Global Smartwatch Market 2023-2027

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Global Smartwatch Market 2023-2027
Technavio
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TABLE OF CONTENTS
1 Executive Summary ........................................................................... 12

1.1 Market overview ............................................................................................... 13
Exhibit 01: Executive Summary – Chart on Market Overview ............................................. 13
Exhibit 02: Executive Summary – Data Table on Market Overview ................................... 13
Exhibit 03: Executive Summary – Chart on Global Market Characteristics ...................... 14
Exhibit 04: Executive Summary – Chart on Market by Geography.................................... 15
Exhibit 05: Executive Summary – Chart on Market Segmentation by Type ...................... 16
Exhibit 06: Executive Summary – Chart on Market Segmentation by OS ......................... 17
Exhibit 07: Executive Summary – Chart on Incremental Growth ........................................ 18
Exhibit 08: Executive Summary – Data Table on Incremental Growth .............................. 18
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning ............................. 19
2 Market Landscape ............................................................................ 20

2.1 Market ecosystem ............................................................................................ 21
Exhibit 10: Parent market .......................................................................................................... 21
Exhibit 11: Market Characteristics ........................................................................................... 24
3 Market Sizing ....................................................................................... 26

3.1 Market definition............................................................................................... 27
Exhibit 12: Offerings of vendors included in the market definition .................................... 27
3.2 Market segment analysis ................................................................................. 28
Exhibit 13: Market segments .................................................................................................... 28
3.3 Market size 2022 ................................................................................................ 29
3.4 Market outlook: Forecast for 2022-2027 ........................................................ 31
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)................... 31
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million) ......... 31
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%) ..................... 32
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Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%) ........... 32
4 Historic Market Size............................................................................. 35

4.1 Global smartwatch market 2017 - 2021........................................................ 36
Exhibit 18: Historic Market Size – Data table on global smartwatch market 2017 - 2021 ($
million) ......................................................................................................................................... 36
4.2 Type Segment Analysis 2017 - 2021 ............................................................... 37
Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million) ............................. 37
4.3 OS Segment Analysis 2017 - 2021................................................................... 38
Exhibit 20: Historic Market Size – OS Segment 2017 - 2021 ($ million) ................................. 38
4.4 Geography Segment Analysis 2017 - 2021................................................... 39
Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million) ................. 39
4.5 Country Segment Analysis 2017 - 2021 ......................................................... 40
Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)........................ 40
5 Five Forces Analysis ............................................................................ 41

5.1 Five forces summary ........................................................................................ 42
Exhibit 23: Five forces analysis - Comparison between 2022 and 2027 ............................ 42
5.2 Bargaining power of buyers ........................................................................... 43
Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
...................................................................................................................................................... 43
5.3 Bargaining power of suppliers ........................................................................ 45
Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027 ...... 45
5.4 Threat of new entrants..................................................................................... 47
Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027 .................. 47
5.5 Threat of substitutes .......................................................................................... 48
Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027 ....................... 48
5.6 Threat of rivalry .................................................................................................. 50
Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027 ............................... 50
5.7 Market condition .............................................................................................. 52
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Exhibit 29: Chart on Market condition - Five forces 2022 and 2027 ................................... 52
6 Market Segmentation by Type ......................................................... 53

6.1 Market segments .............................................................................................. 54
Exhibit 30: Chart on Type - Market share 2022-2027 (%) ...................................................... 54
Exhibit 31: Data Table on Type - Market share 2022-2027 (%) ............................................ 54
6.2 Comparison by Type ........................................................................................ 56
Exhibit 32: Chart on Comparison by Type ............................................................................. 56
Exhibit 33: Data Table on Comparison by Type .................................................................... 56
6.3 Integrated - Market size and forecast 2022-2027 ....................................... 57
Exhibit 34: Chart on Integrated - Market size and forecast 2022-2027 ($ million) ............ 57
Exhibit 35: Data Table on Integrated - Market size and forecast 2022-2027 ($ million) .. 57
Exhibit 36: Chart on Integrated - Year-over-year growth 2022-2027 (%)........................... 58
Exhibit 37: Data Table on Integrated - Year-over-year growth 2022-2027 (%) ................. 58
6.4 Standalone - Market size and forecast 2022-2027 ...................................... 60
Exhibit 38: Chart on Standalone - Market size and forecast 2022-2027 ($ million) .......... 60
Exhibit 39: Data Table on Standalone - Market size and forecast 2022-2027 ($ million) 60
Exhibit 40: Chart on Standalone - Year-over-year growth 2022-2027 (%) ......................... 61
Exhibit 41: Data Table on Standalone - Year-over-year growth 2022-2027 (%) ............... 61
6.5 Market opportunity by Type ........................................................................... 63
Exhibit 42: Market opportunity by Type ($ million) ................................................................ 63
Exhibit 43: Data Table on Market opportunity by Type ($ million) ..................................... 64
7 Market Segmentation by OS ............................................................ 65

7.1 Market segments .............................................................................................. 66
Exhibit 44: Chart on OS - Market share 2022-2027 (%) ......................................................... 66
Exhibit 45: Data Table on OS - Market share 2022-2027 (%) ................................................ 66
7.2 Comparison by OS ........................................................................................... 68
Exhibit 46: Chart on Comparison by OS ................................................................................. 68
Exhibit 47: Data Table on Comparison by OS ....................................................................... 68
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7.3 Android wear - Market size and forecast 2022-2027 .................................. 69
Exhibit 48: Chart on Android wear - Market size and forecast 2022-2027 ($ million) ...... 69
Exhibit 49: Data Table on Android wear - Market size and forecast 2022-2027 ($ million)
...................................................................................................................................................... 69
Exhibit 50: Chart on Android wear - Year-over-year growth 2022-2027 (%) ..................... 70
Exhibit 51: Data Table on Android wear - Year-over-year growth 2022-2027 (%) ........... 70
7.4 Apple watch OS - Market size and forecast 2022-2027 ............................. 72
Exhibit 52: Chart on Apple watch OS - Market size and forecast 2022-2027 ($ million) . 72
Exhibit 53: Data Table on Apple watch OS - Market size and forecast 2022-2027 ($
million) ......................................................................................................................................... 72
Exhibit 54: Chart on Apple watch OS - Year-over-year growth 2022-2027 (%) ................ 73
Exhibit 55: Data Table on Apple watch OS - Year-over-year growth 2022-2027 (%) ...... 73
7.5 Fitbit OS - Market size and forecast 2022-2027 ............................................ 75
Exhibit 56: Chart on Fitbit OS - Market size and forecast 2022-2027 ($ million) ................ 75
Exhibit 57: Data Table on Fitbit OS - Market size and forecast 2022-2027 ($ million) ....... 75
Exhibit 58: Chart on Fitbit OS - Year-over-year growth 2022-2027 (%) ............................... 76
Exhibit 59: Data Table on Fitbit OS - Year-over-year growth 2022-2027 (%) ..................... 76
7.6 Tizen OS - Market size and forecast 2022-2027 ............................................ 78
Exhibit 60: Chart on Tizen OS - Market size and forecast 2022-2027 ($ million) ................ 78
Exhibit 61: Data Table on Tizen OS - Market size and forecast 2022-2027 ($ million) ...... 78
Exhibit 62: Chart on Tizen OS - Year-over-year growth 2022-2027 (%) ............................... 79
Exhibit 63: Data Table on Tizen OS - Year-over-year growth 2022-2027 (%) ..................... 79
7.7 Market opportunity by OS............................................................................... 81
Exhibit 64: Market opportunity by OS ($ million) ................................................................... 81
Exhibit 65: Data Table on Market opportunity by OS ($ million) ......................................... 82
8 Customer Landscape ........................................................................ 83

8.1 Customer landscape overview ..................................................................... 84
Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption
rates, and purchase criteria .................................................................................................... 84
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9 Geographic Landscape ................................................................... 85
9.1 Geographic segmentation............................................................................. 86
Exhibit 67: Chart on Market share by geography 2022-2027 (%) ....................................... 86
Exhibit 68: Data Table on Market share by geography 2022-2027 (%) ............................. 86
9.2 Geographic comparison ................................................................................ 88
Exhibit 69: Chart on Geographic comparison ...................................................................... 88
Exhibit 70: Data Table on Geographic comparison ............................................................ 88
9.3 North America - Market size and forecast 2022-2027 ................................ 89
Exhibit 71: Chart on North America - Market size and forecast 2022-2027 ($ million)..... 89
Exhibit 72: Data Table on North America - Market size and forecast 2022-2027 ($ million)
...................................................................................................................................................... 89
Exhibit 73: Chart on North America - Year-over-year growth 2022-2027 (%) ................... 90
Exhibit 74: Data Table on North America - Year-over-year growth 2022-2027 (%) .......... 90
9.4 APAC - Market size and forecast 2022-2027 ................................................ 93
Exhibit 75: Chart on APAC - Market size and forecast 2022-2027 ($ million) .................... 93
Exhibit 76: Data Table on APAC - Market size and forecast 2022-2027 ($ million) .......... 93
Exhibit 77: Chart on APAC - Year-over-year growth 2022-2027 (%) ................................... 94
Exhibit 78: Data Table on APAC - Year-over-year growth 2022-2027 (%) ......................... 94
9.5 Europe - Market size and forecast 2022-2027 .............................................. 97
Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 ($ million) .................. 97
Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 ($ million) ........ 97
Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%) ................................. 98
Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%) ....................... 98
9.6 South America - Market size and forecast 2022-2027 .............................. 100
Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ million) .. 100
Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ million)
.................................................................................................................................................... 100
Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%) ................. 101
Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%) ....... 101
9.7 Middle East and Africa - Market size and forecast 2022-2027................ 103
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Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($
million) ....................................................................................................................................... 103
Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027
($ million) ................................................................................................................................... 103
Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%) ... 104
Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
.................................................................................................................................................... 104
9.8 US - Market size and forecast 2022-2027 .................................................... 107
Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ million) ........................ 107
Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ million) ............... 107
Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%) ....................................... 108
Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%).............................. 108
9.9 China - Market size and forecast 2022-2027 .............................................. 109
Exhibit 95: Chart on China - Market size and forecast 2022-2027 ($ million) .................. 109
Exhibit 96: Data Table on China - Market size and forecast 2022-2027 ($ million) ........ 109
Exhibit 97: Chart on China - Year-over-year growth 2022-2027 (%) ................................. 110
Exhibit 98: Data Table on China - Year-over-year growth 2022-2027 (%) ....................... 110
9.10 Germany - Market size and forecast 2022-2027 ..................................... 111
Exhibit 99: Chart on Germany - Market size and forecast 2022-2027 ($ million) ............ 111
Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 ($ million) 111
Exhibit 101: Chart on Germany - Year-over-year growth 2022-2027 (%)......................... 112
Exhibit 102: Data Table on Germany - Year-over-year growth 2022-2027 (%) ............... 112
9.11 Japan - Market size and forecast 2022-2027 ........................................... 113
Exhibit 103: Chart on Japan - Market size and forecast 2022-2027 ($ million) ............... 113
Exhibit 104: Data Table on Japan - Market size and forecast 2022-2027 ($ million) ..... 113
Exhibit 105: Chart on Japan - Year-over-year growth 2022-2027 (%) .............................. 114
Exhibit 106: Data Table on Japan - Year-over-year growth 2022-2027 (%) .................... 114
9.12 Canada - Market size and forecast 2022-2027 ....................................... 115
Exhibit 107: Chart on Canada - Market size and forecast 2022-2027 ($ million) ........... 115
Exhibit 108: Data Table on Canada - Market size and forecast 2022-2027 ($ million) .. 115
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Exhibit 109: Chart on Canada - Year-over-year growth 2022-2027 (%) .......................... 116
Exhibit 110: Data Table on Canada - Year-over-year growth 2022-2027 (%) ................ 116
9.13 Market opportunity by geography ........................................................... 117
Exhibit 111: Market opportunity by geography ($ million) ................................................ 117
Exhibit 112: Data Tables on Market opportunity by geography ($ million) .................... 118
10 Drivers, Challenges, and Trends .................................................... 119

10.1 Market drivers ................................................................................................ 120
10.2 Market challenges ....................................................................................... 122
10.3 Impact of drivers and challenges ............................................................. 124
Exhibit 113: Impact of drivers and challenges in 2022 and 2027 ..................................... 124
10.4 Market trends ................................................................................................ 125
11 Vendor Landscape ........................................................................ 127

11.1 Overview ........................................................................................................ 128
11.2 Vendor landscape ....................................................................................... 129
Exhibit 114: Overview on Criticality of inputs and Factors of differentiation .................. 129
11.3 Landscape disruption .................................................................................. 130
Exhibit 115: Overview on factors of disruption .................................................................... 130
11.4 Industry risks ................................................................................................... 131
Exhibit 116: Impact of key risks on business ......................................................................... 131
12 Vendor Analysis .............................................................................. 132

12.1 Vendors covered.......................................................................................... 133
Exhibit 117: Vendors covered ................................................................................................ 133
12.2 Market positioning of vendors .................................................................... 135
Exhibit 118: Matrix on vendor position and classification .................................................. 135
12.3 Apple Inc. ...................................................................................................... 137
Exhibit 119: Apple Inc. - Overview ........................................................................................ 137
Exhibit 120: Apple Inc. - Business segments ......................................................................... 137
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Exhibit 121: Apple Inc. - Key news ......................................................................................... 138
Exhibit 122: Apple Inc. - Key offerings ................................................................................... 138
Exhibit 123: Apple Inc. - Segment focus ............................................................................... 138
12.4 ASUSTeK Computer Inc................................................................................ 139
Exhibit 124: ASUSTeK Computer Inc. - Overview ................................................................. 139
Exhibit 125: ASUSTeK Computer Inc. - Product / Service ................................................... 139
Exhibit 126: ASUSTeK Computer Inc. - Key news ................................................................. 139
Exhibit 127: ASUSTeK Computer Inc. - Key offerings ........................................................... 140
12.5 BBK Electronics Corp Ltd ............................................................................. 141
Exhibit 128: BBK Electronics Corp Ltd - Overview ................................................................ 141
Exhibit 129: BBK Electronics Corp Ltd - Product / Service .................................................. 141
Exhibit 130: BBK Electronics Corp Ltd - Key offerings .......................................................... 141
12.6 CASIO Computer Co. Ltd. .......................................................................... 142
Exhibit 131: CASIO Computer Co. Ltd. - Overview ............................................................. 142
Exhibit 132: CASIO Computer Co. Ltd. - Business segments .............................................. 142
Exhibit 133: CASIO Computer Co. Ltd. - Key offerings ....................................................... 143
Exhibit 134: CASIO Computer Co. Ltd. - Segment focus ................................................... 143
12.7 ENOX Production Services GmbH ............................................................. 144
Exhibit 135: ENOX Production Services GmbH - Overview ................................................ 144
Exhibit 136: ENOX Production Services GmbH - Product / Service .................................. 144
Exhibit 137: ENOX Production Services GmbH - Key offerings .......................................... 144
12.8 Fossil Group Inc. ............................................................................................ 145
Exhibit 138: Fossil Group Inc. - Overview .............................................................................. 145
Exhibit 139: Fossil Group Inc. - Business segments ............................................................... 145
Exhibit 140: Fossil Group Inc. - Key offerings ........................................................................ 145
Exhibit 141: Fossil Group Inc. - Segment focus .................................................................... 146
12.9 Garmin Ltd. .................................................................................................... 147
Exhibit 142: Garmin Ltd. - Overview ...................................................................................... 147
Exhibit 143: Garmin Ltd. - Business segments ....................................................................... 147
Exhibit 144: Garmin Ltd. - Key offerings ................................................................................ 148
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Exhibit 145: Garmin Ltd. - Segment focus ............................................................................ 148
12.10 HK SMARTMV Ltd. ....................................................................................... 149
Exhibit 146: HK SMARTMV Ltd. - Overview ............................................................................ 149
Exhibit 147: HK SMARTMV Ltd. - Product / Service .............................................................. 149
Exhibit 148: HK SMARTMV Ltd. - Key offerings ...................................................................... 150
12.11 Huawei Technologies Co. Ltd. ................................................................. 151
Exhibit 149: Huawei Technologies Co. Ltd. - Overview ...................................................... 151
Exhibit 150: Huawei Technologies Co. Ltd. - Business segments....................................... 151
Exhibit 151: Huawei Technologies Co. Ltd. - Key news ...................................................... 152
Exhibit 152: Huawei Technologies Co. Ltd. - Key offerings ................................................ 152
Exhibit 153: Huawei Technologies Co. Ltd. - Segment focus ............................................ 152
12.12 Lenovo Group Ltd. ..................................................................................... 153
Exhibit 154: Lenovo Group Ltd. - Overview ......................................................................... 153
Exhibit 155: Lenovo Group Ltd. - Business segments .......................................................... 153
Exhibit 156: Lenovo Group Ltd. - Key offerings .................................................................... 153
Exhibit 157: Lenovo Group Ltd. - Segment focus ................................................................ 154
12.13 Nexxbase Marketing Pvt. Ltd. ................................................................... 155
Exhibit 158: Nexxbase Marketing Pvt. Ltd. - Overview ....................................................... 155
Exhibit 159: Nexxbase Marketing Pvt. Ltd. - Product / Service ......................................... 155
Exhibit 160: Nexxbase Marketing Pvt. Ltd. - Key offerings ................................................. 155
12.14 Omate Inc. .................................................................................................. 156
Exhibit 161: Omate Inc. - Overview ...................................................................................... 156
Exhibit 162: Omate Inc. - Product / Service ......................................................................... 156
Exhibit 163: Omate Inc. - Key offerings ................................................................................. 156
12.15 Polar Electro Oy .......................................................................................... 157
Exhibit 164: Polar Electro Oy - Overview .............................................................................. 157
Exhibit 165: Polar Electro Oy - Product / Service................................................................. 157
Exhibit 166: Polar Electro Oy - Key offerings ......................................................................... 157
12.16 Tata Sons Pvt. Ltd........................................................................................ 158
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Exhibit 167: Tata Sons Pvt. Ltd. - Overview ........................................................................... 158
Exhibit 168: Tata Sons Pvt. Ltd. - Business segments ............................................................ 158
Exhibit 169: Tata Sons Pvt. Ltd. - Key offerings ..................................................................... 159
Exhibit 170: Tata Sons Pvt. Ltd. - Segment focus ................................................................. 159
12.17 ZTE Corp. ...................................................................................................... 160
Exhibit 171: ZTE Corp. - Overview .......................................................................................... 160
Exhibit 172: ZTE Corp. - Business segments ........................................................................... 160
Exhibit 173: ZTE Corp. - Key news ........................................................................................... 161
Exhibit 174: ZTE Corp. - Key offerings ..................................................................................... 161
Exhibit 175: ZTE Corp. - Segment focus ................................................................................. 161
13 Appendix ........................................................................................ 162

