Smart Watch Global Market Report 2024

Description

“Smart Watch Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on smart watch market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for smart watch? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The smart watch market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Product: Extension; Standalone; Classical
2) By Display Type: AMOLED; PMOLED; TFT LCD 4) By Operating System: Watch OS; Android/Wear OS; Other Operating Systems
3) By Operating System: Watch OS; Android/Wear OS; Other Operating Systems
4) By Application: Personal Assistance; Wellness; Healthcare; Sports; Other Applications
Companies Mentioned: Apple Inc.; Garmin; Fitbit; Motorola; Sony Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

A smartwatch is a wrist-worn computer device that offers a wide array of functionalities beyond just telling the time. These functions include monitoring heart rate, tracking physical activity, and providing reminders throughout the day. Smartwatches find applications in various fields, including medicine, sports, gaming, and personal assistance.

The primary product types of smartwatches include extension, standalone, and classical models, and they are applied in areas such as personal assistance, wellness, healthcare, sports, and more. Extension smartwatches, often referred to as companion smartwatches, rely on a tethered phone to function. Smartwatches come with different display types, including AMOLED, PMOLED, and TFT LCD, and they run on various operating systems such as watchOS, Android/Wear OS, and other proprietary operating systems.

The smart watch market research report is one of a series of new reports from The Business Research Company that provides smart watch market statistics, including smart watch industry global market size, regional shares, competitors with a smart watch market share, detailed smart watch market segments, market trends and opportunities, and any further data you may need to thrive in the smart watch industry. This smart watch market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart watch market size has grown rapidly in recent years. It will grow from $77.91 billion in 2023 to $91.8 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The expansion observed during the historical period can be attributed to factors such as the emphasis on fitness and health tracking, seamless integration with smartphones, considerations of fashion and style, the adoption of mobile payment features, and the development of a robust app ecosystem.

The smart watch market size is expected to see rapid growth in the next few years. It will grow to $156.97 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The anticipated growth in the forecast period can be linked to factors like the expansion into healthcare and medical monitoring, integration with smart home systems, the implementation of 5G connectivity, a focus on environmental sustainability, and support for augmented reality (AR) and virtual reality (VR) technologies. Notable trends expected during the forecast period encompass the development of extended battery life, the creation of health and wellness ecosystems, the use of advanced sensors, the ability to customize straps and watch faces, and collaborations at the intersection of fashion and technology.

The smartwatch market is experiencing growth due to the increasing health awareness among consumers. Smartwatches empower users to proactively monitor their health and take necessary precautions. They enable doctors to remotely track patients' health status, prescribe treatments, and provide care as needed. As an example, in August 2022, Samsung Electronics, a South Korea-based company, unveiled the Galaxy Watch5 Series, featuring a Bioactive sensor for accurate digital health tracking and sleep monitoring. This unique chip combines optical heart rate, electrical heart signal, and bioelectrical impedance analysis to provide comprehensive health measurements, including heart rate, blood oxygen levels, and stress levels. More people are turning to digital tools like smartwatches to address critical health needs beyond just exercise tracking. Consequently, the increasing health awareness among consumers is expected to drive the smartwatch market's growth.

The smartwatch market is also being driven by the rising prevalence of women-centric diseases. Conditions like anemia, osteoporosis, breast cancer, menopause, and others predominantly affect women due to various risk factors, including family history, age, obesity, and more. Smartwatches offer valuable health monitoring, emergency assistance, and activity tracking features, particularly beneficial for an aging population, enhancing their independence and overall well-being. For instance, in 2023, it is estimated that around 300,590 people will be diagnosed with breast cancer in the U.S., as per the Breast Cancer Research Foundation. Therefore, the increasing aging population contributes to the growth of the smartwatch market.

The high cost of smartwatches may impede market growth. Designing and developing smartwatches with the required accuracy, including sensors, displays, and small semiconductor components, as well as using raw materials, demand expertise and substantial initial investments. For instance, in 2023, the Apple Watch Ultra 2 is priced at $799, highlighting the premium cost associated with smartwatches. Hence, the high cost of smartwatches is expected to be a hindrance to market growth.

IoT-driven smartwatches are a preferred choice in the smartwatch market. These devices, connected to the internet, offer a wide range of features, such as health monitoring, fitness tracking, communication functions, entertainment, contactless payments, and integration with other IoT devices to enhance users' daily lives. With growing consumer interest in health and fitness, as well as convenience in everyday activities and smart homes, IoT wearable devices like smartwatches provide a myriad of functionalities. In 2021, Samsung achieved its highest quarterly smartwatch shipments with the launch of the Galaxy Watch 4 series.

