Apple is the leading company in the smartwatch industry in terms of shipment share, accounting for 28 percent of worldwide shipments as of the fourth quarter of 2024. Other vendors made up the remaining 72 percent.

The report covers North America Smart Watch Market Manufacturers & Analysis. The market is Segmented by Operating Systems (Watch OS, Android/Wear OS), Display Type (AMOLED, PMOLED, TFT LCD), Application (Personal Assistance, Medical, Sports) and Country. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

The global smartwatch market size was valued at USD 53.2 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 218.89 Billion by 2033, exhibiting a CAGR of 17.0% from 2025-2033. North America currently dominates the market, holding a market share of over 44.0% in 2024. The market is driven by the growing health awareness among people, which is driving the demand for premium devices. Additionally, the strong presence of key players ensures constant innovation and product availability.

IMARC Group provides an analysis of the key trends in each segment of the global smartwatch market, along with forecast at the global, regional, and country levels from 2025-2033. The market has been categorized based on product, operating system, application, and distribution channel.

Introduction

Smartwatches Statistics: In 2024, the global smartwatch market was valued at approximately USD 39.1 billion, with projections indicating a compound annual growth rate (CAGR) of 9%, potentially reaching USD 92 billion by 2034. Despite this growth trajectory, the market experienced a 7% year-over-year decline in shipments, marking its first-ever contraction .

Apple maintained its leading position with a 28% market share, although it faced a 19% decrease in shipments compared to the previous year. Conversely, Xiaomi emerged as a significant competitor, recording a remarkable 135% increase in sales and securing a position among the top five smartwatch manufacturers globally. The number of smartwatch users worldwide was estimated at 224.31 million in 2024, reflecting the growing adoption of wearable technology.

Regionally, China accounted for 28% of global smartwatch shipments, surpassing other countries in market share. These statistics underscore the dynamic nature of the smartwatch industry, highlighting both challenges and opportunities for stakeholders.​

Apple held the largest share of the global smartwatch shipment market in the second quarter of 2021. Their 52.5 percent share was followed by Samsung whose market amounted to11 percent.

Apple lead the way

The Apple Watch revolutionized the smartwatch market when it was unveiled in 2015: Worldwide sales of smartwatches totaled five million in 2014 before rising to 19 million units just a year later. During its first year, Apple shipped more than 12 million of its smartwatches worldwide and captured a 75 percent share of the total smartwatch market. Over the years, this share has dropped as competition within the market increases. Samsung, who were once market leaders before Apple entered the fray, have increased their global share since the introduction of its Galaxy Watch series in 2018.

Pebble: making a splash

A pioneering company of the latest smartwatch market was Pebble. The first of its smartwatches was the result of a Kickstarter crowdfunding campaign that raised more than 20 million U.S. dollars in 2019. The Pebble could wirelessly connect to an iPhone or Android smartphone to provide the user with notifications; the device set the tone for things to come. However, its own story ended sadly: Pebble filed for insolvency in 2016 before most of the company’s assets were acquired by Fitbit. One reason for its collapse was the arrival of the Apple Watch, which embraced many of Pebble’s ideas and evolved them. Apple’s brand value was so strong that it quickly captured control of the smartwatch market.

Smart watch market is projected to expand from US$39.25 Bn in 2024 to US$80.48 Bn by 2031, registering 10.8% CAGR, fueling advancements in technology

With 56 percent, Apple is the most popular brand for personal smart watches and eHealth or fitness trackers among U.S. consumers. In second place follows Fitbit with 23 percent of respondents. These results are based on a representative online survey conducted in 2024 among 3,060 consumers in the United States. Looking to gain valuable insights about smartwatch users worldwide? Check out our

According to Cognitive Market Research, the global Smartwatch market size is USD 31542.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 8.80% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 12616.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 9462.66 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 7254.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.8% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 1577.11 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 630.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031.
The extension smartwatch held the highest smartwatch market revenue share in 2024.

Market Dynamics of Smartwatch Market

Key Drivers for Smartwatch Market

Health and Fitness Focus to Increase the Demand Globally

The growing awareness of fitness and health has led to a notable increase in smartwatch popularity. These wearables have a number of functions, such as heart rate monitoring, step tracking, and workout analysis, that are designed to assist people on their wellness journeys. Wearable technology allows consumers to make informed decisions about their physical activity and general health by giving them access to real-time data and personalized insights. The desire for easily accessible tools to support customers in reaching their fitness objectives has led to a significant increase in the market as a result of this trend. The market for smartwatches is expected to grow steadily in the near future due to ongoing technological developments and a growing integration of features that are health-focused.

