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Smartwatch Market Size

  • 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.

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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