13.1 Scope of the report...................................................................................... 163
13.2 Inclusions and exclusions checklist ............................................................ 164
Exhibit 176: Inclusions checklist .............................................................................................. 164
Exhibit 177: Exclusions checklist ............................................................................................. 164
13.3 Currency conversion rates for US$............................................................. 166
Exhibit 178: Currency conversion rates for US$ ................................................................... 166
13.4 Research methodology .............................................................................. 168
Exhibit 179: Research methodology ..................................................................................... 168
Exhibit 180: Validation techniques employed for market sizing ....................................... 169
Exhibit 181: Information sources ............................................................................................ 170
13.5 List of abbreviations ..................................................................................... 171
Exhibit 182: List of abbreviations ............................................................................................ 171
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1 Executive Summary
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1.1 Market overview
Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
2022 2023 2024 2025 2026 2027
Market
size ($ 31,484.87 35,747.92 40,784.80 46,792.40 54,040.54 62,870.76
million)
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Exhibit 03: Executive Summary – Chart on Global Market Characteristics
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Exhibit 04: Executive Summary – Chart on Market by Geography
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Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
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Exhibit 06: Executive Summary – Chart on Market Segmentation by OS
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Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
2022 2027
Market size ($ million) 31,484.87 62,870.76
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Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
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2 Market Landscape
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2.1 Market ecosystem
The global smartwatch market is a part of the global consumer electronics market. The global
consumer electronics market was valued at $413.22 billion in 2022.
Exhibit 10: Parent market
Technavio categorizes the as a part of the global consumer electronics market within the global
household durables market. The parent covers products and companies engaged in
manufacturing/marketing consumer robotics, home audio and video products, televisions,
digital cameras, and related products. The market excludes mobile phones, PCs, and
peripherals, which have been classified under the technology hardware, storage, and
peripherals market. The market also excludes video games, gaming consoles, and gaming
peripherals, which have been classified under the interactive home entertainment market.
Technavio calculates the global household durables market size based on the combined
revenues generated by manufacturers/marketers of consumer electronics, furnishings and
decorative products, household appliances, and homeware.
Growth in the global consumer electronics market will be driven by the following factors:
• New product launches: New products with innovative features are continually being
introduced by key consumer electronics companies to increase their customer base.
Smart products are also in great demand and have opened up new avenues for
manufacturers.
• Premiumization: Manufacturers of consumer electronics have been focusing on

premium pricing as a differentiating factor in launching high-end versions of existing
product lines. With increasing consumer spending, the demand for premium products is
increasing. Manufacturers are adding value to their products through enhancements in
material and technology. Factors such as the rising middle-class population and the
preference for consumer electronics with advanced features are driving the trend of
premiumization in the global consumer electronics market.
• Rising number of dual-income households: The rising number of dual-income

households is a key factor driving the global consumer electronics market. A global
increase in the number of working women has resulted in a subsequent increase in the
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average income per household. This has led to a rise in the demand for advanced
consumer electronics.
• Rise of e-commerce: E-commerce enables access to a wide range of brands and

products, which is one of the primary reasons for the rapid popularity of this channel.
Many consumer electronics companies have launched interactive and informative
websites to increase customer reach. These websites provide manuals on the use of
products, along with promotional offers and discounts. This is important because
millennials look for information on products and their features and prices before
purchasing them. They also read customer reviews to make informed decisions. Online
sales will be a major driver for the retail growth of consumer electronics. Additionally,
omnichannel retailing has also gained significance as an effective alternative to
engage consumers both online and offline.
Some of the key issues faced by the global consumer electronics market include the following:
• Data security issues associated with smart consumer electronics: With increasing
preference for smart consumer electronics, concerns over data security and privacy
are increasing. The automated interaction between connected devices in an IoT
environment is often invisible to users. Hence, this carries the risk of utility companies or
third-party energy management service providers collecting private and personal data
under the guise of energy-efficiency management.
• Criticality of inventory management and product sourcing: Managing inventory is

crucial for vendors. Inventory concerns have evolved in tandem with changing
consumer purchasing patterns. Consumers' preferences change over time, speeding
up the inventory turnover requirements. Suppliers or manufacturers of consumer
electronics must adjust to the smaller orders placed by wholesalers and retailers, which
creates the need for improved inventory turnaround times. This predominantly creates
pressure on the raw material, quality control, transportation, and labor costs of
manufacturers. For instance, the increase in energy prices and manufacturing costs in
China is encouraging vendors to seek more effective and efficient production
locations. Stronger supply chain relationships are of extreme importance for effective
inventory management. To cope with this supply chain concern, most manufacturers of
consumer electronics rely on in-house or third-party IT tools to improve the
manufacturing and distribution processes. On the other hand, product sourcing is a
two-pronged issue. The ability of countries like Brazil, India, South Africa, and Russia to
handle the movement of the production processes from China can affect critical
delivery schedules. This has given rise to local and regional sourcing. An awareness of
the operations in facilities across the supply chain influences the adoption of
responsible purchasing strategies that can enhance the brand image of
manufacturers. These operations range from the sourcing of raw materials to
manufacturing and shipping.
• Low product replacement cycle: Consumer electronics products such as TVs are of
reliable quality. These products are made of durable metals and are characterized by
long replacement cycles. Vendors engage in in-depth RD and develop innovative and
durable materials to extend the operational life of consumer electronics products.
However, the long lifespan of consumer electronics reduces the frequency of product
replacements, which adversely affects the year-over-year growth of the market. Major
manufacturers offer product warranties and guarantees, which further increase the
product life span. Such factors decrease repeat purchases of consumer electronics
products. The low maintenance costs of consumer electronics products further
contribute to infrequent product purchases.
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The global consumer electronics market is at a cross-road facing the positive impact of new
product launches, rising average dual-household incomes, an increase in the adoption of smart
consumer electronics, and growing online sales. The demand for technologically advanced
variants of consumer electronics is also expected to increase during the forecast period. On the
other hand, the high average product lifecycle and data security issues associated with smart
consumer electronics may have a negative impact on growth. The combined impact of these
factors will lead to moderate growth of the global consumer electronics market.
The global consumer electronics market comprises the following segments:
Entertainment products: Includes TVs, DVD/Blu-ray players, radios, setup boxes, MP3 players,
speakers and home audio systems, headphones and earphones, remote control (RC) toys, and
digital cameras and camcorders
In 2020, the COVID-19 pandemic created a challenging business environment, marked by a halt
in production and a decline in the daily travel, thus leading to a decline in potential customers.
In 2021, the business environment remained challenging as uncertainties in the global economy
intensified due to the prolonged effects of the COVID-19 pandemic and the outbreak of new
variants, global supply disruptions, and a slowdown in China's economic growth.
Market players adopted various ways to reduce costs from the onset of the COVID-19 pandemic
in 2020 and 2021. Some of the strategies adopted by various market players were innovations in
picture quality of TV, form factor, new product launches, and collaboration with partners to
create demand for TVs and other products. Despite the outbreak of COVID-19, the demand for
TVs increased slightly owing to the lockdown, which led to a stay-at-home trend
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Exhibit 11: Market Characteristics
The market characteristics have been analyzed considering:
• Lifecycle stage of the market – innovation vs. growth vs. maturity
• Structure of the market – fragmentation vs. concentration
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• Impact of external forces – disruptive and regulatory forces on the market
• Market behavior of the participants to capture organic growth (innovation) vs.

inorganic growth (M and A activity).
The global smartwatch market was a fragmented industry in a phase of growth in 2022. By 2027,
the market structure will continue to be fragmented. Its lifecycle stage will continue to be in the
growth phase.
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3 Market Sizing
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3.1 Market definition
A smartwatch is a computerized watch that includes numerous functionalities, such as making

calls and messaging, health monitoring by tracking activities, such as steps undertaken in a day,
calories burnt, and heart rate monitoring. Based on type, smartwatches can be categorized into
standalone and integrated. Smartwatches have integrated operating systems (OS), such as
watchOS, Tizen, and Wear OS.
Exhibit 12: Offerings of vendors included in the market definition
Products/Services included in the market

Vendor
definition
Apple Inc. Smartwatch
ASUSTeK Computer Inc. Smartwatch
CASIO Computer Co. Ltd. Smartwatch
ENOX Production Services GmbH Smartwatch
Fossil Group Inc. Smartwatch
Garmin Ltd. Smartwatch
HK SMARTMV Ltd. Smartwatch
Huawei Technologies Co. Ltd. Smartwatch
Lenovo Group Ltd. Smartwatch
Nexxbase Marketing Pvt. Ltd. Smartwatch
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3.2 Market segment analysis
The global smartwatch market has been analyzed based on various dimensions and segments
to help suppliers within the industry have a better understanding of the structure of current
demand and the components of demand, which will drive growth in the future. Suppliers in the
global smartwatch market outperforming the overall industry are expected to focus on the
higher potential segments within the market.
Exhibit 13: Market segments
Segment name Description
North America, APAC, Europe, South America,

Geography
and Middle East and Africa
Type Integrated and Standalone
Android wear, Apple watch OS, Fitbit OS, and

OS
Tizen OS
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3.3 Market size 2022
To estimate the market size of smartwatch, Technavio has tracked the recent trends and
developments in the industry. The market size has been developed in terms of value by
considering the following factors:
• Retail sales: Price when sold from retailers to consumers as reported by vendors in the
industry. The market size excludes all discounts, allowances, and returns.
• Regional/country reports: Goods and services exported from the region/country have
been included/excluded in the market definition
• Regional/country reports: Goods and services imported from the region/country have
been included/excluded in the market definition
• Revenues: Taken in local currencies, if not available in US dollars, for each country and
vendor and then converted to US dollars using the yearly average currency exchange
rate of 2022, the base year. This implies that the figures reflect industry trends, not
distorted by fluctuations in international exchange rates.
• Exclusions: The report does not consider the effect of inflation and price fluctuations
during the forecast period.
• Currency: Unless explicitly mentioned, all revenues are represented in US dollars.
The market sizing has been built and validated using multiple demand-side and supply-side
approaches for a detailed understanding of the global smartwatch market. The specific market
sizing approaches used for evaluating the global smartwatch market are:
• Top down: Validated the market based on the contribution of smartwatch to the global
consumer electronics market
• Bottom up: Validated the market based on the revenue and/or volume of key
consumer electronics companies manufacturing smartwatch
• Segmental extrapolation: Validated the market based on extrapolation of the size of

one or more segments of the market
• Primary research: Validation of Technavio estimates with inputs from industry

participants across the value chain, including, but not limited to, consumer electronics
companies manufacturing smartwatches, distributors of smartwatches, and industry key
opinion leaders (KOLs)
Within the above-mentioned market sizing models, analysts have made assumptions and
estimates listed below:
• Revenue generated by the consumer electronics companies manufacturing