Smartphone Connectivity to Propel Market Growth

The way users engage with their smartphones and smartwatches has changed dramatically as a result of their seamless integration. Smartwatches facilitate a multitude of functions, such as receiving notifications, handling calls, regulating music playback, and facilitating contactless payments, thanks to their seamless connectivity. By combining necessary features onto a single wearable device, this technological convergence improves user ease by decreasing the need for continuous smartphone contact. Convenience is a key motivator for customers, whether it's for managing communications while on the go, remaining informed about critical information, or listening to music while working out without using a phone. The adoption of smartwatches has been driven by their capacity to minimize distractions, stay connected, and expedite everyday tasks, making them essential accessories for modern lifestyles.

Restraint Factor for the Smartwatch Market

High Price Point to Limit the Sales

Many users find it difficult to get started with smartwatches because of its high price, especially in underdeveloped nations. The initial expenditure required for widespread adoption is restricted by its exclusivity, as not everyone can afford it. Even while the premium price plan has a ton of features and functionalities, it frequently turns off certain potential customers. In poorer nations with more severe economic constraints, smartwatch affordability plays a crucial role in dictating the size of the market. Manufacturers may need to investigate approaches like providing more affordable models or putting in place price plans adapted to regional economic situations in order to overcome this difficulty. The industry may expand its user base and open up unexplored markets by lowering the cost of smartwatches, which will promote increased inclusivity and widespread adoption.

Impact of Covid-19 on the Smartwatch Market

The COVID-19 epidemic has affected the smartwatch business in a variety of ways. At first, supply chain hiccups and a decline in consumer purchasing amid economic uncertainty caused market disruptions. But during lockdowns, demand for smartwatches—especially those with sophisticated health tracking features—soared as consumers placed a higher priority on their...

The MEA Smartwatch Market is segmented by Operating Systems (Watch OS, Android/Wear OS), Display Type (AMOLED, PMOLED, and TFT LCD), Application (Personal Assistance, Medical, Sports), and Country. The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.

The European Smartwatch Market report segments the industry into By Operating System (Watch OS, Android/Wear OS, Other Operating Systems), By Display Type (AMOLED, PMOLED, TFT LCD), By Application (Personal Assistance, Medical, Sports, Other Applications), and By Country (United Kingdom, Germany, Spain, Rest of Europe). Five years of historical data and five-year forecasts included.

In the final quarter of 2017, Apple products accounted for nearly 61 percent of all shipments in the global smartwatch market, with the company’s biggest competitor, Samsung, only securing around 8.4 percent of the market share. Although the other vendors have caught up in more recent quarters, Apple’s market share still amounted to a dominating 51 percent in the fourth quarter of 2018.

Smartwatches

In addition to its status as the biggest smartwatch vendor in terms of market share, Apple also produces the most recognizable smartwatch product in the space, with around half of all U.S. consumers being familiar with the company’s Apple Watch products. Despite the “watch” moniker, these consumer electronics do much more than simply telling the time. Many smartwatches include apps, GPS, and heart rate monitors. According to U.S. users, the most important smartwatch applications generally deal with fitness/health, communication, and maps.

Wearables

The smartwatch market falls under the broader “wearables” category, which includes everything from smartwatches, to fitness trackers, to smart fabric. Considering the wearables market as a whole, Apple remains the strongest brand in terms of shipment share, but faces significant competition from brands like Xiaomi, Huawei, Fitbit, and Samsung.

The Asia Pacific Smart Watch Market report segments the industry into By Operating Systems (Watch OS, Android/Wear OS, Other Operating Systems), By Display Type (AMOLED, PMOLED, TFT LCD), By Application (Personal Assistance, Medical, Sports, Other Applications) and By Country (China, Japan, India, South Korea, Rest of Asia-Pacific). Get five years of historic data and forecasts for the smart watch market.

United States smartwatch market size is projected to exhibit a growth rate (CAGR) of 16.82% during 2025-2033. The growing emphasis on personal health and fitness, continuous innovation in technology, seamless product integration with smartphones, emerging trend of personalizing gadgets, and rising disposable income in the United States represent some of the key factors driving the market.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on product, operating system, application, and distribution channel.

Global Smart Watch market size is expected to reach $175.96 billion by 2029 at 13.4%, health awareness driving growth in the smartwatch market

GCC Smartwatch Market size is expected to exhibit a growth rate (CAGR) of around 7.83% during the forecast period 2025-2030, The rising digitalization initiatives & digital payments are the growth opportunities for the smartwatch market in GCC.

