According to Fortune Business Insights, global smartwatch market size stood at USD 33.58 billion in 2024. The market is set to surge from USD 38.53 billion in 2025 to USD 105.20 billion by 2032, exhibiting a CAGR of 15.34% during the forecast period.
Moreover, the Smartwatch Market Share in the U.S. is expected to grow significantly, reaching USD 20.87 billion by 2032. Rising health consciousness and technological advancements are key drivers of market expansion. Smartwatches are equipped with a range of features such as notification checking, fitness tracking, and navigation, among others. The soaring adoption of advanced devices due to their numerous attributes is poised to bode well for industry expansion.
List of Key Players Mentioned in the Report:
- Apple Inc. (U.S.)
- The Samsung Group (South Korea)
- Garmin Ltd. (U.S.)
- Fitbit LLC (U.S.)
- Huawei Technologies (China)
- Fossil Group, Inc. (U.S.)
- Polar Electro (Finland)
- ASUSTek Computer Inc. (Taiwan)
- LG Electronics (South Korea)
- Xiaomi Inc. (China)
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Segmentation:
iOS Segment to Record Prominent Share Due to Surging Adoption of Apple Products
Based on operating system, the market is fragmented into iOS, android, and others. The iOS segment is poised to lead the global market owing to the rising adoption of Apple products equipped with advanced iOS operating systems.
Male Segment Bags Key Share Impelled by High Expenditure on Tech Products
By end-user, the market is bifurcated into male and female. The male segment registers a major share on account of high expenditure on tech products by this consumer group. Furthermore, men record a high fascination for advanced products.
Running Segment to Hold Dominating Share Owing to Growing Awareness of its Health Benefits
On the basis of application, the market is categorized into running, swimming, checking notifications, cycling, and others. The running segment is set to record a leading share fostered by mounting awareness regarding the health benefits of running among youngsters.
Based on geography, the market for smartwatches has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report offers an in-depth analysis of the industry based on various segments. The market has been studied on the basis of application, end-user, operating system, and geography. The report further presents the latest industry trends and the major factors propelling industry expansion.
Drivers and Restraints:
Market Value to Surge with Mounting Popularity of Fitness Tracking Devices
The rising adoption of fitness tracking devices and growing popularity of fitness among youth is slated to push product demand across various regions. In addition, a rise in urban population and mounting awareness regarding an array of smart devices is anticipated to drive smartwatch market growth. In September 2021, nearly 56.61% of the global population was recorded to reside in urban areas and the percentage is set to surge to 68% by 2050, as per data provided by the United Nations (UN).
The consumer inclination toward substitutes such as luxury watches may, nonetheless, restrain industry expansion.
Regional Insights:
North America Emerges as a Major Region Propelled by Soaring Consumer Expenditure
The rising consumer expenditure on electronic devices is anticipated to augment product adoption in North America. The region captures a prominent share considering the soaring spending on tech products by elderly population.
Europe’s smartwatch market share is anticipated to exhibit significant expansion owing to high product adoption. This can be credited to the high participation rate in physical activities in the region.
The South American market is touted to depict considerable growth, impelled by the increase in consumer expenditure on smart electronic goods with the expansion of e-commerce enterprises.
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Competitive Landscape:
Industry Players Focus on Production of Health Monitoring Watches to Secure an Edge over Competitors
The escalating consumer inclination toward wearables has led industry players to produce and launch health monitoring watches. This inclination can be attributed to the increasing awareness regarding health and wellness across various regions. Companies are undertaking such steps to enhance smartwatch sales and outpace their competitors.
Key Industry Development:
- September 2024, Amazfit launched its Amazfit GTR 4 New, its smart wearable brand in India. The product featured music control and integrated Bluetooth features. Amazfit marketed this product as ideal for sports applications, as it supported more than 150 sports modes.
- May 2024, ACwOLifestyle Private Limited, an Indian manufacturer of smartwatches and wireless earbuds, announced the launch of the ACwO FwIT Play smartwatch for women. The ACwO FwITPlay offers Bluetooth calling, a 1.75-inch display, and SOS features.
- April 2024, The Samsung Group, a South Korean manufacturer of electronic products, launched the GALAXY WATCH 7 ULTRA Smartwatch in the Chinese market. The product line featured an advanced blood glucose monitoring function and was marketed as ideal for diabetes patients.
