Smartwatch Market Share, Size & Growth Report | 2031 (2024)

Global Smartwatch Market size was valued at USD 21.25 billion in 2022 and is poised to grow from USD 23.04 billion in 2023 to USD 43.92 billion by 2031, at a CAGR of 8.4% during the forecast period (2024-2031).

The global smartwatch market is experiencing rapid growth and evolution, driven by technological advancements and shifting consumer preferences. Smartwatches are wearable devices offering a wide range of features beyond traditional timekeeping, such as fitness tracking, notifications, and smartphone connectivity.

One key driver of the market's growth is the increasing emphasis on health and fitness. Smartwatches have sensors that can monitor heart rate, track steps, and even analyze sleep patterns, making them valuable tools for individuals looking to improve their well-being. Additionally, integrating GPS and other location-based services enhances their appeal to outdoor and fitness enthusiasts. The connectivity aspect is another major factor fueling the smartwatch market. These devices allow users to receive notifications, make calls, and even control smart home devices directly from their wrists, enhancing convenience and productivity.

Furthermore, the market is marked by fierce competition among tech giants and smaller players. Companies like Apple, Samsung, and Garmin dominate the market with feature-rich offerings, while startups continue to innovate, offering unique designs and specialized functionalities. As technology advances, we can expect even more sophisticated and diverse smartwatch options to cater to the ever-growing demand for wearable tech. The global smartwatch market is poised for continued expansion as these devices become increasingly integrated into our daily lives.

Market snapshot - 2024-2031

Global Smartwatch Market is segmented on the basis of operating system, end user, display technology and region. By operating system, the market is segmented into IOS, android, others. By end user, market is segmented into male and female. by display technology, the market is segmented into LCD and OLED. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Global Smartwatch Market Analysis by Display Technology

The OLED-based smart watches had a significant market share of over 91.5% in 2022 and are anticipated to continue to rule during the projected period. Nowadays, OLED and LCD screens of various types are found in almost all smartwatches. Although OLED technology has a high manufacturing cost, the demand for clear and dynamic displays has compelled manufacturers to incorporate them due to their advantages over LCDs. Additionally, OLED displays were already being used in smartphones and televisions, which made it easier for the manufacturers to gauge the demand for each technology and incorporate it into smartwatches on a larger scale, lowering the overall cost of mass production.

Due to their excellent image quality and low power consumption, OLED screens provide users a better experience. With design options extending to flexible OLED panels, it also gives manufacturers greater freedom for innovation. This enables the producers to make displays in a variety of shapes and sizes without sacrificing their resolution or quality. Despite the benefits of OLED displays, LCDs are anticipated to remain popular because of their affordability and versatility in terms of readability.

Global Smartwatch Market Analysis by Operating System

Due to the Apple brand's extensive market penetration in the global wristwatch market, it is anticipated that IOS will hold the majority of the market share. The growth is ascribed to Apple's superior advantage over competing devices in terms of overall built quality, functionality, and durability.

Due to a focus on a larger range of consumers and the production of a variety of products that are accessible even to those with lesser power purchasing ability, the android and other categories are also gaining pace

More than 44.0% of the global smartwatch market was accounted for by North America, which was followed by Europe and the Asia-Pacific region. The demand for smartwatches in North America has been significantly influenced by the success of Apple, Inc.'s smartwatch line. Early product availability and high technology adoption rates have been significant industry growth factors. Additionally, the proliferation of connected devices and the incorporation of IoT in smartwatches have increased sales in North America by enhancing user convenience.

In 2022, Europe became one of the top regional markets, and during the forecast period, it is expected to continue to grow at a stable rate of 8.9%. Market expansion is anticipated to be fueled by rising connected car sales and rising disposable income among different demographic groups in European nations. Additionally, the market is anticipated to grow as a result of young consumers' growing preference for smart wearables.