smartwatch
• Revenue generated by retailers offering smartwatch
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For this report, we have also used the following macro data in modeling the market size for 2022:
• GDP growth
• Urbanization
• Employment (labor force participation)
• Population at different income-level
• Per capita income
• Disposable income
• Commodity price fluctuation
Based on the above data models, Technavio estimated the total market for the smartwatch as
$31,484.87 million in 2022.
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3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market
size ($ 31,484.87 35,747.92 40,784.80 46,792.40 54,040.54 62,870.76
million)
The market outlook has been developed by studying the combined impact of factors that drive
growth in conjunction with the challenges faced by the industry to estimate a compounded
annual growth rate of 14.83% between 2022 and 2027.
The global smartwatch market was valued at $31,484.87 million in 2022 and is estimated to grow
to $62,870.76 million in 2027. This will create an incremental growth opportunity worth $31,385.89
million between 2022 and 2027, which translates to around 100% of the market size in 2022. This
represents significant growth opportunities for vendors. Vendors can continue to grow by
leveraging the inherent growth opportunities available within the market while avoiding direct
competition.
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The overall growth of the global smartwatch market is built on consistent growth across all the
years of the forecast period between 2022 and 2027. The year-on-year growth will vary between
a range of 13.54% and 16.34%.
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
13.54% 14.09% 14.73% 15.49% 16.34%
year growth
Estimating growth rates for emerging and high-growth markets
Modeling developing and high-growth markets is a challenge, given the uncertainties around
the evolution of the market. Hence, we start by developing an optimistic and pessimistic range
and then use it to build a realistic estimate of the market size based on various marked modeling
techniques and inputs from industry participants.
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Estimating growth rates for mature markets
Mature markets are characterized by stable and high adoption rates, with slower growth rates
due to several factors, including:
• The growth in the underlying population adopting smartwatches
• Impact of demographic changes
• Change in product mix
The 14.83% growth forecast is a realistic assessment of the market. However, the market could
grow at a rate higher than the projected figure if the following factors come into play:
• Increase in the replacement rate
• Increase in the customer base
Conversely, the 14.83% growth forecast could be missed with the market growing slower than
expected if the following factors come into play:
• Increase in competition from local or regional players
• Competition from improved products
• Supply disruption from raw material suppliers
In the past, the global smartwatch market experienced severe fluctuations due to uncertainties
that prevailed in the watch market. However, the global smartwatch market is expected to
grow substantially during the forecast period, as the smartwatch market in developing countries
is witnessing a high growth rate. Globally, there has been a substantial improvement in lifestyles
and consumer preferences, especially among the middle-class population and the availability
of easy finance options, which have augmented the demand for smartwatches. Presently,
several original equipment manufacturers (OEMs) and original design manufacturers (ODMs) are
resorting to mass production techniques and low-cost manufacturing to increase the sales of
their customers. This increase in watch production has increased the demand for smartwatches,
which, in turn, has spurred the growth of the global smartwatch market.
The COVID-19 pandemic had an adverse impact on several countries all over the world in 2020.
The outbreak led to the imposition of strict lockdowns in various countries to prevent the spread
of the disease. The supply chain and manufacturing of smartwatches were halted due to
lockdowns. Such factors negatively impacted the growth of the global smartwatch market,
mainly in the first half of 2020. However, the lockdown restrictions were lifted due to the initiation
of large-scale vaccination drives across the world in the second half of 2020, which led to the
resumption of operations in various sectors, such as manufacturing it also included the retail
segment. The increase in smartwatch production is due to the following reasons:
Tracking Health: IoT-based devices and wearables are now used, and they provide good results
in terms of high accuracy in diagnosing patients and in monitoring the symptoms of the patients
such as respiratory rate, heart rate, and temperature.
Rising health concerns: Owing to the pandemic, everyone has become health conscious.
People have now started actively pursuing healthcare and fitness activities due to the impact of
COVID-19 on immunity.
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Smartwatches have come a long way beyond measuring steps; they are getting better at
detecting illnesses, and they can also sign spots and be used in the detection of pre-symptoms
of COVID-19.
For instance, in June 2021, Garmin International Inc. launched the Forerunner 945 LTE, a triathlon
smartwatch that has features of LTE connectivity, GPS, and more. In September 2021, Apple, Inc.
launched the new Apple Series 7 smartwatch model that features multiple health monitoring
functions, such as native sleep tracking, blood oxygen saturation, electrocardiogram (ECG)
sensor, improved fall detection, and heart health monitoring. Thus, the demand in the global
smartwatch market is expected to witness growth during the forecast period.
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4 Historic Market Size
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4.1 Global smartwatch market 2017 - 2021
Exhibit 18: Historic Market Size – Data table on global smartwatch market 2017 - 2021 ($ million)
Year 2017 2018 2019 2020 2021
Global ($
17,481.79 19,577.86 21,962.44 24,692.37 27,835.71
million)
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4.2 Type Segment Analysis 2017 - 2021
Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)
Year 2017 2018 2019 2020 2021
Integrated 14,074.59 15,752.35 17,660.00 19,842.79 22,354.86
Standalone 3,407.20 3,825.51 4,302.44 4,849.58 5,480.85
Total 17,481.79 19,577.86 21,962.44 24,692.37 27,835.71
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4.3 OS Segment Analysis 2017 - 2021
Exhibit 20: Historic Market Size – OS Segment 2017 - 2021 ($ million)
Year 2017 2018 2019 2020 2021
Android
6,830.14 7,647.11 8,576.33 9,639.90 10,864.28
wear
Apple watch
5,285.73 5,914.60 6,629.41 7,447.22 8,388.29
OS
Fitbit OS 3,668.55 4,109.78 4,611.89 5,186.88 5,849.12
Tizen OS 1,697.37 1,906.37 2,144.81 2,418.37 2,734.02
Total 17,481.79 19,577.86 21,962.44 24,692.37 27,835.71
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4.4 Geography Segment Analysis 2017 - 2021
Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
Year 2017 2018 2019 2020 2021
North
7,401.98 8,287.52 9,294.75 10,447.34 11,774.23
America
APAC 4,294.75 4,839.06 5,461.40 6,177.29 7,005.41
Europe 3,064.38 3,429.85 3,845.40 4,320.92 4,868.19
South
1,802.20 2,002.62 2,228.97 2,486.27 2,780.51
America
Middle East
918.48 1,018.81 1,131.92 1,260.55 1,407.37
and Africa
Total 17,481.79 19,577.86 21,962.44 24,692.37 27,835.71
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4.5 Country Segment Analysis 2017 - 2021
Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)
Year 2017 2018 2019 2020 2021
US 5,322.39 5,962.50 6,690.93 7,525.08 8,485.80
China 1,942.86 2,185.60 2,462.78 2,781.25 3,149.23
Germany 1,475.41 1,648.40 1,844.78 2,069.15 2,326.99
Japan 1,306.45 1,467.01 1,650.08 1,860.13 2,102.49
Canada 1,224.90 1,369.80 1,534.45 1,722.71 1,939.23
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5 Five Forces Analysis
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5.1 Five forces summary
The market dynamics for vendors were moderately challenging in 2022. They will remain
unchanged during the forecast period.
Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
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5.2 Bargaining power of buyers
Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
The moderate bargaining power of buyers in 2022 provided them with pricing power. In the
environment of high growth, the moderate bargaining power of buyers can offer an opportunity
for vendors to improve profit margins. The bargaining power of buyers is expected to remain
unchanged during the forecast period.
The bargaining power of the buyer is moderate as the switching cost between the competitor is
low, and product differentiation is high. The buyers can exert pressure to provide quality
products. The market has a huge customer base, and the demand for smartwatches will be
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moderately affected. Thus, the bargaining power of buyers was moderate in 2022 and is
expected to remain unchanged during the forecast period.
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5.3 Bargaining power of suppliers
Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
The moderate bargaining power of buyers and suppliers in 2022 left industry vendors under
pressure as they faced challenges from both the demand and the supply sides, which
negatively impacted vendors’ input costs, pricing power, and profit margins. The bargaining
power of suppliers is expected to remain unchanged during the forecast period.
The presence of many large, small, and mid-sized technology and hardware suppliers and their
competitive product offerings keeps the bargaining power of suppliers moderate. The supplies
(products that the suppliers offer) in the industry are differentiated and have low built-up
switching costs. Also, the threat of forward integration by the suppliers is low. Therefore, the
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bargaining power of suppliers was moderate in 2022, and it is expected to remain the same
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5.4 Threat of new entrants
Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
The threat of new entrants is determined based on the presence of entry barriers in the global
smartwatch market. The low threat of new entrants in 2022 indicated high entry barriers. The
barriers to entry will continue to remain high by 2027.
New entrants and existing players in the smartwatch industry are likely to enter the global market
because of its potential for high profits and a growing consumer base. However, high capital
and technological requirements, the technical knowledge to make the product, and the
advanced features and software updates restrain new players from entering the market.
Therefore, the threat of new entrants was low in 2022, and it is anticipated to remain the same
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5.5 Threat of substitutes
Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
The moderate threat of substitutes, along with the moderate bargaining power of buyers, can
create a scenario where buyers can not only exert pressure on vendors but also exercise the
option of switching to substitutes. In this context, the threat of substitutes can pose challenges to
vendors. The threat of substitutes is expected to remain unchanged during the forecast period.
The threat of substitutes is moderate in the forecast period as the buyers can shift to companies
providing better technology products, and the switching cost to the substitute is also moderate.
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Therefore, the bargaining power of suppliers was moderate in 2022, and it is expected to remain
the same during the forecast period.
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5.6 Threat of rivalry
Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
The major players in the global market are facing stiff competition from domestic and
international players, which are introducing innovative products at competitive prices. To remain
competitive in the market, the major smartwatch manufacturers in the market are forming
strategic partnerships and expanding their reach to different geographies. It is difficult for new
vendors to enter the market and gain market share, as the existing vendors have a loyal
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customer base, economies of scale, strong partnerships with market participants, and a
significant geographical presence. Therefore, the threat of rivalry was moderate in 2022, and it is
expected to remain the same during the forecast period.
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5.7 Market condition
The five forces are quantified via an index to measure the favorability of market conditions for
vendors. A score closer to one indicates market conditions working completely in favor of
vendors. Conversely, a score closer to zero indicates market conditions working completely
against vendors. The market favorability index will remain unchanged at value of 0.6 between
2022 and 2027, indicating no change in the market dynamics on account of the five forces.
Exhibit 29: Chart on Market condition - Five forces 2022 and 2027
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6 Market Segmentation by Type
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6.1 Market segments
The segments covered in this chapter are Integrated and Standalone.
Exhibit 30: Chart on Type - Market share 2022-2027 (%)
Exhibit 31: Data Table on Type - Market share 2022-2027 (%)
Year Integrated Standalone
2022 80.26% 19.74%
2023 80.21% 19.79%
2024 80.16% 19.84%
2025 80.11% 19.89%
2026 80.06% 19.94%
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Year Integrated Standalone
2027 80.01% 19.99%
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6.2 Comparison by Type
Exhibit 32: Chart on Comparison by Type
Exhibit 33: Data Table on Comparison by Type
Integrated Standalone
Segment growth (% CAGR) 14.76 15.12
Market share gain (%) -0.25 0.25
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6.3 Integrated - Market size and forecast 2022-2027
Exhibit 34: Chart on Integrated - Market size and forecast 2022-2027 ($ million)
Exhibit 35: Data Table on Integrated - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market
size ($ 25,269.76 28,673.41 32,693.10 37,485.39 43,264.86 50,302.90
million)
Integrated was the largest segment of the market in 2022 and will continue to be the largest
segment of the market in 2027, growing slower than the overall market (14.83%). It will grow at a
compounded annual growth rate of 14.76% between 2022 and 2027. Integrated will be the
slowest growing segment within the overall market and will grow from $25,269.76 million in 2022
to $50,302.9 million in 2027. Integrated will contribute 79.76% of the incremental growth in the
overall market between 2022 and 2027.
Integrated contributed 80.26% to the overall market in 2022 and will decrease its contribution to
80.01% of the global smartwatch market in 2027.
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Exhibit 36: Chart on Integrated - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Integrated - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
13.47% 14.02% 14.66% 15.42% 16.27%
year growth
An integrated smartwatch needs to be connected with other computing devices, such as

smartphones, to access the smart features of the watch. Integrated smartwatches use Bluetooth
or wireless fidelity (Wi-Fi) technology to pair with smartphones. Using Bluetooth and Wi-Fi
technology, the user can access the internet, receive, and send messages, receive social media
notifications and weather updates, and listen to music.
The demand for integrated smartwatches is likely to grow owing to the increasing penetration of
low-cost smartwatches in emerging countries and the entry of several traditional watch
manufacturers into the market. Several manufacturers, such as Huami, Lenovo Group Ltd.
(Lenovo), and Zeblaze, are offering advanced features in smartwatches at affordable prices.
The availability of low-cost smartwatches has increased the sales of smartwatches among
millennials in many emerging countries, such as India, Brazil, and China. Following are some
integrated smartwatches offered by smartwatch manufacturers:
• Huami: Amazfit Verge
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• ASUSTeK Computer Inc. (ASUS): ZenWatch 3
• Nubia Technology Co. Ltd.: Nubia Alpha
The integrated segment is a lucrative segment for smartwatch manufacturers. Over the last few
years, several analog watch manufacturers have entered the global smartwatch market.
Following are some analog and digital watch manufacturers offering integrated smartwatches:
• Casio Computer Co. Ltd. (Casio) offers a PRO TREK integrated smartwatch.
• Fossil offers Gen 5 integrated smartwatch.
The integrated segment will continue to dominate the market during the forecast period, as LTE
connectivity is not viewed as a major value addition by customers. Customers prefer
smartphones for making calls and browsing activities. Smartwatches are mainly viewed as health
and fitness devices. During the forecast period, many traditional smartwatch manufacturers are
expected to enter the integrated segment, led by high demand for integrated smartwatches
among users. Thus, the integrated segment is expected to drive the growth of the global
smartwatch market during the forecast period.
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6.4 Standalone - Market size and forecast 2022-2027
Exhibit 38: Chart on Standalone - Market size and forecast 2022-2027 ($ million)
Exhibit 39: Data Table on Standalone - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market
size ($ 6,215.11 7,074.51 8,091.70 9,307.01 10,775.68 12,567.86
million)
Standalone was the smallest segment of the market in 2022 and will continue to be the smallest
segment of the market in 2027, growing faster than the overall market (14.83%). It will grow at a
compounded annual growth rate of 15.12% between 2022 and 2027. Standalone will be the
fastest growing segment within the overall market and will grow from $6,215.11 million in 2022 to
$12,567.86 million in 2027. Standalone will contribute 20.24% of the incremental growth in the
Standalone contributed 19.74% to the overall market in 2022 and will increase its contribution to
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Exhibit 40: Chart on Standalone - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Standalone - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
13.83% 14.38% 15.02% 15.78% 16.63%
year growth
Most smartwatches have to be connected to smartphones for accessing features on the phone,
such as the internet, social media notifications, and fitness data, and for receiving and making
calls. However, not all smartwatches require smartphone proximity to access the smart features
of smartwatches. These watches are called standalone smartwatches. Standalone
smartwatches come with a subscriber identification module (SIM) card and can connect with
mobile networks, which eliminates the dependency on smartphones for their operation. With
standalone smartwatches, users can perform various tasks, such as making and receiving calls,
browsing websites, sending and receiving messages, and browsing other applications without
connecting them with other mobile computing devices.
The demand for standalone smartwatches is expected to increase during the forecast period,
led by the integration of the embedded subscriber identification module (eSIM) technology in
smartwatches and developments in wireless network infrastructure. eSIM is a programmable SIM
card that is embedded into smartwatches. With the eSIM technology, the user can easily switch
to different operators without the need to insert or replace the SIM card. eSIM eliminates the
need for a SIM card slot in smartwatches and enables manufacturers to design more compact
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and slimmer smartwatches. Various operators, such as AT and T Inc. (AT and T), T-Mobile USA, Inc.
(T-Mobile), and Vodafone Ltd. (Vodafone), are supporting eSIM technology, which is facilitating
the growth of standalone smartwatches. Led by the developments in SIM technology,
smartphone manufacturers, such as Apple, Samsung Electronics, and Huawei Investment and
Holding, have launched standalone smartwatches. Following is the latest list of standalone
smartwatches that support SIM and eSIM technology:
• Apple: Apple Watch Series 5, 6, 7, 8, and ultra LTE
• Huawei Investment and Holding: HUAWEI WATCH GT 2and band 6
• Samsung Electronics: Samsung watch 3 LTE, 4 LTE, and 5 LTE
• Zeblaze Technology: Zeblaze Thor 6
Despite the high prices of standalone smartwatches, users prefer to buy standalone
smartwatches as they eliminate the hassle of pairing smartwatches with mobile computing
devices, such as smartphones. With standalone smartwatches, users can easily access fitness
and health data. Thus, the standalone segment is expected to drive the growth of the global
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6.5 Market opportunity by Type
Exhibit 42: Market opportunity by Type ($ million)
The market growth from $31,484.87 million in 2022 to $62,870.76 million in 2027 will create an
incremental growth opportunity of $31,385.89 million during the forecast period. Integrated will
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provide significant opportunities within the global smartwatch market as it will contribute the
highest to the incremental growth in the overall market between 2022 and 2027.
Exhibit 43: Data Table on Market opportunity by Type ($ million)
Contribution to
Incremental
Segment Name 2022 2027 incremental
Growth
growth
Integrated 25,269.76 50,302.90 25,033.14 79.76%
Standalone 6,215.11 12,567.86 6,352.75 20.24%
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7 Market Segmentation by OS
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7.1 Market segments
The segments covered in this chapter are Android wear, Apple watch OS, Fitbit OS, and Tizen
OS.
Exhibit 44: Chart on OS - Market share 2022-2027 (%)
Exhibit 45: Data Table on OS - Market share 2022-2027 (%)
Apple watch
Year Android wear Fitbit OS Tizen OS
OS
2022 39.02% 30.11% 21.02% 9.85%
2023 39.01% 30.08% 21.03% 9.88%
2024 39.00% 30.06% 21.03% 9.91%
2025 38.99% 30.03% 21.04% 9.93%
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Apple watch
Year Android wear Fitbit OS Tizen OS
OS
2026 38.98% 30.01% 21.05% 9.96%
2027 38.97% 29.98% 21.06% 9.99%
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7.2 Comparison by OS
Exhibit 46: Chart on Comparison by OS
Exhibit 47: Data Table on Comparison by OS
Apple watch
Android wear Fitbit OS Tizen OS
OS
Segment growth
14.8 14.74 14.87 15.16
(% CAGR)
Market share gain

