Smartwatch Market to be Worth $78.2 Billion by 2031

Smartwatch Market Size, Share, Forecast, & Trends Analysis by Operating System (Android, iOS, Tizen), Display Type (AMOLED, TFT LCD, LCD, Transflective LCD), Sales Channel, Application (Personal Assistance, Health/Wellness, and Sports), and Geography - Global Forecast to 2031

Meticulous Research^®—leading global market research company, published a research report titled, ‘Smartwatch Market by Operating System (Android, iOS, Tizen), Display Type (AMOLED, TFT LCD, LCD, Transflective LCD), Sales Channel, Application (Personal Assistance, Health/Wellness, and Sports), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the smartwatch market is projected to reach $78.2 billion by 2031, at a CAGR of 8.9% from 2024–2031. By volume, this market is expected to reach 801.3 million units by 2031, at a CAGR of 21.8% from 2024–2031. The growth of this market can be attributed to the growing emphasis on health & fitness tracking, rising technological advancement in wearable devices, and the growing popularity of fashion-forward design. However, the high cost of superior-quality smartwatches may restrain the growth of this market.

Furthermore, the increasing demand for personalized AI assistance is expected to offer growth opportunities for the players operating in this market. However, safety, security, and privacy concerns are a challenge impacting the growth of the smartwatch market. Additionally, the increasing demand for connectivity and communication upgrades is a prominent trend in this market.

The smartwatch market is segmented by operating system (Android, iOS, Tizen, and other operating system), display type (AMOLED, TFT LCD, LCD, E-ink display, and transflective LCD), sales channel (online, offline), application (personal assistance, health/wellness, sports, media & entertainment, and other applications) and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

Based on Operating System, the smartwatch market is segmented into Android, iOS, Tizen, and other operating systems. In 2024, the iOS segment is expected to account for the largest share of 54.0% of the smartwatch market. The segment’s large share is attributed to the technological advancements in the iOS operating system, growing emphasis on health & wellness monitoring, strong penetration of Apple products, and increasing demand for connectivity & communication upgrades. In addition, the benefits offered by iOS, such as seamless integration with the Apple ecosystem, health & fitness tracking, security privacy, and personal safety features, contribute to this segment's growth. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on Display Type, the smartwatch market is segmented into AMOLED, TFT LCD, LCD, E-ink display, and transflective LCD. In 2024, the AMOLED segment is expected to account for the largest share of 75.0% of the smartwatch market. The segment’s large share is attributed to the rising demand for high image quality & low power consumption and the increasing need for wider angles without distortion of picture quality. In addition, the benefits offered by AMOLED, such as better outdoor visibility, wider viewing angles, thin & lightweight design, and lower power consumption, contribute to this segment's growth. Also, several leading key players are taking initiatives to redefine their business strategies. For instance, in May 2023, Garmin International, Inc. (U.S.) launched its Epix Pro Series, its next-gen high-performance GPS smartwatch with a crystal-clear AMOLED display, rugged design, and impressive battery life. Also, this segment is projected to register the highest CAGR during the forecast period of 2024–2031.

Based on Sales Channel, the smartwatch market is segmented into online and offline. In 2024, the offline segment is expected to account for the larger share of 70.0% of the smartwatch market. The segment’s large share is attributed to personalized customer interactions, local market presence, and tangible product experiences.

However, the online segment is projected to register the highest CAGR during the forecast period of 2024–2031. The growing preference for personalization, contactless shopping, consumer convenience, easy price comparisons between brands, the advantage of greater discounts compared to offline stores, and a greater product selection experience are some of the factors expected to support the growth of this segment.

Based on Application, the smartwatch market is segmented into personal assistance, health/wellness, sports, media & entertainment, and other applications. In 2024, the personal assistance segment is expected to account for the largest share of 40.0% of the smartwatch market. The segment’s large share is attributed to the rising demand for personalized fitness coaching, increasing demand for personalized AI assistance, the growing popularity of fashion-forward design, and the rising demand for task management and reminders.

However, the health/wellness segment is projected to register the highest CAGR during the forecast period of 2024–2031. The growing emphasis on health and fitness tracking and rising consumer awareness regarding health monitoring are expected to support the growth of this segment. In addition, the benefits offered by the health/wellness segment, such as sleep tracking, fitness tracking, blood oxygen level monitoring, and heart health monitoring, contribute to this segment's growth. Also, several leading key players are taking initiatives to improve productivity. For instance, in July 2023, Samsung Electronics Co., Ltd. (South Korea) launched its new Galaxy Watch6 and Galaxy Watch6 Classic. This new Galaxy Watch6 series provides personalized health guidance, purposeful design upgrades and an enhanced mobile experience for a more informed and healthier self.

Based on Geography, the smartwatch market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 43.0% of the smartwatch market. Asia-Pacific’s large market share is attributed to the increasing penetration rate of urbanization, growing emphasis on health and fitness tracking, and rising technological advancement in wearable devices. Furthermore, the presence of prominent players offering smartwatch to support market growth. For instance, in June 2022, Garmin International, Inc. (U.S.) launched its vívosmart 5 in India, a comfortable, easy-to-read smart fitness tracker featuring Garmin’s most advanced sleep features, including sleep score.

In addition, the adoption of western lifestyles and the rise in disposable income are predicted to fuel the smartwatch market's expansion. Moreover, the Asia-Pacific region is projected to register the highest CAGR of 10.0% during the forecast period. The rapid growth of this regional market is attributed to the growth in regional economies and the growing popularity of fashion-forward design, especially in China, Japan, South Korea, and India.

Key Players

The key players operating in the smartwatch market are Apple Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Fossil Group, Inc. (U.S.), Garmin International, Inc. (U.S.), Fitbit Inc. (U.S.) (A part of Google LLC), Huawei Technologies Co., Ltd. (China), Sony Corporation (Japan), LG Electronics, Inc. (South Korea), Boltt Games Pvt. Ltd. (India), ASUSTeK Computer Inc. (Taiwan), Honor Device Co., Ltd. (China), and Polar Electro (Finland).

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of operating system, display type, sales channel, and application?
What is the historical market size for the smartwatch market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the smartwatch market?
Who are the major players in the smartwatch market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the smartwatch market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the smartwatch market, and how do they compete with other players?

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