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Smartwatch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

November 2023 | 141 pages | ID: S0F443B29D19EN
IMARC Group

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The global smartwatch market size reached US$ 37.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 113.9 Billion by 2028, exhibiting a growth rate (CAGR) of 20.29% during 2022-2028.

A smartwatch is a digital device worn on the wrist to give atomic clock accuracy. It is connected to a smartphone to provide notifications of e-mails, messages, and incoming calls. It includes several apps that offer additional functionality, such as displaying weather information, and maps, and listing stock prices. It can also be used to make phone calls and send and receive text messages. As it has pedometers and heart rate monitors to help users track their health, its demand is escalating around the world.

Global Smartwatch Market Trends:
The rising adoption of smart and connected devices represents one of the key factors stimulating the market growth. In addition, the increasing penetration of the internet and boosting sales of smartphones are influencing the market positively. Moreover, the rising health consciousness among individuals due to the growing prevalence of chronic and lifestyle diseases is catalyzing the demand for wireless fitness devices like smartwatches across the globe. Smartwatches are connected to fitness apps to provide insightful information about the overall health of individuals and track their nutritional intake. Apart from this, the integration of artificial intelligence (AI) ensures smart diagnostics and monitoring of patient health. The increasing participation of individuals in sports and other physical activities, in confluence with the emerging trend of adventure recreation and wellness tourism, is also contributing to market growth. Furthermore, due to the mass outbreak of coronavirus disease (COVID-19), health institutes across the globe are studying the significance of smartwatches for monitoring patients. For instance, Karolinska Institutet (KI), a Sweden-based medical university, initiated research on the use of smartwatch electrocardiogram (ECG) tests to identify individuals with Long COVID.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smartwatch market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, operating system, application and distribution channel.

Breakup by Product:

Extension
Standalone
Hybrid

Breakup by Operating System:

WatchOS
Android
Others

Breakup by Application:

Personal Assistance
Healthcare and Wellness
Sports
Others

Breakup by Distribution Channel:

Online Stores
Offline Stores

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Apple Inc., Fitbit Inc. (Alphabet Inc.), Fossil Group Inc., Garmin Ltd, Huawei Technologies Co. Ltd., LG Electronics Inc., Samsung Electronics Co. Ltd., Sony Corporation, Withings and Zepp Health Corporation.

Key Questions Answered in This Report

1. What was the size of the global smartwatch market in 2022?
2. What is the expected growth rate of the global smartwatch market during 2023-2028?
3. What are the key factors driving the global smartwatch market?
4. What has been the impact of COVID-19 on the global smartwatch market?
5. What is the breakup of the global smartwatch market based on the product?
6. What is the breakup of the global smartwatch market based on the operating system?
7. What is the breakup of the global smartwatch market based on the application?
8. What is the breakup of the global smartwatch market based on the distribution channel?
9. What are the key regions in the global smartwatch market?
10. Who are the key players/companies in the global smartwatch market?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1 Overview
4.2 Key Industry Trends

5 GLOBAL SMARTWATCH MARKET

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 MARKET BREAKUP BY PRODUCT

6.1 Extension
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2 Standalone
  6.2.1 Market Trends
  6.2.2 Market Forecast
6.3 Hybrid
  6.3.1 Market Trends
  6.3.2 Market Forecast

7 MARKET BREAKUP BY OPERATING SYSTEM

7.1 WatchOS
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 Android
  7.2.1 Market Trends
  7.2.2 Market Forecast
7.3 Others
  7.3.1 Market Trends
  7.3.2 Market Forecast

8 MARKET BREAKUP BY APPLICATION

8.1 Personal Assistance
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2 Healthcare and Wellness
  8.2.1 Market Trends
  8.2.2 Market Forecast
8.3 Sports
  8.3.1 Market Trends
  8.3.2 Market Forecast
8.4 Others
  8.4.1 Market Trends
  8.4.2 Market Forecast

