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Smartwatch Market - By Product Type (Extension, Standalone & Classic), By Operating System (IOS, Android), By Display Type (LCD, OLED), By Price Range (USD 0-299, USD 300-699, USD 700-999), By End User, By Application, Forecast, 2023 - 2032

  • Report ID: GMI6819
  • Published Date: Sep 2023
  • Report Format: PDF

Smartwatch Market Size

Smartwatch Market size was valued at USD 33.5 billion in 2022 and is estimated to register a CAGR of over 10.5% between 2023 and 2032. The ability of smartwatches to provide real-time notifications and connectivity to smartphones has become a compelling factor driving their popularity.

Smartwatch Market

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In an increasingly fast-paced world, consumers appreciate the convenience of glancing at their wrists to stay informed about messages, calls, and important updates without the need to check their smartphones. This feature enhances productivity and addresses safety concerns by allowing users to remain connected while keeping their phones tucked away during meetings, workouts, or other activities.

Health & fitness tracking has been a pivotal factor propelling the smartwatch market. As consumers increasingly prioritize their well-being, smartwatches provide a holistic approach to health management by offering features such as heart rate monitoring, sleep tracking, and workout guidance. These devices enable users to monitor their physical activity, sleep, and health metrics in real time, fostering a proactive approach to wellness. These devices are increasingly used as sleep tech devices. With the growing awareness of health-conscious lifestyles, this aspect has become a key factor behind the rising popularity and adoption of smartwatches.

The cost of smartwatches remains a potential hindrance to market growth. While these devices offer a range of features, high-quality smartwatches with advanced capabilities can still be relatively expensive. This pricing may deter budget-conscious consumers from adopting them, particularly when compared to traditional watches or lower-cost fitness trackers. As such, striking a balance between affordability and feature-rich offerings will be crucial for manufacturers to tap into broader consumer segments and expand in the market.

COVID-19 Impact

The COVID-19 pandemic initially had negative impacts on the smartwatch market. Disruptions in supply chains, economic uncertainties, and reduced consumer spending affected the industry growth. Many consumers postponed discretionary purchases including smartwatches, leading to a decline in sales. Additionally, with lockdowns and restrictions limiting outdoor activities, the demand for fitness-oriented smartwatches temporarily declined. However, the market showed resilience as health & fitness features gained importance during the pandemic, partially mitigating these negative effects in the long term.

Smartwatch Market Trends

Smartwatches equipped with heart rate monitoring show potential for lucrative market growth owing to the burgeoning interest in health and fitness. For instance, in January 2023, Maxima introduced its latest smartwatch, the Max Pro Shogun, in the Indian market. This new offering features a 1.85-inch HD display with a remarkable 91% screen-to-body ratio, delivering a peak brightness of 550 nits. Notable enhancements include an improved UI design and camera control functionality. The ability of smartwatches to monitor heart health, coupled with other fitness features, is creating a higher demand, attracting a broader consumer base, propelling market trends.

Smartwatch Market Analysis

Smartwatch Market Size, By Display Type, 2021 – 2032, (USD Billion)

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Based on display type, the smartwatch market is divided into LCD and OLED. The OLED segment accounted for a market share of over 91% in 2022. OLED smartwatches are contributing to the market growth by offering several advantages. OLED displays provide vibrant colors, deeper contrasts, and energy-efficient operation. Their slim profiles enable sleeker & more attractive designs, appealing to consumers who value aesthetics. For instance, in January 2023, The Garmin Approach launched the S70 smartwatch for golf enthusiasts. This golf-centric timepiece has a striking OLED display and is available in both 42mm and 47mm dial options, serving as the high-end successor to the Approach S62. OLED screens offer flexibility, allowing for curved & edge-to-edge displays and enhancing the user experience. As consumers seek visually appealing and functional devices, the adoption of OLED screens in smartwatches is boosting their appeal and contributing to market expansion.

