Smartwatch Market is predicted to reach USD 84,457.3 Million at a CAGR of 7.96% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Global Smartwatch Market”.

A smartwatch is a computing wearable device worn on a wrist which is capable of notifying user about calls, messages, application notification, and that can be used in various applications like fitness tracking, healthcare monitoring, weather information providing etc. They have an attractive display, an OS, a memory, and Bluetooth connectivity. They have touch screen using which users can make calls, read messages, due to Bluetooth connectivity, they can listen to music, voice assistant to give alerts. The popularity of smartwatches is increasing because of their capabilities to provide healthcare parameters notifications like blood pressure, and calorie levels.

MRFR recognizes the following companies as the key players in the Global Smartwatch Market- Huawei Technologies Co., Ltd, Fossil Group, Xiaomi Inc, Garmin Ltd, Samsung Electronics Co. Ltd, Samsung Electronics Co. Ltd, Apple Inc., Fitbit, Inc, LG Electronics, Lenovo Group Limited, Pebble Technology Corporation, ASUSTeK Computer Inc., Casio, Huami, and Tomtom International B.V.

Market Highlights

The Global Smartwatch Market is accounted to register a CAGR of 7.96% during the forecast period and is estimated to reach USD 84,457.3 Million by 2032.

The popularity of smartwatches is increasing at a rapid pace across the reasons owing to its numerous advantages. Manufacturers of smartwatches are introducing advanced features like weather information, fall detection and alerting, oxygen and SpO2 measurement under healthcare monitoring, weather information, and fitness tracking. Several companies like Samsung and Apple are offering advanced smartwatches that are capable of healthcare parameters monitoring like stress monitoring, calorie counters, and electrocardiograms etc. Also, these watches are capable of phone-calling, navigation, and voice assistance. Operating system, memory, displays are the components of smartwatches. Because of proven abilities in healthcare monitoring, fitness, productivity enhancement, smartwatches are popular among the youth across the globe.

The growth of the smartwatch industry is fueled by the growing demand for wearable fitness, sports devices, and health tracking, and rise in the spending power in economies. Also, personalized smartwatches for elderly people, and growing demand for IoT enabled smart devices are creating massive opportunities in the global smartwatch ecosystem. Rising awareness towards health monitoring and increasing use of wearables for fitness routines is helping the global smartwatch market grow.

Growing demand for wearable fitness, sports devices and health tracking and the rise in the spending power in economies is aiding the market growth across the globe.

Segment Analysis

The Global Smartwatch Market has been segmented based on Gender, Display, Display Type, Operating System, and Application.

Based on Gender, the Global Smartwatch Market segmentation includes men, women, and unisex. By gender segment, men segment accounted for the largest market share. The gender segment held the majority share in 2022 contributing around ~53.32% to the market revenue. The smartwatch market has seen a significant increase in male consumers. Men have shown a strong interest in smartwatches for fitness and health tracking purposes. Features like heart rate monitoring, sleep tracking, step counting, and workout tracking are essential for many men who use smartwatches to monitor their fitness goals. Smartwatches designed for sports and outdoor activities have gained popularity among men who enjoy activities like running cycling, hiking, and swimming.

Based on Display, the Global Smartwatch Market segmentation includes Analogue, Digital, and Analogue-Digital. The digital segment held the majority share in 2022 contributing around ~73.66% to the market revenue. The digital display in the smartwatch features digital screens to display information and interact with users. These smartwatches have digital watch faces and can display various types of content, including notifications, apps, and fitness data. Digital display smartwatches come with various types of screens, including OLED, AMOLED, and LCD. These smartwatches have several other features like, Touchscreen Interface, App Ecosystem, Fitness & Health Tracking, Voice Assistants, Music Control, and Notification Alerts. Most digital display smartwatches have touchscreen interfaces, allowing users to interact with the watch by tapping, swiping, and using gestures.

