GITNUX MARKETDATA REPORT 2024

Must-Know Smartwatch Industry Statistics [Current Data]

Highlights: The Most Important Smartwatch Industry Statistics

  • The global smartwatch market size was valued at USD 20.64 billion in 2019.
  • It is estimated that the smartwatch market size will expand at a compound annual growth rate (CAGR) of 19.5% from 2020 to 2027.
  • Approximately 21% of US adults own a smartwatch.
  • Revenue in the smartwatch segment is projected to reach US$10,223m in 2021.
  • The worldwide market for Smartwatch is expected to grow at a CAGR of roughly 16.2% over the next five years, will reach 31000 million US$ in 2026.
  • Apple led the wearables market with a 36.2% market share during the first quarter of 2021, courtesy of its popular Apple Watch.
  • As of 2020, Apple had shipped nearly 34 million smartwatches worldwide.
  • According to a recent survey, the desire to track physical activity is the most common reason consumers wear a smartwatch.
  • The average revenue per user (ARPU) in the Smartwatches segment is projected to amount to US$43.77 in 2021.
  • The market is expected to hit US$14,758m in 2022.
  • In terms of device shipments, estimations suggest that some 230 million units will be shipped in 2022.
  • 17.3% of the global smartwatch shipments belong to Xiaomi, making it the second largest brand after Apple.
  • India recorded the highest annual growth (198.3%) in the smartwatch market in 2020.

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As technology continues to evolve at a rapid pace, with a gallop that shows no signs of slowing down, the advent and wide acceptance of smartwatches have carved their own distinctive niche in the consumer electronics market. The Smartwatch Industry, an avant-garde combination of fashion plus function, is growing exponentially, shaping our lifestyle utilities and communication methods.

This blog post will delve deep into the dynamic world of the Smartwatch Industry, providing you with up-to-date, authoritative statistics and giving a truly insightful glimpse into this rapidly expanding tech-paradise.

The Latest Smartwatch Industry Statistics Unveiled

The global smartwatch market size was valued at USD 20.64 billion in 2019.

To comprehend the significance of the smartwatch industry, consider the figure that in 2019, a total global valuation stood at USD 20.64 billion. Such a powerful number is not merely a bleak statistic. Rather, it manifests the incredible momentum of the smartwatch industry, indicating the vast consumer demand, the high rate of technology adoption worldwide, and the potential area for profit for both existing players and potential entrants in the smartwatch market.

Not to be ignored, these billions underscore the success of the tech companies involved and the willingness of the global consumers to invest in wearable technology. This number indeed sets the tone for what could be expected in the upcoming years.

It is estimated that the smartwatch market size will expand at a compound annual growth rate (CAGR) of 19.5% from 2020 to 2027.

Painting a picture of the vibrant and rapidly growing universe of smartwatches, this riveting statistic beams a spotlight onto the industry’s pulsating potential. It forecasts a promising future for the smartwatch market, hinting at the robust health of this tech-driven sector.

With a projected Compound Annual Growth Rate (CAGR) of 19.5% from 2020 to 2027, the landscape of wearable technology is set to be revolutionized, marking adventurous trails of innovation and advancement. This revelation unveils the immense business activity to look forward to and signifies urgent opportunities for aspiring players, investors, and innovators in the expanding cosmos of smartwatches.

Approximately 21% of US adults own a smartwatch.

When diving into the world of smartwatch industry statistics, this 21% figure of US adults owning a smartwatch offers a pulse-check. Like the heartbeat of a wrist-wrapped device, it indicates the health of the industry’s market saturation.

This number paints a vibrant picture of the current adoption rate, and serves as a signpost for potential growth. With nearly one-fifth of adults in America embracing this piece of wearable technology, the figure is a testament to the traction the smartwatch is gaining within one of the world’s most notable consumer markets.

Moreover, recognizing that approximately 79% of US adults are yet to join the smartwatch user domain, it opens a window of understanding to the vast untapped potential laying ahead for industry players.

Flash the figure of 21% to a marketer, and the eyes light up envisioning the remaining majority as potential customers. It is not just a cold figure, rather, an empirical fuel igniting strategies that could drive us to a future where smartwatches rule the wrists. Whether you’re an analyst, marketer, or smartwatch enthusiast, this intriguing 21% has a story to tell, a lesson to teach and a strategy to inspire.

Revenue in the smartwatch segment is projected to reach US$10,223m in 2021.

