Smartwatch Market to Reach a Value of USD 64,480.18 million

 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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 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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Global Smartwatch Market Dynamics

Drivers

  • Increasing usage of organic light emitting diodes (OLED) in smartwatch

The growing usage of organic light emitting diodes (OLED) displays increases the demand for the smartwatch, which is expected to drive the market's growth rate. Organic light emitting diodes (OLED) displays provide an improved experience to the end user owing to their low power consumption and high image quality. This aids the manufacturers in producing shows in many sizes and shapes without compromising their quality and resolution.

  • Increasing penetration rate of urbanization

Growing penetration rates of urbanization have increased the demand for the aesthetically appealing advanced products. These advanced products provide better experiences to consumers such as time schedules and several features in one device. This factor is anticipated to drive the need for smartwatches. Furthermore, the large millennial population has been adopting smartwatches owing to increased spending on luxury standards or tracking for their regular work hours.

Opportunities

  • Increasing demand for health monitoring smartwatches

Wearable electronic product manufacturers such as Fitbit and Apple are presenting health-monitoring capabilities that appeal to older people and keep them up-to-date regarding their health status in real-time; smartwatches are witnessing a growth in new users, comprising the elderly. In contrast to Fitbit, which just encompassed a tool to diagnose sleep apnea in smartwatches, Apple Watch Series 4 comes with and a fall detection app and EKG monitor. People with diabetes use glucose monitoring which is anticipated to boost market growth. Furthermore, the business and L'Oreal worked together to make the first skin sensor that can detect UVB and UVA exposure with the help of smartwatch. These are some factors that will likely create ample and new opportunities for market growth in upcoming years.


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