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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

Smart Watch Market Outlook (2023-2033)

The smart watch market was estimated to have a market value of US$ 32,431.4 Mn in 2022, and the value is estimated to reach US$ 35,415.1 Mn in 2023. By the end of 2033, the smart watch market is estimated to reach US$ 99,057.0 Mn, and would grow at a CAGR% of 10.8%

Smart watches refer to the digitization of traditional watches and offer the end user calling services, fitness tracking, notifications, access to the internet and applications, checking e-mails, and checking the time. In a nutshell, the smart watch has several features that are common with a smart phone.

One of the primary reasons, people choose to purchase a smart watch is because this device act as fitness tracker and an attraction that end consumers have developed for this technology.

By region, the market in North America held the largest market share of 26.6% in the global landscape in 2022, followed by Europe with a market share of 21.5% for the same year.

Attributes Key Insights

Smart Watch Market Size (2023)

US$ 35,431.4 Mn

Projected Market Value (2033)

US$ 99,057.0 Mn

Global Market Growth Rate (2023-2033)

10.8%

Android /Android Wear Segment Market Share (2022)

19.8%

U.S. Market Share (2022)

18.1%

Medium Priced Smart Watches Market Share (2022)

40.1%

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What Factors Influence the Smart Watch Market?

“Features That Could Benefit the End User and Not Only Act as an Alternative for Smartphones Will Drive the Smart Watches Market”

Desire among end users to use the smart watch technology that was only introduced in the previous decade for wide end use drives the demand for the smart watch market. The primary use of this technology among the end users is fitness tracking, that acts as a pedometer (step counter), measures heart rate, tracks the burning of calories, GPS, reminders and notification-flights, hydration level etc. However, there is also a section of the society that is either unaware about the use of smart watches or does not feel the need to spend on this technology, since majority of the tasks that the smart watches performs can be done by their smart phones, or may not feel the need for fitness tracking.

But features like sending messages to the ambulance services and family members in case an accident or health emergency can act as a factor that could increase the target market for this market.

  • In December 2022, Noise launched ColorFit Loop in the market from its ‘TruSync’ line of smartwatches. The device has 1.85-inch screen and 60Hz refresh rate. The smart watch supports Bluetooth calling feature. The device would be sold at a low price.
  • In December 2022, Ambrane, an Indian smartwatch company launched its smartwatch ‘Wise Glaze’ that is sold at a low price and, has high brightness, monitors sleep, 280 mAH battery life and is a bilingual smart watch, thus allowing two languages, English and Hindi.
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Why The US Smart Watch Market is The Largest?

“US is a Market Leader for Smart Watches Due to Early Beginnings and Technological Adoption”

Economic prosperity of this region allows the end consumers of this region to have a disposable income, being an economic power and home to several technological companies, US was one of the first countries where smart watches were used widely.

Due to these reasons, USA held the largest market share of 18.1% for the year 2022.

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Why Smart Watch Market Can Grow Rapidly in India?

“Large Population, Young Demographic and Awareness About Fitness Driving Smart Watch Market in India”

India is the second most populated country, with majority of the population being young in age, allowing a greater population of people to be inclined to purchase this technology. There has been a surge in the fitness industry allowing the market to grow in this country because of the need for the fitness tracker and sleep monitor. Social media and online messengers could be used through smart watch devices, such as WhatsApp which is a popular messaging application in this country.

Due to these reasons, the smart watch market is estimated to grow in India at a CAGR of 13.4% over the forecast period.

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Why China Is Growing at a Good Pace for Smart Watch Market?

“Large Population, Local Players and Large Manufacturing Driving Growth of Smart Watches in China”

China being the largest populated country allows the market for smart watch technology to be larger than numerous other countries. The presence of technology companies based in China and large scale manufacturing of electronic devices, allows China to be a large market. It is a societal factor in the country, pushed by the government upon students, further pushes for the demand of smart watches among the younger age groups.

For these reasons, China has a CAGR of 12.1% for the smart watches over the forecast period.

Category-wise Insights

Why Extension Smart Watches Have the Largest Market Share by Type?

Extension smart watches allow end users to make phone calls, check messages, and carry out tasks that could be carried out upon the user’s smart phone device; this smart watch provides better features than a standalone smart watch, allowing this type of smart watch to have the largest market share of 38.9% in 2022.

Why Android /Android Wear Has the Largest Market Share by Operating System for Smart Watch Market?

In 2022, the android/android wear, or Wear OS, was estimated to have the largest market share of 19.8% among smart watch operating systems. The reason being that this operating system is widely used with numerous electronic devices, supports numerous apps, and allows easy transfer of information between Android devices that are widely used.

Due to these reasons, the android/android wear held the largest market share by operating system of 19.8% for 2022.i

Why Smartwatches Are More Popular Among the Age Group of 25-34?

Adoption, awareness, and implementation of technology are often much greater among younger people; this age group is at the perfect median for the smart watch market. The population of this age group is young, is more attracted to the technology, and has an income that they could spend for themselves.

Fitness goals and health issues can both be seen in this age group; income disparity across this age group can be quite noticeable, allowing purchase across the price range as well.

As a result of these factors, the 25-34 age group had the largest market share of 25.6% by age group for smart watches.

Why Low Priced Smart Watched Have the Highest Growth Rate for Smart Watch Market by Price Range?

Low-cost smart watches are now available to end users, expanding the target market for the smart watch market across age groups and income levels. The development of smart watch technology and the market could lead to the potential replacement of traditional wrist watches with hybrid smart watches since, in the distant future, certain smart features could become the norm for wrist watches.

Due to these reasons, low-priced smart watches are estimated to grow at the fastest CAGR of 11.2% for the forecast period.

Why Online E-commerce Stores Have the Highest CAGR for Smart Watch Market by Sales Channel?

Growth in the popularity of online e-commerce platforms allows the growth in the retail of smart watches through online means. Growth in urbanisation and development in the infrastructure and size of the online e-commerce companies helps in the development of e-commerce supply chains and allows products to be delivered in locations that are either less populated like rural areas or distant.

Due to these reasons, the online e-Commerce stores have the highest CAGR of 13.1% for the forecast period.

Competitive Landscape

Most of the companies that operate in the smart watch market are technological companies with watchmakers trying to enter the market. Growth for companies for their smart watches lies in how they could solve real world problems for the end users and not just act as a replacement for their smartphones.

  • In December 2021, Bank of Baroda had collaborated with GOQii, to launch its bob World Wave smart health watch. It is designed to ensure quick and seamless digital payments simply by tapping on the device.
  • In December 2021, Gizmore in collaboration with Tres Care had launched a unified app for its smartwatches and IoT devices. Gizmore aims to improve the smartwatch experience for users by providing more comprehensive data about their health and fitness.

Recent developments related to key players providing smart watch market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Smart watch Industry Report Scope

Attribute Details

Forecast Period

2023-2033

Historical Data Available for

2018-2022

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Type
  • Operating System
  • Age Group
  • Price Range
  • Sales Channel
  • Region

Key Companies Profiled

  • 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.
  • Others

Pricing

Available upon Request

Key Segments of Smart Watch Market Industry Research

By Type:

  • Extension Smart Watches
  • Standalone Smart Watches
  • Hybrid Smart Watches

By Operating System:

  • Watch OS (iOS)
  • Android/Android Wear
  • Linux
  • Pebble OS
  • RTOS
  • Tizen
  • Others

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

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa

- Companies Covered in This Report -

  • Fitbit Inc
  • Samsung Electronics Co, Ltd.
  • Sony Corporation
  • Garmin Ltd
  • Fossil Group, Inc.
  • Huawei Technologies Co., Ltd.
  • Xiaomi Corporation
  • Nokia Corporation (Withings)
  • LG Electronics
  • Others

- Frequently Asked Questions -

A] In 2022, the market value of smart watch was US$ 32,431.4 Mn.

A] The global smart watch market is estimated to grow at a 10.8% CAGR through 2033.

A] The market for smart watch is forecasted to reach US$ 32,751.6 Mn by 2033 end.

A] Demand for smart watches in India is estimated to rise at a CAGR of 13.4% over the forecast period.

A] North America smart watch market held the largest market share of 26.6% in 2022.

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