Product Code: 10511
Key Highlights
The smartwatch market generated a value of USD 38.7 billion in 2023, which will rise to USD 73.3 billion, powering at more than 9.4% compound annual growth rate, by 2030.
This growth is because of the increasing urbanization rate and the growing need for advanced products with many features, such as pulse rate tracking, step counting, and sleep quality monitoring.
The swift arrival of wearable technology has made people more aware of their health and fitness.
With greater access to technology, individuals are progressively adopting advanced devices to maintain/improve their fitness levels.
In this context, health & fitness smartwatches assist them in monitoring their day-to-day activities and decreasing bad practices that can affect their health in the long run.
The capability of smartwatches to flawlessly incorporate everyday health-associated activities into an app-based module that is accessible with a smart device like a tablet or smartphone is enhancing their acceptance.
The advanced incorporation and cross-compatibility of personal assistance and personal health features in a single smartwatch are key trends being witnessed in the industry.
With the swift arrival of wearable technology worldwide, coupled with the quick increase in wearable fitness goods sales, smartwatch and healthcare wearables makers have been integrating each other's knowledge into one compact product.
Key Insights
North America is leading the industry, and it will further propel at approximately 9.5% CAGR during this decade. This is because numerous people in this region are adopting these devices.
North America is a major target region for major players like Samsung and Apple.
APAC is likely to grow at the fastest compound annual growth rate, of 9.9%, in the years to come.
The industry for smartwatch in APAC is driven by the dominance of affordable smartwatches in China, increasing customer interest in these gadgets in India, and advanced infrastructure in South Korea.
The extension category led the industry in 2023, with approximately 45% share, because of the arrival of new variants that can be utilized as an extension to smartphones or other similar devices.
The standalone category will propel at the fastest rate in the coming years, owing to the rising introduction of these products, their feature-laden aspect, and their lower price.
The iOS category accounted for the leading share of the industry in 2023, of 65%. This can be because of the brand popularity of Apple and the existence of other variants with less-competent features.
Personal assistance application led the industry in 2023, with more than 50% share, because of the rising customers' adoption of smartwatches to ease their everyday activities.
Medical applications will grow at the fastest compound annual growth rate during this decade. The requirement for these devices for medical and health purposes has been suggestive of an optimistic future for this market.
Product introductions have been the main strategic initiatives taken by the major companies in the past few years.
Seeing the rising need for new models of smartwatches with advanced features like voice recognition and touch displays, players are introducing new versions/updates and better models regularly to enhance their market position.
Table of Contents
Chapter 1. Research Scope
- 1.1. Research Objectives
- 1.2. Market Definition
- 1.3. Analysis Period
- 1.4. Market Size Breakdown by Segments
- 1.4.1. Market size breakdown, by product
- 1.4.2. Market size breakdown, by operating system
- 1.4.3. Market size breakdown, by application
- 1.4.4. Market size breakdown, by region