Anchoring this forecast of a robust revenue of US$10,223m in the smartwatch segment for 2021, it drops a clear reflection upon the surging popularity and demand of smartwatches in today’s tech-savvy world. The staggering figure captures not just the market’s dynamism but signifies the substantial financial possibilities for players in the smartwatch industry.

As more people adopt this wearable tech, it opens a gateway for companies to innovate and tap into this ever-expanding consumer base. Thus, for anyone following the smartwatch industry, this boldly underlines the segment’s potential to shape the technology and consumer trends of the immediate future. It’s a striking testament to the smartwatch industry’s soaring financial trajectory and serves as a vibrant reminder of the gains to be made in this tech-led marathon.

The worldwide market for Smartwatch is expected to grow at a CAGR of roughly 16.2% over the next five years, will reach 31000 million US$ in 2026.

This tantalizing projection of the smartwatch market, swelling to $31,000 million by 2026 with a CAGR of about 16.2%, undeniably illuminates the monumental growth and potential profitability poised in this burgeoning industry. In the realm of the smartwatch industry analysis, these figures not only signify the accelerated acceptance of smartwatches among consumers globally but also underline the prospective financial rewards for companies involved in their production, distribution, or related services.

Embarking on a deeper exploration, this anticipated surge corroborates the advanced technological shifts we are experiencing, with wearables, particularly smartwatches, becoming intrinsic to modern lifestyles. From fitness tracking to seamless connectivity with other smart devices, the versatile benefits that these devices offer explains the rocketing growth.

Highlighting the market’s expected value with such robust growth rate could rally investors and businesses to optimize their strategies, invest more in R&D, and hence be part of this lucrative trend. Similarly, it provides some food for thought for bloggers, tech enthusiasts, and market analysts to better understand the landscape, explore the underlying growth drivers, and forecast future trends in the smartwatch industry.

Apple led the wearables market with a 36.2% market share during the first quarter of 2021, courtesy of its popular Apple Watch.

Delving into the fascinating world of smartwatch industry statistics, it’s quite riveting to see that Apple has emerged as a formidable leader, boasting a market share of 36.2% in the first quarter of 2021. Thanks primarily to the ubiquitous Apple Watch, this intriguing figure underscores Apple’s supremacy in this intensely competitive domain. It significantly sets the tone for understanding potential market trends, consumer preferences, and the enduring influence of key corporate players within the industry.

Further, it serves as a benchmark for competitors, highlighting what they might be up against in their quest for market dominance, thus shaping the strategic landscape of the smartwatch industry. A numeral as weighty as this casts a revealing light on the whole playing field, essentially steering the narrative around the respective strengths, challenges, and strategic moves vital to industry success.

As of 2020, Apple had shipped nearly 34 million smartwatches worldwide.

The towering figure of nearly 34 million smartwatches shipped worldwide by Apple in 2020, is more than just a number. It serves as a testament of Apple’s dominance in the smartwatch arena. As we delve deeper into the statistics of the smartwatch industry, this staggering quantity underscores Apple’s market leadership, carving out a significant piece of the smartwatch market for itself.

Moreover, it offers insight into the prodigious customer preference and trust that gravitates towards Apple’s smartwatch offerings. With such a resounding endorsement from customers globally, this number undeniably paints a compelling picture of the current landscape of the smartwatch industry.

According to a recent survey, the desire to track physical activity is the most common reason consumers wear a smartwatch.

Navigating the labyrinth of smartwatch industry statistics, this gem of insight gleams – a recent survey reflects the topmost reason consumers don a smartwatch is to track physical activity. This isn’t simply a throw-away fact, it is the heart-shaped key that unlocks the potential dynamic strategies for smartwatch manufacturers, marketers, and developers alike. In the swirling whirl of technological advancement, standing still is synonymous with going backward.

This statistic assigns a clear direction to tilt the technological advancements and marketing messages towards – health and fitness- ultimately ensuring that the products resonate with consumer desires and stay relevant in a competitive market. Now isn’t this the secret ingredient in the recipe for business success? The upfront connection with consumer behavior and the appliance of the information can indeed unleash a new era for the smartwatch industry.

The average revenue per user (ARPU) in the Smartwatches segment is projected to amount to US$43.77 in 2021.

Woven into the engaging tapestry of Smartwatch Industry Statistics, one figure sparkles with particular significance: the projected average revenue per user (ARPU) for 2021, an impressive US$43.77. On this golden thread hinges the potential profitability and market vitality of the industry.

Not only does this detail inform investors about revenue prognosis, but it also offers valuable insight to competitors, hinting at the rising popularity and increasing market footprint of smartwatches. Besides, it sharpens the focus onto consumer behavior, allowing stakeholders to strategize and align their product offerings to the shifting winds of customer acquisition and retention. A worthy thread indeed, from the labyrinth of statistics, don’t you think?

