Smartwatch Market Expected to Reach $164.7 Billion, Globally, By 2032 at 14.5% CAGR: Allied Market Research

The smartwatch market is expected to witness notable growth during the forecast period, owing to growth in demand for wireless fitness & sports devices, increase in health awareness among consumers, and emergence of a large number of players in the market. Moreover, for rise in investment in building a connected ecosystem is expected to provide lucrative opportunities for the growth of the smartwatch market during the forecast period.

WILMINGTON, Del., Nov. 30, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Smartwatch Market By Application, Operating System, and Product: Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global smartwatch market was valued at $42.7 billion in 2022 and is projected to reach $164.7 billion by 2032, registering a CAGR of 14.5% from 2023 to 2032.

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• 128 - Tables
• 83 - Charts
• 344 - Pages

Prime Determinants of Growth

The smartwatch market analysis is expected to expand significantly during the forecast period owing to growth in demand for wireless fitness & sports devices, increase in health awareness among consumers, and emergence of many players in the market. In addition, during the forecast period, the smartwatch market is anticipated to benefit from a rise in investment in building connected ecosystems. On the contrary, the high initial cost of smartwatch is the restraint for smartwatch market growth during the forecast period.

Report Coverage and Details:

The Personal Assistance segment to maintain its leadership status throughout the forecast period.

Based on application, the personal assistance segment held the highest market share in 2022, accounting for more than one-fourth of the global smartwatch industry revenue and is estimated to maintain its leadership status throughout the forecast period, as it is known for its quick response when the user has an accident.

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The Android segment to maintain its leadership status throughout the forecast period.

Based on operating system, the Android segment held the highest market share in 2022, accounting for more than one-third of the global smartwatch market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the RTOS segment is projected to manifest the highest CAGR of 17.2% from 2023 to 2032 due to an increase in real-time data transmission and synchronization.

The Standalone segment to maintain its leadership status throughout the forecast period.

Based on product, the standalone segment held the highest market share in 2022, accounting for three-fifths of the global smartwatch market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the RTOS segment is projected to manifest the highest CAGR of 14.86% from 2023 to 2032.

North America to maintain its dominance by 2032.

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global smartwatch market revenue. Asia-Pacific region is expected to witness the fastest CAGR of 15.82% from 2023 to 2032, owing to increase in the sale of smartwatches in the region and increase in penetration of connected things. 

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Leading Market Players:

• Apple, Fitbit (Google)
• Garmin
• Huawei Technologies Co., Ltd.
• Fossil Group, Inc.
• Motorola Mobility LLC (Lenovo)
• Sony Corporation
• Samsung Electronics Co. Ltd
• TomTom International BV
• Amazfit (Zepp Health Corporation)

The report provides a detailed analysis of these key players in the global smartwatch market. These players have adopted different strategies such as product development and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits For Stakeholders:

• This report provides a quantitative analysis of the smartwatch market size, current trends, estimations, and dynamics of the smartwatch market analysis from 2022 to 2032 to identify the prevailing smartwatch market opportunity.
• Market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the smartwatch market forecast assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the smartwatch market outlook.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global smartwatch market trends, key players, market segments, application areas, market growth strategies, and smartwatch market demand.

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