Smart Watch Market
Market Study on Smart Watches: Online Sales to Drive Market Growth Considerably Over Decade
Smart Watch Market Segmented By Extension Smart Watch, Standalone Smart Watch, Hybrid Smart Watch with watchOS, Android /Android Wear, Linux, Pebble OS, RTOS, Tizen Operating System
Persistence Market Research has published an updated analysis on the global smart watch market, which was worth US$ 21 Bn in 2020 and is predicted to offer an absolute dollar opportunity of US$ 99 Bn by 2031.
Proliferation of technology has increased substantially over the past decade, and this is majorly driven by smart devices that have gained massive popularity in recent times. Smart wearable devices are seeing a massive surge in demand and the trend is expected to be followed through the decade.
Analysts have predicted the smart watch consumption to rise at a CAGR of 19%. From a broader perspective, global smart watch sales accounted for 1/4 of the smart wearables market. Apple watches have led the market since their launch, but Android smartwatches are gaining momentum and are expected to catch.
Smart Watch Market Size (2020)
US$ 21 Bn
Sales Forecasts for 2031
US$ 120 Bn
Market Growth Prediction (2021-2031)
Top 3 Market Players
Find Out More about the Report Coverage
- Fitbit Inc.
- Samsung Electronics Co., Ltd
- Sony Corporation
- Garmin Ltd.
- Fossil Group, Inc.
- Huawei Technologies Co., Ltd.
- Xiaomi Corporation
- Nokia Corporation (Withings)
- LG Electronics Inc.
Smart Watch Demand Analysis (2016 to 2020) Vs Future Market Estimates (2021 to 2031)
Technology has become an integral part of every aspect of life, and this has created massive demand for advanced and smart devices across the globe. Growing millennial population across the globe is majorly driving the adoption of smart watches and other smart devices.
The world is seeing a major shift to the digital realm and is more connected than ever, and smart watches play an important role in this due to their compact nature and versatile functionality.
Rising urbanization, increasing technological proliferation, health- and fitness-conscious population, rising smartphone use, increasing luxury standards, and rising disposable income are some of the key factors that shape the demand for smart watches across the world.
This smart watch market survey anticipates demand to rise at a stellar CAGR of 19% through 2031.
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What is the Outlook for Wireless Fitness Devices Over the Decade?
People have become more aware than ever of their fitness and health, and fitness devices are witnessing demand that they have never seen previously. Fitness devices make it easy to track and monitor progress at any point without having to use any special devices.
Fitness tracking and progress monitoring via heart rate sensors, motion sensors, and gyro meters in smart watches has become substantially accurate and provides data that helps in bettering the fitness routines to get optimal results. Wearable fitness devices can conveniently be worn by individuals at all times, which makes them a popular choice among individuals.
Manufacturers are launching wireless fitness devices with new features and increasing their scope of application, which is expected to boost smart device and smart watch sales over the coming years.
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How is the Market for Android Smartwatches Expected to Fare?
Apple watches have dominated the smart watch industry ever since they were launched back in 2015, and all other manufacturers are playing catch up ever since. But, over the past few years, manufacturers such as Samsung and Garmin have collectively increased the sales of Android smartwatches as they majorly provide Android-operated smart watches.
Consumers are growing more aware than ever and demand for cost-effective as well as feature-packed smart devices is significantly higher than it was in the past. Android-operated smart watches are more flexible and have better compatibility with other devices, which is what lacks in Apple watches, and this is a major factor that would drive the sales of Android smartwatches in the future.
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Where Should Key Manufacturers of Smart Watches Focus?
This research details the global smartwatch market landscape in regions such as North America, Latin America, Europe, Asia Pacific, and MEA.
In terms of demand and sales, the Asia Pacific region is anticipated to dominate the global smart watch landscape. High demand in this region can be attributed to rising adoption of smart devices in economies such as India and China. The market in Asia Pacific is expected to be a prominent one through the next ten years.
The North American smart watch industry is also expected to expand at a good pace over the decade. Technological innovations, new product launches, and rising number of applications for smart watches are some of the key factors shaping the smart watch industry in this region.
Demand for smart watches in the European region is expected to see a steady rise over the decade. Sales in this region are expected to rise as new products are launched with more advanced capabilities and increased scope of application.
The market for smart watches in the MEA region is also expected to see a rise as adoption of smart devices increases in the region over the decade.
Why Should Smart Watch Manufacturers Focus on the Indian Market?
