Smartwatch Market Estimated to Lock an Ineffaceable Growth

Market Highlights

The global market for smartwatches is expected to grow from USD 41.86 billion in 2017 to USD 109.28 billion by 2023, at a compound annual growth rate (CAGR) of 17.34% during the forecast period. Growing concern about personal health & fitness and the rise in use of smartphones are the key factors driving the growth of this market. 

Smartwatches are a portable intelligent watch, highly designed and are worn on the wrist. This can easily get connected to various mobile phone devices. The different operating systems such as iOS, Android, Tizen, and others, based smartwatch is available in the market.

The introduction of next-generation smartwatches can preferably be used as an extension to smartphones. These are special due to the development of innovative applications such as tracking, alerts, and connectivity are known for their high compatibility. These are some of the essential features that have garnered a lot of consumer’s interest in recent years. Such a factor is expected to increase further the sales of smartwatches, which would eventually push the smartwatches market to rise high in the future years.

Furthermore, the integration of IoT technology also enhances the capability of smartwatches, where one device serves all the purposes rather than keeping multiple apps and devices. Majorly, the 3D display is helping the growth of the smartwatch market profoundly. Along with 3D, technologies such as GPS and geotagging capability, biometric, and smartphone autonomous functionality are some exclusive features of the smartwatch.

The recent trend of adoption of the smartphone along with fast internet connectivity is rising consistently, which in turn, is driving the growth of the global smartwatch market at a higher CAGR. As of now, the leading tech companies such as Xiaomi, Samsung, Apple, Google, and others are driving the market of smartwatches.

Furthermore, the recent techniques, design, and development of gender-based smartwatches are creating widespread opportunities for this market. In current time, it has been observed that most women from sports and corporate domains have shown great interest in the smartwatches. 


In the reports of MRFR, the smartwatch market has been segmented by operating system and application.

By mode of the operating system, the smartwatch market is segmented into iOS, Android, Tizen, Linux, and others.

By mode of application, the market is segmented into personal assistance & safety, health/wellness, media and entertainment, sports, communication, and others.

Regional Analysis:

The global market for smartwatches is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of smartwatch market is done for North America, Europe, Asia-Pacific, and the rest of the world.

North America accounts for the largest market share owing to superior quality of life in the region due to high disposable income. Europe is considered as the second largest market for smartwatches as countries like Germany, France, Italy have high adoption of wearable technologies. Asia-Pacific is expected to be the fastest growing region owing to technology developments by regional players, such as Titan, entry of large global players, and increasing demand for high-end wearable devices. Also, increasing competition among key players like Apple Inc., Fossil Group, Samsung, and Lenovo Corporation among others to launch smartwatches with unique and advanced features is boosting the growth of this market in Asia-Pacific region.

Key Players

The prominent players in the smartwatch market are Huawei Technologies Co., Ltd. (China), Fossil Group (US), Pebble (US), Qualcomm (US), Samsung Electronics Co. Ltd. (South Korea), Sony Corporation (Japan), ConnecteDevice Ltd. (Japan), Apple Inc. (US), Fitbit, Inc. (US), LG Electronics (South Korea) and Motorola (US), among others.


Industry News

  • March 14, 2019: Garmin enters the luxury smartwatch market with its classy Marq range. With a starting price of US$1,500, these timepieces are at the luxury end of the market.
  • February 2018 – Apple launched its first store of watches in Austria, which was a part of the company’s expansion into untapped markets of smartwatches.
  • 2018: Apple Watch captured 51 percent share of a record 18 million smartwatch shipments worldwide in the fourth quarter of 2018. Apple hence shipped 9.2 million smartwatches globally in Q4 2018 having risen with 18 percent from 7.8 million units in Q4 2017. 

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