According to Stratistics MRC, the Global Smartwatch Market is accounted for $25.44 billion in 2022 and is expected to reach $64.93 billion by 2028 growing at a CAGR of 16.9% during the forecast period. A smartwatch is a type of wearable computer that looks like a wristwatch or other type of timepiece. Many smartwatches can connect to Bluetooth devices in addition to telling the time. This watch may extend the functionality of the wearer's smartphone to the watch by acting as a wireless Bluetooth adaptor. With this watch, the user may make and take calls from their smartphone, check the weather, listen to music, read and write emails and texts, and communicate with a digital assistant.

According to government data, around 3.6 million people suffering from cardiovascular disease and approximately 34.4 million who are at a risk of these conditions in the country used wearable medical devices in 2022. According to Trading Economics’ data, the United Arab Emirates spent USD 154,959.54 million on consumers.



Market Dynamics:

Driver:

Increasing penetration rate of urbanization

Urbanization's increasing rates of penetration have boosted demand for aesthetically pleasing, cutting-edge goods. Customers can enjoy better experiences with these cutting-edge items thanks to time schedules and several functionalities in a single device. It is projected that this aspect would increase demand for smartwatches. A substantial portion of the millennial generation has also begun wearing smartwatches as a result of increased spending on luxury goods or tracking for regular work hours.

Restraint:

Presence of substitute product to restrain market growth

Regular watches are an example of a substitute product with a significant market presence and a steadfast emotional value among consumers all over the world. The market's growth is anticipated to be hampered by the preference of many high-income consumers for luxury watches as well as middle- and huge numbers of low-income consumers for normal timepieces.

Opportunity:

The high spending power of developed economies

The capacity of the product to increase spending on smart gadgets, especially smart wearables, has significantly contributed to the product's sales growth in developed economies. The market expansion will also be supported by the companies' increasing manufacturing of kids' smartwatches. Also, the development of the market is being pushed along by European Union nations with high per capita incomes. This is due to the possibility that increased consumer interest in smart wearables could result from increasing per capita income.

Threat:

High cost of the device

The market's growth is predicted to be constrained by smartwatches' high price. Manufacturing and designing a wide variety of devices, including as displays, sensors, and miniature semiconductor devices with a core diameter of 10 micro metres, requires a broad range of talents and pricey upfront investments.

Covid-19 Impact

Covid-19's epidemic has had an impact on a number of businesses. A decline in growth is having an impact on all industries. The smartwatch market has also been impacted by this pandemic, in a similar manner. The predicted consumption and demand for smartwatches increased as the pandemic spread. This happened as a result of people starting to exercise at home, which forced them to buy smartwatches during the lockdown. Smartwatches were useful as the gyms closed. As a result, more and more people started trading smartwatches online around this time. A new wave of cellular wearables is the epidemic. Smartwatch demand increased as a result of people's growing health concerns.

The medical segment is expected to be the largest during the forecast period

The medical segment is estimated to have a lucrative growth during the forecast period. Health monitoring has shown to be the most useful aspect of wearable technology. It benefits patients by providing information about their issues as well as fitness enthusiasts by providing important health information. The shipment of fitness trackers has increased as a result of people's growing concern for their health. Every wristwatch has a fitness tracker, which is why the smart watch's popularity is surging due to its many useful features for tracking health data. By providing some complex and important information, smart watches are helping doctors and saving them time and money. This information helps medical professionals overcome obstacles like figuring out how a new treatment would affect a patient or continuously tracking a patient's recovery after surgery, among other things.

The E-commerce segment is expected to have the highest CAGR during the forecast period

The E-commerce segment is anticipated to witness the fastest CAGR growth during the forecast period. The recent significant growth of this sector has boosted sales of all kinds of products through online platforms. One of the main elements driving smartwatch sales through e-commerce is the growing consumer desire for online buying. Other important considerations include alluring deals and quick home delivery services. Manufacturers of smartwatches are anticipated to increase their e-commerce spending in order to increase their sales potential as a result of the possibility of accessing a broader audience through online channels.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period. The market is primarily driven by the expanding consumer electronics sector, which is also accompanied by the quick expansion of smartwatch market vendors, the existence of key market participants, and a sizable population base that raises demand for smartwatches in the area, eventually fueling the market during the forecasted timeframe.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to rising expenditure on smart devices. The United States is renowned for implementing cutting-edge technologies first, and it also leads the world in the use of smart devices. Spending on high-tech gadgets is higher than ever in the nation as both young and old people choose smart devices. Due to the introduction of smartwatches made specifically for the elderly, growing demand for remote monitoring, rising awareness of technology, and favourable market conditions for smartwatches in the area, it is anticipated that the number of elderly persons using smartwatches will rise.



Key players in the market

Some of the key players profiled in the Smartwatch Market include Xiaomi, Huawei Technologies Co., Ltd., Nike, Inc., Fitbit Inc., Sony Corporation, Virtual-Realties, LLC, Apple Inc, SAMSUNG, Michael Kors, Honeywell International Inc, LG Electronics, ASUSTeK Computer Inc, Polar Electro, Motorola Solutions, Inc, Garmin Ltd, Fossil Group, Inc, Google LLC and Tom Tom International BV.

Key Developments:

In June 2022, Garmin revealed one of the world's first and new GPS running smartwatch 955, with a solar forerunner and charging 255 series. This latest addition to Garmin's Forerunner range has become the preferred choice of runners worldwide. These are triathlon-ready smartwatches with training features developed for mid-level and professional runners and athletes.

In May 2022, Huawei Consumer Business Group has announced several cutting-edge hardware products, including HUAWEI Mate Xs 2, HUAWEI WATCH GT 3 Pro, and HUAWEI WATCH FIT 2, HUAWEI WATCH D, HUAWEI Band 7 and HUAWEI S-TAG at the Huawei flagship product launch in 2022. This aims to streamline the daily lives of consumers.

Products Covered:
• Extension
• Classic
• Standalone

Display Technologies Covered:
• OLED
• LCD
• Interferometric Modulator Display

Operating Systems Covered:
• Android
• IOS
• Real-Time Operating Systems
• Tizen
• Wear OS
• Watch OS
• Firefox OS
• Asteroid OS
• Sailfish OS
• Other Operating Systems

Applications Covered:
• Wellness
• Sports
• Medical
• Personal Assistance
• Running
• Checking Notifications
• Swimming
• Cycling

Processors Covered:
• Single-Core
• Dual-Core
• Quad-Core
• Apple S1

RAM Covered:
• 512 MB
• 1 GB
• 2 GB
• 3 GB
• 4 GB

Price Ranges Covered:
• High-End Smartwatches
• Mid-End Smartwatches
• Low-End Smartwatches

Distribution Channels Covered:
• Direct Sales
• E-Commerce
• Retail Stores

End Users Covered:
• Well Male
• Female

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances