According to Fortune Business Insights, the global smartwatch market size was valued at around USD 22.02 billion in 2021 and is projected to rise USD 58.21 billion by 2028 at 14.9% CAGR during the forecast period 2023-2028. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Smartwatch Market, 2023-2028.”

According to the study, consumers are likely to exhibit demand for technological devices to streamline fitness tracking, navigation, and notification checking. End-users, such as athletes and tech users, are likely to invest in advanced products. Amidst the COVID-19 pandemic, strategic approaches may change to gain a competitive edge in the landscape.

Information Source:

https://www.fortunebusinessinsights.com/smartwatch-market-106625

Emphasis on Well-being Amidst Pandemic to Boost Product Adoption

The onslaught of the COVID-19 pandemic prompted end-users to shift their attention toward health and well-being. Accordingly, manufacturers have bolstered the production of a smartwatch for men and women. According to the National Interest.Org, the global smartwatch industry witnessed a 20% surge in the first half of 2020. The trend will likely maintain the upward growth trajectory over the next few years.

Report Coverage

The report is prepared rigorously with the use of qualitative and quantitative analysis. The use of primary sources, including interviews of stakeholders and suppliers, has propelled the integrity of the report. The report also includes secondary sources, including annual reports, SEC filings and studies published by notable organizations. The report also includes top-down and bottom-up approaches to boost estimations and product mapping

Drivers and Restraints

Burgeoning Youth Population to Underpin Growth Potentials

An exponential rise in youth population across emerging- and advanced- economies could boost smartwatch market growth during the forecast period. Gen Z and millennials have shown profound interest in fitness-tracking products and devices. Moreover, rising consumer expenditure among developed economies has triggered product adoption. According to Trading Economics, rising per capita income across Ireland, Luxembourg, the U.K., and Germany will augur well for the business outlook.

While smart wearables will continue to gain ground, the prevalence of substitute products, including luxury watches and regular devices could challenge smartwatch manufacturers.

Segmentation

In terms of operating systems, the smartwatch market is segregated into Android, IOS, and others.

Based on end-user, the industry is segregated into male and female.

With respect to applications, the market is fragmented into checking notifications, running, cycling, swimming, and others.

On the basis of region, the market is segmented into North America, Asia Pacific, Europe, South America, and the Middle East and Africa.

Regional Insights

Key Industry Developments

• September 2021: Samsung announced its smartwatch operating system partnership with Google to help better compete with Apple products.
• August 2020: Fitbit declared the launch of its Fitbit Sense smartwatch, which comes with advanced health features.