-0.05 -0.13 0.04 0.14
(%)
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7.3 Android wear - Market size and forecast 2022-2027
Exhibit 48: Chart on Android wear - Market size and forecast 2022-2027 ($ million)
Exhibit 49: Data Table on Android wear - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market
size ($ 12,285.40 13,945.26 15,906.07 18,244.36 21,065.00 24,500.74
million)
Android wear was the largest segment of the market in 2022 and will continue to be the largest
segment of the market in 2027, growing slower than the overall market (14.83%). It will grow at a
compounded annual growth rate of 14.8% between 2022 and 2027. Android wear will be the
3rd-fastest growing segment within the overall market and will grow from $12,285.4 million in 2022
to $24,500.74 million in 2027. Android wear will contribute 38.92% of the incremental growth in the
Android wear contributed 39.02% to the overall market in 2022 and will decrease its contribution
to 38.97% of the global smartwatch market in 2027.
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Exhibit 50: Chart on Android wear - Year-over-year growth 2022-2027 (%)
Exhibit 51: Data Table on Android wear - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
13.51% 14.06% 14.70% 15.46% 16.31%
year growth
Android wear is an android OS of Google LLC (Google), specifically designed for smartwatches.
The android OS enables end-users to download applications from the Google Play Store.
Android Wear is a software platform that allows programs to run on smartwatches. Users can
manage mobile multimedia functions, such as interconnectivity, e-mails, GPS navigation,
Bluetooth connectivity, and touch screen, using Android Wear OS. Moreover, Android Wear runs
programs, such as wireless application protocol (WAP), enables synchronization of software and
hardware with applications, and determines the third-party applications that can be used on
devices. Android Wear supports smartwatches to connect with smartphones running on Android
6.0+ and iOS 13.0+ OS.
OS providers frequently upgrade Android Wear to enable smartwatches to perform at an

optimal level. They fix issues present in previous versions, provide improved security, and
enhance additional features. Some of the examples related to Wear OS upgrades have been
provided below:
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• In May 2022, Google launched the Wear OS 3 version. This version has a unified platform
of Samsung with Google's smartwatch OS at the helm and Samsung's user interface
layer on the top. With better performance, battery life, faster load time for apps, and
new features such as health and fitness, music, navigation, etc.
A majority of the demand for Android Wear arises from vendors without their own OS. Moreover,
some smartwatch manufacturers with their own OS still prefer Android Wear to provide enough
options to customers at their convenience. This is because some users are more comfortable
with Wear OS, and their purchase decision will be based on the type of OS.
Some major smartwatch manufacturers, such as LG Electronics, Fossil, Mobvoi, and Huawei
Investment Holding, have integrated Wear OS into their product offerings. Following are the
Wear OS-based smartwatches offered by major players:
• LG Electronics offers smartwatches such as LG Watch W7, The Real Watch, and LG
W100.
• Fossil offers smartwatches such as Gen 6, Gen 5, and Fossil Sport.
• Huawei offers HUAWEI WATCH 3 smartwatches in Sports and Classic watch styles.
• Mobvoi offers smartwatches such as TicWatch Pro 3, TicWatch Pro 3 Ultra, TicWatch Pro
3 GPS, and TicWatch Sport.
One of the main reasons for the increasing preference for Android Wear in smartwatches is that
it offers a greater number of applications for smartwatches compared with Tizen, Garmin OS,
and Fitbit OS. As the Android platform is an open-source platform for software developers, it is
easy for software developers to develop applications for smartwatches. UV Index Now,
Foursquare, Wear Casts, App in the Air, and Wear Reader are among the applications
developed on the android platform and available only in Wear OS-based smartwatches. These
applications enhance the functionality of smartwatches and the user experience. Thus, the
android wear segment is expected to drive the growth of the global smartwatch market during
the forecast period.
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7.4 Apple watch OS - Market size and forecast 2022-2027
Exhibit 52: Chart on Apple watch OS - Market size and forecast 2022-2027 ($ million)
Exhibit 53: Data Table on Apple watch OS - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market
size ($ 9,480.09 10,754.76 12,259.91 14,054.00 16,217.46 18,851.67
million)
Apple watch OS was the 2nd-largest segment of the market in 2022 and will continue to be the
2nd-largest segment of the market in 2027, growing slower than the overall market (14.83%). It
will grow at a compounded annual growth rate of 14.74% between 2022 and 2027. Apple watch
OS will be the slowest growing segment within the overall market and will grow from $9,480.09
million in 2022 to $18,851.67 million in 2027. Apple watch OS will contribute 29.86% of the
incremental growth in the overall market between 2022 and 2027.
Apple watch OS contributed 30.11% to the overall market in 2022 and will decrease its
contribution to 29.98% of the global smartwatch market in 2027.
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Exhibit 54: Chart on Apple watch OS - Year-over-year growth 2022-2027 (%)
Exhibit 55: Data Table on Apple watch OS - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
13.45% 14.00% 14.63% 15.39% 16.24%
year growth
Apple watch OS was developed and is managed by Apple exclusively for its devices. Watch OS
has many advantages over other OS. It is intuitive, user-friendly, fluidly responsive, and highly
secure compared with other OS. It also offers an excellent UI. In September 2021, the company
announced the launch of the new version of watch OS 8.0, in which they give users the features,
such as ways to stay healthy, active, and connected. A redesigned Photos app helps to stay
connected, and the new Mindfulness app and new Tai Chi and Pilates workout apps help to
lead a healthy and fit life. The following are some other new features of watch OS 8.0.
• Wallet
• Workout
• Fitness+
• MIndfulness
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• Sleep
The Apple watch OS segment accounted for a major share of the global smartwatch market,
led by the market dominance of the Apple watch. According to Q1 2022, the company
shipped around 42.2 million Apple watches, which accounted for 36.1% of the market share in
Q1 2022 global smartwatch sales. Technavio expects that the growing demand for Apple
smartwatches will contribute to the increasing market share of Apple watch OS segment during
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7.5 Fitbit OS - Market size and forecast 2022-2027
Exhibit 56: Chart on Fitbit OS - Market size and forecast 2022-2027 ($ million)
Exhibit 57: Data Table on Fitbit OS - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market
size ($ 6,618.12 7,516.72 8,578.72 9,845.64 11,374.51 13,237.50
million)
Fitbit OS was the 3rd-largest segment of the market in 2022 and will continue to be the 3rd-
largest segment of the market in 2027, growing faster than the overall market (14.83%). It will
grow at a compounded annual growth rate of 14.87% between 2022 and 2027. Fitbit OS will be
the 2nd-fastest growing segment within the overall market and will grow from $6,618.12 million in
2022 to $13,237.5 million in 2027. Fitbit OS will contribute 21.09% of the incremental growth in the
Fitbit OS contributed 21.02% to the overall market in 2022 and will increase its contribution to
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Exhibit 58: Chart on Fitbit OS - Year-over-year growth 2022-2027 (%)
Exhibit 59: Data Table on Fitbit OS - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
13.58% 14.13% 14.77% 15.53% 16.38%
year growth
Fitbit developed the Fitbit OS. Fitbit's OS is inspired by the Pebble OS technology, which was
known for better cross-platform integration and customization. The company has developed this
OS keeping health and fitness in mind. Fitbit OS is way ahead in terms of supporting health and
fitness features, as its whole ecosystem is built around the tracking of health and fitness. Fitbit OS
has various unique health and fitness features, such as female health-tracking, guided breathing
features, and dedicated sports tracking modes, which differentiate its OS from other OS, such as
watch OS and Wear OS. The company has been continuously upgrading the Fitbit OS. The
company launched the Fitbit OS 3.0, which offers more personalized health and fitness data to
users. Following are some new features of Fitbit 3.0:
• Intuitive on-device dashboard that provides more fitness stats and data, including
sleep, water intake, heart rate, hourly activity, and weight
• Goal-based exercise modes that enable users to see real-time stats and progress of
their fitness goal
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• New developer application programming interface (API) that helps developers build
more complex smartwatch apps
• New apps and clock faces
• FitBit offers 24-hour heart rate tracking and also keeps sleep score and active zone to
know your workout intensity.
Thus, the Fitbit OS segment is expected to drive the growth of the global smartwatch market is
expected to grow during the forecast period.
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7.6 Tizen OS - Market size and forecast 2022-2027
Exhibit 60: Chart on Tizen OS - Market size and forecast 2022-2027 ($ million)
Exhibit 61: Data Table on Tizen OS - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market size
3,101.26 3,531.18 4,040.10 4,648.40 5,383.57 6,280.85
($ million)
Tizen OS was the smallest segment of the market in 2022 and will continue to be the smallest
segment of the market in 2027, growing faster than the overall market (14.83%). It will grow at a
compounded annual growth rate of 15.16% between 2022 and 2027. Tizen OS will be the fastest
growing segment within the overall market and will grow from $3,101.26 million in 2022 to
$6,280.85 million in 2027. Tizen OS will contribute 10.13% of the incremental growth in the overall
market between 2022 and 2027.
Tizen OS contributed 9.85% to the overall market in 2022 and will increase its contribution to
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Exhibit 62: Chart on Tizen OS - Year-over-year growth 2022-2027 (%)
Exhibit 63: Data Table on Tizen OS - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
13.86% 14.41% 15.06% 15.82% 16.67%
year growth
Tizen OS is an open-source Linux-based OS, which is maintained and developed by the Linux
Foundation. Samsung Electronics primarily uses Tizen OS in its smartwatch series: Galaxy Watch
and Galaxy Gear series. Tizen OS is an open-source OS that enables smartwatch manufacturers
to customize the user interface (UI) as per their requirements. Tizen is an HTML-5-based OS that
enables developers to launch applications in a short time and reduces the cost of developing
applications. Tizen OS works with a rotating bezel, which enables users to easily view the
notification and navigate through different applications.
Samsung Electronics uses Tizen OS in its smartwatches. Currently, the company is using the Tizen
7.0 M1 OS version in its smartwatches. In June 2022, Samsung Electronics released the updated
software for its smartwatch Samsung Galaxy Watch 4, which is launched with Wear OS3 and
Samsung ONE UI watch skin at the top. The new version has many advanced features, such as
new watch faces, better battery optimization, swim tracking, and an improved Samsung
Electronics health application. Some feature updates on the new version of the Tizen OS are:
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• One Ul for Watch: The company has added new hue and contrast adjustment features
for those who face issues distinguishing colors, also features to reduce transparency
and blur effects, and an option to completely eliminate all animations.
• Sound balance setting
• Better watch face customizability
• Dual SIM support
• New QWERTY keyboard
• Improved watch face
Tizen OS is likely to hold a substantial market share during the forecast period. The market for
Tizen OS is mainly dependent on the sales and shipment of Samsung's smartwatches. Samsung is
expected to continue its growth momentum during the forecast period, led by wide demand for
its smartwatch in APAC and Europe. Thus, the rising sales of Samsung smartwatches would spur
segment growth during the forecast period.
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7.7 Market opportunity by OS
Exhibit 64: Market opportunity by OS ($ million)
incremental growth opportunity of $31,385.89 million during the forecast period. Android wear
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will provide significant opportunities within the global smartwatch market as it will contribute the
Exhibit 65: Data Table on Market opportunity by OS ($ million)
Contribution to
Segment Incremental
2022 2027 incremental
Name Growth
growth
Android wear 12,285.40 24,500.74 12,215.34 38.92%
Apple watch OS 9,480.09 18,851.67 9,371.58 29.86%
Fitbit OS 6,618.12 13,237.50 6,619.38 21.09%
Tizen OS 3,101.26 6,280.85 3,179.59 10.13%
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8 Customer Landscape
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8.1 Customer landscape overview
Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and
Exhibit 66:
purchase criteria
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9 Geographic Landscape
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9.1 Geographic segmentation
The regions covered in this chapter are North America, APAC, Europe, South America, and
Middle East and Africa.
Exhibit 67: Chart on Market share by geography 2022-2027 (%)
Exhibit 68: Data Table on Market share by geography 2022-2027 (%)
North South Middle East

Year APAC Europe
America America and Africa
2022 42.29% 25.32% 17.48% 9.91% 5.00%
2023 42.28% 25.47% 17.47% 9.83% 4.95%
2024 42.27% 25.62% 17.46% 9.75% 4.90%
2025 42.26% 25.77% 17.45% 9.67% 4.85%
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Year APAC Europe
2026 42.25% 25.92% 17.44% 9.59% 4.80%
2027 42.24% 26.07% 17.43% 9.51% 4.75%
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9.2 Geographic comparison
Exhibit 69: Chart on Geographic comparison
Exhibit 70: Data Table on Geographic comparison

