Global Smartwatch Market 2024-2030

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    Published-  Nov 2021 Number Of Pages - 90 Updates for 2024 Coming Soon




    • The Global Smartwatch market posted a significant growth of 30% in terms of shipments in 2020, compared to 2019 despite the COVID-19 pandemic and shipments remaining flat compared to the same period last year.
    • Apple has managed to hold on to its top spot for the period of the past 5 years, in terms of shipments. Apple Watch shipments amounted to 35 percent of the total increase alone.
    • Apple’s Watch Series 6 and Watch SE witnessed good responses, with 12.9 million units being shipped in 2020.
    • Huawei stands in second place with a 13 percent market share in 2020.
    • Huawei was closely followed in the smartwatch shipment sector by Samsung and Fitbit at around 6 percent. These companies were the top four smartwatch brands in the calendar year 2020.
    • Apart from Huawei, other Chinese firms like Imoo, Amazfit and Xiaomi also reported double-digit growth in 2020.
    • Price band dynamics during Q3 2021 indicated ASPs [average selling prices] are on the rise. The ASPs are likely to continue to rise in the upcoming two to three years with the flagship models of Apple, Xiaomi and Huawei leading the market.
    • Monitoring health has been the most advantageous aspect of wearables technology. Not only does it help fitness-enthusiasts by providing them with necessary health parameters but also aids patients by providing insights on their conditions.
    • Currently, the use of smartwatches among cyclers, runners, gym-goers, swimmers, and athletes is increasing rapidly, owing to their wide range of monitoring capabilities.
    • China surpassed North America in terms of shipment after being behind for the past seven quarters to become the market leader. While the North American market showed significant growth after the launch of the Apple Watch Series 6 and Apple watch SE.
    • China’s Imoo managed to edge ahead with smartwatches aimed towards children. Despite being the second-largest smartphone market, India only accounted for about 3 percent of the total smartwatch market in 2020.




    A smartwatch, much like a smartphone is a portable device designed to carry a miniature version of a computer around your wrist.


    Most smart watches today when connected with a smartphone via Bluetooth or an internet connection, enable the user to check notifications, make use of different apps, answer calls, text, track fitness levels, navigate locations, etc thus proving to be a one tool kit.


    IoT-driven smartwatches are a key trend that will not only operate as a standalone technology but interact with other IoT-devices to vastly improve a user’s quality of life.


    The Kaa IoT platform complements wearable technology, such as smart watch with superb ready-to-use IoT functions and applications.


    Kaa is easily integrated with tiny microchips in wearable devices. It enables instant interoperability, device management, data collection, events and rules execution, security, and other features, which will drive the market in future.





    SI No Timeline Company Developments
    1 Feb 2022 Lilum Munich-based company is ready to launch regional air mobility vertiports in Bavaria using its seven-seat eVTOL Lilium Jet and in Orlando, Florida, with its five-seat eVOTL Lilium Jet.
    3 March 2021 Terrafugia (Commaris Seeker) The drone has a large payload carrying capacity of up to 10 pounds, as well as a 30x optical zoom EO/IR camera for inspections, a 120-megapixel high-resolution camera for mapping, a six-band multispectral camera for precision agriculture, LiDAR systems, laser methane and corona discharge sensors, and LiDAR systems, making it ideal for power line, railway, and maritime search and rescue inspections.
    4 March 2022 Urban Aeronautics Formed partnership with California-based Hypoint, Urban Aeronautics successfully conducted its first flight tests of the aircraft. The two companies also adapted fuel cell technology for the CityHawk, which is designed to be powered by hydrogen


    Although digital watches have been in the market for decades, some with unique features like built-in calculators and unit converters.


    It was only in the later 2010s that tech companies entered this market segment when Pebble Smartwatch introduced its first smartwatch in 2012 and gained immediate popularity.


    Later, advanced technology brought the revolution in the smartwatch industry, with Apple announcing its first-ever Apple watch series in April 2015 providing momentum to the smartwatch industry globally.


    Many other players were quick to enter the new market niche.


