Smartwatches - Worldwide

Worldwide

Highlights

The Smartwatches market worldwide is projected to reach a revenue of US$28.72bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 7.15%, resulting in a projected market volume of US$40.57bn by 2029.
The user penetration is predicted to be 5.87% in 2024 and is expected to increase to 9.19% by 2029.
The average revenue per user (ARPU) is estimated to be US$63.17.
In global comparison, United States is expected to generate the most revenue in the Smartwatches market with US$9.07bn in 2024.
Worldwide, the demand for smartwatches in the digital health market continues to rise, with countries like the United States leading the way in adoption and innovation.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Smartwatches have become an essential part of daily life for many consumers around the world, offering a wide range of features from digital fitness tracking to online doctor consultations. The market for smartwatches continues to evolve and expand as technology advances and consumer preferences shift towards more integrated health and wellness solutions.

Customer preferences: Consumers are increasingly looking for wearable devices that not only track their physical activity and health metrics but also provide additional functionalities such as online doctor consultations and digital treatment options. The convenience of having access to healthcare services directly from their wrist is a key driver for many individuals when choosing a smartwatch. Additionally, the trend towards proactive health management and preventive care is fueling the demand for smartwatches with advanced health monitoring capabilities.

Trends in the market: In the United States, the smartwatch market is seeing a surge in demand for devices that offer seamless integration with telemedicine platforms. Consumers are looking for smartwatches that can not only track their fitness goals but also connect them with healthcare providers for virtual consultations and monitoring. As the healthcare landscape continues to shift towards digital solutions, smartwatches are playing a crucial role in bridging the gap between consumers and healthcare services.

Local special circumstances: In China, the smartwatch market is witnessing a trend towards digital treatment and care solutions integrated into wearable devices. Chinese consumers are increasingly interested in smartwatches that offer features like medication reminders, symptom tracking, and access to online healthcare resources. With a growing aging population and an increasing focus on chronic disease management, smartwatches that provide digital treatment and care functionalities are becoming more popular among Chinese consumers.

Underlying macroeconomic factors: In Europe, the smartwatch market is influenced by regulatory factors related to data privacy and healthcare compliance. As wearable devices become more sophisticated in collecting and analyzing health data, European consumers are concerned about the security and confidentiality of their personal information. Smartwatch manufacturers in Europe are facing pressure to comply with stringent data protection regulations while also ensuring that their devices meet the necessary healthcare standards. This regulatory environment is shaping the development of smartwatches in Europe and driving innovation in data security and healthcare integration.

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.