- 1.4.5. Market size breakdown, by country
- 1.5. Market Data Reporting Unit
- 1.5.1. Volume
- 1.5.2. Value
- 1.6. Key Stakeholders
Chapter 2. Research Methodology
- 2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence database
- 2.2. Primary Research
- 2.3. Market Size Estimation
- 2.4. Data Triangulation
- 2.5. Currency Conversion Rates
- 2.6. Assumptions for the Study
- 2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Industry Outlook
- 5.1. Market Dynamics
- 5.1.1. Trends
- 5.1.2. Drivers
- 5.1.3. Restraints/challenges
- 5.1.4. Impact analysis of drivers/restraints
- 5.2. Impact of COVID-19
- 5.3. Porter's Five Forces Analysis
- 5.3.1. Bargaining power of buyers
- 5.3.2. Bargaining power of suppliers
- 5.3.3. Threat of new entrants
- 5.3.4. Intensity of rivalry
- 5.3.5. Threat of substitutes
Chapter 6. Global Market
- 6.1. Overview
- 6.2. Market Volume, by Product (2017-2030)
- 6.3. Market Revenue, by Product (2017-2030)
- 6.4. Market Volume, by Operating System (2017-2030)
- 6.5. Market Revenue, by Operating System (2017-2030)
- 6.6. Market Volume, by Application (2017-2030)
- 6.7. Market Revenue, by Application (2017-2030)
- 6.8. Market Volume, by Region (2017-2030)
- 6.9. Market Revenue, by Region (2017-2030)
Chapter 7. North America Market
- 7.1. Overview
- 7.2. Market Volume, by Product (2017-2030)
- 7.3. Market Revenue, by Product (2017-2030)
- 7.4. Market Volume, by Operating System (2017-2030)
- 7.5. Market Revenue, by Operating System (2017-2030)
- 7.6. Market Volume, by Application (2017-2030)
- 7.7. Market Revenue, by Application (2017-2030)
- 7.8. Market Volume, by Country (2017-2030)
- 7.9. Market Revenue, by Country (2017-2030)
Chapter 8. Europe Market
- 8.1. Overview
- 8.2. Market Volume, by Product (2017-2030)
- 8.3. Market Revenue, by Product (2017-2030)
- 8.4. Market Volume, by Operating System (2017-2030)
- 8.5. Market Revenue, by Operating System (2017-2030)
- 8.6. Market Volume, by Application (2017-2030)
- 8.7. Market Revenue, by Application (2017-2030)
- 8.8. Market Volume, by Country (2017-2030)
- 8.9. Market Revenue, by Country (2017-2030)
Chapter 9. APAC Market
- 9.1. Overview
- 9.2. Market Volume, by Product (2017-2030)
- 9.3. Market Revenue, by Product (2017-2030)
- 9.4. Market Volume, by Operating System (2017-2030)
- 9.5. Market Revenue, by Operating System (2017-2030)
- 9.6. Market Volume, by Application (2017-2030)
- 9.7. Market Revenue, by Application (2017-2030)
- 9.8. Market Volume, by Country (2017-2030)
- 9.9. Market Revenue, by Country (2017-2030)
Chapter 10. LATAM Market
- 10.1. Overview
- 10.2. Market Volume, by Product (2017-2030)
- 10.3. Market Revenue, by Product (2017-2030)
- 10.4. Market Volume, by Operating System (2017-2030)
- 10.5. Market Revenue, by Operating System (2017-2030)
- 10.6. Market Volume, by Application (2017-2030)
- 10.7. Market Revenue, by Application (2017-2030)
- 10.8. Market Volume, by Country (2017-2030)
- 10.9. Market Revenue, by Country (2017-2030)
Chapter 11. MEA Market
- 11.1. Overview
- 11.2. Market Volume, by Product (2017-2030)
- 11.3. Market Revenue, by Product (2017-2030)
- 11.4. Market Volume, by Operating System (2017-2030)
- 11.5. Market Revenue, by Operating System (2017-2030)
- 11.6. Market Volume, by Application (2017-2030)
- 11.7. Market Revenue, by Application (2017-2030)
- 11.8. Market Volume, by Country (2017-2030)
- 11.9. Market Revenue, by Country (2017-2030)
Chapter 12. U.S. Market
- 12.1. Overview
- 12.2. Market Volume, by Product (2017-2030)
- 12.3. Market Revenue, by Product (2017-2030)
- 12.4. Market Volume, by Operating System (2017-2030)
- 12.5. Market Revenue, by Operating System (2017-2030)
- 12.6. Market Volume, by Application (2017-2030)