APAC Europe
Segment
growth (% 14.81 15.51 14.77 13.89 13.67
CAGR)
Market share
-0.05 0.75 -0.05 -0.4 -0.25
gain (%)
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9.3 North America - Market size and forecast 2022-2027
Exhibit 71: Chart on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 72: Data Table on North America - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market
size ($ 13,314.95 15,114.22 17,239.73 19,774.47 22,832.13 26,556.61
million)
North America will generate growth in all the years of the forecast period between 2022 and
2027. The year-on-year growth during this period will vary between 13.51% and 16.31%.
North America was the largest region in the market in 2022 and will continue to be the largest
segment in 2027. It will grow at a compounded annual growth rate of 14.81% between 2022 and
2027, which is slower than that of the overall market. It will be the 2nd-fastest growing region in
the overall market and will grow from $13,314.95 million in 2022 to $26,556.61 million in 2027. It will
contribute 42.19% to the incremental growth of the overall market between 2022 and 2027.
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North America contributed 42.29% to the global smartwatch market in 2022, and its contribution
will decline to 42.24% in 2027.
Exhibit 73: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 74: Data Table on North America - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
13.51% 14.06% 14.70% 15.46% 16.31%
year growth
North America is one of the lucrative markets for smartwatch manufacturers. This region is an
early adopter of advanced technologies. This region is home to some of the leading smartwatch
manufacturers, such as Apple, Fitbit, and Garmin. The increase in disposable income, the
emergence of built-in LTE smartwatches, and the rise in health and fitness-focused features in
smartwatches are some of the factors that are increasing the demand for smartwatches in North
America. In addition, developments in the wireless network infrastructure have supported the
growth of smartwatches in North America. The US is estimated to account for a major share of
the market in North America during the forecast period.
Consumers in the North America, especially in the US, are tech-savvy and have a greater
awareness of technologically advanced products. Therefore, the majority of smartwatch
manufacturers prefer to launch their new or updated versions of products in the US before any
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other countries. Furthermore, North America has some of the largest crowdfunding platforms
(Kickstarter and Indiegogo) that help start-ups to raise funds for developing innovative wearable
products. There is a large number of lucrative advertisements on social media for crowdfunding
campaigns, and these campaigns have a considerable number of supporters and backers.
Crowdfunding campaigns help vendors to achieve high pre-sales for their products.
The smartwatch market in the region is driven by the growing ecosystem of connected devices,
which increases consumers' dependence on such devices). In North America, smartwatches are
becoming mainstream gadgets among millennials. The penetration of smartwatches is high
among 18- to 34-year-old people. Smartwatch manufacturers such as Fitbit, Garmin, and Apple
have introduced many fitness features into their products over the past two years. The following
are some of the new smartwatch models that come with new and enhanced fitness features:
• In September 2020, Garmin launched the new smartwatch Garmin Venu SQ and its
music variant, which offers several fitness features. The Venus SQ is described as GPS
Smartwatch that combines daily lifestyle with health and fitness features, such as sleep
and respiration tracking, abnormal heart rate alerts, stress tracking, menstrual cycle
tracking, relaxation reminders, and hydration tracking.
• In October 2021, Apple launched the new Apple Watch Series 7, which features a more
advanced display, enhanced durability, faster charging, and new aluminum case
colors. The new watch also offers indispensable tools for health and wellness features,
such as an electric heart sensor and ECG app, blood oxygen sensor app, and
mindfulness app.
Another factor that is fueling the growth of the smartwatch market is the built-in LTE technology.
Apple was the first company to introduce cellular connectivity in its smartwatch. The growing
demand for cellular smartwatches in the US is resulting in several other smartwatch
manufacturers integrating LTE connectivity with their product offerings. For instance, in January
2021, Fossil launched Fossil Gen 5 LTE smartwatch. It is the first LTE-enabled smartwatch from Fossil
that allows users to make and receive phone calls, send and receive text messages, track all
fitness activities, and also enable contactless payments.
The growth in investment in the telecommunication network infrastructure is also driving the
smartwatch market in North America. Several telecommunication service providers, such as
Verizon and ATT, have rolled out 5G services in a few cities in the US. For instance, Verizon is
offering 5G services in selected cities, namely Houston, Sacramento, Indianapolis, and Los
Angeles in the US. The development of 5G is estimated to drive the sales of smartwatches during
In North America, Apple, Samsung Electronics, Fitbit, Garmin, and Fossil together account for a
major share of the smartwatch market. The other OEMs, such as Huawei Investment Holding, are
also getting significant traction in the market in North America, and their market share is likely to
increase during the forecast period owing to the launch of cellular smartwatches.
Technavio expects that the increasing adoption of cellular smartwatches and the development
of 5G technology will have a positive impact on the growth of the smartwatch market in the
region during the forecast period.
In 2020, the rapid spread of COVID-19 negatively affected the growth of several industries, such
as manufacturing and transportation, and that of major players operating in the regional
market. In 2020, several countries, such as the US, Canada, and Mexico, in the region were
affected by the COVID-19 pandemic and were forced to impose lockdowns to contain the
spread of coronavirus. The region topped the list of worst-affected countries in the world.
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Manufacturing operations and supply chains of consumer electronics, such as smartwatches,
were also halted in the first half of 2020. However, the lockdown restrictions were lifted due to
the initiation of large-scale vaccination drives across the region in the second half of 2020, which
led to the resumption of operations in various industries, such as manufacturing and retail
sectors. The recovery phase of COVID-19 started in the Q1 of 2021, and since then, there has
been a rise in manufacturing in the regional smartwatch market owing to the resumption of
supply chain activities due to the onset of vaccination drives all over the region. The regional
market is seeing an increase in the demand for smartwatches post-COVID-19 as they play a role
in tracking health and fitness, heart rate, and calories burned, along with other health benefits.
Another reason for the rise in the regional market is the use of smartwatches among the older
population owing to the new features being added, such as regular monitoring of health status
and detection of critical illnesses and stress levels. Therefore, the demand for smartwatches is
expected to increase, which will fuel the growth of the regional smartwatch market during the
forecast period.
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9.4 APAC - Market size and forecast 2022-2027
Exhibit 75: Chart on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 76: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market
size ($ 7,971.97 9,105.00 10,449.07 12,058.40 14,007.31 16,390.41
million)
APAC will generate growth in all the years of the forecast period between 2022 and 2027. The
year-on-year growth during this period will vary between 14.21% and 17.01%.
APAC was the 2nd-largest region in the market in 2022 and will continue to be the 2nd-largest
2027, which is faster than that of the overall market. It will be the fastest growing region in the
overall market and will grow from $7,971.97 million in 2022 to $16,390.41 million in 2027. It will
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APAC contributed 25.32% to the global smartwatch market in 2022, and its contribution will
increase to 26.07% in 2027.
Exhibit 77: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 78: Data Table on APAC - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
14.21% 14.76% 15.40% 16.16% 17.01%
year growth
The smartwatch market in APAC is estimated to grow at a significant rate due to the high
concentration of smartwatch manufacturers. Some of the major smartwatch manufacturers in
the region include Samsung Electronics, LG Electronics, Huami, and Huawei Investment Holding.
One of the major reasons for the growth of the market is the proliferation of low-cost
smartwatches in the region.
In APAC, the manufacturing cost of smartwatches is low because of the low labor and raw
material costs. This has resulted in the availability of low-cost smartwatches in the region.
Smartwatch manufacturers such as Huami, Huawei Investment Holding, and Lenovo are offering
smartwatches in a low-price range of $100-$200. The following are some of the recent
smartwatch launches by major vendors in the region:
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• In April 2021, Casio Computer Co. Ltd announced the release of the GSW-H1000, a G-
SQUAD PRO smartwatch powered by Wear OS by Google and packed with functions
designed to assist users in achieving their activity goals and utilizing fitness tracking
features. The GSW-H1000 is oriented toward usage in various athletic settings, including
running, indoor workouts, road biking, swimming, surfing, and snowboarding.
• In August 2022, Timex Group announced the launch of Helix Metalfit 3.0 in India. The
smartwatch range comes with multiple features, such as SpO2 tracking, Activity Tracking,
Metal Case, Sports Mode, Music Control, Camera Control, HRM, BP Tracker, Big 1.69-inch
Full Touch Display, 100+ watch faces, 7-days battery standby, and more.
• In March 2022, Xiaomi launched Watch S1 and Watch S1 Active smartwatches in India
with Bluetooth calling and a battery life of 12 days with a 1.43-inch AMOLED display and
Bluetooth calling functionality. Xiaomi smartwatches S1 sports have a classic and
streamlined design and are made with sapphire glass and a stainless-steel frame. The
Xiaomi S1 smartwatch comes in black and silver colors. The company has priced the
smartwatch at $269. On the other hand, Xiaomi S1 Active comes in moon white, ocean
blue, and space black colors at the cost price of $199.
The rise in investment in telecommunication network infrastructure is another major factor driving
the growth of the market. A well-developed network infrastructure encourages customers to buy
technologically advanced products as they require high network bandwidth to access
applications. Countries such as India, China, Japan, and South Korea are focusing on
developing their telecommunication network infrastructure. Therefore, telecommunication
service providers are working in collaboration with governments and OEMs to improve the
network telecommunication infrastructure to provide high bandwidth 4G/5G network.
With increased digital connectivity and the rise in disposable income, customers have started
buying smartwatches not only to experience new technologies but also to use applications such
as heart monitoring, contactless payment, and access control. As a result, smartwatch
manufacturers have started introducing several products in APAC. For instance, Fitbit's APAC
revenue for the financial year ending December 2021 was $1.21 billion. Several vendors are
expanding their geographic presence in APAC. The entry of new vendors will lead to the
introduction of technological advancements in products, which will further facilitate the growth
of the smartwatch market in the region. For instance, Titan opened a smart lab in Hyderabad,
India, which is said to emerge as an innovative tech hub for the company. It is the innovative
and technology hub for smart products. The launch of new products in the year 2022, including
smartwatches with new features and various price points, will be done in the next two years.
Technavio expects the availability of low-cost smartwatches and the geographical expansion of
smartwatch OEMs in the region to accelerate the demand for smartwatches in APAC during the
forecast period.
In 2020, the outbreak of COVID-19 adversely impacted several countries in APAC. Several
countries, such as India, China, Indonesia, and Japan, in the region, were forced to impose
lockdowns in 2020. Factors such as a steep decline in the demand for final products from
consumers, supplier bankruptcy, and the slowdown in the RD process negatively impacted and
hindered the growth of the smartwatch market in the region in Q2 and Q3 2020. A slowdown in
the online sales of smartwatches was observed due to the uncertain nature of the transportation
and e-commerce industries. The production of smartwatches declined because of the impact
of COVID-19 on APAC countries, which further hindered the sales of smartwatches. However, the
lockdown restrictions were lifted due to the initiation of large-scale vaccination drives across the
region in the second half of 2020, which led to the resumption of operations in various industries,
such as manufacturing and retail sectors. Smartwatch manufacturing surged to meet the
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demand in the region. For instance, companies such as Apple, Google, and Samsung, are
launching their new products in the market in 2022. The rise in demand is due to consumers
becoming more conscious about their health and fitness, rapid urbanization along with new
product innovations, and advanced features being added such as heart-rate monitoring,
wireless charging, voice calls, voice commands, and waterproof. Thus, the regional market is
anticipated to grow during the forecast period.
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9.5 Europe - Market size and forecast 2022-2027
Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market size
5,503.56 6,245.16 7,121.03 8,165.27 9,424.67 10,958.37
($ million)
Europe will generate growth in all the years of the forecast period between 2022 and 2027. The
Europe was the 3rd-largest region in the market in 2022 and will continue to be the 3rd-largest
2027, which is slower than that of the overall market. It will be the 3rd-fastest growing region in
the overall market and will grow from $5,503.56 million in 2022 to $10,958.37 million in 2027. It will
Europe contributed 17.48% to the global smartwatch market in 2022, and its contribution will
decline to 17.43% in 2027.
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Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
13.47% 14.02% 14.66% 15.42% 16.27%
year growth
In Europe, the smartwatch market is driven by increasing awareness about health and fitness
among customers. The majority of the users are using smartwatches for fitness tracking that
includes steps covered in a day, sleep monitoring, calories burnt, and heart rate monitoring. The
growth of the smartwatch market in Europe is driven by the growth in strategic collaborations
with fashion designers, automotive companies, and other industry participants.
The demand for smartwatches in serval countries, such as the UK, Germany, France, Italy, Spain,
and Russia, has been continuously increasing due to the proliferation of smartwatch
applications. Thus, major smartwatch manufacturers are focusing on launching new
smartwatches in Europe. For instance, Amazefit launched its GTS 4 Mini in September 2022,
equipped with a 1.65-inch display. This new smartwatch comes in four colors and is available at
$116 in Europe, starting in Germany.
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The integrated smartwatches need to be connected to mobile devices such as smartphones
and tablets. Therefore, the increasing penetration of smartphones in the region is one of the
major factors that is expected to drive the demand for wearable electronic devices such as
smartwatches. Smartphone penetration in the region is increasing at a rapid pace, specifically in
countries such as Germany, France, Italy, and the UK.
The growth in investment in the telecommunication network infrastructure in the region is

providing a reliable connectivity platform for smartwatches that need Internet connectivity to
perform effectively. Users rely on Bluetooth or Wi-Fi to connect smartwatches to mobile
computing devices. Mobile network operators need to build solutions to offer connectivity.
Several mobile network operators in the region are building network infrastructure based on
4G/5G to offer high-speed Internet connectivity.
The presence of world-famous professional sports leagues and professional athletes in Europe
are other major factors that are driving the adoption of smartwatches in the region. Some of the
major sports leagues in Europe are Bundesliga, Premier League, and Liga de Futbol Professional.
These sports leagues draw a lot of professional athletes to the region. Wearable electronic
devices such as smart bands, smartwatches, and smart clothing are widely used by professional
athletes to monitor their physical activities.
The COVID-19 pandemic impacted the smartwatch market in Europe in 2020. The pandemic led
to the closure of major industries, such as manufacturing and transportation, in 2020. The above-
mentioned factors, such as restrictions on movement and lockdowns to curb the spread of the
virus, the shutdown of manufacturing facilities, and supply chain disruptions, hindered the
growth of the regional smartwatch market in the first half of 2020. However, in the year 2021, with
ease in restrictions and the economic recovery due to the vaccination drives and millions of
people getting vaccinated in Europe led to a rise in the demand for smartwatches, with Apple
being the market leader in the European region. Thus, the regional smartwatch market is
expected to grow during the forecast period.
Impact of the Russia-Ukraine war on the market
The Russia-Ukraine war severely affected the growth of the smartwatch segment, especially in
European countries. The war has led to a halt in the operations of several industries, such as the
manufacturing sectors and retail sectors, which are the major players in the smartwatch market.
The war is expected to continue during the forecast period and negatively impact the whole
world, especially in Germany, the UK, France, Norway, Sweden, and other European countries.
The conflict has seriously impacted the lives and livelihoods of people, besides having far-
reaching repercussions on global trade dynamics. The negative impact of the ongoing war and
the uncertainty it has created in Eastern Europe are expected to have an adverse effect on
Ukraine, which is, consequently, expected to backfire on Russia very harshly in the long term.
Thus, with the decline in smartwatch industries in Europe facing a decline in their growth of the
regional smartwatch market, the conflict has significantly reduced the demand for watches,
which has negatively impacted the growth of the smartwatch market in Ukraine and Russia.
Thus, the overall smartwatch market in the region is expected to grow slowly during the forecast
period.
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9.6 South America - Market size and forecast 2022-2027
Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market size
3,120.15 3,514.02 3,976.11 4,524.36 5,181.35 5,977.69
($ million)
South America will generate growth in all the years of the forecast period between 2022 and
2027. The year-on-year growth during this period will vary between 12.62% and 15.37%.
South America was the 4th-largest region in the market in 2022 and will continue to be the 4th-
largest segment in 2027. It will grow at a compounded annual growth rate of 13.89% between
2022 and 2027, which is slower than that of the overall market. It will be the 4th-fastest growing
region in the overall market and will grow from $3,120.15 million in 2022 to $5,977.69 million in
2027. It will contribute 9.1% to the incremental growth of the overall market between 2022 and
2027.
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South America contributed 9.91% to the global smartwatch market in 2022, and its contribution
will decline to 9.51% in 2027.
Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
12.62% 13.15% 13.79% 14.52% 15.37%
year growth
The demand for smartwatches in South America is increasing due to the rise in the penetration
of smartphones in the region. In South America, countries such as Brazil, Peru, Chile, and
Colombia are driving the smartwatch market. The rise in the penetration of smartphones and
developments in telecommunication infrastructure will have a positive impact on the adoption
of smartwatches in the region.
The growing concern over the rise in cases of chronic diseases in the region is another factor
driving the demand for wearable devices such as smartwatches and smart bands. The data
generated through these devices are recorded, monitored, and analyzed to enable customers
to better health management. The growing demand for wearable electronic devices such as
smartwatches and smart bands in the region for monitoring physical health is encouraging
vendors to expand their presence in South America. For instance, in June 2022, Anhui Huami
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Information Technology Co launched Amazfit Bip 3 in Brazil. The company offers its Bip 3 at $385
in stores and at $319 in online stores. It will also offer 60 sports modes with different color options.
The growing focus of consumers on a healthy lifestyle is likely to result in the company motivating
users and acquiring a large customer base through this geographic expansion.
Advancements in telecom infrastructure have increased the penetration of smartphones and

wearable devices in South America. Countries such as Brazil, Argentina, and Chile have started
testing the 5G network. During the forecast period, these countries are estimated to roll out 5G
services. The following are some of the recent developments pertaining to 5G technology in
South America:
• In August 2022, TIM SA claimed its 5G presence in the neighboring cities of Sao Paulo,
connecting 91% of the population to new technology and adding coverage of 1,150
antennas, more than 1,000 of which will be activated by the end of August.
• In August 2022, Vivo initially claimed a 5G SA 3.5GHz footprint in 54 Sao Paulo