The market is expected to hit US$14,758m in 2022.

Anticipating a vibrant leap, the smartwatch industry appears set to catapult to the striking figure of US$14,758m by 2022. This significant milestone underscores the escalating global appetite for smartwatches, which points to an impending boom for manufacturers and software developers. It serves as a compelling pulse check for investors, highlighting a growth trajectory that is hard to ignore.

The robust escalation further hints at an evolving consumer trend where smart technology meets wristwear – painting a broader picture of an age embracing digital innovation in every nook and cranny of their lives. Ultimately, this projection offers a peek into a future where smartwatches might just be as commonplace as smartphones.

In terms of device shipments, estimations suggest that some 230 million units will be shipped in 2022.

Projecting a shipment of approximately 230 million units in 2022 underscores the phenomenal growth and bullish sentiment in the smartwatch industry. It offers a snapshot of the burgeoning demand for smartwatches, indicating a robust market trajectory. Consumer preference for wearable tech, health monitoring features, and seamless connectivity are fueling this upward march.

This striking forecast holds significant ramifications for manufacturers, signaling the need for enhancing production capacity, and for businesses, reinventing market strategies. Additionally, this statistic serves as an indicator of the potential, profitability, and scalability of this sector to investors. Hence, it forms a critical centerpiece in the mosaic of smartwatch industry statistics.

17.3% of the global smartwatch shipments belong to Xiaomi, making it the second largest brand after Apple.

Highlighting the figure ‘17.3% of global smartwatch shipments belong to Xiaomi’, thus establishing it as the second largest brand after Apple, offers invaluable insight into the market dynamics in the smartwatch industry. This quantitative representation not only underscores Xiaomi’s significant growth and robust market standings, but also adds a layer of depth to our understanding of the competitive landscape.

It’s an eye-opener that Apple isn’t the sole dominator, with competitors such as Xiaomi catching up and contributing substantially to the global smartwatch supply chain. This figure, then, shades light on the shifting balance of power in the industry, as well as potential future trends.

India recorded the highest annual growth (198.3%) in the smartwatch market in 2020.

Highlighting the meteoric surge of 198.3% annual growth in India’s smartwatch market in 2020 paints an intriguing picture of the current industry dynamics. It sheds light upon India’s burgeoning enthusiasm for smart technology accessories, shifting consumer behavior, and its growing economic footprint in the global tech industry.

This exponential growth not only cements India’s position as a market ripe with potential for smartwatch manufacturers but also proffers valuable insights for stakeholders, strategists, and investors eyeing opportunities in high-growth, promising economies. Moreover, it underscores cultural adaptations to tech advancements, offering a compelling narrative for the blog’s exploration into the smartwatch industry statistics.

Conclusion

The smartwatch industry is an ever-expanding universe of technological innovation with impressive growth statistics. The rise in consumer demands, technological advances, and health-concerns are all key factors driving this surge. With a world becoming increasingly connected, smartwatches are not just gadgets, but they have evolved into a necessity providing a new level of convenience and functionality.

Looking at the trends and predictions, it’s safe to conclude that the smartwatch industry will continue to boom, and investments in this field are all set to yield robust returns. As technology advances, we can expect to see new players, cutting-edge models, and ultimately, more sophisticated smartwatches designed to simplify and enhance our everyday lives.

References

0. – https://www.www.statista.com

1. – https://www.www.businessofapps.com

2. – https://www.www.counterpointresearch.com

3. – https://www.www.fool.com

4. – https://www.www.marketwatch.com

5. – https://www.www.grandviewresearch.com

6. – https://www.www.idc.com

7. – https://www.www.npd.com

FAQs

What is the current size of the smartwatch industry?

As per reports in 2020, the global smartwatch market size was valued at USD 25.85 billion.

Who are the main players in the smartwatch industry?

The major players in the smartwatch industry include Apple, Samsung, Garmin, Fitbit, and Fossil.

What is the expected growth rate of the smartwatch industry?

The smartwatch market is expected to grow at a compound annual growth rate (CAGR) of 18.0% from 2021 to 2028.

What factors are driving the growth of the smartwatch market?

The major factors driving the market growth include increasing health awareness, technological advancements, and growing adoption of IoT and connected devices.

Which region dominates the global smartwatch market?

As of the latest reports, North America dominated the global smartwatch market, followed by Europe and Asia-Pacific.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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