North America Smart Watch Market Outlook 2031
The North America smart watch market size was USD 34.09 Billion in 2022 and is projected to reach USD 135.91 Billion by 2031 expand at a considerable CAGR 16.61% during the forecast period, 2023–2031. The growth of the market is attributed to growing awareness about personal health & fitness and large scale penetration of smart devices.
A smart watch is a wearable computer device that provides a local touch screen interface for daily use along with smartphone applications that are required for management and long-term biomonitoring. The early models could perform basic tasks, such as calculations, digital time telling, translations, and game-playing. On the other hand, the recent models offer more general functionality closer to smartphones.
The smart watches have mobile applications, mobile operating system, and external connectivity. The highly advanced models are integrated with digital cameras, accelerometers, thermometers, pedometers, heart rate monitors, barometers, altimeters, compasses, GPS receivers, tiny speakers, and microSD cards. The powerful software associated with watch operating system includes digital maps, schedulers, and personal organizers.
The smart watch is capable of communicating with external devices such as sensors and wireless headsets. Additionally, the smart watch is able to collect, store, and control information from internal or external sensors. The smart watch can support wireless technologies such as Bluetooth, Wi-Fi, and GPS. With growing demand for smart devices, the smart watches are advancing with greater battery life, storage capacity, design, and health-related applications including measuring heart rate, oxygen level, body temperature, and calories burnt.
The COVID-19 pandemic had dramatically affected almost every industry. The nationwide lockdowns and stringent regulations resulted into labor shortages, supply chain disruptions, and work stoppages. Therefore, the significant slowdown of economy had directly affected the market growth in the year 2020.
North America Smart Watch Market Trends, Drivers, Restraints and Opportunities
- Rising data dependency among the users, increasing demand for wireless devices, growing sports activities, and surge in health awareness are the major factors anticipated to drive the market growth during the forecast period.
- Increasing technological advancement for introducing innovative features, such as smart tracking, sensors, alerts, and robust connectivity in smart watch models, is expected to boost the market expansion during the projected period.
- Growing consumer interest for multi-functional device that offers better user interface and long-lasting battery life is anticipated to spur the market growth in the coming years.
- High initial investments, technological hurdles, and device complexities are some of the factors expected to hamper the market growth during the forecast period.
- Growing research & development and increasing technological innovations are expected to create numerous opportunities for the market growth during the forecast period.
Scope of The North America Smart Watch Market Report
The report on the North America smart watch market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Smart Watch Market - North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type of Operating Systems (Android/Wear OS, Watch OS, and Others), Display Types (AMOLED, TFT LCD, and PMOLED), and Applications (Medical, Sports, Personal Assistance, and Others)
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Geographical Scope
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The US, Canada, Mexico, and Rest of North America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Fossil Group Inc.; Apple Inc.; Fitbit Inc.; Samsung Electronics Co. Ltd.; and Garmin Ltd
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North America Smart Watch Market Segment Insights
Watch OS segment is projected to expand at a considerable CAGR
Based on type of operating systems, the market is segregated into android/wear OS, watch OS, and others. The watch OS segment is projected to expand at a considerable CAGR during the forecast period owing to the smart functions offered by watch operating system, such as capturing high quality pictures, listening music, watching videos, and access to social media.
Moreover, the abiding battery life and powerful processor of watch operating system are expected to propel the market segment growth. On the other hand, the android/wear OS segment is anticipated to hold a considerable market share in coming years owing to increasing popularity of android operating system among young generation for write apps that enable users to stay connected, accomplish tasks, and express themselves on social media.
AMOLED segment is expected to grow at a rapid pace
On the basis of display types, the market is segmented into AMOLED, TFT LCD, and PMOLED. The AMOLED segment is expected to grow at a rapid pace during the projected period due the increasing demand for unprecedented clearness in details for a fitness and lifestyle.
Moreover, the astounding color contrast ratio provided by the super AMOLED displays to adapt various lighting environments automatically, which helps to experience great picture quality even in changing lightning conditions, is anticipated to fuel the expansion of the market segment. Additionally, the growing popularity of AMOLED screen display owing to its multiple functionalities such as integrated touch function, wide range of colors, incredible degree of color clarity, and greater resolution is expected to boost the growth of the market segment in the coming years.
However, the TFT LCD segment is anticipated to exhibit a substantial growth during the forecast period owing to the rising demand for sharp visibility, excellent physical design, fast & accurate response time, and space efficient design. Furthermore, the increasing use of TFT LCD displays in smart devices due to its minimal energy consumption and minimizes eye strain is expected to encourage the growth of the market segment during the forecast period.
Personal assistance segment is anticipated to constitute a major market share
Based on applications, the market is divided into medical, sports, personal assistance, and others. The personal assistance segment is anticipated to constitute a major market share during the forecast period owing to the rising prevalence of cardiovascular disease and consequent increasing demand for smart watches and fitness trackers.
Furthermore, the one-time investment in smart watch for self-monitoring of heart rate, oxygen level, and body temperature offers lesser clinical visits for regular health checkups is one of the major reasons to fuel the growth of the market segment in the coming years.
On the other hand, the sports segment is anticipated to exhibit a substantial growth during the projected period owing to the rising demand among young generation for steps measurements, speed calculation, and calories burnt during workouts and sports activities. Moreover, the high demand for access to objective information such as biofeedback provided by smart watches for sport trainings is projected to boost the market growth in the upcoming years.
The US market is anticipated to constitute a key market share
In terms of geography, the market is classified as the US, Canada, Mexico, and Rest of North America. The US market is anticipated to constitute a key share of the market during the projected period owing to the huge capital investment in research & development activities from innovative smart watch brands.
Moreover, rapid pace integration of IoT technology and high demand for better connectivity are the major reasons to propel the expansion of the market in the coming years. However, the market in Canada is anticipated to exhibit a robust CAGR during the forecast period due to growing demand for wireless communication capabilities in smart watches to initiate phone calls, read messages, receive weather updates, and personal digital assistant.
In addition to this, increasing disposable income and demand for smart wearables among young generation in the country are expected to spur the market expansion during the projected timeline.
Segments
The North America smart watch market has been segmented on the basis of
Type of Operating Systems
- Android/Wear OS
- Watch OS
- Others
Display Types
Applications
- Medical
- Sports
- Personal Assistance
- Others
Geography
- The US
- Canada
- Mexico
- Rest of North America
Key Players
Competitive Landscape
Key players competing in the North America smart watch market are Fossil Group Inc.; Apple Inc.; Fitbit Inc.; Samsung Electronics Co. Ltd.; and Garmin Ltd. Companies are focusing on leveraging strategic collaborative initiatives to increase their profitability and market share.
In September 2020, Apple Inc. launched the Apple Watch SE and Apple Watch Series 6. The company added a new feature that measures the oxygen saturation of the user’s blood and understands overall fitness & wellness. The series also offered the latest motion sensors and microphone with robust safety capabilities including Emergency SOS, international emergency calling, fall detection, and noise application.
In August 2020, Fitbit Inc. launched the most advanced health smart watch, the Fitbit Sense. The watch is embedded with innovative sensors, software technology, ultra long battery life, and an electro-dermal activity (EDA) sensor. The EDA sensor helped the user to manage stress along with advanced heart rate tracking sensors, and skin temperature monitoring sensor.
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