    Advances in silicon miniaturization and technology further led key players like Apple, Google and Samsung to foster the use of their operating system and provide greatly customized products to their consumers to meet specific needs and opened doors to other kinds of dedicated- purpose smartwatches leading to an overall increase in smartwatch volume globally. 

    infographic: smartwatch market growth, smart watch target market, smartwatch market 2021, Smartwatch Market, Smartwatch Market Size, Smartwatch Market trends and forecast, Smartwatch Market Risks, Smartwatch Market report

    Google WearOS continues to account for 13% of the total smartwatch market in 2020, behind Apple WatchOS. Huawei’s Lite OS and Amazfit’s Amazfit OS are growing fast.


    Further, the cellular-capable smartwatch is becoming more popular and accounts for more than one in four smartwatches shipped, benefitting the likes of Qualcomm. Heart rate monitoring now is featured in almost 60% of the smartwatches.


    Fall detection and SPO2 are the features that should see mass adoption in future models. Square form-factor accounts for almost two-thirds of the smartwatches globally as the form factor is helping to better fit additional sensors and needed battery footprint.


    The massive leaps in battery life and processing power are helping to better track overall health as continual heart rate, sleep and other monitoring can be done instead of the device sitting on a charger.


    The leaps in solar charging technology will also help OEMs concentrate on better monitoring. It is expected to continue to see a focus on fitness and wellness applications.


    An increase in health awareness among the consumer is driving the market. Consumers across the world are spending a lot on health monitoring gadgets.


    The recent Apple watch series 7 can track heart rate, Blood SOP, nervous system, emergency, or inactivity alerts, Irregular heart rhythm notifications and health-related events.


    Using a smartwatch, a user can take the required precautions in advance by consulting doctors. Doctors can easily track patient health status remotely through the smartwatch and can treat them as per the requirement.


    Increasing demand for wireless sports and fitness devices is driving the market. Currently, the use of smartwatches among cyclers, runners, gym-goers, swimmers, and athletes is increasing rapidly, owing to their wide range of monitoring capabilities.


    The wireless synchronization of these watches with smartphones enables users to control music, notifications, alarms, auto sleep, and other functions, which drives the growth of the market.


    Moreover, the ongoing technological advancements by market players are also stimulating the growth of smartwatches, as they are technical products that require constant R&D for different feature.


     In 2019, Fossil launched the Fossil Sport smartwatch. This smartwatch is powered by Qualcomm Snapdragon Wear 3100 processor and runs the newly-redesigned Wear OS by Google. This product is ideal for all health and activity enthusiasts.


    Natural Cycles and Samsung Electronics Co., Ltd. today announced a collaboration to provide superior temperature-based menstrual cycle monitoring features to the Galaxy Watch5 series, marking the first time Natural Cycles’ ground-breaking technology has been modified for a wristwatch.


    This latest collaboration combines Samsung’s superior sensor technology with Natural Cycles’ innovative fertility technology to provide users with more detailed information about their menstrual cycle.


    Users of the Galaxy Watch5 will be able to enjoy enhanced cycle tracking via the Cycle Tracking feature, which was recently certified by the Republic of Korea’s Ministry of Food and Drug Safety (MFDS).




    Huawei introduced a novel new smartwatch that hides a surprise. The watch features a flip-up display and is not all that much deeper from screen to back than comparable smartwatches.


    The display is locked in place by magnets, and when they open it, the first thing they notice is how thin it is. What’s inside comes as the second surprise.


    Two docks are included, one on each side of the centre partition that houses the batteries and electronics. Two incredibly small earbuds are also in the docks.


    The earphones are quite tiny and have a bullet-like shape, but instead of having gunpowder inside, they have rubber tips.


    They include three ear tip sizes, allowing them to get a good acoustic seal, although the largest ear tip could not fit ears with exceptionally large ear holes.


    The brilliant idea behind this invention is that they won’t ever be without their earbuds.


    When they’re done listening, they can avoid losing them in a pocket (as so many of us have done when forgetting to put AirPods back in their case, for example) because they can simply be popped back into the watch where they can charge.


    The earbuds and watch are both high-quality products from Huawei. The magnetic clasp on the Steel Watch is made to pop up like a pocket watch when they open it, giving the experience a retro appeal. The Watch also boasts an AMOLED display and a steel case.


    The earphones are attached magnetically to the underside of the display, and the charging arrangement is cleverly designed so that users can insert the buds back into the watch at any angle and they will continue to charge.


    Oh, and the in-ear headphones here have identically shaped buds that reset every time they take them out and put them back in. Regular in-ear headphones have left and right markings and are shaped differently accordingly.


