Smartwatch Market Size & Share, by Product Type (Extension, Standalone & Classic); Operating System (IOS, Android); Display Type (LCD, OLED); Price Range (USD 0-299, USD 300-699, USD 700-999, Above USD 1,000); Application (Running, Checking Notifications, Swimming, Cycling); End-user (Male, Female) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 2063
  • Published Date: Apr 11, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Smartwatch Market size is anticipated to reach USD 106 Billion by the end of 2036, growing at a CAGR of 10% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of smartwatch was over USD 34 Billion. Consumption of these products is expected to be stimulated by the growing popularity of fitness among young people, as well as an increase in their use of health monitoring equipment. For instance, 67% of gym and fitness center users think technology improves their workout experience. Given that they are more aware of and familiar with the various types of intelligent devices, this product is likely to be needed because of increasing urbanization around the world. For instance, in 2023, the global urbanization rate was 57%.

Furthermore, stress monitoring in smartwatch is a useful feature that allows users to understand and control their stress levels. The feature can detect changes in different physiological parameters such as heart rate, blood pressure, skin temperature, and respiration which are influenced by stress. An emerging feature built on stress monitoring is emotion tracking or mood tracking in smartwatch. To determine the user's emotions, it is based on physiological data associated with stress but will use more sophisticated algorithms and even artificial intelligence to do so.

Smartwatches Market
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Smartwatch Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Investment by Developed Economies in Smart Devices - Given its ability to increase spending on mobile devices and, in particular, wearable electronics, high consumer expenditure from advanced economies has played a key role in driving up sales. For instance, in 2022, China was the top market for mobile apps, with consumers spending roughly USD 58 billion. In addition, smartwatch market growth will be supported by the growing production of smartwatch for children by companies. In addition, a driving factor for market development is the fact that EU countries have high per capita income. It is because of the high per capita income that more consumers would be inclined to increase their purchase of Smart Wearables.
  • Growing Focus on the Development of Products for the Children - By reinforcing the production of products with a specific focus on children, key companies in the sector are increasingly turning their attention to them. This is expected to lead to growth in the market. This increase is due to an increasing number of parents who are becoming more and more familiar with how this could help improve their children's lives by enabling them to participate in physical activity.  For instance, the Mitu Kids Smartwatch 7X is the most recent generation of Xiaomi's famous children's smartwatch. The smartwatch is available in Pink and Blue and can be pre-ordered from Xiaomi Youpin in China for 599 yuan (USD 83). The watch has a 90-day high-precision trajectory, allowing parents to see their child's walking history from the previous three months.
  • Increased Integration of IoT in Wearables - The Internet of Things (IoT) wearable facilitates data-driven decision-making and allows users to interact with colleagues remotely for video conferencing. Smartwatch include Internet of Things related features enabling information to be transmitted from the device to a remote server and allowing real-time monitoring of individual behavior. Various applications, such as edge analysis, computation offloading, sports performance, biometrics, automatic device connection, and so on, use Internet of Things smartwatch. Smartwatch have finally created IoT applications with human components. In light of this, the smartwatch market is estimated to witness growth during the projection period. 


  • Higher Costs of the Product - The cost of smartwatch remains a possible barrier to commercial expansion. While these gadgets have a variety of features, high-quality smartwatch with advanced capabilities can be quite pricey. The high cost of these devices may prevent budget-conscious users from purchasing them, especially when compared to cheaper fitness trackers and traditional watches. Manufacturers must strike a balance between affordability and feature-rich offers to reach new consumer segments and increase their market.
  • Discordancy Associated with some Smartphones may Hinder the Market Growth
  • Regular Need to Charge the Smartwatch due to Limited Battery Life may Impede the Market from Growing

Smartwatch Market: Key Insights

Base Year


Forecast Year



~ 10%

Base Year Market Size (2023)

 ~ USD 34 Billion

Forecast Year Market Size (2036)

 ~ USD 106 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Smartwatch Segmentation

Display Type (LCD, OLED)

OLED segment in the smartwatch market is anticipated to hold the largest share of 57% during the forecast period. By providing several advantages, OLED smartwatch are contributing to growth in the market. OLED display offers vivid colors, deeper contrast, and energy-efficient operation. For instance, in February 2019, the Nubia Alpha wearable boasts Android-like features. The specifications include a Snapdragon Wear 2100 SoC, 1GB RAM, and 8GB of internal storage. The Nubia Alpha smartwatch features a 4-inch (960x192 pixels) flexible OLED display. The adoption of OLED screens in smartwatch is helping to increase their popularity and contribute to the expansion of the market, as consumers are increasingly looking for visually attractive and functional devices. Also, major market players in the OLED panel business are bolstering the segment’s growth. For instance, LG Display, Samsung, and Everdisplay (EDO) are among the key players in the OLED panel for smartwatch. LG Display's shipping share reached 23.99% in the fourth quarter of 2020, establishing it as the market leader.