neighborhoods, highlighting that it is actively expanding to further areas. Vivo's launch
for user speed experience, which is expected to be ten times faster than 4G, while it
also continues to operate 2.3GHz 5G network services.
The advancements in telecommunication network infrastructure in the region are leading to the
development of a connected ecosystem. This is expected to have a positive impact on the
adoption of wearable devices such as smartwatches and smart bands for applications,
including contactless payments and access control. Therefore, the growing preference for
contactless payment and the entry of smartwatch manufacturers in South America are
estimated to drive the demand for these devices during the forecast period.
The COVID-19 outbreak in 2020 had an adverse impact on several countries in the region. In
2020, regional governments took initiatives such as the imposition of lockdowns to contain the
spread of the disease. The disruption in the supply chain and shutdown of business activities
caused low production, constraints in logistics, and a shortage of labor due to the pandemic,
causing reduced manufacturing of smartwatches. Moreover, the demand was also impacted
due to the restrictions. This, in turn, caused a delay in the manufacturing of smartwatches, which
negatively impacted the growth of the regional smartwatch market in the first half of 2020.
However, the lockdown restrictions were lifted due to the initiation of large-scale vaccination
drives across the region in the second half of 2020, which led to the resumption of operations in
various industries like manufacturing and retail sectors. In the recovery phase from COVID-19 in
Q1 of 2021, the economy revived due to vaccination drives all over the region. Also, there has
been a major shift to digital devices as the world feels more connected with the help of these
devices. Smartwatches play an important role in this as the new and advanced features in these
watches help to track the health of consumers. The rise in the number of health and fitness-
conscious people post-pandemic, an increase in smartphone usage, rise in income levels are
some of the reasons for the increase in the demand for smartwatches. Thus, these factors are
expected to drive the regional demand for smartwatches during the forecast period.
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9.7 Middle East and Africa - Market size and forecast 2022-
2027
Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market size
1,574.24 1,769.52 1,998.86 2,269.90 2,595.08 2,987.68
($ million)
Middle East and Africa will generate growth in all the years of the forecast period between 2022
and 2027. The year-on-year growth during this period will vary between 12.4% and 15.13%.
Middle East and Africa was the smallest region in the market in 2022 and will continue to be the
smallest segment in 2027. It will grow at a compounded annual growth rate of 13.67% between
2022 and 2027, which is slower than that of the overall market. It will be the slowest growing
region in the overall market and will grow from $1,574.24 million in 2022 to $2,987.68 million in
2027.
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Middle East and Africa contributed 5.0% to the global smartwatch market in 2022, and its
contribution will decline to 4.75% in 2027.
Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
12.40% 12.96% 13.56% 14.33% 15.13%
year growth
There is a significant demand for fitness trackers, smart bands, and smartwatches in Africa, which
is driven by factors such as the rise in digitization, the increase in smartphone penetration and
the growth in disposable income of the population. However, the entry of Chinese vendors in
the region is a key factor driving the market because this has resulted in the availability of
affordable smartwatches. For instance, in July 2021, TicWatch entered the market in South
Africa. TicWatch is a smartphone brand from the Chinese company Mobvoi. The company
announced that TicWatch GTH and Pro 3 GPS are now available in South Africa. It can monitor
blood oxygen levels, heart rate, and a variety of other metrics. Users can sync the data to their
Android and iOS smartphones using the Mobvoi App, which can also be synced to Google Fit
and Apple Health Apps.
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Other vendors such as Huami, Apple, Samsung Electronics, and Fitbit offer products that have a
significant market demand. Some of the examples related to product offerings provided by
other smartwatch vendors have been listed below:
• In 2022, Fitbit announced the launch of a fitness tracker and smartwatch Fitbit sense 2;
the Sense 2 is the successor to the original Sense, which was first launched in 2020 and is
the most advanced health-focused smartwatch. It includes a continuous electrodermal
activity (cEDA) sensor to better track skin temperature and potential stress during the
day.
• In June 2022, Amazfit launched a new smartwatch, T-Rex 2, in the UAE. Designed for
outdoor and urban excursions, the Amazfit T-Rex 2 features include high-precision
positioning, ultra-low temperature operations, military-grade toughness and optimized
route navigation, and comprehensive exploration features.
The Middle East is on the verge of massive digital disruption. Several countries, including Saudi
Arabia, Bahrain, Qatar, and the UAE, have increased their focus on digitalization due to the high
penetration rate of smartphones. Thus, telecommunication service providers are focusing on the
enhancement of their network infrastructure in the Middle East.
Countries such as Israel, Turkey, Saudi Arabia, and the UAE are witnessing a significant demand
for both high-end brands such as Apple and Samsung Electronics as well as low-cost products
from Huawei Investment Holding and Huami. Furthermore, Dubai is one of the major global
shopping attractions in the region, and the city generates a significant demand for consumer
electronic devices. These factors have resulted in significant demand for smartwatches and
smart bands, which has led market vendors to frequently introduce new and improved
products.
The smartwatch market in Africa is in the nascent stage. However, during the forecast period,
the smartwatch market is estimated to exhibit significant growth due to the rise in digitization, an
increase in smartphone penetration, and growth in the disposable income of the population.
Major telecommunication service providers such as ATT Inc. (ATT), Etisalat, SK Telecom Co. Ltd.
(SK Telecom), and Telefonica are focusing on the development of telecommunication network
infrastructure in Africa. The digital transformation in telecommunication includes the expansion
of 3G and 4G networks and boosts fixed broadband, wireless broadband, and mobile data
services. The growth of digital entertainment, digital payments, and IoT-based services is
encouraging smartwatch manufacturers to extend their product and service offerings in this
region. Thus, smartwatch manufacturers are expanding their product and service offerings in
South Africa.
Technavio expects that the development in the regional communication network infrastructure
will drive the adoption of computing devices and wearable electronics such as smartwatches
and smart bands in the region during the forecast period.
The COVID-19 pandemic had an adverse impact on several countries in the region in 2020. In
2020, several countries like Saudi Arabia, Bahrain, Qatar, the UAE, and others in the region went
into lockdowns to contain the spread of coronavirus, which affected the supply chain, logistics
constraints, and labor shortage. The shutdown of businesses selling products and the halt of
manufacturing activities in the region led to a decline in the production of smartwatches in the
first half of 2020. However, the lockdown restrictions were lifted due to the initiation of large-scale
vaccination drives across the region in the second half of 2020, which led to the resumption of
operations in various sectors, like the manufacturing and retail sector. Moreover, the demand for
smartwatches increased due to the impact of COVID-19 due to indult features like health
updates and easy accessibility of smartphones. However, in the year 2021, the market grew at a
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steady rate as several countries in the region ramped up their vaccination drives, which led to
the resumption of manufacturing and supply chain activities. In 2022, the demand for
smartwatches has been on the rise as they have great utilities and are used as an aid in the
prevention of mishaps caused by illnesses, such as heart attacks, stress, high blood pressure,
asthma, etc. As a result of an increase in the demand for health monitoring, the demand for
smartwatches is also expected to grow in the region during the forecast period.
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9.8 US - Market size and forecast 2022-2027
Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ million)
Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market
size ($ 9,601.41 10,905.02 12,445.61 14,283.53 16,501.45 19,204.07
million)
US will generate growth in all the years of the forecast period between 2022 and 2027. The year-
on-year growth during this period will vary between 13.58% and 16.38%.
US was the largest country in the market in 2022 and will continue to be the largest segment in
2027. It will grow at a compounded annual growth rate of 14.87% between 2022 and 2027,
which is faster than that of the overall market. Among the key countries, US will be the 3rd-fastest
growing country and will grow from $9,601.41 million in 2022 to $19,204.07 million in 2027. It will
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US contributed 30.5% to the global smartwatch market in 2022, and its contribution will increase
to 30.55% in 2027.
Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
13.58% 14.13% 14.77% 15.53% 16.38%
year growth
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9.9 China - Market size and forecast 2022-2027
Exhibit 95: Chart on China - Market size and forecast 2022-2027 ($ million)
Exhibit 96: Data Table on China - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market size
3,577.82 4,080.13 4,675.41 5,387.50 6,249.04 7,301.57
($ million)
China will generate growth in all the years of the forecast period between 2022 and 2027. The
China was the 2nd-largest country in the market in 2022 and will continue to be the 2nd-largest
2027, which is faster than that of the overall market. Among the key countries, China will be the
fastest growing country and will grow from $3,577.82 million in 2022 to $7,301.57 million in 2027. It
will contribute 11.86% to the incremental growth of the overall market between 2022 and 2027.
China contributed 11.36% to the global smartwatch market in 2022, and its contribution will
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Exhibit 97: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 98: Data Table on China - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
14.04% 14.59% 15.23% 15.99% 16.84%
year growth
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9.10 Germany - Market size and forecast 2022-2027
Exhibit 99: Chart on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market size
2,625.75 2,974.13 3,385.02 3,874.28 4,463.59 5,180.37
($ million)
Germany will generate growth in all the years of the forecast period between 2022 and 2027.
The year-on-year growth during this period will vary between 13.27% and 16.06%.
Germany was the 3rd-largest country in the market in 2022 and will continue to be the 3rd-
largest segment in 2027. It will grow at a compounded annual growth rate of 14.56% between
2022 and 2027, which is lower than that of the overall market. Among the key countries,
Germany will be the slowest growing country and will grow from $2,625.75 million in 2022 to
$5,180.37 million in 2027. It will contribute 8.14% to the incremental growth of the overall market
between 2022 and 2027.
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Germany contributed 8.34% to the global smartwatch market in 2022, and its contribution will
Exhibit 101: Chart on Germany - Year-over-year growth 2022-2027 (%)
Exhibit 102: Data Table on Germany - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
13.27% 13.82% 14.45% 15.21% 16.06%
year growth
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9.11 Japan - Market size and forecast 2022-2027
Exhibit 103: Chart on Japan - Market size and forecast 2022-2027 ($ million)
Exhibit 104: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market size
2,384.42 2,714.42 3,105.03 3,571.76 4,135.84 4,824.21
($ million)
Japan will generate growth in all the years of the forecast period between 2022 and 2027. The
Japan was the 4th-largest country in the market in 2022 and will continue to be the 4th-largest
2027, which is faster than that of the overall market. Among the key countries, Japan will be the
2nd-fastest growing country and will grow from $2,384.42 million in 2022 to $4,824.21 million in
2027.
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Japan contributed 7.57% to the global smartwatch market in 2022, and its contribution will
Exhibit 105: Chart on Japan - Year-over-year growth 2022-2027 (%)
Exhibit 106: Data Table on Japan - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
13.84% 14.39% 15.03% 15.79% 16.64%
year growth
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9.12 Canada - Market size and forecast 2022-2027
Exhibit 107: Chart on Canada - Market size and forecast 2022-2027 ($ million)
Exhibit 108: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
Year 2022 2023 2024 2025 2026 2027
Market size
2,190.31 2,483.30 2,829.12 3,241.17 3,737.82 4,342.30
($ million)
Canada will generate growth in all the years of the forecast period between 2022 and 2027. The
Canada was the smallest country in the market in 2022 and will continue to be the smallest
2027, which is lower than that of the overall market. Among the key countries, Canada will be
the 4th-fastest growing country and will grow from $2,190.31 million in 2022 to $4,342.3 million in
2027.
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Canada contributed 6.96% to the global smartwatch market in 2022, and its contribution will
Exhibit 109: Chart on Canada - Year-over-year growth 2022-2027 (%)
Exhibit 110: Data Table on Canada - Year-over-year growth 2022-2027 (%)
Year 2023 2024 2025 2026 2027
Year-over-
13.38% 13.93% 14.56% 15.32% 16.17%
year growth
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9.13 Market opportunity by geography
Exhibit 111: Market opportunity by geography ($ million)
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Exhibit 112: Data Tables on Market opportunity by geography ($ million)
Contribution to
Segment Incremental
2022 2027 incremental
Name Growth
growth
North America 13,314.95 26,556.61 13,241.66 42.19%
APAC 7,971.97 16,390.41 8,418.44 26.82%
Europe 5,503.56 10,958.37 5,454.81 17.38%
South America 3,120.15 5,977.69 2,857.54 9.1%
Middle East and

1,574.24 2,987.68 1,413.44 4.5%
Africa
incremental growth opportunity of $31,385.89 million during the forecast period. North America
will provide significant opportunities within the global smartwatch market, as it will contribute the
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10 Drivers, Challenges, and Trends
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10.1 Market drivers
10.1.1 Technological advances in semiconductor industry

The major buying criteria for a smartwatch are sleekness, a small design and high operational
efficiency. Technological advances in electronic components, such as chip system-on-a-chip
(SoC) technology and microelectromechanical systems (MEMS), are opening new opportunities
for smartwatch manufacturers to develop small, compact, and less power-consuming
smartwatches. Advances in SoC technology have helped vendors to reduce the printed circuit
board space and integrate a significant number of electronic components in smartwatches.
Moreover, advances in chip packaging and process technologies have helped smartwatch
manufacturers to incorporate several sensors and other components in limited board space.
Samsung Electronics has been using the System-in-Package-embedded Package on Package
(SiP-PHP) technology in its Exynos7 Dual chipset for smartwatches. This technology integrates
processor memory such as Dynamic random-access memory (DRAM), embedded Multi-Media
Controller (eMMC), and power management integrated circuits (IC) in a small 10 x 10-millimeter
(mm) package. This has helped the company in reducing the chip thickness by 30. The
development of MEMS technology has helped vendors integrate more features into a device. It
has also helped in the development of microsensors and micro actuators, which help in the
miniaturization of devices and the development of wearable electronic devices, including
smartwatches, that can support new features, such as voice recognition, haptics, and gesture
recognition. Hence, with the size- and cost-efficiency-related advantages, MEMS components
are increasingly being integrated into smartwatches. Thus, technological advances in the
semiconductor industry are one of the major drivers for the growth of the global smartwatch
market during the forecast period.
10.1.2 Growing investments in telecommunication network infrastructure

Fast and reliable internet connectivity is one of the major aspects considered while using
wearable electronic devices, such as smartwatches. A well-developed telecommunication
network infrastructure in the region enables users to easily connect their computing devices with
smartwatches. Therefore, OEMs, government organizations, and telecommunication service
providers are collaborating to improve the telecommunication network infrastructure to support
high network bandwidth capacity. This is accelerating investments in 4G/5G networks and
developments in 4G/5G compatible devices, including smartwatches. Some examples related
to the launch of the 5G network have been provided below:
• In Jan 2022, Verizon launched its 5G ultra-wideband network, which enables more than
90 million Americans to experience the transformative speed, reliability, and power of
this game-changing network on the go or in their homes or businesses.
Growing investments in telecommunication network infrastructure are leading to the launch of

smartwatches supporting cellular connectivity. Some examples related to the launch of
smartwatches with cellular connectivity have been provided below:
• In January 2021, Samsung launched its smartwatch, the Samsung galaxy watch 4 LTE,
with features such as fitness and body composition, which track fitness progress and
body fat percentage in users. The Samsung Bio active sensor and chip brings innovation
to the galaxy watch.
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• In January 2021, Fossil launched Gen 5 LTE smartwatch with a 45mm stainless steel case
in Smoke and Rose gold colors. It includes features such as built-in GPS, heart-rate
monitoring, activity/health tracking, Google Pay, and Google Assistant.
Growing investments in network infrastructure are, hence, increasing internet penetration and
speed, thereby facilitating the adoption of smartwatches as these device needs to be
constantly connected with the Internet to access all the features. Thus, the growing investments
in telecommunication network interfaces are one of the major drivers for the growth of the
global smartwatch market during the forecast period.
10.1.3 Proliferation of low-cost smartwatches

Smartwatch manufacturers globally are aiming at developing low-cost smartwatches to attract
more customers. The Apple Watch managed to create some excitement among consumers,
which resulted in increased awareness about the potential benefits of using the device. To
capitalize on the growing popularity of smartwatches, many smartwatch manufacturers have
launched low-cost smartwatches to attract customers.
The emergence of low-cost smartwatches in the market has led to a surge in the penetration of
smartwatches in emerging countries, such as China, India, and Brazil. Over the last few years,
smartwatches have become affordable, as many companies have entered the market and
offer products at competitive prices. Huami, Huawei Investment Holding, and Lenovo are
among the companies that have been offering smartwatches at the starting price of $70-$80.
They are providing premium smartwatch features, such as calling and health tracking, at a
minimal cost. These companies have captured significant market shares in emerging countries
and are gaining traction in Europe and North America. For instance, Fitbit launched a versa low-
cost LITE smartwatch with features such as 5 exercise modes, four-day battery life, a heart-rate
sensor and a SpO2 sensor, connected GPS, and other features. The watch was promoted at less
cost than half as much as the Apple Watch. The market share of low-cost smartwatch providers
has increased over the last three years. Thus, the increasing demand for low-cost smartwatches
will drive the growth of the global smartwatch market during the forecast period.
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10.2 Market challenges
10.2.1 Increasing data security and privacy concerns

There are increasing concerns about data security and privacy for the users of smartwatches, as
a majority of smartwatches are embedded with motion sensors that render these devices
vulnerable to hackers. The data from smartwatches can be easily decoded using a wireless
interceptor without the owner's knowledge. As smartwatches store and access large volumes of
data in real time, including calls, messages, health-related information, photos, maps, and
debit/credit card information, there is an inherent risk of a data breach. The integration of
motion sensors is making smartwatches more vulnerable to hackers. With new technology
integration, the risk of cybersecurity increases, as smartwatches often connect to wireless
networks. The data generated by smartwatches can be easily decoded by hackers by
intercepting wireless networks. To avoid such incidents, some countries are undertaking
considerable actions. A smartwatch is connected to the human body and provides invaluable
insights into the user's health. One of the serious violations of human privacy may take place in
athletics championships, wherein a hacker can easily track the workout routine and the strength
and weaknesses of the competing athletes. Moreover, there are many smartwatches with
embedded NFC chips. NFC allows the smartwatch to store customer information and facilitate
contactless transactions and data exchanges. Hacking such information could be troublesome
for smartwatch users. Thus, increasing data security and privacy concerns is a major challenge
for the growth of the global smartwatch market during the forecast period.
10.2.2 Product design challenges