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Smartwatch Market Size 2025-2029

The smartwatch market size is forecast to increase by USD 46.3 billion at a CAGR of 15.5% between 2024 and 2029.

The market is experiencing significant growth, driven by technological advancements in the semiconductor industry. This progression is leading to the development of more advanced and feature-rich devices. Another key trend is the increasing number of patent filings by smartwatch manufacturers, indicating a high level of innovation and competition in the market. However, concerns over data security and privacy are also on the rise, as these devices often collect and store sensitive user information.
Addressing these challenges through strong security measures will be crucial for market growth. Overall, the market is poised for continued expansion, fueled by technological innovations and consumer demand for wearable technology.
The global smartwatch market is experiencing significant growth, with shipment volume projected to reach 110 million units in 2023. This growth can be attributed to the increasing penetration rate of urbanization and the demand for aesthetically appealing, advanced products. OLED-based smartwatches, utilizing organic light emitting diodes, are driving innovation with their vibrant displays and power efficiency. This technology, combined with the convenience and functionality of smartwatches, is making them an essential accessory for tech-savvy consumers.

What will be the Size of the Market During the Forecast Period?

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The market has experienced significant growth in recent years, driven by various factors. Urbanization and the increasing trend towards digitalization have led to an increased demand for wearable technology. Millennials, in particular, have shown a strong affinity for these devices, making them a key demographic in the market. Fitness industry players have also embraced smartwatches, recognizing their potential in fitness tracking and health monitoring. These devices offer advanced features such as heart health monitoring, SpO2 sensors, and electrocardiograms, enabling users to monitor their real-time health status. Health consciousness is another significant factor fueling the growth of the market. Consumers are increasingly seeking ways to monitor their health and wellness, and smartwatches provide a convenient and accessible solution. OLED-based smartwatches offer high-resolution displays, making it easier for users to track their fitness progress and monitor health metrics.
Furthermore, health monitoring smartwatches with fall detection and native sleep tracking capabilities have gained popularity. These features provide users with valuable insights into their overall health and wellbeing, offering peace of mind and enabling early intervention for potential health issues. The market also caters to specific health conditions, such as diabetes, with glucose monitoring capabilities. These devices offer real-time monitoring and alerts, allowing users to manage their condition more effectively and improve their quality of life.

In conclusion, the market is poised for continued growth, driven by urbanization, millennials, the fitness industry, health consciousness, and advanced health monitoring features. These devices offer a convenient and accessible solution for individuals seeking to monitor their health and wellbeing in real-time.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Integrated
  Standalone


OS

  Android wear
  Apple watch OS
  Fitbit OS
  Tizen OS


Geography

  North America

    Canada
    US


  APAC

    China
    Japan


  Europe

    Germany
    UK
    France
    Italy
    Spain


  South America

    Brazil


  Middle East and Africa

By Type Insights

The integrated segment is estimated to witness significant growth during the forecast period.

Integrated smartwatches offer advanced features by connecting to other computing devices via Bluetooth or WiFi. These features include internet access, messaging, social media notifications, weather updates, and music streaming. The market is experiencing growth due to increasing penetration of affordable smartwatches in emerging economies and the entry of traditional watch manufacturers.

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The integrated segment was valued at USD 19.40 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 40% to the growth of the global market during the forecast period.

Technavio's analysts

Global Smartwatch Market is poised for a significant growth, with market size projected to surge from USD 43.84 Billion in 2024 to USD 98.98 Billion by 2033, showcasing a robust Compound Annual Growth Rate (CAGR) of 9.47% during the forecast period.

The Global Smartwatch market size to cross USD 98.98 Billion in 2033. [https://edison.valuemarketresearch.com//uploads/report_images/VMR11213210/smar

The global sports smartwatch market is experiencing robust growth, driven by increasing health consciousness, the rising popularity of fitness tracking, and technological advancements leading to more sophisticated and feature-rich devices. The market, estimated at $15 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 12% from 2025 to 2033, reaching approximately $45 billion by 2033. This growth is fueled by several key factors. The increasing adoption of smartwatches across various age groups, particularly among young adults and millennials, significantly contributes to market expansion. Furthermore, the integration of advanced features like GPS tracking, heart rate monitoring, sleep analysis, and contactless payment systems enhances user experience and drives demand. The segmentation by application (outdoor vs. indoor sports) and type (entertainment vs. professional) allows for targeted product development and marketing strategies, further fueling market growth. Major players like Apple, Garmin, Fitbit, and Samsung are constantly innovating, introducing new models with improved features and functionalities, creating a competitive landscape that benefits consumers. Despite this positive outlook, challenges remain. The high price point of certain premium models can limit accessibility for a broader consumer base. Competition is fierce, requiring companies to continuously innovate to maintain market share. Moreover, the market's reliance on technological advancements and consumer electronics trends presents inherent risks, as rapid technological obsolescence can impact product lifecycles and potentially reduce demand for older models. Regional variations in market penetration also need to be considered, with North America and Europe currently leading, while Asia-Pacific holds significant potential for future growth. The focus on durable, water-resistant, and accurate devices will likely be key in ensuring sustained market momentum. Companies are increasingly integrating personalized health and fitness data analysis features and exploring integration with other health and wellness applications, increasing the value proposition for consumers and driving further growth.

