference
On the basis of application, the market is fragmented into checking notifications, running, swimming, cycling, and others. The running segment is expected to register considerable upsurge over the anticipated period. The rise is driven by the increasing awareness associated with the health benefits of running among youngsters.
Based on geography, the market for smartwatches has been studied across North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
The report provides an in-depth analysis of the key drivers propelling industry expansion over the study period. It further gives an insight into the vital strategies adopted by major industry players for the expansion of their geographical footprints. In addition, the research report covers the major trends touted to impel the global business scenario in the coming years.
Drivers and Restraints:
Escalation in Market Value Owing to Rising Popularity of Fitness
One of the key factors impelling the smartwatch market growth is the increasing popularity of fitness among youth and the growing adoption of fitness tracking devices. The industry expansion is further propelled by the rising product demand among urban population.
However, the presence of substitute products in the market may hinder industry growth to a considerable extent.
North America to Emerge as a Leading Region Driven by High Consumer Expenditure on Tech Products
The North America smartwatch market share is slated to dominate the global market, exhibiting a commendable CAGR over the projected period. The expansion is driven by the rising expenditure on tech products.
The Europe market is poised to grow at a substantial rate over the study period. The growth is impelled by the increasing adoption of smart wearable devices among young customers.
Key Companies Ink Collaborations to Increase Geographical Footprint
Leading industry participants are developing and launching a range of products for strengthening the positions of their businesses. Besides, companies are also depicting a keen interest in collaborations, partnership agreements, and the formation of alliances. Some of the additional initiatives include rising participation in trade conferences.
Key Industry Development:
- September 2021 – Samsung Electronics shared plans to join forces with Google. The partnership was aimed at delivering a new smartwatch OS (operating system) as part of plans to compete with Apple in the wearables market.