The total value of the global smartwatch market was USD 33,431.2 million in 2022, and it will rise at a growth rate of above 9.5% shortly, reaching USD 69,282.5 million by 2030, according to P&S Intelligence.
This development can be credited to the growing urbanization rate and the growing demand for progressive items with several features, such as sleep quality monitoring, pulse rate tracking, and step counting. Additionally, the rising millennial populace is extensively spending on wearables due to its improving lifestyle.
The extension category is leading the industry, with a market share, of approximately 60%, credited to the launch of next-generation variants that can be utilized as an extension to smart mobiles and other alike devices.
Also, further innovative applications, including connectivity, health tracking, and alerts, which are well-suited with extension smartwatches, have captured customer interest in the past few years. This reason is projected to further surge the sales of such gadgets, mainly among the middle- and upper-middle classes, in the coming few years.
North America, being a major target continent for key players, including Samsung and Apple, contributes higher revenue in comparison to other regions. Brand loyalty and the bigger customer status in North America have largely supported businesses in cashing in on the customer interest in these consumer electronics. Hence, the growing urbanization rate and the growing demand for progressive items with several features, such as sleep quality monitoring, pulse rate tracking, and step counting, such factors are propelling the smartwatch market.