Overview and Scope
A smartwatch is a computer-based wristwatch that provides many other features besides timekeeping such as monitoring the heart rate, tracking activity, and delivering day-round reminders. Smartwatches are used in medical, sports, gaming, and personal assistance.
Sizing and Forecast
The smart watch market size has grown rapidly in recent years. It will grow from $77.91 billion in 2023 to $91.8 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to fitness and health tracking, smartphone integration, fashion and style, mobile payments, app ecosystem.
The smart watch market size is expected to see rapid growth in the next few years. It will grow to $156.97 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to healthcare and medical monitoring, smart home integration, 5g connectivity, environmental and sustainability features, augmented reality (ar) and virtual reality (vr) support. Major trends in the forecast period include extended battery life, health and wellness ecosystems, advanced sensors, customizable straps and watch faces, fashion-tech collaborations.
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Segmentation & Regional Insights
The smart watch market covered in this report is segmented –
1) By Product: Extension, Standalone, Classical
2) By Display Type: AMOLED, PMOLED, TFT LCD 4) By Operating System: Watch OS, Android/Wear OS, Other Operating Systems
3) By Operating System: Watch OS, Android/Wear OS, Other Operating Systems
4) By Application: Personal Assistance, Wellness, Healthcare, Sports, Other Applications
Asia-Pacific was the largest region in the smart watch market in 2023. North America was the second-largest region in the smart watch market. The regions covered in the smart watch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing health awareness among consumers is a key factor driving the growth of the smartwatch market. Through a smartwatch, the user can take the necessary precautions in advance about health. The doctors can easily monitor the health status of patients remotely and can maintain, prescribe or treat them as required. For instance, in August 2022, Samsung Electronics, a South-Korea based company, announces Galaxy Watch5 Series. This Galaxy Watch5 series enables Bioactive sensor that allows for accurate digital health tracking and sleep monitoring. It incorporates a single, one-of-a-kind chip that combines three strong health sensors that are optical heart rate, electrical heart signal, and bioelectrical impedance analysis to provide comprehensive measurements such as heart rate, blood oxygen level, and even stress level. This increasing number of people are using digital tools such as smartwatch to address critical health needs rather than just exercise tracking. Therefore, the increase in health awareness among the consumer is expected to drive the smartwatch market growth.
Key Industry Players
Major companies operating in the smart watch market include Apple Inc., Garmin, Fitbit, Motorola, Sony Corporation, LG Electronics, Huawei Technologies Co. Ltd., Fossil Group Inc, Google Inc., Lenovo Group Ltd, Qualcomm, TomTom International BV, ASUSTeK Computer Inc., ConnectDevice Ltd, Huami Corp, Mobvoi Information Technology Company Ltd, Samsung Electronics Co. Ltd., Imoo, Amazfit, Garmin, Fitbit, TomTom International, Amazon, Pebble, Maritime, Suunto, Mobvoi, Tag Heuer, Polar Electro, Casio Computer Co. Ltd., Vector Watch, Nixon Inc., Misfit, Withings, Polaroid, Alcatel, Archos
The smart watch market report table of contents includes:
1. Executive Summary
- Smart Watch Market Characteristics
- Smart Watch Market Trends And Strategies
- Smart Watch Market – Macro Economic Scenario
- Global Smart Watch Market Size and Growth
- Smart Watch Market Segmentation
- Smart Watch Market Regional And Country Analysis
………
- Key Mergers And Acquisitions In The Smart Watch Market
- Smart Watch Market Future Outlook and Potential Analysis
- Appendix
List Of Tables :
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Smart Watch Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Smart Watch Market, Segmentation By Display Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Smart Watch Market, Segmentation By Operating System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…………..
Table 75: Apple Inc. Financial Performance
Table 76: Garmin Financial Performance
Table 77: Fitbit Financial Performance
Table 78: Motorola Financial Performance
Table 79: Sony Corporation Financial Performance
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