    To put it another way, the audio channels will automatically flip even if they put the right bud in the left bay.


    Huawei claims that the smartwatch may last three days without a charge even though they get their power from the watch. Seven days are possible in power saving mode, which turns off and does not charge the earbuds.


    The watch has 80 different sports modes and has blood oxygen saturation measurement, sleep tracking, and heart rate monitoring.


    The earbuds have active noise-cancelling capabilities as well as what Huawei refers to as ear canal adaptive technology, which uses a microphone to detect changes in audio within the ear and adjust output accordingly.


    They can also be used to make phone calls. Even if Huawei has tried to prevent compromises in both devices, They still think the whole idea is a little bit strange.




    As consumers around the globe are willing to spend more on portable devices that can perform features like monitoring your diet, heart rate, pulse rate, distance counts, etc., the demand for smartwatches is on the rise.


    Furthermore, with outdoor activities cut down, a wearable healthcare device that is easy and fashionable to carry has proven favorable for athletes, gym-goers, fitness freaks and sports persons alike, thus attracting new tech players to enter this promising field.


    In Oct 2019, Google (owned by Alphabet) made an offer to acquire U.S. wearable device maker Fitbit Inc.


    Fitbit pioneered the wearable devices trend, is now partnering with health insurers and has been making acquisitions in the healthcare market, to diversify its revenue stream.


    In Aug 2019, it launched a new product, Versa 2, with new features like voice assistant Alexa, online payments and music storage.


    infographic: smartwatch market growth, Smartwatch Market, Smartwatch Market Size, Smartwatch Market Trends, Smartwatch Market Forecast, Smartwatch Market Risks, Smartwatch Market Report, Smartwatch Market Share




    In India, a smartwatch is a consumer product that is viewed as an amalgamation of state-of-the-art IT and an everyday fashion item.


    A watch is regarded as a kind of luxury jewel for many and therefore a smartwatch serves as a symbol for wealth and fashion for many potential customers in the upper section, thus driving more sales for the smartwatch market.


    India-based Titan, the world’s fifth-largest watchmaker, manufactured 18 million watches last fiscal, of which about 700k units were smart wearable devices.


    In June 2020, Chinese brand Realme sold over 15,000 smart watches (priced at $50), in less than two minutes during its first sale on both Flipkart and


    The watch had features like with real-time heart rate sensor and SpO2 monitor for blood oxygen levels. It also had 14 different sport modes, including cricket, yoga, walking, running etc.


    In Q3 2021, India recorded a 175% QoQ growth rate, which is high-ever shipments dominated by local brands such as Noise and BoAt.


    COVID-19 has muted the pace of growth for smart wearables in India as a sizeable chunk of the urban population is now working from home and having limited physical activity.




    Smartwatch Market By Geography

    • US
    • China
    • Europe
    • India
    • Rest of the world


    Smartwatch Market By Application

    • Personal Assistance
    • Health
    • Sports
    • Miscellaneous


    Smartwatch Market By OS

    • Watch OS (iOS)
    • Wear OS (Android)
    • Others




    The smartwatch space remains a popular consumer device segment, compared to the downturn seen in smartphone demand and many other segments in the first six months of 2020 due to the devastation caused by COVID-19.


    Close to 100 million smartwatches were shipped in 2020 as wearables continue to see greater demand with consumers becoming more health-conscious.


    India (+57% YoY), Europe (+9% YoY), and the US (+5% YoY), the most affected regions of COVID-19, saw healthy growth in smartwatch shipments which offset the decline in other markets


    infographic: smartwatch market growth, Smartwatch Market, Smartwatch Market Size, Smartwatch Market Trends, Smartwatch Market Forecast, Smartwatch Market Risks, Smartwatch Market Report, Smartwatch Market Share


    The Fitness and Medical Application is expected to gain the highest popularity as compared to other features, considering the current market trends.


    The global smartwatch market is estimated at $XXM in 2022 growing at XX% CAGR till 2030.




    Smartwatches are a revolutionary property in tech right now, and despite still being early in 2021, there are plenty of upcoming devices to get excited about.


    The focus in the early part of 2021 will be on budget smartwatches, as the quality of sub-$100 devices improves. That’s until the likes of Apple, Fitbit and Samsung look to refresh their line-ups in the second half of the year.


