With 8.70% CAGR Smartwatch Market was valued at USD 64,480.18 million from 2023 to 2030

July 07, 2023

Smartwatch Market Analysis and Size

Several manufacturers have introduced many upgraded smartwatches with advanced health monitoring features such as a stress monitor, electrocardiograms, a calorie counter, blood oxygen and SpO2 sensors and many more. Numerous companies such as Fossil Group, Inc., Samsung, Noise, Fitbit and more are introducing smartwatches with advanced and upgraded features. For instance, Apple, Inc. launched the new Apple Series 7 smartwatch model in September 2021 that features many health monitoring functions, such as blood oxygen saturation, electrocardiogram (ECG) sensor, improved fall detection, native sleep tracking, and heart health monitoring.

Data Bridge Market Research analyses that the smartwatch market was valued at USD 33,081.86 million in 2022 and is expected to reach USD 64,480.18 million by 2030, registering a CAGR of 8.70% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behaviour.

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Market Definition

A smartwatch is a wearable computing device similar to a wristwatch or other time-keeping device. In addition to showing time, several smartwatches are Bluetooth-capable. This watch becomes a wireless Bluetooth adaptor and is capable of prolonging the capabilities of the wearer's smartphone to the watch. The user can use this watch to initiate and answer phone calls from their mobile phone, get weather reports, listen to music, read email and text messages, dictate email and text messages, and ask a digital assistant.

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https://www.databridgemarketresearch.com/reports/global-smartwatch-market

COVID-19 Impact on Smartwatch Market

The outbreak of Covid-19 has affected several industries. Every single sector is being affected by a downfall in growth. Similarly, smartwatch market has also been affected during this pandemic. With the growing pandemic, the expected consumption and demand for smartwatches augmented. This was because the people started working out at their houses which compelled them to purchase smartwatches during the lockdown period. As the gyms shut down, smartwatches came in handy. Hence during this situation, more and more people traded smartwatches online. The epidemic is a new wave of cellular wearables. Many people became concerned about their health, resulting in the demand for smartwatches.

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