Smartwatch Market Size is Expected to Reach at USD 156.3 Billion by 2030, Registering a CAGR of 20.1%, Owing to Growing Adoption of Wearable Technology
The Global Smartwatch Market Size was USD 30.4 Billion in 2021 and is expected to reach USD 156.3 Billion by 2030, increasing at a CAGR of 20.1% from 2022 to 2030, as per the Acumen Research and Consulting
In recent years, the smartwatch market value has continued to expand with innovative features such as fitness tracking, cellular connectivity, and contactless payments being added to the devices. Many smartwatches now come with their own operating systems, such as the watchOS on the Apple Watch and TizenOS on the Samsung Galaxy Watch.
The growing popularity of health and fitness tracking features is one of the factors propelling the smartwatch market growth. Many smartwatches now include sensors such as heart-rate monitors and a global positioning system, allowing users to track their physical exercise and evaluate their health. The COVID-19 pandemic is also considered to have contributed to the expansion of the smartwatch market, as more individuals have turned to wearable gadgets to check their fitness and health while maintaining social distancing.
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Smartwatch Market Statistics
- Global smartwatch market revenue was worth USD 30.4 Billion in 2021, with a 20.1% CAGR from 2022 to 2030
- North America smartwatch market share occupied around 38.1% in 2021
- Asia-Pacific smartwatch market growth is estimated to attain 22.8% CAGR from 2022 to 2030
- By products, standalone category capture over 55.3% of total market share in 2021
- Increasing availability of cellular connectivity in watches, propel the smartwatch market size
Smartwatch Market Trends
Growing Popularity Of Fitness And Health-Tracking Devices Fuels The Market Growth
The growing popularity of health and fitness monitoring systems has contributed significantly to the expansion of the global smartwatch market. Many smartwatches now include sensors such as heart monitors and GPS, allowing users to measure their regular exercise and monitor their health. This has made smartwatches, especially popular among fitness aficionados, contributing to the market's overall development. The COVID-19 outbreak is also considered to have contributed to the expansion of the smartwatch sector, as more individuals have turned to smart wearables to check their fitness levels while maintaining social distancing. The ability to measure and monitor health parameters such as blood pressure and sleep habits has made smartwatches an appealing alternative for consumers concerned about their overall well-being.
Furthermore, the increased emphasis on wellness as well as the growing tendency toward preventative medicine has contributed to the appeal of smartwatches as a tool for evaluating and enhancing fitness and health. As more individuals become aware of the necessity of living a healthy lifestyle, there will be a greater need for devices that may help them maintain and track their health.
Limited Battery Performance And High Price Points, Are Some Of The Major Restraints Of Smartwatch Market
The short battery life of smartwatches is one of their main flaws, which can be problematic for users who depend on their watches for a range of tasks. Most smartwatches require daily charging, which can be difficult for consumers accustomed to the greater battery life of conventional timepieces. Furthermore, several smartwatches are relatively pricey, which may deter some potential customers. This is particularly true for high-end devices with several capabilities, which can cost hundreds of dollars. However, the limited battery performance, high price point, and restricted capability of several smartwatches are some of the primary market restraints.
Smartwatch Market Segmentation
The global smartwatch market has been segmented by Acumen Research and Consulting based on product type, application, and operating system.
- Based on the product type, the market is divided into extension, classical, and standalone. According to the smartwatch market forecast, the extension category is predicted to develop significantly in the next years.
- Based on the application, the market is split into personal assistance, healthcare, wellness, sports, and others.
- Based on the operating system, the market is classified into Android, WatchOS, Tizen, RTOS, and others.
Smartwatch Market Regional Overview
Based on the region, the worldwide smartwatch market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to a smartwatch industry analysis, North America is driving the market in 2021. High levels of technology acceptance, strong demand for wearable technology, and great brand awareness of smartwatch manufacturers in North America have all benefited the region's prominence as a major driver of the smartwatch market. North America is well-known for its strong adoption of new technologies adoption, and this is especially applicable to wearable technology such as smartwatches. Early investors of new technology, such as customers in North America, are eager to spend money on items like smartwatches.
In recent years, the Asia-Pacific region has emerged as a major growing region for the smartwatch market. The Asia-Pacific region has a massive and growing population, creating a large market opportunity for smartwatches as well as other wearable gadgets. This will drive growth in the Asia-Pacific smartwatch market in the coming years.
Smartwatch Market Players
Some of the prominent smartwatch market companies are Apple Inc., Motorola, Fitbit Inc., Fossil Group, TomTom International, Huawei Technologies, Sony Corporation, LG Electronics, Samsung Electronics, Garmin, and Amazfit.
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