Smartwatch Market Size Will Achieve USD 156.3 Billion By 2030 Growing At 20.1% CAGR Exclusive Report By Acumen Research And Consulting

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22 Sep, 2022

A recently published report by Acumen Research and Consulting, “Smartwatch Market Segmentation, Analysis and Forecast Report by Region, 2022-2030”

LOS ANGELES, Aug. 29, 2022 (GLOBE NEWSWIRE) -- LOS ANGELES, Aug. 29, 2022 (GLOBE NEWSWIRE) -- The global smartwatch market is forecast to grow at a CAGR of around 20.1% from 20.1% between 2022 and 2030. 2020. By 2030, it will reach $156.3 billion.

The Smartwatch market report is noteworthy

The global smartwatch market was valued at USD 30.4 billion in 2021 and is expected to grow at a CAGR of 20.1% from 2022 to 2030.

North America is expected to lead the smartwatch market with over 38% market share.

Asia Pacific's smartwatch market is expected to grow at a CAGR of around 23% during the forecast period from 2022 to 2030.

Among its products, standalone smartwatches account for more than 55 percent of the total market share.

By 2021, more than 500 million mobile devices have been shipped.

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Scope of Report:

the market

Smart watch market

Smartwatch Market Size 2021

30.4 billion dollars

Smart Watch Market Outlook 2030

156.3 billion dollars

Compound Annual Growth Rate of Smartwatch Market from 2022 – 2030

20.1%

Time to analyze the smartwatch market

2018 - 2030

A breakout year for the smartwatch market

2021

Smart Watch Market Forecast Information

2022 - 2030

sector covered

By product, application, operating system and geography

Regional Size of Smart Watch Market

North America, Europe, Asia Pacific, Latin America, Middle East and Africa

Overview of major companies

Apple Inc. and Fitbit Inc. Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, TomTom International and Amazfit.

Scope of the report

Market Trends, Drivers, Restraints, Competitive Analysis, Player Characteristics, Regulatory Analysis

Growing demand for wearable devices with advanced smart features is expected to drive the growth of the global smartwatch market during the forecast period of 2022-2030.

The story continues

Government spending on the development of smart cities and easy access to improved infrastructure for connectivity to the Internet and various applications are expected to increase the market share of smartwatches. Due to increasing number of seniors with various aging related problems and increasing cardiovascular problems among the youth, consumer spending on healthcare is increasing, resulting in increased demand for smartwatches.

Increasing access to home healthcare among consumers will lead to sharing of health information with professionals and adoption of emergency services, which is expected to influence the growth of the target market. Furthermore, the approach of key players to enhance business through strategic mergers and partnerships is expected to boost the growth of the smartwatch market.

Impact of Covid-19 on Global Smartwatch Market Revenue

According to a recent smartwatch industry report, demand for smartwatches to detect viruses in the human body has increased due to Covid-19. Wearable devices that continuously assess vital signs have been used to monitor the progress of infectious diseases. We show how consumer smartwatch data can be used to detect Covid-19 before symptoms appear. Billions of people around the world use smartwatches and other wearable devices to monitor various physiological characteristics such as heart rate, skin temperature, and sleep. Many human studies conducted during disease have allowed researchers to gather valuable information about participants' health. Since most smartwatches have learned the first signs of the coronavirus in people, prices have skyrocketed in the smartwatch market. Consequently, increasing awareness of these devices will lead to market expansion in the coming years.

Smart watch market dynamics

Greater penetration of sensor technology in various industrial segments, rapid technological advancements in electronic devices, and increasing consumer demand for fitness and sports equipment are some of the key factors that will drive the growth of the global smartwatch market.

Moreover, increasing spending power and increasing health awareness will increase the demand for wearable devices, which is expected to boost the growth of the global smartwatch market. Factors such as high hardware costs and intense competition for low margins are expected to hamper the growth of the global smartwatch market. Furthermore, technological gaps are expected to challenge the growth of the target market.

However, heavy investment by major players in product development activities and introduction of new solutions is expected to create new opportunities for players operating in the target market. Furthermore, partnerships and agreements between regional and international players are expected to support the growth of the growing smartwatch market.

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Smartwatch market segmentation

The global smartwatch market is segmented by product, application, operating system, and region. The production category is divided into expansion, independent and classic. Among the product types, the standalone segment is expected to account for the largest revenue share in the global market.

App categories include personal assistance, security, healthcare, sports and more. Among applications, the personal assistance segment is expected to account for the largest revenue share in the target market. The operating system segment is segmented into WatchOS, Android, RTOS, Tizen, and others. Among the operating systems, the Android segment is expected to have the highest revenue share in the target market.

Regional Outlook of the Smart Watch Market

North America, Latin America, Europe, Asia Pacific and Middle East & Africa are the regional classification of smartwatch industry.

The North American market is expected to represent the largest revenue share in the global smartwatch market due to the gradual increase in the number of consumers using smart devices. Consumers want health monitoring, phone access and more. They use smart devices that make it easy. With the increasing development of technology, manufacturers have focused on introducing devices that emphasize different ways of working.

The market in Asia Pacific is expected to witness rapid growth in the forecast market due to high penetration of internet and smartphones. Increasing consumer spending power, growing demand for smart devices and introduction of new solutions are expected to fuel the growth of the smart watch market in the region.

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Players in the smart watch market

Some of the famous smartwatch companies involved in the industry are Apple Inc. and Fitbit Inc. And the market is highly competitive with many players operating globally such as Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, TomTom International and Amazon.

In 2020, hardware maker Xiaomi launched the Mi Watch Color in China, equipped with a 1.39-inch AMOLED display. The launch of this product is expected to help the company grow their business in the Chinese market.

Also, the company is expected to launch one more smartwatch in the Indian market. The product launch is said to help the company increase its customer base in the country.

In 2020, Indian wearable company BoAt Enigma launched BoAt Enigma, a 1.54-inch square color display for touch input and AOD (Always On Display) in the Indian market. The launch of this product is expected to help the company improve its presence in the country and increase customer base.

The question is answered in this report

How big is the smartwatch market in 2021?

What will be the Smart Watch market CAGR during the forecast period 2022-2030?

Who are the key players in the global smartwatch market?

Which region has the largest share of the smartwatch market in 2021?

What are the key market drivers of the smartwatch market?

Who is the biggest consumer of the smartwatch market?

How big will the smartwatch market be in 2030?

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About Acumen Research and Consulting:

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