Based on the Display Type, the Global Smartwatch Market segmentation includes LCD, LED, AMOLED, and OLED. By Display Type, LCD segment hold the majority market share in 2022 contributing around 44.80% of the market share. LCD (Liquid Crystal Display) is a common type of display technology used in various electronic devices, including smartwatches. They work by using liquid crystals that can be controlled to either allow or block light. LCD screens in smartwatches are typically of two main types, TFT-LCD (Thin-Film Transistor Liquid Crystal Display) and IPS-LCD (In-Plane Switching Liquid Crystal Display). TFT-LCD screens are known for their fast response times and are commonly used in smartwatches. They offer good visibility in various lighting conditions and can display vibrant colors.

Based on the Operating System, the Global Smartwatch Market segmentation includes iOS, Android, Tizen, FreeRTOS, and Others. By Operating System, Android segment hold the majority market share in 2022 contributing around 37.65% of the market share. For instance, Wear OS is a version of the Android operating system designed specifically for smartwatches. It is developed by Google and serves as the foundation for various smartwatches from different manufacturers. Smartwatches running Wear OS are typically compatible with Android smartphones, although many of them also offer limited compatibility with iOS devices for basic functions like notifications.

Based on the Application, the Global Smartwatch Market segmentation includes Personal Assistance, Wellness, Healthcare, Sports, and Others. By Application, Healthcare segment hold the majority market share in 2022 contributing around 28.50% of the market share. Some smartwatches are equipped with medical-grade sensors that provide accurate and reliable health data. These sensors may include ECG (electrocardiogram) sensors, PPG (photoplethysmography) sensors, and more. Smartwatches can track heart rate, detect irregular heart rhythms (arrhythmias), and provide ECG readings in some cases. These features are valuable for monitoring heart health and detecting potential issues.

Regional Analysis

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In terms of revenue, Asia-Pacific held the largest share of 38.30% in the Smartwatch market in 2022 and is expected to maintain its dominance during the forecast period. Rapid economic growth and urbanization in many Asia-Pacific countries have led to increased disposable incomes and lifestyles that prioritize technology and convenience. This has created a strong market for consumer electronics, including smartwatches. The expansion of the middle-class population in APAC countries has led to a larger consumer base with the purchasing power to buy smartwatches as part of their tech-savvy lifestyles. Like other regions, there's a growing awareness of health and fitness in Asia-Pacific. Consumers are increasingly adopting smartwatches to track physical activity, monitor health metrics, and achieve their fitness goals. Continuous technological advancements in smartwatches have led to improved performance, longer battery life, enhanced displays, and more sophisticated sensors. This innovation attracts tech-savvy consumers in the region.

North America smartwatch market holds the second largest market share as of 2022. The smartwatch market in North America is growing due to several key factors such as increasing health & fitness awareness and due its ability of advanced health monitoring. There is a growing emphasis on health and fitness in North America, with consumers increasingly turning to wearable devices, including smartwatches, to monitor their physical activity, track health metrics, and achieve their fitness goals. Health-conscious consumers are driving the demand for smartwatches with robust fitness tracking capabilities. Smartwatches are equipped with a range of sensors, including heart rate monitors, accelerometers, and GPS, allowing users to track various health metrics. This includes monitoring heart rate, sleep patterns, steps taken, distance traveled, and even blood oxygen level. These features empower users to gain insights into their health and make informed decisions about their well-being.

Key Findings of the Study

• The Global Smartwatch Market is expected to reach USD 84,457.3 Million by 2032, at a CAGR of 7.96% during the forecast period.

• The Asia-Pacific region accounted for the fastest-growing global market.

• Based on display, the digital segment was attributed to holding the largest market in 2022, with an approximate market share of 73.66%.


• Huawei Technologies Co., Ltd, Fossil Group, Xiaomi Inc, Garmin Ltd, Samsung Electronics Co. Ltd, Samsung Electronics Co. Ltd, Apple Inc., Fitbit, Inc, LG Electronics, Lenovo Group Limited, Pebble Technology Corporation, ASUSTeK Computer Inc., Casio, Huami, and Tomtom International B.V. are the key market players.