An attractive design is a major buying criterion for the potential customers of wearable
electronics, such as smartwatches and smart bands. Most smartwatch manufacturers focus on
technology rather than the design of devices. Integrating numerous electronics into
smartwatches to add more features results in design constraints. For consumers, physical
appearance is one of the most important buying criteria. Weight, thickness, battery life,
performance, and connectivity are among the factors considered while designing
smartwatches.
With the increasing use of applications, many smartwatch manufacturers are facing hardware-
related issues, such as a lack of storage memory and battery life. Software developers and
major vendors are continuously launching new applications for contactless payments, music,
and navigation to enhance the user experience. As the number of applications increases, the
need for high-storage memory and random-access memory (RAM) also increases. Some
vendors have incorporated cameras in smartwatches to capture images. High-resolution images
require larger storage memory. It is difficult for smartwatch manufacturers to increase the
memory storage of smartwatches, as smartwatches are required to be small and lightweight.
The integration of large memory storage chips and greater battery life will increase the size and
weight of the smartwatch.
Smartwatch manufacturers are integrating high-resolution displays, such as OLED, and are
continuously working toward the development of Micro LED displays. However, technical and
manufacturing challenges associated with these display technologies are leading to the high
cost of manufacturing smartwatches. OLED displays, developed through inkjet printing
technology, had issues such as poor uptime performance, difficulty in the formation of multi-
layer structures, and a lack of standard technique for red, green, and blue (RGB) and white
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OLED (WOLED) fabrication. Moreover, OLEDs do not have a long life span. Blue OLEDs have a life
span of approximately 14,000 hours to half of the original brightness (5 years at 8 hours a day)
when it is used for flat panel displays, which is lower than the life span of TFT LCDs. Display
manufacturers face challenges when cutting displays as per the size of different smartwatches.
OLED displays are also expensive and material-sensitive (polymer material used in displays is
sensitive to laser). Displays must be cut efficiently using lasers to avoid damage.
There are several technical and manufacturing challenges in the development of MicroLED
displays as well. The size of MicroLED is less than 100 and has several limitations. Mass transfer is a
major obstacle in the commercialization of MicroLED technology. In the MicroLED
manufacturing process, MicroLEDs are transferred from a temporary substrate to the main
substrate, which can lead to chip damage. The technique of picking up an element from a
temporary substrate with a stamp and placing it on an actual substrate is used to avoid such
damage. However, this technique takes a long time, making it difficult for the mass production
of MicroLEDs for smartphones, TVs, laptops, smartwatches, and other electronic devices.
All the above-mentioned factors are restricting manufacturers from achieving a trade-off
between the design and integration of advanced electronics in smartwatches. Thus, product
design challenges are a major challenge for the growth of the global smartwatch market during
10.2.3 High cost of smartwatches

Growing awareness about health and fitness and technological advances in smartwatches is
leading to the growing popularity of smartwatches. eSIM-based smartwatches reduce the
dependency of end-users on smartphones. However, the high cost of smartwatches is one of
the major factors hindering the growth of the global smartwatch market. Consumers are hesitant
to spend $250-$300 for a smartwatch that has a low-value proposition. Unless the ASP of
smartwatches falls to $100-150, the wider adoption of smartwatches among mass consumers is
not expected. Apple offers Apple Watch Series 5 smartwatches at $399-$799, whereas Samsung
offers Galaxy Watch at $299-$369. Garmin offers vivoactive 4S for $349.99 and fenix 6 - Pro and
Sapphire Editions for $899.99. Smartwatches are still in the development phase and, therefore,
are expensive. Smartwatch manufacturers, such as Apple, Samsung, and LG, have released
new products that are priced at $200-$750. Though certain vendors offer smartwatches for less
than $100, they have limited functionalities. Thus, the high cost of the smartwatch is one of the
major challenges to the growth of the global smartwatch market during the forecast period.
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10.3 Impact of drivers and challenges
Exhibit 113: Impact of drivers and challenges in 2022 and 2027
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10.4 Market trends
10.4.1 Increasing number of patent filings by smartwatch manufacturers

One of the major trends that have been identified in the global smartwatch market is the
increasing number of patent-related activities in the smartwatch space. A patent is a license
that confers the right or title for a fixed period; therefore, granting the patent right prevents any
other person or company from making, using, or selling an invention. Several vendors are
focusing on obtaining patents related to displays, cameras, sensors, and other related
technologies. This is being done to include a greater number of electronic devices on a smaller
footprint and integrate advanced technologies in next-generation smartwatches. Furthermore,
in the highly competitive global smartwatch market, patent rights enable vendors to gain a
competitive edge over competitors. For instance, patents filed by the major vendor are
mentioned provided below:
• In June 2021, Samsung filed a patent for a smartwatch with a rollable display, a moving
unit that controls the display to change the size of the display region, is viewable
outside the electronic device, and has a processor and a built-in camera. The display
can be expanded by being rolled out from the central portion of the display and can
be reduced by being rolled into the center.
The number of patents filed by smartwatch manufacturers has gradually increased over the past
five years, fueled by the increasing demand for wearables electronic devices globally. The
efforts of market participants to obtain patents will result in the research and development (RD)
of innovative smartwatches. Hence, an increase in patent-related activities will accelerate the
development and commercialization of high-performance smartwatches during the forecast
period.
10.4.2 Growing preference for smartwatches for contactless payments

The market is witnessing an increase in the number of applications of wearable electronic
devices, such as smartwatches, for contactless payment. Therefore, smartwatch OEMs are
integrating NFC technology as a standard into most product offerings. NFC is a wireless
technology that incorporates small chips to connect with other devices, such as cell phones,
and enables contactless payment by a direct tap and through a POS terminal. Companies are
manufacturing NFC-integrated smartwatches, particularly for contactless payments. NFC
technology also incorporates tag reading and data transfer capabilities. NFC enables
smartwatches to transfer data between connected devices, such as smartphones and tablets.
Leading vendors, such as Huami, Samsung Electronics, LG Electronics, Apple, Fitbit, Fossil, Huawei
Investment Holding, and Garmin, offer smartwatches integrated with NFC technology,
particularly for contactless payments.
Leading vendors are launching their own payment applications for cashless payments. Some
examples related to smartwatches with payment applications are provided below:
• Fitbit offers smartwatches integrated with the Fitbit Pay application.
• Apple offers smartwatches integrated with the Apple Pay application.
• Samsung offers smartwatches integrated with the Samsung Pay application.
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• Garmin offers smartwatches integrated with the Garmin Pay application
• LG Electronics, Huawei Investment Holding, and Fossil offer smartwatches integrated

with the Google Play application.
The integration of NFC technology has enhanced the functionality of smartwatches. The
integration of NFC technology in smartwatches will positively impact the growth of the market
Even though the use of wearable electronic devices, such as smartwatches for contactless
payment, is still in the early development stage, several vendors in different industries have
started accepting payments through wearable electronic devices. The growing adoption of
contactless payment is increasing the number of partnerships among market participants to
facilitate the use of wearable electronic devices for payment. Market participants from various
sectors, including retail and clothing, are partnering with payment service providers so that they
can accept contactless payments through wearable electronic devices. Thus, the growing
preference for smartwatches for contactless payment is a major trend for the growth of the
global smartwatch market during the forecast period.
10.4.3 Medical and fitness account for a significant market share

Monitoring health has been the most advantageous aspect of wearable technology. Not only
does it help fitness enthusiasts by providing them with the necessary health parameters, but it
also aids patients by providing insights into their conditions. People are more worried about their
health, and this has led to an increase in the shipment of fitness trackers. Since every smartwatch
has a component of a fitness tracker, the popularity of smartwatches is increasing significantly,
as it has multi-functional features for recording health parameters.
The accelerometers integrated into smartwatches can detect convulsions and tremors,
particularly in illnesses such as epilepsy. When epileptic seizures occur, prompt and effective
treatment is critical to minimizing the chances of long-term harm to the body. Smartwatches
may be used to notify friends, family, and healthcare staff about seizures, which can make a
significant difference in patient recovery.
Fitbit is working on clinical validation and regulatory certification for its software for use in
identifying health issues such as sleep apnea and atrial fibrillation, which will aid in the promotion
of health fitness and market development. Thus, medical and fitness to account for a significant
market share are one of the major trends for the growth of the global smartwatch market during
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11 Vendor Landscape
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11.1 Overview
The global smartwatch market is subject to rapidly changing consumer demands and
preferences. The changing consumer buying pattern may affect vendor performance in the
market. It may also be affected by consumer preference, global and regional economic
conditions, and various other demographic trends. Changing economic conditions are
affecting end-user living standards, which can also affect vendors' businesses. The market is
fragmented due to the presence of several international and domestic vendors. Vendors
compete based on several factors, such as quality, price, service, brand image, distribution, and
marketing. Moreover, several vendors are focusing on acquiring smaller brands to increase their
market presence. Thus, the competitive scenario is expected to drive the growth of the global
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11.2 Vendor landscape
To assess the supply side and the demand side challenges faced by vendors in the market, the
interplay of inputs for vendors with the differentiated product and service outputs as presented
to the customer are analyzed. The most important inputs for vendors in the global smartwatch
market are research and development, capex, technology, and brand. The next input in order
of importance is labor. The most important factors of differentiation in 2022 were price, quality,
and innovation.
Exhibit 114: Overview on Criticality of inputs and Factors of differentiation
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11.3 Landscape disruption
The potential for the disruption of the market landscape was moderate in 2022, and its threat is
expected to remain unchanged by 2027.
While the disruption threats are strategic in nature, operational risks for suppliers have been
mapped based on their negative business impact and their probability of occurrence.
Exhibit 115: Overview on factors of disruption
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11.4 Industry risks
Exhibit 116: Impact of key risks on business
None of the identified risks have a high business impact.
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12 Vendor Analysis
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12.1 Vendors covered
Vendors are included in the report based on their offerings in the global smartwatch market.
They are identified based on their revenues, market dominance, geographical presence,
product portfolio, and financials. Twenty important vendors in the global smartwatch market
have been covered in this report. The contribution of the revenue from the global smartwatch
market to the overall business of a vendor is analyzed via the influence index. For all the twenty
vendors, the revenue from the global smartwatch market contributes to the overall revenue of
the vendor but is not a key component of the vendors' revenue and hence all vendors have
been classified as contributing on the influence index. Given that a majority of the vendors
covered are classified as contributing on the influence index, changes in the market dynamics
may not significantly impact the business prospects of vendors in the global smartwatch market.
Exhibit 117: Vendors covered
Company
Vendor names Structure revenue ($ Headquarters Influence index
million)
Apple Inc. Public 394,328.00 US Contributing
ASUSTeK
Public 19,161.55 Taiwan Contributing
Computer Inc.
BBK Electronics
Private 0-100 China Contributing
Corp Ltd
CASIO Computer
Public 2,138.00 Japan Contributing
Co. Ltd.
ENOX Production
Private 0-100 Germany Contributing
Services GmbH
Fossil Group Inc. Public 1,682.43 US Contributing
Garmin Ltd. Public 4,860.28 US Contributing
HK SMARTMV Ltd. Private 100-500 China Contributing
Huawei
Technologies Co. Private 99,887.00 China Contributing
Ltd.
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Company
Vendor names Structure revenue ($ Headquarters Influence index
million)
Imagine
Marketing Pvt. Private 0-100 India Contributing
Ltd.
Lenovo Group
Public 71,618.00 China Contributing
Ltd.
Nexxbase
Marketing Pvt. Private 0-100 India Contributing
Ltd.
Omate Inc. Private 0-100 China Contributing
Polar Electro Oy Private 500 Finland Contributing
Samsung South Korea

Electronics Co. Public 241,785.08 (Republic of Contributing
Ltd. Korea)
Tata Sons Pvt. Ltd. Private 128,000.00 India Contributing
Timex Group Private > 1,000 US Contributing
Zeblaze
Technology Co. Private 0-100 China Contributing
Ltd
Zebronics India
Private 100-500 India Contributing
Pvt. Ltd.
ZTE Corp. Public 18,025.60 China Contributing
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12.2 Market positioning of vendors
Exhibit 118: Matrix on vendor position and classification
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The market positioning of vendors has been arrived at considering both internal and external
analyses of the vendors covered in the report. As a part of the internal analysis, the offerings of a
vendor are analyzed. If a vendor is focused only on the global smartwatch market, then it is
classified as a pure-play vendor. On the other end of the spectrum, a vendor with interests in
multiple industries is classified as a diversified vendor. The external analysis is a qualitative
assessment of the ability of a vendor to impact the global smartwatch market by its actions.
Dominant vendors can impact the global smartwatch market significantly, while a weak vendor
has no ability to influence the market dynamics.
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12.3 Apple Inc.
Apple Inc. is a public company headquartered in US. It is a global company generating

$394,328 million in revenues and has around 164,000 employees. Its revenue from the global
smartwatch market contributes to its overall revenues along with its other offerings, but it is not a
key revenue stream for the company.
Exhibit 119: Apple Inc. - Overview
Exhibit 120: Apple Inc. - Business segments
Segment Name Description
This segment offers smartphones based on iOS

iPhone
operating system.
This segment offers multi-purpose tablets based

iPad
on iOS operating system.
This segment offers desktop and portable

Mac personal computers based on macOS
operating system.
This segment offers wearables, home and

Wearables, Home and Accessories accessories such as Apple TV and Apple
Watch.
This segment offers services such as digital

Services content and services, iCloud, AppleCare, and
Apple Pay.
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Exhibit 121: Apple Inc. - Key news
Year Key News
In January, the company announced that

Monica Lozano, president and CEO of College
2021
Futures Foundation, has been elected to
board of directors.
2022 In October, the iPadOS 16 was launched.
Exhibit 122: Apple Inc. - Key offerings
Key Offerings Description
The company offers smartwatch such as apple

Smartwatch
watch series 7 and apple watch SE.
Exhibit 123: Apple Inc. - Segment focus
Segment Focus
iPhone High
iPad Low
Mac Low
Wearables, Home and Accessories Low
Services Low
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12.4 ASUSTeK Computer Inc.
ASUSTeK Computer Inc. is a public company headquartered in Taiwan. It is a global company

generating $19,161.55 million in revenues and has around 15,477 employees. Its revenue from
the global smartwatch market contributes to its overall revenues along with its other offerings,
but it is not a key revenue stream for the company.
Exhibit 124: ASUSTeK Computer Inc. - Overview
Exhibit 125: ASUSTeK Computer Inc. - Product / Service
Through this segment, the company offers

One segment products such as phones, laptops and 2 in 1
PCs, motherboards and graphic cards.
Exhibit 126: ASUSTeK Computer Inc. - Key news
Year Key News
In August, the company has launched

Zenbook 17 Fold OLED at IFA 2022. it has a
2022
unique design that allows two configurations of
the OLED display in a single device.
In July, the company has introduced ASUS

2022 Chromebook CX1, an all-new lightweight and
sustainable laptop with trendy aesthetics and
designed to empower modern on the go
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Year Key News
lifestyles.
Exhibit 127: ASUSTeK Computer Inc. - Key offerings
The company offers smartwatch such as ASUS

Smartwatch
VivoWatch 5, and ASUS VivoWatch SP.
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12.5 BBK Electronics Corp Ltd
BBK Electronics Corp Ltd is a privately held company headquartered in China. It is a global
company generating $0-100 million in revenues, and with 101-500 employees. Its revenue from
Exhibit 128: BBK Electronics Corp Ltd - Overview
Exhibit 129: BBK Electronics Corp Ltd - Product / Service
Under this segment, the company offers

consumer electronics such as TV, kitchen
Unified appliances, home appliances, portable
equipment, phones, audio equipment and
other accessories.
Exhibit 130: BBK Electronics Corp Ltd - Key offerings
The company offers smartwatch under the

Smartwatch
brand, One Plus.
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12.6 CASIO Computer Co. Ltd.
CASIO Computer Co. Ltd. is a public company headquartered in Japan. It is a global company
generating $2,138 million in revenues and has around 10,404 employees. Its revenue from the
global smartwatch market contributes to its overall revenues along with its other offerings, but it
is not a key revenue stream for the company.
Exhibit 131: CASIO Computer Co. Ltd. - Overview
Exhibit 132: CASIO Computer Co. Ltd. - Business segments

various watches, clocks, electronic
Consumer dictionaries, electronic calculators, label
printers, electronic musical instruments, digital
cameras, etc.

handheld terminals, electronic cash registers,
System Equipment
management support systems, data
projectors, etc.

