Smartwatch Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032

Description

The Global Smartwatch Market, valued at USD 36.1 billion in 2023, is projected to grow at a CAGR of 9.8% through the forecast period. Smartwatches have become increasingly popular due to their ability to deliver real-time notifications and connect seamlessly with smartphones. In today's fast-paced world, consumers appreciate the convenience of checking messages, calls, and updates from their wrists, eliminating the need to constantly reach for their phones. This enhances productivity and ensures users remain connected during activities like meetings, workouts, or other engagements where phone use might be limited.

Health and fitness tracking features have played a pivotal role in driving smartwatch adoption. As consumers place more emphasis on personal well-being, smartwatches have evolved into comprehensive health management tools. They provide essential features like heart rate monitoring, sleep tracking, and workout guidance, encouraging users to adopt a proactive approach to their health. Additionally, smartwatches have gained traction as effective sleep monitoring devices, further supporting their widespread use in promoting healthier lifestyles.

The market is segmented based on display types, with LCD and OLED being the primary options. In 2023, OLED displays dominated the market due to their advantages, such as vivid colors, high contrast, and enhanced energy efficacy. The slim design of OLED displays allows manufacturers to produce more compact and visually appealing devices, catering to consumers who prioritize aesthetics. This trend is expected to continue, with the OLED segment projected to grow significantly in the coming years.

Market Scope
Start Year	2023
Forecast Year	2024-2032
Start Value	$36.1 Billion
Forecast Value	$90.4 Billion
CAGR	9.8%

In terms of applications, smartwatches are used for various purposes, including swimming, running, checking notifications, cycling, and more. The running segment held a substantial market share in 2023, driven by ongoing product development tailored to runners. Innovations like more accurate tracking and user-friendly interfaces have further enhanced the appeal of smartwatches for fitness enthusiasts. North America accounted for a significant portion of the market in 2023 and is expected to continue its growth, driven by increasing consumer interest in health monitoring features like ECG and blood oxygen tracking.The U.S. market is set to grow at a CAGR of 7.8%, with smartwatches also becoming popular as fashion accessories, thanks to customizable designs, interchangeable bands, and diverse styles that cater to individual tastes.

Product Code: 6819

Chapter 1 Methodology & Scope

1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021-2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
- 3.1.1 Factor affecting the value chain
- 3.1.2 Profit margin analysis
- 3.1.3 Disruptions
- 3.1.4 Future outlook
- 3.1.5 Manufacturers
- 3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Technological overview
3.5 Key news & initiatives
3.6 Regulatory landscape
3.7 Impact forces
- 3.7.1 Growth drivers
  - 3.7.1.1 The growing emphasis on health & fitness tracking
  - 3.7.1.2 Demand for real-time notifications and connectivity to smartphones
  - 3.7.1.3 Growing popularity of fashion-forward designs
  - 3.7.1.4 Rising demand for task management and reminder
- 3.7.2 Industry pitfalls & challenges
  - 3.7.2.1 Continuous technological advancements
  - 3.7.2.2 High cost of superior-quality smartwatches
3.8 Growth potential analysis
3.9 Porter's analysis
3.10 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates & Forecast, By Product Type, 2021-2032 (USD Billion) (Million Units)

5.1 Key trends
5.2 Extension
5.3 Standalone & classic

Chapter 6 Market Estimates & Forecast, By Operating System, 2021-2032 (USD Billion) (Million Units)

6.1 Key trends
6.2 IOS
6.3 Android
6.4 Others

Chapter 7 Market Estimates & Forecast, By Display Type, 2021-2032 (USD Billion) (Million Units)

7.1 Key trends
7.2 LCD
7.3 OLED

Chapter 8 Market Estimates & Forecast, By Price Range, 2021-2032 (USD Billion) (Million Units)

8.1 Key trends
8.2 USD 0-299
8.3 USD 300-699
8.4 USD 700-999
8.5 Over USD 1000

Chapter 9 Market Estimates & Forecast, By Application, 2021-2032 (USD Billion) (Million Units)

9.1 Key trends
9.2 Running
9.3 Checking notifications
9.4 Swimming
9.5 Cycling
9.6 Others

Chapter 10 Market Estimates & Forecast, By End-use, 2021-2032 (USD Billion) (Million Units)

10.1 Key trends
10.2 Male
10.3 Female

Chapter 11 Market Estimates & Forecast, By Distribution Channel, 2021-2032 (USD Billion) (Million Units)

11.1 Key trends
11.2 Online
- 11.2.1 E-commerce
- 11.2.2 Company websites
11.3 Offline
- 11.3.1 Supermarkets
- 11.3.2 Specialty stores
- 11.3.3 Others (departmental stores, etc.)

Chapter 12 Market Estimates & Forecast, By Region, 2021-2032 (USD Billion) (Million Units)

12.1 Key trends
12.2 North America
- 12.2.1 U.S.
- 12.2.2 Canada
12.3 Europe
- 12.3.1 UK
- 12.3.2 Germany
- 12.3.3 France
- 12.3.4 Italy
- 12.3.5 Spain
- 12.3.6 Russia
12.4 Asia Pacific
- 12.4.1 China
- 12.4.2 India
- 12.4.3 Japan
- 12.4.4 South Korea
- 12.4.5 Australia
12.5 Latin America
- 12.5.1 Brazil
- 12.5.2 Mexico
12.6 MEA
- 12.6.1 South Africa
- 12.6.2 Saudi Arabia
- 12.6.3 UAE

Chapter 13 Company Profiles

13.1 Apple
13.2 ASUS
13.3 Fitbit
13.4 Fossil
13.5 Garmin
13.6 Google
13.7 Huawei
13.8 Michael Kors
13.9 Motorola
13.10 Polar
13.11 Samsung
13.12 Sony
13.13 TomTom
13.14 Virtual-Realties
13.15 Xiaomi