Application (Running, Checking Notifications, Swimming, Cycling)

Running segment for the smartwatch market is anticipated to hold a share of 43% during the foreseen period. The adoption of running applications on the market is stimulated by continuous commitment to and product development & personalization for runners. Continuous innovation results in more efficient monitoring, enhanced user interfaces, and better features that are specially designed for the running community. For instance, the Garmin Forerunner 165 Series is the most recent GPS-running smartwatch range, aiming to be both user-friendly and cheap. With a vivid AMOLED display and personalized adaptive training routines, the Garmin Forerunner 165 Series is suitable for runners of all skill levels. The Forerunner 165 and Forerunner 165 Music have full-color displays, sensitive touchscreens, and a 5-button interface.

Our in-depth analysis of the global market includes the following segments:

          Product Type

  • Extension
  • Standalone & Classic

          Operating System

  • IOS
  • Android 

          Display Type

  • LCD
  • OLED

          Price Range

  • USD 0-299
  • USD 300-699
  • USD 700-999
  • Above USD 1,000


  • Running
  • Checking Notifications
  • Swimming
  • Cycling


  • Male
  • Female

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Smartwatch Industry - Regional Synopsis

North American Market Forecast

North American smartwatch market is poised to hold a share of 38% during the projected period. A key factor contributing to the growth of the North American market is the increasing adoption of wearable technology. With their ability to monitor health & fitness, features of convenience, and connectivity, consumers in the region are becoming increasingly enthusiastic about wearables such as smartwatch. More people are choosing smartwatch as essential companions for their daily activities, thanks to a growing awareness of the benefits of wearable devices in combination with an emerging tech-savvy community. The expansion of the North American market is driven by this increasing demand.

APAC Market Statistics

Smartwatch market in Asia Pacific is projected to hold a share of 25% by the end of 2036. The market growth is driven by an increased number of technology-savvy people, a higher prevalence of preventable diseases like obesity and diabetes, as well as the expanding popularity of health and fitness to maintain good health. According to a survey, in 2020, over 43% of male Chinese respondents reported having a gym membership, compared to 50% of female respondents. Furthermore, the market is expected to be broadened by some active partnerships and collaboration between leading players in the region.

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Smartwatches Market size
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Companies Dominating the Smartwatch Landscape

    • Apple Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • OnePlus
    • Garmin Ltd.
    • Fitbit LLC
    • Huawei Technologies
    • Fossil Group, Inc.
    • Polar Electro
    • ASUSTek Computer Inc.
    • LG Electronics
    • Xiaomi Inc.

In the News

  • February 2024 - AmazFit, a Chinese wearable brand, presented the Active Edge smartwatch on February 23. It will be available in India starting February 27. According to the company, the smartwatch is a health & fitness wearable with a durable design. The AmazFit Active Edge, priced at Rs 12,999, will be accessible through e-commerce platform Amazon India. In terms of health and fitness features, the Active Edge is stated to offer over 130 sports modes, including outdoor running, treadmills, walking, cycling, and rowing machines. In addition, the smartwatch will be able to automatically detect 25-strength routines.
  • February 2024 - OnePlus, a global technology business, launched the OnePlus Watch 2 at Mobile World Congress 2024 in Barcelona, Spain. The OnePlus Watch 2 is a gorgeous premium smartwatch that incorporates the latest version of Google's Wear OS (Wear OS 4). The gadget has a revolutionary Dual-Engine Architecture with two chipsets Wear OS's hybrid interface, a market-leading battery life of up to 100 hours in full Smart Mode, and a high-quality build and design. The OnePlus Watch 2 represents a significant step forward in the smartwatch sector.

Author Credits:  Abhishek Verma, Hetal Singh

  • Report ID: 2063
  • Published Date: Apr 11, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing investment by developed economies in smart devices, growing focus on the development of products for the children, and increased integration of IoT in wearables are the major factors driving the growth of the smartwatch market.

The market size of smartwatch is anticipated to attain a CAGR of 10% over the forecast period, i.e., 2024-2036.

The major players in the market are Apple, Inc., OnePlus, Garmin Ltd., Fitbit LLC, Huawei Technologies, Fossil Group, Inc., Polar Electro, ASUSTek Computer Inc., LG Electronics, Xiaomi Inc., and others.

The OLED segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Smartwatch Market Report Scope

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