In 2022, the smartwatch market was estimated to be worth USD 0.05 billion. The market for smartwatches is anticipated to increase from USD 0.06 billion in 2023 to USD 0.2 billion in 2032, with a compound annual growth rate (CAGR) of 17.34% over the forecast period (2023-2032). The primary market factors boosting market growth are an increase in the use of organic light-emitting diodes (OLED) in smartwatches as well as an increase in urbanisation.
Because they can instantly access a mobile phone, smartwatches raise awareness about the growing idea of tracking one's own health and embracing a healthy modern lifestyle. This is because they allow the user to make calls, send message notifications, listen to music, play games and more.
Key Companies in the smartwatch market include
· Amazfit
· Apple, inc
· Fitbit Inc.
· Fossil Group
· Garmin Ltd
· Google Inc
· Huawei Technologies Co. Ltd
· Imoo
· LG Electronics Inc
· Samsung Electronics Co. Ltd.
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Smartwatches, which put life at your fingertips and let you track your everyday activities, are attracting an increasing number of users. Additionally, the growing reliance on data among end users and significant government investments in building smart cities are important success factors that support the market for smart wearables. Smartwatches may do a wide range of tasks, including playing games, making phone calls, listening to music, getting message notifications, and more. Access to the phone is made simple by the smartwatch. Additionally, it is anticipated that young people's greater use of fitness tracking devices and growing popularity of fitness will raise demand for such products.
In the United States, 33% of the Millennial Generation and 14% of Generation Z members of health clubs in 2018 according to the International Health, Racquet and Sportsclub Association. Similar to this, it is anticipated that the increasing urban population around the world would increase demand for the product as people become more familiar with and exposed to the many types of smart devices. United Nations.Org reports that the number of people living in metropolitan areas worldwide expanded quickly from 751 million in 1950 to 4.2 billion in 2018.The demand for smartwatches is also expected to increase due to the growing popularity of organic light emitting diode (OLED) screens, which is expected to spur market expansion. OLED (organic light emitting diode) screens improve the user experience because of their good image quality and low power requirements.
Because of this, producers may create presentations of all shapes and sizes while retaining their quality and sharpness.
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Market segment insights for smartwatches:
Apple Watch, Android Wear, One UI Watch, and other brands are included in the Smartwatch Market segmentation depending on order type. About 50% of sales are in the apple watch category. The popularity of Apple's brand and the emergence of other devices with subpar features have helped the industry expand. Since its release, Apple's watchOS software has gained enormous popularity and surpassed several rival OSs in terms of competence and innovation. The Apple Watch category has therefore generated the greatest revenue and is anticipated to continue to lead during the anticipated period.
Personal assistance, medical and health fitness, and personal safety are included in the segmentation of the smartwatch market based on application. Due to a growth in consumers using smartwatches to aid with daily chores, the personal assistance category is a large application, accounting for more than 45% of the market.
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. This market will be dominated by the North American smartwatch segment. Rapid adoption of new technologies and the early availability of recently announced products have been key market growth drivers. Additionally, the integration of loT into smartwatches has increased sales in North America by promoting user convenience.
Due to the rising predilection of young customers for intelligent wearables, the market for smartwatches in Europe holds the second-largest market share. Additionally, the UK smartwatch market had the quickest rate of growth in the European region, and the German smartwatch market had the largest market share. From 2023 to 2032, the Asia-Pacific Smartwatch Market is anticipated to experience the quickest CAGR growth. This is a result of the thriving consumer electronics sector in the area and the rapid expansion of suppliers for the wristwatch market in developing countries. In addition, the Indian smartwatch market had the highest rate of growth in the Asia-Pacific region, while China's smartwatch market had the largest market share.
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