9 MARKET BREAKUP BY DISTRIBUTION CHANNEL

9.1 Online Stores
  9.1.1 Market Trends
  9.1.2 Market Forecast
9.2 Offline Stores
  9.2.1 Market Trends
  9.2.2 Market Forecast

10 MARKET BREAKUP BY REGION

10.1 North America
  10.1.1 United States
    10.1.1.1 Market Trends
    10.1.1.2 Market Forecast
  10.1.2 Canada
    10.1.2.1 Market Trends
    10.1.2.2 Market Forecast
10.2 Asia-Pacific
  10.2.1 China
    10.2.1.1 Market Trends
    10.2.1.2 Market Forecast
  10.2.2 Japan
    10.2.2.1 Market Trends
    10.2.2.2 Market Forecast
  10.2.3 India
    10.2.3.1 Market Trends
    10.2.3.2 Market Forecast
  10.2.4 South Korea
    10.2.4.1 Market Trends
    10.2.4.2 Market Forecast
  10.2.5 Australia
    10.2.5.1 Market Trends
    10.2.5.2 Market Forecast
  10.2.6 Indonesia
    10.2.6.1 Market Trends
    10.2.6.2 Market Forecast
  10.2.7 Others
    10.2.7.1 Market Trends
    10.2.7.2 Market Forecast
10.3 Europe
  10.3.1 Germany
    10.3.1.1 Market Trends
    10.3.1.2 Market Forecast
  10.3.2 France
    10.3.2.1 Market Trends
    10.3.2.2 Market Forecast
  10.3.3 United Kingdom
    10.3.3.1 Market Trends
    10.3.3.2 Market Forecast
  10.3.4 Italy
    10.3.4.1 Market Trends
    10.3.4.2 Market Forecast
  10.3.5 Spain
    10.3.5.1 Market Trends
    10.3.5.2 Market Forecast
  10.3.6 Russia
    10.3.6.1 Market Trends
    10.3.6.2 Market Forecast
  10.3.7 Others
    10.3.7.1 Market Trends
    10.3.7.2 Market Forecast
10.4 Latin America
  10.4.1 Brazil
    10.4.1.1 Market Trends
    10.4.1.2 Market Forecast
  10.4.2 Mexico
    10.4.2.1 Market Trends
    10.4.2.2 Market Forecast
  10.4.3 Others
    10.4.3.1 Market Trends
    10.4.3.2 Market Forecast
10.5 Middle East and Africa
  10.5.1 Market Trends
  10.5.2 Market Breakup by Country
  10.5.3 Market Forecast

11 SWOT ANALYSIS

11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats

12 VALUE CHAIN ANALYSIS

13 PORTERS FIVE FORCES ANALYSIS

13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes

14 PRICE ANALYSIS

15 COMPETITIVE LANDSCAPE

15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
  15.3.1 Apple Inc.
    15.3.1.1 Company Overview
    15.3.1.2 Product Portfolio
    15.3.1.3 Financials
    15.3.1.4 SWOT Analysis
  15.3.2 Fitbit Inc. (Alphabet Inc.)
    15.3.2.1 Company Overview
    15.3.2.2 Product Portfolio
  15.3.3 Fossil Group Inc.
    15.3.3.1 Company Overview
    15.3.3.2 Product Portfolio
    15.3.3.3 Financials
    15.3.3.4 SWOT Analysis
  15.3.4 Garmin Ltd
    15.3.4.1 Company Overview
    15.3.4.2 Product Portfolio
    15.3.4.3 Financials
    15.3.4.4 SWOT Analysis
  15.3.5 Huawei Technologies Co. Ltd.
    15.3.5.1 Company Overview
    15.3.5.2 Product Portfolio
  15.3.6 LG Electronics Inc.
    15.3.6.1 Company Overview
    15.3.6.2 Product Portfolio
    15.3.6.3 Financials
    15.3.6.4 SWOT Analysis
  15.3.7 Samsung Electronics Co. Ltd.
    15.3.7.1 Company Overview
    15.3.7.2 Product Portfolio
    15.3.7.3 Financials
    15.3.7.4 SWOT Analysis
  15.3.8 Sony Corporation
    15.3.8.1 Company Overview
    15.3.8.2 Product Portfolio
    15.3.8.3 Financials
    15.3.8.4 SWOT Analysis
  15.3.9 Withings
    15.3.9.1 Company Overview
    15.3.9.2 Product Portfolio
  15.3.10 Zepp Health Corporation
    15.3.10.1 Company Overview
    15.3.10.2 Product Portfolio
    15.3.10.3 Financials

