Smartwatch Market to Exhibit a CAGR of 15.34% over 2024 to 2032; AcwOLifestyle Private Limited Introduced the ACwO FwIT Play Smartwatch to Gain Strong Market Footing

The global smartwatch market size stood at USD 29.31 billion in 2023. The market value is slated to rise from USD 33.58 billion in 2024 to USD 105.20 billion by 2032 at a CAGR of 15.34% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Smartwatch Market Size, Share & Industry Analysis, By Operating System (iOS, Android, and Others), By End-User (Male and Female), By Application (Running, Checking Notifications, Swimming, Cycling, and Others), and Regional Forecast, 2024-2032”.

Smartwatches are increasingly being adopted by tech enthusiasts, athletes, and other users due to their advanced features such as fitness tracking. The rising launch of innovative products by industry players is anticipated to drive product sales, bolstering industry growth over the forthcoming years.

The COVID-19 pandemic recorded the enforcement of social distancing norms and lockdown restrictions, which affected product sales via retail stores. Nevertheless, the increased health consciousness bolstered the demand for wearables with health monitoring attributes.   

Noise Launched its NoiseFit Halo 2 That Features an Immersive 1.46inch AMOLED Display

Noise, an Indian smart wearable brand, launched the NoiseFit Halo 2 smartwatch in September 2024. This new smartwatch features various customizable transition options, including Edge Flip, Axis Flip, Arc Rotation, Center Axis Flip, and Zoom. It comes with a 1.46inch AMOLED display which gives an immersive viewing experience to the user.

Product Adoption to Rise with High Consumer Purchasing Power in Developed Economies

The developed economies depict a high consumer expenditure on smart wearable devices owing to their high per capita incomes. In December 2021, Luxembourg, Ireland, and Switzerland recorded a GDP per capita of USD 115,683, USD 102,496, and USD 71,033 respectively, according to data furnished by Trading Economics. The high purchasing power in developed economies is slated to spur smartwatch market growth.

However, the demand for traditional wristwatches owing to their battery life and classic look may hamper market expansion.

Major Companies Develop and Introduce Advanced Wearables to Gain Strong Market Footing

Industry participants focus on the development and launch of advanced products. This is due to growing health consciousness among consumers, which boosts product demand. Such initiatives are being adopted by market players to secure an edge over their business rivals.  

Key Players Profiled in the Report

• Apple Inc. (U.S.)


• The Samsung Group (South Korea)


• Garmin Ltd. (U.S.)


• Fitbit LLC (U.S.)


• Huawei Technologies (China)


• Fossil Group, Inc. (U.S.)


• Polar Electro (Finland)


• ASUSTek Computer Inc. (Taiwan)


• LG Electronics (South Korea)


• Xiaomi Inc. (China)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/smartwatch-market-106625

Key Industry Development

• May 2024 – AcwOLifestyle Private Limited rolled out the ACwO FwIT Play smartwatch for women. The solution is equipped with numerous features, including a 1.75-inch display, Bluetooth calling, and SOS features.

Further Report Findings

•  In 2023, North America market size hit a valuation of USD 11.33 billion. The regional smartwatch market share records a dominant position in the global market, powered by high consumer spending in the region.


• The product demand is anticipated to surge in the Asia Pacific region due to the mounting disposable income in developing countries. The region also depicts an increased production of affordable smart wearables, which elevates product consumption among the middle and lower income groups.  


• On the basis of operating systems, the market is segregated into iOS, android, and others. The iOS segment is slated to record a key share in the global market and is poised to expand on account of soaring technological advancements in these operating systems.


• Based on end-user, the market for smartwatches is subdivided into male and female. The male segment captures a prominent market share driven by high spending on smartwatches compared to the female population.


• By application, the market is fragmented into running, swimming, cycling, checking notifications, and others. The running segment is anticipated to depict a major share given that it is a popular exercise and offers several health benefits.

Table of Segmentation