Federica Laricchia
Research expert covering the global consumer technology industry
Keeping records of your fitness activities and answering calls or messages on your wrist? Nowadays, these are just a few of the many functions that smartwatches can perform, as wearable devices combining the functionalities of smartphones and fitness trackers. Indeed, smartwatches are among the most popular wearables, with new and advanced models always coming to the market. In 2024, the global smartwatch market was forecast to generate a revenue of almost 50 billion U.S. dollars, a value expected to increase further in the future.
Looking ahead, we can expect the smartwatch market to continue thriving in the future. As wearable technology develops further, manufacturers will keep innovating their smartwatches, enhancing them with new features and capabilities to track and keep records of health data and improve connectivity with other devices.
Apple overtook Fitbit and has led the wearable market ever since
Fitbit, a company that had long been the leader in the wearables industry in terms of unit shipments, lost its top position to Apple back in 2017 and was acquired by Google in 2021. Apple has been the leader of the wearable industry ever since, recording almost 40 billion U.S. dollars in revenue from its wearables, home, and accessories segment in their 2023 financial year. In the meantime, other consumer electronics companies have joined the smartwatch market, releasing their own versions. Examples are Samsung, with its Galaxy Watch, Google, with its Google Pixel Watch, and Xiaomi, with its models targeting more budget-conscious consumers. In the future, these companies are likely to become more popular among consumers and acquire greater shares of the smartwatch market.Smartwatches on the wrist of more and more consumers around the globe
As consumers increasingly place importance on tracking health data, smartwatches become progressively common among them. In 2024, around 225 million people around the world were forecast to use smartwatches, and in the future this number is expected to steadily grow. Particularly, in the same year, India was he country with the highest share of wearable users, followed by China and the United Kingdom. From the United States to Europe, owners have their own favorite brand. For instance, Apple was the leading smartwatch brand in the U.S., while Fitbit and Samsung accounted for lower shares.Looking ahead, we can expect the smartwatch market to continue thriving in the future. As wearable technology develops further, manufacturers will keep innovating their smartwatches, enhancing them with new features and capabilities to track and keep records of health data and improve connectivity with other devices.