- 12.7. Market Revenue, by Application (2017-2030)
Chapter 13. Canada Market
- 13.1. Overview
- 13.2. Market Volume, by Product (2017-2030)
- 13.3. Market Revenue, by Product (2017-2030)
- 13.4. Market Volume, by Operating System (2017-2030)
- 13.5. Market Revenue, by Operating System (2017-2030)
- 13.6. Market Volume, by Application (2017-2030)
- 13.7. Market Revenue, by Application (2017-2030)
Chapter 14. Germany Market
- 14.1. Overview
- 14.2. Market Volume, by Product (2017-2030)
- 14.3. Market Revenue, by Product (2017-2030)
- 14.4. Market Volume, by Operating System (2017-2030)
- 14.5. Market Revenue, by Operating System (2017-2030)
- 14.6. Market Volume, by Application (2017-2030)
- 14.7. Market Revenue, by Application (2017-2030)
Chapter 15. France Market
- 15.1. Overview
- 15.2. Market Volume, by Product (2017-2030)
- 15.3. Market Revenue, by Product (2017-2030)
- 15.4. Market Volume, by Operating System (2017-2030)
- 15.5. Market Revenue, by Operating System (2017-2030)
- 15.6. Market Volume, by Application (2017-2030)
- 15.7. Market Revenue, by Application (2017-2030)
Chapter 16. U.K. Market
- 16.1. Overview
- 16.2. Market Volume, by Product (2017-2030)
- 16.3. Market Revenue, by Product (2017-2030)
- 16.4. Market Volume, by Operating System (2017-2030)
- 16.5. Market Revenue, by Operating System (2017-2030)
- 16.6. Market Volume, by Application (2017-2030)
- 16.7. Market Revenue, by Application (2017-2030)
Chapter 17. Italy Market
- 17.1. Overview
- 17.2. Market Volume, by Product (2017-2030)
- 17.3. Market Revenue, by Product (2017-2030)
- 17.4. Market Volume, by Operating System (2017-2030)
- 17.5. Market Revenue, by Operating System (2017-2030)
- 17.6. Market Volume, by Application (2017-2030)
- 17.7. Market Revenue, by Application (2017-2030)
Chapter 18. Spain Market
- 18.1. Overview
- 18.2. Market Volume, by Product (2017-2030)
- 18.3. Market Revenue, by Product (2017-2030)
- 18.4. Market Volume, by Operating System (2017-2030)
- 18.5. Market Revenue, by Operating System (2017-2030)
- 18.6. Market Volume, by Application (2017-2030)
- 18.7. Market Revenue, by Application (2017-2030)
Chapter 19. Japan Market
- 19.1. Overview
- 19.2. Market Volume, by Product (2017-2030)
- 19.3. Market Revenue, by Product (2017-2030)
- 19.4. Market Volume, by Operating System (2017-2030)
- 19.5. Market Revenue, by Operating System (2017-2030)
- 19.6. Market Volume, by Application (2017-2030)
- 19.7. Market Revenue, by Application (2017-2030)
Chapter 20. China Market
- 20.1. Overview
- 20.2. Market Volume, by Product (2017-2030)
- 20.3. Market Revenue, by Product (2017-2030)
- 20.4. Market Volume, by Operating System (2017-2030)
- 20.5. Market Revenue, by Operating System (2017-2030)
- 20.6. Market Volume, by Application (2017-2030)
- 20.7. Market Revenue, by Application (2017-2030)
Chapter 21. India Market
- 21.1. Overview
- 21.2. Market Volume, by Product (2017-2030)
- 21.3. Market Revenue, by Product (2017-2030)
- 21.4. Market Volume, by Operating System (2017-2030)
- 21.5. Market Revenue, by Operating System (2017-2030)
- 21.6. Market Volume, by Application (2017-2030)
- 21.7. Market Revenue, by Application (2017-2030)
Chapter 22. Australia Market
- 22.1. Overview
- 22.2. Market Volume, by Product (2017-2030)
- 22.3. Market Revenue, by Product (2017-2030)
- 22.4. Market Volume, by Operating System (2017-2030)
- 22.5. Market Revenue, by Operating System (2017-2030)
- 22.6. Market Volume, by Application (2017-2030)
- 22.7. Market Revenue, by Application (2017-2030)
Chapter 23. South Korea Market
- 23.1. Overview
- 23.2. Market Volume, by Product (2017-2030)
- 23.3. Market Revenue, by Product (2017-2030)
- 23.4. Market Volume, by Operating System (2017-2030)