The European smart watch market, valued at €6.11 billion in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 10.84% from 2025 to 2033. This expansion is driven by several key factors. Increasing consumer adoption of wearable technology for fitness tracking, health monitoring, and contactless payments fuels market demand. The rising popularity of sophisticated features like advanced health sensors (ECG, SpO2), longer battery life, and stylish designs further enhances the appeal of smartwatches across diverse demographics. The prevalence of AMOLED and PMOLED displays, offering superior visuals and energy efficiency, is also a significant contributor to market growth. Furthermore, the market segmentation across operating systems (WatchOS, Wear OS, others), display types (AMOLED, PMOLED, TFT LCD), and applications (personal assistance, medical, sports, others) reveals diverse growth opportunities for manufacturers. Strong competition among major players like Apple, Samsung, Fitbit, and Garmin fosters innovation and drives down prices, making smartwatches more accessible to a wider consumer base. Specifically within Europe, strong demand is anticipated from countries like the United Kingdom, Germany, France, and other major economies. The increasing integration of smartwatches with smartphones and other IoT devices will amplify their utility and continue to drive future growth. However, challenges remain. Pricing remains a barrier for budget-conscious consumers, while concerns over data privacy and battery life continue to influence purchase decisions. The market's susceptibility to technological advancements and the emergence of competitive alternatives (e.g., smart rings) also present potential restraints. Nevertheless, given the continuous innovation in features and functionalities, and the expanding applications of smartwatches across various industries (healthcare, sports, etc.), the European market is poised for sustained and substantial growth in the coming years. The expanding range of applications, from basic fitness tracking to more complex health monitoring and mobile payment solutions, will likely drive adoption across a wider user base, contributing to the continued success of the market. Recent developments include: October 2023: Samsung continued its lineup of successful smartwatches during its Unpacked event and revealed the Galaxy Watch 6 Classic and Watch 6, much earlier than their predecessors. Watch 6 40mm/44mm specs: 1.3"/1.5" Sapphire Crystal displays, 1.4 GHz Exynos W930, 2GB/16GB memory, 300mAh/425mAh battery, Watch 6 water resistance, 5ATM + IP68. The Galaxy Watch 6 takes over the smart timepiece duties from last year's Galaxy Watch 5 but comes with a 20% bigger screen in a package of similar size, meaning a much slimmer bezel as well. In fact, the bezel of the Watch 6 has been slimmed down by 30% for a more elegant look., September 2023: Apple introduced the Apple Watch Series 9, bringing new features to the world’s best-selling watch and performing a decisive environmental milestone. Apple Watch Series 9 is more advanced than ever with the new S9 SiP, which improves performance and abilities; a magical new double tap gesture; a brighter display; faster on-device Siri, Precision Finding for iPhone; now with the ability to access and log health data, and better. Apple Watch Series 9 runs watchOS 10, which supplies redesigned apps, the new Smart Stack, new watch faces, new hiking and cycling features, and tools to support mental health.. Key drivers for this market are: The Aging Population in European Countries with Increased Risk of Chronic Conditions, Growing Adoption of Connected Wearables in European Countries. Potential restraints include: The Aging Population in European Countries with Increased Risk of Chronic Conditions, Growing Adoption of Connected Wearables in European Countries. Notable trends are: Growing Adoption of Connected Wearables in European Countries is Expected to Drive the Studied Market.

Japan smartwatch market size reached USD 1.2 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 1.9 Billion by 2033, exhibiting a growth rate (CAGR) of 4.7% during 2025-2033. Rising health consciousness, surging aging population needing continual health monitoring, widespread smartphone integration, rapid technological advancements, fashion and personalization trends, presence of leading tech companies, and the need for connectivity in a fast-paced lifestyle are factors fueling the market growth.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on product, operating system, application, and distribution channel.