Others
formed parts, molds, etc.
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Exhibit 133: CASIO Computer Co. Ltd. - Key offerings
The company offers smartwatch such as G

Smartwatch
shock move and G squad pro.
Exhibit 134: CASIO Computer Co. Ltd. - Segment focus
Segment Focus
Consumer High
System Equipment Low
Others Low
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12.7 ENOX Production Services GmbH
ENOX Production Services GmbH is a privately held company headquartered in Germany. It is a

global company generating $0-100 million in revenues, and with 0-50 employees. Its revenue
from the global smartwatch market contributes to its overall revenues along with its other
offerings, but it is not a key revenue stream for the company.
Exhibit 135: ENOX Production Services GmbH - Overview
Exhibit 136: ENOX Production Services GmbH - Product / Service

One segment
television, watches and modern mobility.
Exhibit 137: ENOX Production Services GmbH - Key offerings
The company offers smartwatch such as

Smartwatch
HSB20XX and SWP22.
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12.8 Fossil Group Inc.
Fossil Group Inc. is a public company headquartered in US. It is a global company generating
$1,682.43 million in revenues and has around 6,900 employees. Its revenue from the global
Exhibit 138: Fossil Group Inc. - Overview
Exhibit 139: Fossil Group Inc. - Business segments
The company offers traditional watches and

Watches
smart watches.
The company offers handbags, small leather

Leathers
goods, and belts.
Jewelry The company offers sunglasses and jewelry.
Other The company offers other accessories.
Exhibit 140: Fossil Group Inc. - Key offerings
The company offers smartwatch through Misfit

Smartwatch
vapor and Armani brands.
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Exhibit 141: Fossil Group Inc. - Segment focus
Segment Focus
Watches High
Leathers Medium
Jewelry Medium
Other Low
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12.9 Garmin Ltd.
Garmin Ltd. is a public company headquartered in US. It is a global company generating

Exhibit 142: Garmin Ltd. - Overview
Exhibit 143: Garmin Ltd. - Business segments

products such as running and multi-sport
Fitness watches, cycling products, activity tracking
and smartwatch devices and fitness and
cycling accessories.

products such as adventure watches, outdoor
Outdoor
handhelds, golf devices and dog tracking and
training devices.

solutions to aircraft manufacturers, existing
Aviation
aircraft owners and operators, as well as
government or defense customers.
Auto and Auto OEM This segment focuses on designing and

developing products for use in the auto
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market.
This segment manufactures recreational

marine electronics and offers a broad range of
Marine products such as chart plotters and multi-
function displays, fish finders, sounders, auto
pilot systems.
Exhibit 144: Garmin Ltd. - Key offerings
The company offers smartwatch such as venu,

Smartwatch
forerunner and epix.
Exhibit 145: Garmin Ltd. - Segment focus
Segment Focus
Fitness High
Outdoor High
Aviation Medium
Auto and Auto OEM Low
Marine Low
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12.10 HK SMARTMV Ltd.
HK SMARTMV Ltd. is a privately held company headquartered in China. It is a global company

generating $100-500 million in revenues, and with 501-1000 employees. Its revenue from the
Exhibit 146: HK SMARTMV Ltd. - Overview
Exhibit 147: HK SMARTMV Ltd. - Product / Service
The company offers TicWatch Sport, TicWatch

C2, TicWatch S2, TicWatch E2, TicWatch Pro,
Wearable
TicWatch Express, TicWatch Sport, and
TicWatch Pro 2020.
The company offers TicPods Free and TicPods

Audio
2.
The company offers TicWatch Pro Hybrid

Leather Strap, Leather, TicWatch S Magnetic
Charging Cable, TicWatch Pro Charging Dock,
Accessory
TicWatch C2 Charging Dock, TicWatch S2
Charging Dock, TicWatch Pro Silicone Straps,
and TicWatch C2 Rose Gold Silicone Straps.
The company offers TicWatch Pro, TicWatch

Refurbished
Express, and TicWatch Sport.
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Smart Life The company offers Cololight.
Exhibit 148: HK SMARTMV Ltd. - Key offerings

Smartwatch
ticwatch pro 3 ultra and ticwatch E3.
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12.11 Huawei Technologies Co. Ltd.
Huawei Technologies Co. Ltd. is a privately held company headquartered in China. It is a global
company generating $99,887 million in revenues and has around 195,000 employees. Its revenue
from the global smartwatch market contributes to its overall revenues along with its other
offerings, but it is not a key revenue stream for the company.
Exhibit 149: Huawei Technologies Co. Ltd. - Overview
Exhibit 150: Huawei Technologies Co. Ltd. - Business segments
Through this segment, the company offers a

series of products, services and business
solutions encompassing wireless network, fixed
Carrier Business network, cloud core network, carrier software,
IT infrastructure, network energy, professional
services, and network rollout services for global
telecom carriers.
Through this segment, the company engages

in building digital infrastructure platform by
Enterprise Business using new ICT technologies such as cloud
computing, software defined networking, big
data and Internet of Things.

Consumer Business smartphones, tablets, wearable devices, and
converged home devices.
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Exhibit 151: Huawei Technologies Co. Ltd. - Key news
Year Key News
In October, the company released wireless

2022 intelligent solutions based on intelligent RAN,
for wireless autonomous networks.
In October, the company launched all band

2022
5G solution series.
Exhibit 152: Huawei Technologies Co. Ltd. - Key offerings

Smartwatch
HUAWEI WATCH GT.
Exhibit 153: Huawei Technologies Co. Ltd. - Segment focus
Segment Focus
Carrier Business Medium
Enterprise Business Low
Consumer Business High
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12.12 Lenovo Group Ltd.
Lenovo Group Ltd. is a public company headquartered in China. It is a global company

Exhibit 154: Lenovo Group Ltd. - Overview
Exhibit 155: Lenovo Group Ltd. - Business segments
Through this segment, the company offers PC,

Intelligent Devices Group
tablet, smartphone, and another smart device.

Infrastructure Solutions Group
smart infrastructure solutions.

Solutions and Services Group
smart verticals and services.
Exhibit 156: Lenovo Group Ltd. - Key offerings

Smartwatch
lenovo S8 smart watch.
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Exhibit 157: Lenovo Group Ltd. - Segment focus
Segment Focus
Intelligent Devices Group High
Infrastructure Solutions Group Low
Solutions and Services Group Low
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12.13 Nexxbase Marketing Pvt. Ltd.
Nexxbase Marketing Pvt. Ltd. is a privately held company headquartered in India. It is a country
company generating $0-100 million in revenues, and with 51-100 employees. Its revenue from
Exhibit 158: Nexxbase Marketing Pvt. Ltd. - Overview
Exhibit 159: Nexxbase Marketing Pvt. Ltd. - Product / Service

smart watches, wireless earbuds, bluetooth
Unified
earphones, headphones, use cases, and
speakers.
Exhibit 160: Nexxbase Marketing Pvt. Ltd. - Key offerings

Smartwatch ColorFit Icon 2 Vista, NoiseFit Evolve 3, and
ColorFit Icon 2.
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12.14 Omate Inc.
Omate Inc. is a privately held company headquartered in China. It is a regional company

generating $0-100 million in revenues, and with 0-50 employees. Its revenue from the global
Exhibit 161: Omate Inc. - Overview
Exhibit 162: Omate Inc. - Product / Service
This segment focuses on designing and

One segment
manufacturing smart IoT and wearables.
Exhibit 163: Omate Inc. - Key offerings
The company offers smartwatch such as O6L

Smartwatch
Pro Black, and O6L Pro Purple.
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12.15 Polar Electro Oy
Polar Electro Oy is a privately held company headquartered in Finland. It is a global company

generating $500 - 1,000 million in revenues, and with over 1,000 employees. Its revenue from the
Exhibit 164: Polar Electro Oy - Overview
Exhibit 165: Polar Electro Oy - Product / Service

monitors for running, fitness, and cross-training
One segment
as well as GPS-enable cycling computers and
sports watches for endurance training.
Exhibit 166: Polar Electro Oy - Key offerings
The company offers smartwatch such as Polar

Smartwatch Ignite 3, Polar Pacer Pro, and Polar Vantage
V2.
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12.16 Tata Sons Pvt. Ltd.
Tata Sons Pvt. Ltd. is a privately held company headquartered in India. It is a global company
Exhibit 167: Tata Sons Pvt. Ltd. - Overview
Exhibit 168: Tata Sons Pvt. Ltd. - Business segments
Under this segment, the company comprises of

Investment
investment activity.
Under this segment, the company includes

Information technology and consultancy activity relating to information technology,
engineering and consultancy services.

Insurance
general insurance business.

Financial services services relating to financing, asset
management, and others.

Telecommunication telecommunication services, telecom
infrastructure, and internet services.
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activities relating to oil and gas exploration,
Others realty and infrastructure, business process
outsourcing, defense and homeland security,
and others.
Exhibit 169: Tata Sons Pvt. Ltd. - Key offerings
The company offers smartwatch under the

Smartwatch
brand, Fastrack.
Exhibit 170: Tata Sons Pvt. Ltd. - Segment focus
Segment Focus
Investment Low
Information technology and consultancy High
Insurance Low
Financial services Low
Telecommunication Low
Others Medium
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12.17 ZTE Corp.
ZTE Corp. is a public company headquartered in China. It is a global company generating

Exhibit 171: ZTE Corp. - Overview
Exhibit 172: ZTE Corp. - Business segments

wireless access, wireline access, bearer
Carriers' networks networks, core networks, telecommunication
software systems and services and other
innovative technologies and product solutions.

informatization solutions for the government
Government and corporate business and corporations through the application of
products such as communications networks,
IOT, big data and cloud computing.

development, production and sales of
Consumer business products such as smart phones, mobile data
terminals, home information terminals and
innovative fusion terminals, as well as the
provision of related software application and
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value added services.
Exhibit 173: ZTE Corp. - Key news
Year Key News
In July, the company launched new

2021 generation under display camera smartphone,
the ZTE Axon 30 in China.
In April, the company announced the

recognition for becoming the first passive
2022
optical network unit in the industry to pass the
easymesh R3 certification of the Wi Fi Alliance.
Exhibit 174: ZTE Corp. - Key offerings
The company offers smartwatch such as ZTE

Smartwatch
Watch Live.
Exhibit 175: ZTE Corp. - Segment focus
Segment Focus
Carriers' networks High
Government and corporate business Low
Consumer business Medium
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13 Appendix
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13.1 Scope of the report
13.1.1 Market definition

A smartwatch is a computerized watch that includes numerous functionalities, such as making
calls and messaging, health monitoring by tracking activities, such as steps undertaken in a day,
calories burnt, and heart rate monitoring. Based on type, smartwatches can be categorized into
standalone and integrated. Smartwatches have integrated operating systems (OS), such as
watch OS, Tizen, and Wear OS.
13.1.2 Objectives
• To provide actionable intelligence alongside the market size of various segments
• To detail the major factors influencing the market (drivers, opportunities, industry-
specific challenges, and other critical issues)
• To determine the geographic breakdown of the market in terms of detailed analysis

and impact
• To analyze business dimensions with an eye on individual growth trends and the
contribution of upcoming market segments
• To track the competitive landscape of the market
13.1.3 Notes and caveats

• Market size has been derived based on supply
• Market forecast does not take inflation into consideration
• Selling price has been considered for market analysis. Selling price refers to the price at
which manufacturers or service providers sell their products or services
• For readability, all figures have been rounded off (as necessary). Therefore, the numbers
presented throughout this report may not add up precisely to the totals provided
• The revenues of vendors mentioned in this report have been obtained from the latest
available annual reports
• Vendors have been identified based on their revenue, market visibility, geographic
reach, and market developments.
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13.2 Inclusions and exclusions checklist
Exhibit 176: Inclusions checklist
Inclusion
Sales
Cumulative demand
Exhibit 177: Exclusions checklist
Exclusion
Online sales
Channel of distribution
Off trade
On trade
Price point
Unit shipments
New installations
Installation services
Aftermarket
Production volume
Retrofit
Service revenue
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Exclusion
Warranty services
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13.3 Currency conversion rates for US$
The currency conversion rates used in this report are given in the table below.
Exhibit 178: Currency conversion rates for US$
Currency Symbol 2020 2021 2022
Australian Dollar AUD 0.7720 0.7512 0.6950
British Pound GBP 1.3649 1.3759 1.2369
Canadian Dollar CAD 0.7849 0.7979 0.7689
Chinese Yuan CNY 0.1530 0.1551 0.1488
Danish Kroner DKK 0.1649 0.159 0.1416
Euro EUR 1.2271 1.1827 1.0537
Japanese Yen JPY 0.0097 0.0091 0.0077
Korean Won KRW 0.0009 0.0009 0.0008
Swiss Franc CHF 1.1360 1.094 1.0481
UAE Dirham AED 0.2723 0.2723 0.2723
Hong Kong Dollar HKD 0.1290 0.1286 0.1277
Indian Rupee INR 0.0137 0.0135 0.0127
Taiwan Dollar TWD 0.0356 0.0358 0.0336
South Africa Rand ZAR 0.0681 0.0677 0.0614
Swedish krona SEK 0.1223 0.1166 0.0992
Singapore Dollar SGD 0.7566 0.7442 0.7256
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Currency Symbol 2020 2021 2022
Norwegian Krone NOK 0.1172 0.1164 0.1044
Kuwaiti Dinar KWD 3.2886 3.3140 3.2644
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13.4 Research methodology
Exhibit 179: Research methodology
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Exhibit 180: Validation techniques employed for market sizing
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Exhibit 181: Information sources
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13.5 List of abbreviations
The abbreviations used in this report are listed in the table below.
Exhibit 182: List of abbreviations
Abbreviations Expansion
API Application programming interface
CEDA Continuous electrodermal activity
DRAM Dynamic random-access memory
EMMC Embedded Multi Media Controller
eSIM Embedded subscriber identification module
GDP Gross domestic product
ICs Integrated circuits
M and A Mergers and Acquisitions
MEMS Microelectromechanical systems
ODMs Original design manufacturers
OEMs Original equipment manufacturers
OS Operating system
PCB Printed circuit board
R and D Research and development
RAM Random access memory
RC Remote control
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Abbreviations Expansion
SOC System on a chip
UI User Interface
WAP Wireless application protocol
WiFi Wireless fidelity
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Global Smartwatch Market 2023-2027

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Global Smartwatch Market 2023-2027

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LEGAL STATEMENT

The Information contained within the Service is either licensed from

Except as otherwise permitted in the agreement (if any) between

1 Executive Summary ........................................................................... 12

2 Market Landscape ............................................................................ 20

3 Market Sizing ....................................................................................... 26

4 Historic Market Size............................................................................. 35

5 Five Forces Analysis ............................................................................ 41

6 Market Segmentation by Type ......................................................... 53

7 Market Segmentation by OS ............................................................ 65

8 Customer Landscape ........................................................................ 83

10 Drivers, Challenges, and Trends .................................................... 119

11 Vendor Landscape ........................................................................ 127

12 Vendor Analysis .............................................................................. 132

13 Appendix ........................................................................................ 162

Exhibit 01: Executive Summary – Chart on Market Overview

Exhibit 02: Executive Summary – Data Table on Market Overview

2022 2023 2024 2025 2026 2027

Exhibit 08: Executive Summary – Data Table on Incremental Growth

Market size ($ million) 31,484.87 62,870.76

Exhibit 10: Parent market

• Premiumization: Manufacturers of consumer electronics have been focusing on

• Rising number of dual-income households: The rising number of dual-income

• Rise of e-commerce: E-commerce enables access to a wide range of brands and

• Criticality of inventory management and product sourcing: Managing inventory is

The global consumer electronics market comprises the following segments:

The market characteristics have been analyzed considering:

• Lifecycle stage of the market – innovation vs. growth vs. maturity

• Structure of the market – fragmentation vs. concentration

• Market behavior of the participants to capture organic growth (innovation) vs.

A smartwatch is a computerized watch that includes numerous functionalities, such as making

Exhibit 12: Offerings of vendors included in the market definition

Products/Services included in the market

Apple Inc. Smartwatch

ASUSTeK Computer Inc. Smartwatch

CASIO Computer Co. Ltd. Smartwatch

ENOX Production Services GmbH Smartwatch

Fossil Group Inc. Smartwatch

Garmin Ltd. Smartwatch

HK SMARTMV Ltd. Smartwatch

Huawei Technologies Co. Ltd. Smartwatch

Lenovo Group Ltd. Smartwatch

Nexxbase Marketing Pvt. Ltd. Smartwatch

Exhibit 13: Market segments

Segment name Description

North America, APAC, Europe, South America,

Type Integrated and Standalone

Android wear, Apple watch OS, Fitbit OS, and

• Currency: Unless explicitly mentioned, all revenues are represented in US dollars.

• Segmental extrapolation: Validated the market based on extrapolation of the size of

• Primary research: Validation of Technavio estimates with inputs from industry

• Revenue generated by the consumer electronics companies manufacturing

• Revenue generated by retailers offering smartwatch

• Employment (labor force participation)

• Population at different income-level

• Per capita income

• Commodity price fluctuation

Year 2022 2023 2024 2025 2026 2027

Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Estimating growth rates for emerging and high-growth markets

• The growth in the underlying population adopting smartwatches

• Impact of demographic changes

• Change in product mix