The global smartwatch market size was estimated at ~US$ 20.5 billion in 2019. The global smartwatch market is forecast to reach US$ 138 billion by 2030 by registering a compound annual growth rate (CAGR) of 19% during the forecast period from 2021 to 2030.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Factors Influencing
The growing awareness regarding personal health and fitness forecasts to drive the global market for smartwatches during the forecast period.
Increasing product launches and advancements in the smartwatch industry are other factors expected to fuel the market growth. Companies have been introducing advanced systems that will help users lock and unlock the vehicle using the smartwatch.
The rising adoption of smartwatches is likely to fuel the growth of the market. Smartwatches and mobile devices have been extending the applicants of the devices. Now users can link smartwatches with smartphones and other devices to perform operations. Sony recently introduced Yahoo, Instagram, and other smart extensions for its smartwatches. Apart from that, Motorola has launched the Moto 360 that can perform operations by connecting to smartphones and tablets. Through this innovation, mobile notifications, messages, and emails would pop up on the smartwatch screen. Apart from that, various benefits associated with the usage of smartwatches would enhance their adoption in the upcoming years. Smartwatches can easily perform several tasks at once. Moreover, the personal assistance feature of the device simplifies the regular activities by analyzing the data and assisting the users to become more efficient and productive.
On the contrary, the shorter battery life of smartwatches is forecasted to decelerate the growth of the global smartwatch market.
Geographic Analysis
Regionally, the global smartwatch market may witness favorable growth in the Asia-Pacific region during the forecast period. Rapidly growing technological advancements and rising demand for smart wearable devices are forecast to boost the region’s contribution.
Apart from that, North America is expected to hold dominance in the global smartwatch market during the forecast period. It is due to the rapidly fueling adoption of IoT (Internet of Things) devices and advancements in technology. Apart from that, the presence of prominent players, such as Gramin, Apple, Fitbit Versa, and Fossil Group, would boost the contribution of the region during the analysis period.
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COVID-19 Impact on the Global Wearable technology market
The COVID-19 pandemic adversely affected the overall supply chain of the global smartwatch market. The trade activities highly declined, which negatively affected revenue generation. Apart from that, the market is expected to recover at the same pace during the forecast period as companies would launch innovative products that were postponed during the pandemic period.
Competitors in the market
- Alphabet Inc.
- Fitbit Inc.
- Lenovo Group Limited
- Sony Corporation
- Garmin Ltd.
- LG Electronics
- Samsung Electronics Co. Ltd.
- ASUSTeK Computer Inc.
- TomTom International BV
- Apple Inc.
- Other prominent players
Market Segmentation
By Type:
- Wearable Smart Textiles
- Wearable Products and Devices (Non-Textiles)
By Product:
- Wristwear
- Headwear
- Footwear
- Fashion & Jewelry
- Bodywear
- Other Wearable Technology
By Application:
- Consumer Electronics
- Healthcare
- Enterprise and Industrial Applications
- Other Applications
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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