04-Feb-2025 | Facts and Factors
The global smartwatch market is expected to grow at a compound annual growth rate (CAGR) of 19.1% from 2024 to 2032. In 2023, the global smartwatch market was worth USD 40.51 billion, and it is expected to exceed USD 195.34 billion by 2032.
A smartwatch is a wrist-worn digital device that provides atomic clock accuracy. It is linked to a smartphone and receives notifications for e-mails, texts, and incoming phone calls. It includes a number of apps that provide added features, like presenting weather updates, maps, and stock values. It is also capable of making phone calls and sending & receiving text messages. Its popularity is growing around the world because it includes fitness trackers and monitoring devices to help consumers track their health.
Browse the full “Smartwatch Market Size, Share, Growth Analysis Report By Operating System (iOS, Android, and Others), By Application (Running, Checking Notifications, Swimming, Cycling, and Others), By End-User (Male, Female), And By Region - Global Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032” report at https://www.fnfresearch.com/smartwatch-market-report
One of the major factors determining market growth is the widespread adoption of smart connected devices. Furthermore, rising internet penetration and smartphone sales are having a positive impact on the market. Furthermore, growing health awareness among individuals as a result of the increasing occurrence of chronic and lifestyle illnesses is encouraging global demand for wireless fitness devices such as smartwatches. Smartwatches are linked to fitness apps that can provide detailed information about an individual's overall health and track their dietary health. Despite the fact that smartwatches have many features other than keeping time, they are expensive and out of reach for the average person. Furthermore, their battery life is limited, with these watches only lasting another day or two once fully charged.
The global smartwatch market is segregated on the basis of end-user, operating system, application, and region.
By end-user, the market is divided into standalone, extension, and classic. Among these product lines, extension smartwatches have contributed the most revenue and will continue to do so in the years ahead. The increase in demand for this commodity can be attributed to the growth of well-equipped smartwatches, which are widely used for the augmentation of smart devices.
By operating system, the market is classified into iOS, Android, and others. Among all these operating systems, iOS-based smartwatches have the largest market share.
By application, the market is divided into sports, personal assistance, medical, wellness, and others. Among these, smartwatches with personal assistance features are expected to grow at the fastest rate during the forecast period.
North America leads the global smartwatch market and will continue to do so during the forecast period, owing to a growing emphasis on technical advances in digital wearable devices. Further, the Asia Pacific market is also projected to expand rapidly, owing to a rise in the number of skilled, tech-savvy individuals with increased purchasing power in the region in the last decade.
Report Scope
Report Attribute |
Details |
Market Size in 2023 |
USD 40.51 Billion |
Projected Market Size in 2032 |
USD 195.34 Billion |
CAGR Growth Rate |
19.1% CAGR |
Base Year |
2023 |
Forecast Years |
2024-2032 |
Key Market Players |
Apple, Samsung, Garmin, Fitbit, Huawei, Amazfit, Fossil, Xiaomi, Suunto, Withings, Oppo, Google (Wear OS), Huawei Honor, Asus, Lenovo., and Others. |
Key Segment |
By Operating System, By Application, By End-User, and By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Some of the main competitors dominating the global smartwatch market is led by players like Apple, Samsung, Garmin, Fitbit, Huawei, Amazfit, Fossil, Xiaomi, Suunto, Withings, Oppo, Google (Wear OS), Huawei Honor, Asus, and Lenovo.
The global smartwatch market is segmented as follows:
By Operating System
By Application
- Running
- Checking Notifications
- Swimming
- Cycling
- Others
By End-User
By Region
- North America
- The U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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