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Health Awareness Driving Growth In The Smartwatch Market: Powering Innovation and Expansion in the Smart Watch Market by 2025
Smart Watch
What Is the Expected CAGR for the Smart Watch Market Through 2025?
Recent years have seen a swift expansion in the smart watch market size. It is projected to escalate from $93.29 billion in 2024 to $108.31 billion in 2025, maintaining a compound annual growth rate (CAGR) of 16.1%. The remarkable growth in the historical period is ascribed to factors such as fitness and health tracking, integration with smartphones, evolving fashion and style trends, mobile payment capabilities, and the flourishing app ecosystem.
What's the Projected Size of the Global Smart Watch Market by 2029?
The market size for smart watches is anticipated to witness substantial growth in the forthcoming years, reaching a valuation of $176.16 billion in 2029 with a compound annual growth rate (CAGR) of 12.9%. Factors driving growth during the forecasted period include health and medical monitoring, integration with smart homes, 5G connectivity, innovative features for environmental and sustainable living, and the incorporation of augmented reality (AR) and virtual reality (VR). Emerging trends during this period are anticipated to include enhanced battery longevity, healthcare and wellness ecosystems, advanced sensor technology, personalized straps and dial designs, and major fashion-tech collaborations.
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Top Growth Drivers in the Smart Watch Industry: What's Accelerating the Market?
A surge in health consciousness among consumers is a central component propelling the expansion of the smartwatch industry. Owing to these devices, users can enact timely health precautions. This also enables doctors to remotely track their patients' health statuses and administer necessary care, prescriptions or treatments. For instance, in March 2022, the World Obesity Federation - a UK-based collective of experts in science, medicine, and research from over 50 regional and national obesity associations - reported that 1 billion people worldwide, including 1 in 5 women and 1 in 7 men, will experience obesity by 2030. This escalating population is turning to digital solutions like smartwatches to manage major health issues, more than just exercise evaluation. Hence, the burgeoning awareness of health among consumers is set to bolster the growth of the smartwatch market.
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What Are the Key Trends Driving Smart Watch Market Growth?
Smart watches powered by Internet of Things (IoT) technology have become an increasingly popular choice. These internet-connected devices provide a variety of functions including timekeeping, health monitoring, fitness tracking, receiving calls and messages, entertainment, cashless payments, and integration with other IoT equipment to enhance the user's lifestyle. The demand for wearables like smartwatches is growing due to consumer interest in health and fitness, daily conveniences, and smart home technology. In September 2024, Amazfit, a wearable tech firm based in China, rolled out the GTR 4 smartwatch. This device is fitted with a 1.45-inch AMOLED screen with a resolution of 331 ppi and an always-on display option. It also offers more than 150 customizable watch faces, precise GPS, and has a water resistance rating of 5 ATM.
What Are the Main Segments in the Smart Watch Market?
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, Healthcare, 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 Top Companies are Driving Growth in the Smart Watch Market?
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 Will Dominate the Smart Watch Market Through 2029?
Asia-Pacific was the largest region in the smart watch market in 2024. 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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