Press release
Smart Watch: A Leading Driver Behind Health Awareness Driving Growth In The Smartwatch Market Market Expansion in 2025
Smart Watch
What Will the Smart Watch Industry Market Size Be by 2025?
The dimensions of the smart watch market have been swiftly expanding in the past few years. The market, currently valued at $91.01 billion in 2024, is projected to escalate to $106.5 billion in 2025, registering a compound annual growth rate (CAGR) of 17.0%. Various factors escalated the growth within the historical period, including health and fitness tracking, integration with smartphones, style and fashion preferences, mobile payments and the burgeoning app ecosystem.
What's the Long-Term Growth Forecast for the Smart Watch Market Size Through 2029?
Accelerated expansion is anticipated in the smart watch market size over the coming few years, culminating in a value of $175.96 billion by 2029, as indicated by a compound annual growth rate (CAGR) of 13.4%. The surge projected in this period is credited to key factors such as medical and healare monitoring, integration with smart homes, 5G connectivity, along with environmental, sustainability features, as well as support for augmented reality (AR) and virtual reality (VR). The forecast period is expected to witness prevailing trends such as improved battery longevity, health-focused and wellness ecosystems, enhanced sensor capabilities, customisation options for straps and watch faces, alongside collaborations with fashion-tech.
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What Are the Key Growth Drivers Fueling the Smart Watch Market Expansion?
The surge in health consciousness among consumers is a significant contributor to the expansion of the smartwatch market. Smartwatches enable users to preemptively take health precautions. They allow doctors to keep an eye on patients' health conditions from a distance and provide necessary care, prescriptions, or treatments. For example, the World Obesity Federation stated in March 2022 that by 2030, 1 billion people worldwide, including one in five women and one in seven men, are projected to be living with obesity. This UK-based federation consists of scientists, medical professionals, and researchers from over 50 regional and national obesity associations. A growing number of these individuals are relying on digital devices like smartwatches for managing pressing health concerns, going beyond mere exercise tracking. As a result, this heightened health consciousness among consumers can be anticipated to propel the growth of the smartwatch market.
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What Are the Key Trends Driving Smart Watch Market Growth?
IoT-enabled smart watches are currently the top choice among consumers due to their extensive features. These internet-connected watches provide a variety of functions such as time display, health and fitness monitoring, call and message reception, entertainment services, cashless payments, and compatibility with other IoT devices to enhance the user experience. The growing interest of consumers in health, fitness, convenience in daily life, and smart homes has led to the increasing popularity of wearable IoT devices like smart watches. In September 2024, Amazfit, a wearable tech company based in China introduced the GTR 4 smartwatch. This device features a 1.45-inch AMOLED display with a resolution of 331 ppi, an always-on display option, over 150 customizable watch faces, accurate GPS, and it is water-resistant up to 5 ATM.
How Is the Smart Watch Market Segmented?
The smart watch market covered in this report is segmented -
1) By Product: Extension, Standalone, Classical
2) By Display Type: AMOLED, PMOLED, TFT LCD 4) By Operating System: Watch OS, Android Or Wear OS, Other Operating Systems
3) By Operating System: Watch OS, Android Or Wear OS, Other Operating Systems
4) By Application: Personal Assistance, Wellness, Healare, Sports, Other Applications
Subsegments:
1) By Extension: Companion Smartwatches, Notification-centric Smartwatches
2) By Standalone: Cellular-enabled Smartwatches, Independent Functionality Smartwatches
3) By Classical: Hybrid Smartwatches, Luxury Smartwatches With Traditional Design
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Which Companies Are Leading the Charge in Smart Watch Market Innovation?
Major companies operating in the smart watch market include Apple Inc., Garmin, Fitbit, Motorola, Sony Corporation, LG Electronics, Huawei Technologies Co. Ltd., Fossil Group Inc, Google Inc., Lenovo Group Ltd, Qualcomm, TomTom International BV, ASUSTeK Computer Inc., ConnectDevice Ltd, Huami Corp, Mobvoi Information Technology Company Ltd, Samsung Electronics Co. Ltd., Imoo, Amazfit, Garmin, Fitbit, TomTom International, Amazon, Pebble, Maritime, Suunto, Mobvoi, Tag Heuer, Polar Electro, Casio Computer Co. Ltd., Vector Watch, Nixon Inc., Misfit, Withings, Polaroid, Alcatel, Archos
Which Regions Are Leading the Global Smart Watch Market in Revenue?
Asia-Pacific was the largest region in the smart watch market in 2023. North America was the second-largest region in the smart watch market. The regions covered in the smart watch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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