LIST OF TABLES

Table 1: Global: Smartwatch Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Smartwatch Market Forecast: Breakup by Product (in Million US$), 2023-2028
Table 3: Global: Smartwatch Market Forecast: Breakup by Operating System (in Million US$), 2023-2028
Table 4: Global: Smartwatch Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 5: Global: Smartwatch Market Forecast: Breakup by Distribution Channel (in Million US$), 2023-2028
Table 6: Global: Smartwatch Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Global: Smartwatch Market: Competitive Structure
Table 8: Global: Smartwatch Market: Key Players

LIST OF FIGURES

Figure 1: Global: Smartwatch Market: Major Drivers and Challenges
Figure 2: Global: Smartwatch Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Smartwatch Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Smartwatch Market: Breakup by Product (in %), 2022
Figure 5: Global: Smartwatch Market: Breakup by Operating System (in %), 2022
Figure 6: Global: Smartwatch Market: Breakup by Application (in %), 2022
Figure 7: Global: Smartwatch Market: Breakup by Distribution Channel (in %), 2022
Figure 8: Global: Smartwatch Market: Breakup by Region (in %), 2022
Figure 9: Global: Smartwatch (Extension) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Smartwatch (Extension) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Smartwatch (Standalone) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Smartwatch (Standalone) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Smartwatch (Hybrid) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Smartwatch (Hybrid) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Smartwatch (WatchOS) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Smartwatch (WatchOS) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Smartwatch (Android) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Smartwatch (Android) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Smartwatch (Other Operating Systems) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Smartwatch (Other Operating Systems) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Smartwatch (Personal Assistance) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Smartwatch (Personal Assistance) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Smartwatch (Healthcare and Wellness) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Smartwatch (Healthcare and Wellness) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: Smartwatch (Sports) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: Smartwatch (Sports) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: Smartwatch (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: Smartwatch (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Global: Smartwatch (Online Stores) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Global: Smartwatch (Online Stores) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Global: Smartwatch (Offline Stores) Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Global: Smartwatch (Offline Stores) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: North America: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: North America: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: United States: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: United States: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: Canada: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: Canada: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Asia-Pacific: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Asia-Pacific: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: China: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: China: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: Japan: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: Japan: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: India: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: India: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: South Korea: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: South Korea: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: Australia: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: Australia: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Indonesia: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Indonesia: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Others: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Others: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Europe: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Europe: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Germany: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Germany: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: France: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: France: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: United Kingdom: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: United Kingdom: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: Italy: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: Italy: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Spain: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Spain: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: Russia: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: Russia: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: Others: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: Others: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Latin America: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Latin America: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Brazil: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 74: Brazil: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 75: Mexico: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 76: Mexico: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 77: Others: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 78: Others: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 79: Middle East and Africa: Smartwatch Market: Sales Value (in Million US$), 2017 & 2022
Figure 80: Middle East and Africa: Smartwatch Market: Breakup by Country (in %), 2022
Figure 81: Middle East and Africa: Smartwatch Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 82: Global: Smartwatch Industry: SWOT Analysis
Figure 83: Global: Smartwatch Industry: Value Chain Analysis
Figure 84: Global: Smartwatch Industry: Porter's Five Forces Analysis


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