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  • Writer's pictureRahul

Smart Watch Market Size and Trends

Updated: Jan 6, 2023

The global smartwatch market was valued at the volume of 68.59 million units in 2020, and it is expected to reach 230.30 million units by 2026, registering a CAGR of 21.98% during the forecast period (2021-2026).

European Wearable Device Forecast By products

In the second quarter of 2021, the Wearable market in Europe grew 28.5% compared to the same period of 2020, according to the latest International Data Corporation (IDC ) Worldwide Quarterly Wearable Device Tracker. 21.2 million units were shipped to the region between April and June.

Basic wearable grew 21.2% YoY, including earwear and smart glasses, while smart wearable grew 39.7% YoY, which mainly includes smartwatches only.

In Central and Eastern Europe, the wearable market grew a promising 40.6% YoY overall, clearly showing signs of recovery from last year. With more promotional campaigns and channel expansions, basic wearable grew 38.4% YoY while smart wearable grew 60.3% YoY.

Top 5 European Wearable Vendors

Watches accounted for 29.8% of the market, reaching 6.3 million units, a growth of 54.0% YoY, with Apple taking the lion's share of this product, surpassing all other smartwatch makers with the rapid growth of 131.0% YoY due to reduced prices in Watch Series 3, increased demands from Watch SE and upgrades from Series 4 and 5 to Series 6. Meanwhile, Huawei became the top 1 in basic watch shipments with 74.3% YoY growth due to its popularity in Germany and Poland. Garmin ranked third with Vivoactive collections securing sales demands.

Smartwatch usage By Gender

According to a survey by Pew Research, Smartwatch users are more likely to be Women than Men. According to the survey 25% of the Women and 18% of the men surveyed used Smart watches or fitness trackers.

Smart Watch Usage by Age, Education, Income and Area of Living

Around three in ten Americans living in households earning $75,000 or more a year (31%) say they wear a smartwatch or fitness tracker on a regular basis, compared with 12% of those whose annual household income falls below $30,000. Differences by education follow a similar pattern, with college graduates adopting these devices at higher rates than those who have a high school education or less.

Smartwatch Functions people use the most

Smartwatch owners primarily use their devices for notifications/texts and as activity trackers, with 54% and 45%, respectively, doing so on a daily basis. That’s according to the latest data released by NPD’s Connected Intelligence, which also reports the growing use of smartwatches to control various media.

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