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Global Smartwatch Market Size Expected to Reach USD 97.52 Billion By 2028

13-Apr-2022 | Facts and Factors

The global smartwatch market is expected to grow at a compound annual growth rate (CAGR) of 21.5% from 2022 to 2028. In 2021, the global smartwatch market was worth USD 22.46 billion, and it is expected to exceed USD 97.52 billion by 2028.

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. 

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Browse the full “Smartwatch Market By Product Type (Standalone, Extension, and Classic), By Operating System (iOS, Android, and Others), By Application (Sports, Personal Assistance, Medical, Wellness, and Others), and By Region-Global and Regional Industry Trends, Market Insights, Data analysis, Historical Information, and Forecast 2022–2028” report at https://www.fnfresearch.com/smartwatch-market

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 product type, operating system, application, and region. By product type, 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 2021

USD 22.46 Billion

Projected Market Size in 2028

USD 97.52 Billion

CAGR Growth Rate

21.5% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Huawei Technologies Co. Ltd., TomTom International BV, Samsung Electronics, Pebble, Garmin, LG Electronics, Google Inc., ConnectDevice Ltd, Mobvoi Information Technology Company Ltd, Motorola, Fossil Group Inc, Qualcomm, ASUSTeK Computer Inc., Apple Inc., Huami Corp, Sony Corporation, Lenovo Group Ltd, and Fitbit., among others

Key Segment

By Product Type, Operating System, Application, and 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 are Huawei Technologies Co. Ltd., TomTom International BV, Samsung Electronics, Pebble, Garmin, LG Electronics, Google Inc., ConnectDevice Ltd, Mobvoi Information Technology Company Ltd, Motorola, Fossil Group Inc, Qualcomm, ASUSTeK Computer Inc., Apple Inc., Huami Corp, Sony Corporation, Lenovo Group Ltd, and Fitbit.

Recent Development

  • September 2021: In a virtual press conference, Fossil announced the release of its Gen 6 touchscreen smartwatch line. The watch is available in two sizes: 42mm and 44mm. The Qualcomm Snapdragon Wear 4100+ Platform will power the watch and provide customers with faster application connection speeds, more responsive customer experiences, and more cost-effective power consumption.
  • August 2021: Huawei Technologies has announced the release of the Huawei Watch 3 Series, its revolutionary flagship smartwatch. HarmonyOS powers the Huawei Watch 3 Series, building a new smart interactive element on the wrist and transforming the smartwatch into a smart assistant and wellness center. Furthermore, this will be the first smartwatch to facilitate eSIM technology, and it will be available in Singapore.

The global smartwatch market is segmented as follows:

By Product Type

  • Standalone
  • Extensive
  • Classic

By Operating System

  • iOS
  • Android
  • Others

By Application

  • Sports
  • Personal Assistance
  • Medical
  • Wellness
  • Others

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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