The global smart watch market is estimated to be valued at USD 24.2 billion in 2020 and is expected to reach USD 66.7 billion by 2027, growing at a CAGR of 21.8% during 2021-2027.
The increasing responsiveness pertaining to personal health and fitness is expected to drive the growth of the smart watch market due to the establishment of large numbers of health and fitness monitoring applications worldwide. Moreover, increasing number of smart watches enabled controlled automotive proficiencies is another factor that is driving the growth of smart watch market across the globe. Companies are excessively establishing systems that enable the users to unlock and lock the cars with the use of smart devices and also providing technology to start the car with the help of a remote.
The extensive number of watches is enabling automotive proficiencies to be controlled in an effective manner that is one of the major factors driving the growth of the smart watch market across the globe. The excessive awareness pertaining to personal fitness and health among various citizens in both developed as well as developing economy is anticipated to drive the growth of the market due to rapid incorporation of wide variety of fitness and health applications across the globe. However, inadequate information pertaining to products or services is further expected to hinder the growth of the global market. Also, shorter lifespan of battery in these smart watches is further hampering the growth of the market across the globe.
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Based on application, the smartwatch market is segmented into wellness, medical, personal assistance, sports and others. Among these segments, smartwatches inscribed with features for personal assistance are expected to witness the highest CAGR during the forecast period. Personal assistance on these watches thereby simplifies the routine activities of the users by analyzing critical information and data that helps the users to become more efficient and productive.
Geographically, smart watch market in Asia-Pacific is expected to witness the highest growth during the forecast period due to the technological advancements and increasing demand for high-end wearable devices. North America holds the major share of market and also anticipated to witness significant growth during the forecast period. The growth of the market in this region is attributed towards massive adoption of IoT devices in this region along with advanced mobile technology.
Key industry players in global smart watch market are leveraging market growth by extensively investing towards enlargement and design of economic offerings that is well accomplished with smart features. Furthermore, the market is consolidated and the key players in the market include Alphabet Inc., Fitbit Inc., Lenovo Group Limited, Sony Corporation, Garmin Ltd., LG Electronics, Samsung Electronics Co. Ltd., ASUSTeK Computer Inc., TomTom International BV, and Apple Inc.
Global Smartwatch Market Coverage
Product Insight and Forecast 2015 – 2027
Operating System Insight and Forecast 2015 – 2027
Application Insight and Forecast 2015 – 2027
Smartwatch Market by Region
Rest of the World (RoW)