- 23.5. Market Revenue, by Operating System (2017-2030)
- 23.6. Market Volume, by Application (2017-2030)
- 23.7. Market Revenue, by Application (2017-2030)
Chapter 24. Brazil Market
- 24.1. Overview
- 24.2. Market Volume, by Product (2017-2030)
- 24.3. Market Revenue, by Product (2017-2030)
- 24.4. Market Volume, by Operating System (2017-2030)
- 24.5. Market Revenue, by Operating System (2017-2030)
- 24.6. Market Volume, by Application (2017-2030)
- 24.7. Market Revenue, by Application (2017-2030)
Chapter 25. Mexico Market
- 25.1. Overview
- 25.2. Market Volume, by Product (2017-2030)
- 25.3. Market Revenue, by Product (2017-2030)
- 25.4. Market Volume, by Operating System (2017-2030)
- 25.5. Market Revenue, by Operating System (2017-2030)
- 25.6. Market Volume, by Application (2017-2030)
- 25.7. Market Revenue, by Application (2017-2030)
Chapter 26. Saudi Arabia Market
- 26.1. Overview
- 26.2. Market Volume, by Product (2017-2030)
- 26.3. Market Revenue, by Product (2017-2030)
- 26.4. Market Volume, by Operating System (2017-2030)
- 26.5. Market Revenue, by Operating System (2017-2030)
- 26.6. Market Volume, by Application (2017-2030)
- 26.7. Market Revenue, by Application (2017-2030)
Chapter 27. South Africa Market
- 27.1. Overview
- 27.2. Market Volume, by Product (2017-2030)
- 27.3. Market Revenue, by Product (2017-2030)
- 27.4. Market Volume, by Operating System (2017-2030)
- 27.5. Market Revenue, by Operating System (2017-2030)
- 27.6. Market Volume, by Application (2017-2030)
- 27.7. Market Revenue, by Application (2017-2030)
Chapter 28. U.A.E. Market
- 28.1. Overview
- 28.2. Market Volume, by Product (2017-2030)
- 28.3. Market Revenue, by Product (2017-2030)
- 28.4. Market Volume, by Operating System (2017-2030)
- 28.5. Market Revenue, by Operating System (2017-2030)
- 28.6. Market Volume, by Application (2017-2030)
- 28.7. Market Revenue, by Application (2017-2030)
Chapter 29. Competitive Landscape
- 29.1. List of Market Players and their Offerings
- 29.2. Competitive Benchmarking of Key Players
- 29.3. Product Benchmarking of Key Players
- 29.4. Recent Strategic Developments
Chapter 30. Company Profiles
- 30.1. Apple Inc.
- 30.1.1. Business overview
- 30.1.2. Product and service offerings
- 30.1.3. Key financial summary
- 30.2. Samsung Electronics Co. Ltd.
- 30.2.1. Business overview
- 30.2.2. Product and service offerings
- 30.2.3. Key financial summary
- 30.3. Garmin Ltd.
- 30.3.1. Business overview
- 30.3.2. Product and service offerings
- 30.3.3. Key financial summary
- 30.4. Fitbit International Limited
- 30.4.1. Business overview
- 30.4.2. Product and service offerings
- 30.4.3. Key financial summary
- 30.5. Fossil Group Inc.
- 30.5.1. Business overview
- 30.5.2. Product and service offerings
- 30.5.3. Key financial summary
- 30.6. Huawei Technologies Co. Ltd.
- 30.6.1. Business overview
- 30.6.2. Product and service offerings
- 30.6.3. Key financial summary
- 30.7. Xiaomi Corporation
- 30.7.1. Business overview
- 30.7.2. Product and service offerings
- 30.7.3. Key financial summary
- 30.8. LG Electronics
- 30.8.1. Business overview
- 30.8.2. Product and service offerings
- 30.8.3. Key financial summary
- 30.9. Sony Corporation
- 30.9.1. Business overview
- 30.9.2. Product and service offerings
- 30.9.3. Key financial summary
- 30.10. TomTom International BV
- 30.10.1. Business overview
- 30.10.2. Product and service offerings
- 30.10.3. Key financial summary
- 30.11. ASUSTeK Computer Inc.
- 30.11.1. Business overview
- 30.11.2. Product and service offerings
- 30.11.3. Key financial summary
Chapter 31. Appendix
- 31.1. Abbreviations
- 31.2. Sources and References
- 31.3. Related Reports