Global Smartwatch Market Drivers

Health and Fitness Monitoring to Bolster market growth

• One significant driver for the global smartwatch market is the increasing demand for health and fitness monitoring features. These devices have evolved beyond basic timekeeping to become essential tools for individuals striving for a healthier lifestyle. Smartwatches are equipped with sensors that track various health metrics like heart rate, sleep patterns, and activity levels, empowering users to monitor and improve their overall well-being. With growing health consciousness and a focus on preventive healthcare, consumers are increasingly turning to smartwatches as convenient and accessible means to take charge of their health, making health and fitness monitoring a key catalyst in the ongoing expansion of the smartwatch market.

Global Smartwatch Market Restraints

Battery Life might act as a Restrain

• Battery life remains a significant constraint in the global smartwatch market. While manufacturers have made strides in enhancing power efficiency, most smartwatches still struggle to provide extended usage on a single charge. This limitation often frustrates consumers who desire longer-lasting devices, particularly for continuous health tracking and outdoor activities. Balancing the need for powerful features with extended battery life remains a challenging engineering task. Addressing this constraint is pivotal for smartwatch manufacturers to keep consumers satisfied and promote widespread adoption, as consumers increasingly demand both advanced functionalities and dependable, long-lasting performance from their smartwatches.

Even though the aforementioned companies dominate the industry, they are up against Fossil, Swatch, and Tag Heuer as well as other established watch companies. Their primary goal is to produce hybrid watches with contemporary features. But many premium brands are losing market share to Chinese and Indian suppliers who provide unique features at competitive prices.

Top Player’s Company Profiles in Global Smartwatch Market

• Apple Inc. (USA)

• Samsung Electronics Co., Ltd. (South Korea)

• Huawei Technologies Co., Ltd. (China)

• Garmin Ltd. (Switzerland)

• Fitbit, Inc. (USA)

• Fossil Group, Inc. (USA)

• Amazfit (China)

• Xiaomi Corporation (China)

• LG Electronics Inc. (South Korea)

• Polar Electro Oy (Finland)

• Mobvoi Information Technology Company Limited (China)

• Casio Computer Co., Ltd. (Japan)

• Suunto Oy (Finland)

• Sony Corporation (Japan)

• Misfit, Inc. (USA)

• Ticwatch (China)

• Vector Watch SA (Switzerland)

• TAG Heuer SA (Switzerland)

• Withings (France)

• Citizen Watch Co., Ltd. (Japan)

• Michael Kors (USA)

Global Smartwatch Market Recent Developments

• In March 2024, several new tech launches hit the market, including the world's slimmest smartwatch and Bluetooth 5.4 gaming TWS. These latest releases are packed with innovative features, offering users exciting options to explore.
• In January 2024, Ceva, Inc., a prominent provider of silicon and software IP for Smart Edge devices, joined forces with boAt, India's top audio and wearables brand, to collaborate on technology innovation for boAt's upcoming lifestyle-focused consumer products. This partnership aims to enhance various products such as TWS earbuds, neckbands, headphones, speakers, and smartwatches with cutting-edge technology.
• In September 2023, Noise, a popular connected lifestyle brand, revealed a collaboration with Il Jin Electronics, a subsidiary of Amber Enterprises India Ltd, to ramp up the production of smart wearables within the country.

• A prominent market trend in the smartwatch industry is the increasing ability of these devices to work seamlessly with multiple devices. Smartwatches are evolving into versatile hubs for interconnected technology, offering enhanced compatibility with smartphones, tablets, laptops, and IoT devices. This trend allows users to switch between devices, access notifications, control smart home gadgets, and sync data, creating a more integrated and convenient user experience. As the demand for a connected ecosystem grows, smartwatch manufacturers actively pursue cross-platform compatibility, positioning these wearables as central tools for managing a wide range of digital devices in our interconnected world.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analyses, the global smartwatch market has seen significant growth in recent years and is expected to continue to do so in the coming years. The market is being driven by a number of factors, including the increasing popularity of wearable technology, advancements in technology, and the growing trend of using technology to monitor health and fitness. Advancements in technology are also driving growth in the smartwatch market. Smartwatches are becoming more powerful, with longer battery life, more accurate sensors, and improved connectivity options. The growing trend of using technology to monitor health and fitness is another key driver of the smartwatch market. Smartwatches are being used to track a range of health metrics, including heart rate, sleep patterns, and exercise routines.