SMARTWATCH MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Smartwatch Market Analysis:

The anticipated growth of the Smartwatch Market, in terms of shipment volume, is expected to rise from 134.12 million units in 2023 to 456.89 million units by 2028, at a Compound Annual Growth Rate (CAGR) of 27.78% during the forecast period (2023-2028).

The increasing rates of urbanization have led to a rise in demand for aesthetically appealing advanced products that cater to consumers' requirements, such as time schedules and multiple features in one device, thereby driving the global need for smartwatches. Additionally, the significant millennial population has been adopting smartwatches due to increased spending on tracking and luxury standards for their regular work hours.

Presently, smartwatches are designed to be paired with smartphones (via Bluetooth), which function as information gateways, allowing these watches to share phone notifications, such as text messages, email notices, or application alerts. However, smartwatches are not interchangeable since they can usually only be paired with a limited number of compatible smartphones. For instance, Samsung's Gear A smartwatch only works with Samsung Galaxy series smartphones, and the Apple Watch only works with iPhones. As a result, current smartwatches available from mobile device manufacturing companies are more like smartphone accessories than standalone devices since they require access to a compatible smartphone to relay additional useful information to their owners.

The demand for wearable technology has increased due to changing lifestyles and readiness for technology adoption in lifestyle solutions. This demand has been supported by new product launches and entrants venturing into the market. As more companies venture into the smartwatch market, the need for differentiating the product offerings becomes essential. For instance, Fitbit launched Fitbit Versa and Fitbit Charge 32017-2018. Fitbit Versa is a smartwatch that requires a bigger screen and battery power. The dependency on higher-resolution screens and battery technology has increased over the years to please consumers, resulting in investment in these segments to meet customers' expectations.

The growth of the smartwatch market is also driven by increasing health consciousness among consumers. A smartwatch enables them to take necessary precautions according to their health. Furthermore, doctors can easily monitor the health status of patients remotely and can maintain, prescribe, or treat them as required. For instance, all the new Apple Watch since Series 5 can track heart rate, nervous system activities, emergency or inactivity warnings, and health events.

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