Smartwatches Market to Exceed US$ 121.5 Billion by 2032 Amid Surging Emphasis on Connected Devices and Growing Data Reliance

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Sep 21, 2022, 08:00 ET

Smartwatches Manufacturers to Invest in Development of Health Trackers with Exponential Participation in Fitness Activities

Fact.MR's latest report on the smartwatches market provides a 10-year forecast through 2022 & beyond. The report further explicates crucial dynamics such as drivers, challenges, and opportunities shaping the market. To present the information in a vivid way, the report was segmented into type, operating system, age group, sales channel, and region.

NEW YORK, Sept. 21, 2022 /PRNewswire/ -- The global smartwatches market is expected to be valued at US$ 121.5 Billion in 2032 and exhibit steady growth at a CAGR of 17.8% in the forecast period (2022-2032). The market is anticipated to reach a valuation of US$ 23.5 Billion by the end of 2022.

Demand for wireless sports and fitness equipment is expected to grow at a fast pace, as is consumer awareness regarding various health issues. Additionally, it is anticipated that growing demand for linked ecosystems, as well as increased emphasis on connected devices and smart systems across a large number of industries are projected to push the global smartwatches market.

Moreover, rising data reliance among end users and significant government investments in creating smart cities are estimated to drive the sales of smartwatches in the next decade. Smartwatches are also extensively used by the millennial population to play games, make calls, listen to music, and receive message alerts.

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Due to increasing participation in various fitness activities and surging health consciousness among end users in the U.S. and Canada, North America is predicted to generate the largest smartwatches market share in the upcoming decade. In June 2022, for instance, Amazfit launched its new Amazfit BIP 3 series, including Bip 3 and Bip 3 Pro, to expand its smartwatches lineup in the U.S. Similar product launches by key players based in the country are expected to bode well for the North America market.

Furthermore, manufacturers of smartwatches are anticipated to invest more in online and e-commerce sites in order to increase their sales potential due to the possibility of reaching a broader audience through online channels. Thus, by sales channel, the online e-commerce retailers segment dominates the industry and is anticipated to exhibit rapid growth till 2032.

Key Takeaways:

The North America smartwatches market is projected to reach US$ 8.3 Billion in 2022.
Based on operating systems, the watch OS (iOS) segment is expected to dominate the smartwatches market in the upcoming decade.
By sales channel, the online e-commerce retailers segment is set to generate the lion's share by 2032 with quick home delivery services.
In India, the smartwatches market is estimated to progress at a rapid pace on the back of rising demand for affordable wearables.
Smartwatch manufacturing companies like Samsung, Fitbit, Apple, and Garmin are expected to remain at the forefront throughout the forecast period.

Growth Drivers:

Inclusion of health-monitoring features that would appeal to older people and provide them with real-time health status is expected to push growth.
High demand for aesthetically appealing advanced products to offer better service to customers' changing preferences such as time schedule features, would aid growth.

Restraints:

Even though data stored in smartwatches is not information-rich, risks are set to surge if these devices support internet connectivity.
The amount of data storage in smartwatches depends on their memory size, which may hamper their demand among the geriatric population, who prefer conventional watches.

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Competitive Landscape:

To expand their consumer base, key players in the global smartwatches market are adopting a wide variety of strategies and policies. Collaborations, mergers, acquisitions, extensions, joint ventures, manufacturing unit establishments, new production techniques, inventions, technology expansion, and partnerships are some of the primary strategies of these key players.

For instance,

In June 2021, Garmin International Inc. released the Forerunner 945 LTE, a premium GPS running and triathlon timepiece with LTE connection. The watch's purpose is to keep athletes connected while they are active. Apart from offering the comprehensive training data, performance monitoring tools, and smartwatch capabilities that today's athletes have grown to depend on, the watch also delivers phone-free safety and tracking features, spectator texting, and live event sharing to the wrist.
In April 2021, Casio Computer Co. Ltd announced the launch of its GSW-H1000, a G-SQUAD PRO wrist watch powered by WEAR OD by Google and packed with functionalities aimed to aid users in accomplishing their activity objectives and employing fitness tracking features. The GSW-H1000 is designed for use in a wide variety of sporting contexts such as jogging, indoor exercise, road bike, swimming, surfing, and snowboarding.
In November 2020, Xiaomi announced the launch of its Watch Series 6 and Watch Series SE wristwatches in the Indian market.

Key Companies Profiled by Fact.MR

Fitbit Inc.
Samsung Electronics Co. Ltd
Sony Corporation
Garmin Ltd.
Fossil Group Inc.
Apple Inc.
Huawei Technologies Co. Ltd.
Xiaomi Corporation
Nokia Corporation (Withings)
LG Electronics Inc.

More Valuable Insights on Smartwatches Market

In the latest study, Fact.MR offers a detailed study on global smartwatches market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of smartwatches through detailed segmentation as follows:

By Type:

Extension Smartwatches
Standalone Smartwatches
Hybrid Smartwatches

By Operating System:

Watch OS (iOS)
Android /Android Wear
Linux
Pebble OS
RTOS
Tizen
Others

By Age Group:

3-14 Years
15-24 Years
25-34 Years
35-54 Years
55+ Years

By Sales Channel:

Online e-Commerce Stores
Organized Retail Chains
Unorganized Retail Stores

By Region:

North America
Latin America
Europe
APAC
MEA

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Key Questions Covered in the Smartwatches Market Report

What is the projected value of the smartwatches market in 2022?
At what rate will the global smartwatches market grow until 2032?
Which are the factors hampering the growth in the smartwatches market?
Which region is expected to lead in the global smartwatches market during 2022-2032?
Which are the factors driving the smartwatches market during the forecast period?
What is the expected market value of the smartwatches market during the forecast period?

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