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Smartwatch Market Trends

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

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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.

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.