Smartwatch Market Analysis

Smartwatch Market Analysis

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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.
 

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.
 

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.