    This affordable arms race is being driven by the same companies that tore up the rulebook for smartphones: the likes of Oppo, OnePlus, Xiaomi, ZTE and Huawei are all the busiest when it comes to new smartwatches.


    Citizen, a Japanese watchmaker, has unveiled the second-generation Citizen CZ Smart. The CZ Smart offers a significant advancement in AI integration over prior smartwatches, and it can provide highly personalised health insights. Its extensive research is based on a proprietary software called YouQ.


    The app employs AI models developed in collaboration with IBM Watson Studio and NASA Ames Research Centre to detect indicators of stress or exhaustion and anticipate fatigue patterns in advance.


    The Citizen CZ Smart is equipped with a Snapdragon Wear 4100 CPU, 8GB of internal storage, a heart rate sensor with SpO2 (blood oxygen) measurement, and a variety of additional health-tracking features.


    Fossil’s latest addition to its smartwatch collection is the Fossil Gen 6 Hybrid Wellness Edition.The wristwatch can automatically detect and record exercises while also measuring blood oxygen levels, heart rate zones, sleep insights, and VO2 max.


    The e-ink display of the Gen 6 Hybrid greatly extends battery life. As a result, it has an analogue appearance with physical hands and smartwatch functions. Its case is 3 ATM water resistant.


    Movano’s Evie Ring is a product made exclusively for ladies. The wearable will compete directly with the Oura ring, another popular activity tracker. Women will be able to use the Evie Ring to determine their personalised sleep and health baselines and make lifestyle modifications accordingly.


    The Moto Watch 100 is one of the most cost-effective fitness wearables unveiled at CES 2023. It is manufactured by eBuyNow, an official Motorola brand licensee, and provides critical health and fitness tracking at a highly competitive price.


    Introducing the Xplora X6Play. This device allows children to design their own smartwatch, which includes a GPS, 5-megapixel camera, phone app, and messaging capabilities.


    The Falster Gen 6 Smartwatch, the next iteration in Skagen’s wearables line, will be available to users worldwide soon.


    The Gen 6 smartwatch is the first to be powered on the Snapdragon WearTM4100+ Platform, which offers customers exciting performance advancements like as faster application load time, highly responsive user experiences, and more efficient power usage.


    Skagen is happy to announce the global release of its gorgeous smartwatch range for Android and iOS phone customers.


    Garmin introduced the Forerunner® 265 and 965 series, its first dedicated GPS running smartwatches with brilliant AMOLED displays. Forerunner 265 and Forerunner 965 are light, bright, and built for any distance, with optional always-on, full-color displays and snappy touchscreens.


    In smartwatch mode, the Forerunner 265 has a battery life of up to 15 days, while the Forerunner 965 has a battery life of up to 23 days.


    With its 2.01′′ Ultra Big display and sleek design, Minix Denver offers clients an optimal blend of comfort and aesthetics. Minix Denver has an IP68 rating, making it waterproof and suitable for use in inclement weather.


    These calls can last longer thanks to its 230 mAh battery. Minix Denver tracks their heart rates, steps, calories burnt, and other fitness-related statistics throughout the clock. 


    Masimo, a global leader in pulse oximetry and revolutionary noninvasive monitoring solutions, has introduced the Masimo Freedom smartwatch, the latest addition to its wearable product range.


    The Masimo Freedom smartwatch builds on the success of the Masimo W1 advanced biosensing watch by utilising cutting-edge sensor and digital signal processing technology to provide continuous, accurate, and reliable readings of key health data such as arterial blood oxygen saturation (SpO2), hydration index (Hi), pulse rate, heart rate, and respiration rate.




    Growing popularity: Smartwatches continue to gain popularity, with shipments increasing year over year


    Focus on health and wellness: With the COVID-19 pandemic highlighting the importance of health and wellness, smartwatch manufacturers are increasingly incorporating advanced health tracking features into their devices.


    This includes sensors for tracking metrics like heart rate, blood oxygen levels, and sleep patterns, as well as fitness tracking and coaching features.


    Integration with smart home devices: Smartwatches are becoming more integrated with other smart home devices, allowing users to control their home automation systems, smart locks, and other connected devices directly from their wrist.


    Increasing use of voice assistants: Voice assistants like Amazon’s Alexa and Apple’s Siri are becoming increasingly important features in smartwatches, allowing users to control other smart home devices, set reminders, and more with just their voice.