Major companies in the smartwatch market are focusing on developing smartwatches with advanced Snapdragon chipsets to gain a competitive advantage. These chipsets enhance performance and enable features like seamless connectivity, improved battery life, and efficient health tracking. For instance, in August 2022, Oppo, a China-based consumer electronics manufacturer, introduced the Oppo Watch 3, the world's first smartwatch with the Snapdragon W5 Gen 1 chipset. This smartwatch offers advanced health monitoring, including a skin temperature sensor, integrated ECG, heart rate sensor, and SpO2 sensor. It boasts up to 14 days of battery life, compatibility with blood glucose monitors, and support for over 100 sports modes.

In January 2021, Google LLC, a U.S.-based technology company, acquired Fitbit for $2.1 billion, aiming to expand access to health and wellness solutions, with a focus on investing in Wear OS and introducing Made by Google wearable devices to the market. Fitbit, a U.S.-based consumer electronics and fitness company, manufactures smartwatches.

Major companies operating in the smart watch market include Apple Inc., Garmin, Fitbit, Motorola, Sony Corporation, LG Electronics, Huawei Technologies Co. Ltd., Fossil Group Inc., Google Inc., Lenovo Group Ltd., Qualcomm, TomTom International BV, ASUSTeK Computer Inc., ConnectDevice Ltd., Huami Corp, Mobvoi Information Technology Company Ltd., Samsung Electronics Co. Ltd., Imoo, Amazfit, Garmin, Fitbit, TomTom International, Amazon, Pebble, Maritime, Suunto, Mobvoi, Tag Heuer, Polar Electro, Casio Computer Co. Ltd., Vector Watch, Nixon Inc., Misfit, Withings, Polaroid, Alcatel, Archos

Asia-Pacific was the largest region in the smart watch market in 2023. North America was the second-largest region in the smart watch market. The regions covered in the smart watch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the smart watch market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The smartwatch market consists of sales of extension smartwatches, standalone smartwatches, and classical smartwatches. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r9241

1. Executive Summary

2. Smart Watch Market Characteristics

3. Smart Watch Market Trends And Strategies

4. Smart Watch Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Smart Watch Market Size and Growth

5.1. Global Smart Watch Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Smart Watch Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Smart Watch Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Smart Watch Market Segmentation

6.1. Global Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Extension
Standalone
Classical
6.2. Global Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
AMOLED
PMOLED
TFT LCD
6.3. Global Smart Watch Market, Segmentation By Operating System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Watch OS
Android/Wear OS
Other Operating Systems
6.4. Global Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Personal Assistance
Wellness
Healthcare
Sports
Other Applications

7. Smart Watch Market Regional And Country Analysis

7.1. Global Smart Watch Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Smart Watch Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Smart Watch Market

8.1. Asia-Pacific Smart Watch Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Smart Watch Market

9.1. China Smart Watch Market Overview
9.2. China Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Smart Watch Market

10.1. India Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Smart Watch Market

11.1. Japan Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.2. Japan Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Smart Watch Market

12.1. Australia Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Smart Watch Market

13.1. Indonesia Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Smart Watch Market

14.1. South Korea Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.2. South Korea Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Smart Watch Market

15.1. Western Europe Smart Watch Market Overview
15.2. Western Europe Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Smart Watch Market

16.1. UK Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Smart Watch Market

17.1. Germany Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Smart Watch Market

18.5. France Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.6. France Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.7. France Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Smart Watch Market

19.9. Italy Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.10. Italy Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.11. Italy Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Smart Watch Market

20.13. Spain Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.14. Spain Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.15. Spain Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Smart Watch Market

21.1. Eastern Europe Smart Watch Market Overview
21.2. Eastern Europe Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Smart Watch Market

22.1. Russia Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Smart Watch Market

23.1. North America Smart Watch Market Overview
23.2. North America Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Smart Watch Market

24.1. USA Smart Watch Market Overview
24.2. USA Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Smart Watch Market

25.1. Canada Smart Watch Market Overview
25.2. Canada Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Smart Watch Market

26.1. South America Smart Watch Market Overview
26.2. South America Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Smart Watch Market

27.1. Brazil Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Smart Watch Market

28.1. Middle East Smart Watch Market Overview
28.2. Middle East Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Smart Watch Market

29.1. Africa Smart Watch Market Overview
29.2. Africa Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Smart Watch Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Smart Watch Market Competitive Landscape And Company Profiles

30.1. Smart Watch Market Competitive Landscape
30.2. Smart Watch Market Company Profiles
- 30.2.1. Apple Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Garmin
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Fitbit
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Motorola
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Sony Corporation
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Smart Watch Market Competitive Benchmarking

32. Global Smart Watch Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Smart Watch Market

34. Smart Watch Market Future Outlook and Potential Analysis

34.1 Smart Watch Market In 2028 - Countries Offering Most New Opportunities
34.2 Smart Watch Market In 2028 - Segments Offering Most New Opportunities
34.3 Smart Watch Market In 2028 - Growth Strategies
34.3.1 Market Trend Based Strategies
34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer