The augmenting disposable income and the growing health consciousness among individuals throughout the world are some of the major factors stimulating the growth of the global smartwatch market. Also, the expanding adoption of smartphones and fast-internet connectivity solutions are promoting smartwatch market size. The accelerating demand for fitness and wireless sports devices will further drive the market growth. For example, smartwatches are being preferred by cyclers, runners, gym-goers, swimmers, and athletes, because of their capability to monitor daily activities, thus enhancing their performance level.
Government initiatives to support IoT technology also aids in fuelling the global smartwatch market. For example, the US is an early adopter of niche technology and provides technical resources to support IoT along with instructions on the standards development and interoperability. As per the smartwatch market research, the compatibility issues concerned with operating systems are likely to hamper the global smartwatch market’s growth. The huge cost related to the smartwatch devices, and the inadequacy of strong internet connectivity, also act as a constraint in the growing demand of the market. The widespread COVID-19 pandemic is also predicted to harm the market because of the temporary shutdown of the manufacturing factories, resulting in delays in the production process. According to the smartwatch market trends, the market is expected to recover and show remarkable growth from 2021.
On the basis of product, the standalone segment is projected to expand at a higher CAGR during the forecast period attributing to advanced features like wireless operations, sim card acceptance, and access capability for the internet. Furthermore, the growing demand for an intelligent-based device to monitor daily activities is supporting the smartwatch market share.
Based on application, the health segment is anticipated to grow at a faster CAGR over the forecast period. The people with certain diseases, along with the health-conscious, are largely choosing these smartwatches to track their physical activities and the number of calories burned in a day.
Based on the regional coverage, North America is predicted to witness a higher CAGR during the forecast period due to the rapid innovations in wireless network infrastructure. Moreover, other factors including the early adoption of technology and the emergence of built-in LTE smartwatches are bolstering the market’s growth.
Various key players in the market include Apple Inc., Samsung Electronics Co. Ltd, Titan Ltd, Garmin Ltd, Fitbit Inc., Fossil Group Inc., Huawei Technologies Co. Ltd, Sony Corporation, Lenovo Group Limited, Huami Corporation, and LG Electronics Inc.
The global Smartwatch market has been segmented on the basis of Product, Application, Operating System, and key regions. Based on product, the market is segmented into Extension, Standalone, and Classical. Based on Application, the market is segmented into Personal Assistance, Wellness, Healthcare, Sports, and Others. Based on Operating System, the market is segmented into WatchOS, Android, RTOS, Tizen, and Others.
Smartwatch Market Segmentation:
Global Smartwatch Market by Product:
Global Smartwatch Market by Application:
- Personal Assistance
Global Smartwatch Market by Operating System:
Global Smartwatch Market by Region:
- North America Smartwatch Market (Option 1: As a part of the free 25% customization)
- North America Market by Product
- North America Market by Application
- North America Market by Operating System
- United States Smartwatch Market
- Canada Smartwatch Market
- Europe Smartwatch Market (Option 2: As a part of the free 25% customization)
- Europe Market by Product
- Europe Market by Application
- Europe Market by Operating System
- UK Smartwatch Market
- Germany Smartwatch Market
- France Smartwatch Market
- Spain Smartwatch Market
- Rest of Europe Smartwatch Market
- Asia-Pacific Smartwatch Market (Option 3: As a part of the free 25% customization)
- Asia-Pacific Market by Product
- Asia-Pacific Market by Application
- Asia-Pacific Market by Operating System
- China Smartwatch Market
- India Smartwatch Market
- Japan Smartwatch Market
- Rest of APAC Smartwatch Market
- RoW Smartwatch Market (Option 4: As a part of the free 25% customization)
- RoW Market by Product
- RoW Market by Application
- RoW Market by Operating System
- Brazil Smartwatch Market
- South Africa Smartwatch Market
- Saudi Arabia Smartwatch Market
- UAE Smartwatch Market
- Rest of world (remaining countries of the LAMEA region) Smartwatch Market
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