Market Insights Digital Digital Health Digital Fitness & Well-Being Fitness Trackers

Smartwatches - United Kingdom

United Kingdom

The Smartwatches market in the United Kingdom is expected to generate a revenue of US$1.05bn in 2024.
It is projected to exhibit a Compound Annual Growth Rate (CAGR 2024-2029) of 8.38%, resulting in a market volume of US$1.57bn by 2029.
The user penetration rate is anticipated to be 10.98% in 2024 and is expected to increase to 18.67% by 2029.
The average revenue per user (ARPU) is projected to be US$0.14k.
In comparison to other countries, United States is forecasted to generate the highest revenue, reaching US$9,069.00m in 2024.
The United Kingdom is experiencing a surge in demand for smartwatches in the digital health market, as consumers embrace wearable technology for monitoring their fitness and health.

Key regions: France, United States, Italy, Japan, United Kingdom

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Analyst Opinion

The Smartwatches market in United Kingdom is witnessing significant growth and evolution, driven by various factors shaping consumer behavior and technological advancements.

Customer preferences: Consumers in the United Kingdom are increasingly gravitating towards smartwatches that offer a wide range of features beyond basic timekeeping. The demand for digital fitness and well-being functionalities is on the rise as individuals prioritize health and wellness. Moreover, the convenience of online doctor consultations and digital treatment options is becoming more appealing to tech-savvy consumers seeking efficient healthcare solutions.

Trends in the market: In the United Kingdom, the Smartwatches market is experiencing a surge in sales of devices that cater to the digital fitness and well-being segment. With a growing emphasis on leading a healthy lifestyle, consumers are turning to smartwatches that offer robust fitness tracking capabilities, such as heart rate monitoring, sleep tracking, and workout guidance. Additionally, the trend of integrating online doctor consultation services directly into smartwatches is gaining traction, allowing users to conveniently access healthcare professionals for medical advice and prescriptions. The market is also witnessing a shift towards digital treatment and care features, enabling individuals to manage chronic conditions, track medication adherence, and receive personalized health insights.

Local special circumstances: The United Kingdom's healthcare system, with its focus on innovation and technology, is fostering the adoption of smartwatches with healthcare-related functionalities. The presence of a tech-savvy population that values convenience and efficiency is driving the demand for smartwatches that offer seamless integration with healthcare services. Furthermore, the increasing awareness and importance placed on mental health and well-being are influencing consumers to seek smartwatches that provide holistic health monitoring and support.

Underlying macroeconomic factors: The growing penetration of smartphones and the availability of high-speed internet connectivity in the United Kingdom are instrumental in propelling the Smartwatches market forward. As consumers become more digitally connected and accustomed to accessing services on-the-go, the demand for smartwatches with advanced features is expected to increase. Additionally, the rising healthcare costs and the need for remote healthcare solutions are driving individuals to explore wearable technology as a means to manage their health proactively.

Methodology

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.