Smartwatch Market Share, By Application, 2022

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Based on application, the smartwatch market is categorized into running, checking notifications, swimming, cycling, and others. The running segment accounted for a market share of around 36% in 2022 and is projected to grow by 2032. The continuous commitment to and product development & customization for runners is spurring product adoption for running applications in the market. Ongoing innovation results in more accurate tracking, improved user interfaces, and enhanced features, specifically designed for runners.

For instance, in September 2023, Samsung Electronics and the University of Michigan Exercise & Sport Science Initiative (ESSI) initiated a collaborative research venture to delve into the potential of smartwatch technology in aiding runners to better manage their health and physical activity. The partnership seeks to enhance the reliability and precision of data provided, thereby assisting runners in their pursuit of improved well-being and fitness.

U.S. Smartwatch Market Size, 2021 -2032, (USD Billion)

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North America dominated the smartwatch market in 2022, accounting for a major share of over 41%. The increasing adoption of wearable technology is a key factor supporting the North America market growth. Consumers in the region are embracing wearables, such as smartwatches, for their health & fitness tracking capabilities, convenience, and connectivity features. With a growing awareness of the benefits of wearable devices, coupled with a tech-savvy population, more individuals are opting for smartwatches as essential companions for daily activities. This rising demand is propelling the North America market expansion.

Smartwatch Market Share

The major players operating in the smartwatch market are:

  • Apple Inc
  • Fossil Group Inc,
  • Garmin Lt
  •  Google LLC
  •  Huawei Technologies Co., Ltd.,
  • Samsung Electronics Co., Ltd.,
  • Xiaomi.

Apple dominates the market with a market share of over 20%, among other competitors including Samsung, Garmin, and Xiaomi. Apple invests heavily in marketing and branding to create a strong brand identity for Apple smartwatches. High-profile advertising campaigns, product launches, and endorsements help the company in maintaining consumer interest and drive sales.

Smartwatch Industry News:

  • In September 2023, Amazfit unveiled the Cheetah smartwatch, the latest addition to its Cheetah series in India, designed primarily for running enthusiasts. It includes an AI-powered running coach for guidance. The round model features a 1.39-inch HD AMOLED screen with 1,000 nits’ brightness and a resolution of 454×454 pixels. In contrast, the square variant offers a 1.75-inch HD AMOLED screen.

The smartwatch market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD billion) and shipment (million units) from 2018 to 2032, for the following segments:

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By Product Type, 2018 – 2032

  • Extension
  • Standalone & classic

By Operating System, 2018 – 2032

  • IOS
  • Android
  • Others

By Display Type, 2018 – 2032

  • LCD
  • OLED

By Price Range, 2018 – 2032

  • USD 0-299
  • USD 300-699
  • USD 700-999
  • Over USD 1,000

By End User, 2018 – 2032

  • Male
  • Female

By Application, 2018 – 2032

  • Running
  • Checking notifications
  • Swimming
  • Cycling
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Nordics
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia 
  • Latin America
    • Brazil
    • Mexico
    • Argentina 
  • MEA
    • UAE
    • South Africa
    • Saudi Arabia


Authors: Avinash Singh

Frequently Asked Questions (FAQ) :

Smartwatch industry was worth USD 33.5 billion in revenue in 2022 and is estimated to expand at over 10.5% CAGR from 2023 to 2032 driven by increasing demand owing to its ability to provide real-time notifications and connectivity to smartphones.

OLED segment held more than 91% revenue share in 2022 and is likely to witness high demand through 2032 attributed to its slim and attractive designs.

North America held more than 41% share of the global smartwatch industry in 2022 and is projected to expand at notable pace through 2032 owing to the proliferation of wearable technology across the region.

Huawei Technologies Co., Ltd., Apple Inc., Xiaomi, Garmin Ltd., Fossil Group Inc., Google LLC, and Samsung Electronics Co., Ltd. are among the top companies operating in the market.

Smartwatch Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 856
  • Countries covered: 21
  • Pages: 350
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