Global Smartwatch Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global smartwatch market size reached US$ 37.6 Billion in 2022. Looking forward, the market is expected to reach US$ 113.9 Billion by 2028, exhibiting a growth rate (CAGR) of 20.29% during 2022-2028.

A smartwatch is a digital device worn on the wrist to give atomic clock accuracy. It is connected to a smartphone to provide notifications of e-mails, messages, and incoming calls. It includes several apps that offer additional functionality, such as displaying weather information, and maps, and listing stock prices. It can also be used to make phone calls and send and receive text messages. As it has pedometers and heart rate monitors to help users track their health, its demand is escalating around the world.

Global Smartwatch Market Trends

The rising adoption of smart and connected devices represents one of the key factors stimulating the market growth. In addition, the increasing penetration of the internet and boosting sales of smartphones are influencing the market positively. Moreover, the rising health consciousness among individuals due to the growing prevalence of chronic and lifestyle diseases is catalyzing the demand for wireless fitness devices like smartwatches across the globe. Smartwatches are connected to fitness apps to provide insightful information about the overall health of individuals and track their nutritional intake. Apart from this, the integration of artificial intelligence (AI) ensures smart diagnostics and monitoring of patient health. The increasing participation of individuals in sports and other physical activities, in confluence with the emerging trend of adventure recreation and wellness tourism, is also contributing to market growth. Furthermore, due to the mass outbreak of coronavirus disease (COVID-19), health institutes across the globe are studying the significance of smartwatches for monitoring patients. For instance, Karolinska Institutet (KI), a Sweden-based medical university, initiated research on the use of smartwatch electrocardiogram (ECG) tests to identify individuals with Long COVID.

Key Market Segmentation

This research provides an analysis of the key trends in each sub-segment of the global smartwatch market report, along with forecasts at the global, regional and country level from 2023-2028. The report has categorized the market based on product, operating system, application and distribution channel.

Breakup by Product:

• Extension
• Standalone
• Hybrid

Breakup by Operating System:

• WatchOS
• Android

Breakup by Application:

• Personal Assistance
• Healthcare and Wellness
• Sports

Breakup by Distribution Channel:

• Online Stores
• Offline Stores

Breakup by Region:

• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Latin America
• Brazil
• Mexico
• Middle East and Africa

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players being Apple Inc., Fitbit Inc. (Alphabet Inc.), Fossil Group Inc., Garmin Ltd, Huawei Technologies Co. Ltd., LG Electronics Inc., Samsung Electronics Co. Ltd., Sony Corporation, Withings and Zepp Health Corporation.

Key Questions Answered in This Report

1. What was the size of the global smartwatch market in 2022?
2. What is the expected growth rate of the global smartwatch market during 2023-2028?
3. What are the key factors driving the global smartwatch market?
4. What has been the impact of COVID-19 on the global smartwatch market?
5. What is the breakup of the global smartwatch market based on the product?
6. What is the breakup of the global smartwatch market based on the operating system?
7. What is the breakup of the global smartwatch market based on the application?
8. What is the breakup of the global smartwatch market based on the distribution channel?
9. What are the key regions in the global smartwatch market?
10. Who are the key players/companies in the global smartwatch market?