    Focus on design and customization: Smartwatch manufacturers are increasingly focusing on design and customization options to appeal to a wider range of consumers. This includes offering a variety of sizes, styles, and interchangeable bands.


    LTE connectivity: As mentioned earlier, some smartwatches now offer LTE connectivity, allowing them to function independently of a smartphone and making it possible to make calls, send texts, and stream music without needing a smartphone nearby.


    Greater integration with smartphones: Smartwatches are becoming more integrated with smartphones, with manufacturers focusing on improving the connection and functionality between the two devices.




    Hybrid smartwatch -fusion of a traditional mechanical watch with a smartwatch is the way forward. A hybrid smartwatch offers the basic features of a smartwatch, equipped with Bluetooth connectivity but resembles a normal watch with some added features like that of a calorie tracker and heart rate tracker.


    Hybrid watches are gaining popularity due to their attractive looks and superior combo features. Hybrid smartwatches are the best suit for those who want the looks of a traditional watch but with smartwatch working features.


    Consumers, who do not need a complex smartwatch facility have shown interest in this product as it does not require much prior technological knowledge or long hours of charging to make optimal use of the product. T


    herefore, this segment holds scope for huge growth for the players operating in the market. 


    infographic: smartwatch market growth, Smartwatch Market, Smartwatch Market Size, Smartwatch Market Trends, Smartwatch Market Forecast, Smartwatch Market Risks, Smartwatch Market Report, Smartwatch Market Share



    SI No Timeline Company Developments
    1 May 2021 Google  Google said it would acquire Fitbit for $7.25 per share in cash, valuing the company at $2.1 billion.
    2 March 2022 Urban Aeronautics The aerospace company’s next goal is to raise $100 million, in order to further develop the hydrogen-fueled Fancraft technology.
    4 January 2022 Joby Aviation As of the merger announcement, Joby Aviation’s total funding stood at $820 million at the end of FY 2021


    With tech giants hugely investing in R&D facilities to constantly develop new and highly customized devices in the smartwatch industry to remain relevant in the market, the smartwatch industry is expected to constantly flourish.


    For instance, Apple provides innovative features like shock-proof and water resistance capabilities in their new Apple watch series thus attracting great public interest into their products.


    New companies are focusing on the design and development of new and highly advanced smartwatches. The new products are now equipped with powerful speakers, HD cameras, GPS tracker, Good storage capacity, voice control, thermometers among others.


    Many of them also feature high-end software that allows a seamless wireless and touchless feature, high-end connectivity, digital mapping and personal organizer.


    Apple continued to dominate the smartwatch market both in volume and value. Apple captured a record half of the market in terms of revenue due to strong demand for the Apple Watch S6 models.


    In terms of shipment volumes, Apple Watch grew XX% globally with Europe and North America being the fastest-growing markets in the first half of 2021.


    Samsung launched its smartwatch – Gear S2 Classic contains Voice commands via S Voice, dual-core 1GHz processors, 4GB storage, music players on board, NFC and Samsung Pay compatibility, and two to three days of battery life being the most important points.


    Swiss watchmaker TAG Heuer launched its popular smartwatch series while also introducing its latest brand partnership.


    The new Connected x Super Mario is TAG Heuer’s first collaboration with Nintendo, creator of the iconic, eponymous video game character, and the watch at its core represents a playful gamified take on TAG’s flagship “smart” timepiece.


    Montblanc rolled out the Summit Lite smartwatch, an aluminum-cased model updated with apps for fitness, athletic performance, and general well-being.


    The case is water-resistant to 50 meters and features a 1.9″ AMOLED display, customizable for a variety of multifunctional faces (including an analog-style based on Montblanc’s current mechanical collections), on a crystal made of tough, scratch-resistant Gorilla Glass, a mainstay element of smartphone and tablet screens.



    1. Apple Inc
    2. Fitbit Inc.
    3. Garmin
    4. Sony
    5. Samsung
    6. Huawei Technologies Co Ltd
    7. Xiaomi Corp
    8. Titan
    9. Fossil
    10. Oppo
    11. Realme
    12. Amazfit
    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2024-2030
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2024-2030
    19 Market Segmentation, Dynamics and Forecast by Application, 2024-2030
    20 Market Segmentation, Dynamics and Forecast by End use, 2024-2030
    21 Product installation rate by OEM, 2023
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2023
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix
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