India has seen a massive surge in the adoption of smart devices over the past decade, and this trend is anticipated to be prevalent in this decade as well. The nation is seeing rapid urbanization and increase in per capita disposable income as well, and these two factors are majorly sculpting demand for smart watches.
India is one of the leading markets in the Asia Pacific region and has seen a major surge in sales of smart watches in the past couple of years.
Manufacturers are launching new smart watches and are offering effective pricing to push their sales numbers in India. Rising health awareness and demand for smart wearable devices that monitor health are also significant factors that influence the smart watch space in India.
What’s Driving Sales of Smart Watches in the U.S.?
The U.S. has always been at the forefront in terms of the adoption and application of technology, and this is due to the nation’s high spending potential and technologically aware population. Presence of major smart watch producers such as Apple is a major factor that makes it a very lucrative market. Manufacturers are launching innovative products to increase their sales in the U.S.
The nation has also seen a rise in awareness for health and fitness due to rising incidence of health issues and prevalence of obesity, which has created substantial demand for smart watches that help track and monitor health continuously to make better lifestyle decisions.
The U.S. is the most significant market in the North American region and is expected to experience positive growth over the forecast period.
Which Sales Channel is Expected to Dominate the Sales of Smart Watches?
Smartwatch Sales via online e-Commerce stores are expected to see a massive surge over the forecast period. This can be attributed to rising popularity of online e-Commerce across the globe as more people now prefer shopping from the comfort of their homes and also get attractive pricing for the products they buy.
More manufacturers are focusing on pushing online sales of smart watches as it enables the product to reach a larger audience across regions.
Impact of COVID-19
In 2020, the world was faced with a phenomenon that it had never seen and a situation which no one was prepared for. The first quarter of 2020 saw the emergence of coronavirus in its full power and this became severe as the year progressed and bought the world to a standstill via global lockdowns and disrupted supply chains and brought manufacturing to a complete halt across the world.
Sales of smart watches saw a drop in 2020 due to coronavirus infections across the world. The supply and manufacturing of these smart watches also took a serious hit in the pandemic due to multiple restrictions across the world. In early 2021 the demand for smart watches has seen a major surge and this trend is expected to be followed through the next ten years as well.
As manufacturers resume their manufacturing activities and launch new products to gain a competitive edge over other manufacturers, demand for smart watches in the post-pandemic era is expected to see a major upward trend.
Key smart watch manufacturers are focusing on mergers & collaborations to increase their geographical presence. They are also focusing and investing in the research & development of new and innovative smart devices and watches to gain a competitive edge over other manufacturers.
- In July 2021, Timex announced the launch of its Timex Helix Smartwatch 2.0 in India and expanded its smartwatch product portfolio. The watch is equipped with a temperature sensor, heart rate monitor, activity tracker, etc. It is available to purchase on the Amazon India website.
- In September 2021, Apple announced the launch of its Apple Watch 7 along with its flagship line of iPhones. The Apple Watch 7 is the 8th generation smart watch from Apple and has been launched with a new design after quite some time. With thinner bezels and refined edges, the smart watch brings a completely fresh look in two sizes.
More recent developments related to key smart watch suppliers have been also been tracked by analysts at Persistence Market Research, which will be accessible in the full report.
Smart Watch Industry Report Scope
Historical Data Available for
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Segments Covered in Smart Watch Industry Research
- Extension Smart Watches
- Standalone Smart Watches
- Hybrid Smart Watches
By Operating System
- Watch OS (iOS)
- Android /Android Wear
- Pebble OS
By Age Group
- 3-14 Years
- 15-24 Years
- 25-34 Years
- 35-54 Years
- 55+ Years
By Price Range
- High Priced Smart Watches
- Medium Priced Smart Watches
- Low Priced Smart Watches
By Sales Channel
- Online e-Commerce Stores
- Organized Retail Chains
- Unorganized Retail Stores
- FAQs -
Increasing demand from emerging economies, rising demand from millennial population, innovations, urbanization across various regions, and increasing technological proliferation are factors that are guiding demand for smart watches.
The global smart watch market is anticipated to attain a valuation of US$ 120 Bn by the end of 2031.
The market for smartwatches in Asia Pacific is anticipated to have a dominant outlook throughout the forecast period.
Smart watch sales are predicted to surge at a CAGR of 19% through 2031.
Apple, Samsung, and Garmin collectively dominate the global smart watch industry in terms of sales and market share.
Smart watch sales revenue was valued at US$ 21 Bn in 2020.
Sales of smart watches via online e-Commerce stores are anticipated to be most significant over the next ten years.