Smartwatches - Worldwide

Worldwide

Highlights

Revenue in the Smartwatches market is projected to reach US$28.72bn in 2024.
Revenue 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.
User penetration will be 5.87% in 2024 and is expected to hit 9.19% by 2029.
The average revenue per user (ARPU) is expected to amount to US$63.17.
In global comparison, most revenue will be generated United States (US$9.07bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Smartwatches market is experiencing significant growth due to the increasing customer preferences for wearable technology. Customer preferences: Customers are increasingly looking for devices that can provide them with multiple functionalities, such as fitness tracking, notifications, and the ability to make phone calls. Smartwatches can offer these features in a compact and stylish design, making them a popular choice among consumers. Trends in the market: One of the key trends in the Smartwatches market is the integration of advanced health and fitness tracking features. Many smartwatches now come equipped with heart rate monitors, sleep trackers, and activity trackers, allowing users to monitor their health and fitness levels in real-time. This trend is driven by the growing interest in personal health and wellness. Another trend in the market is the increasing popularity of smartwatches with cellular connectivity. This allows users to make and receive phone calls directly from their smartwatches, without the need for a smartphone. This feature is particularly appealing to consumers who want to stay connected while on the go, without the need to carry multiple devices. Local special circumstances: In some countries, the adoption of smartwatches may be influenced by cultural factors. For example, in countries where traditional watches hold a significant cultural value, consumers may be more hesitant to switch to smartwatches. Additionally, the availability of local language support and localized apps may also impact the adoption of smartwatches in certain regions. Underlying macroeconomic factors: The growth of the Smartwatches market in Worldwide is also influenced by underlying macroeconomic factors. For instance, the increasing disposable income of consumers in emerging markets is driving the demand for smartwatches. As more consumers have the financial means to purchase these devices, the market is expected to continue to grow. Furthermore, advancements in technology and the increasing affordability of smartwatches are also contributing to the market's growth. As the technology improves and becomes more accessible, more consumers can afford and adopt smartwatches. In conclusion, the Smartwatches market is experiencing growth due to customer preferences for wearable technology that offers multiple functionalities. The integration of advanced health and fitness tracking features and cellular connectivity are key trends in the market. Local special circumstances, such as cultural factors and language support, may impact the adoption of smartwatches in certain regions. Additionally, underlying macroeconomic factors, such as increasing disposable income and technological advancements, are driving the growth of the market.

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 market. 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.