Smartwatches have become increasingly popular in recent years, with consumers seeking wearable technology to help them stay connected and track their fitness goals. A new forecast suggests that this trend will continue, with smartwatch shipments worldwide predicted to grow significantly over the next decade. In 2016, there were 37 million units shipped globally, but by 2025 this number is expected to rise to over 253 million.
Several factors are driving the growth of smartwatches. Firstly, technological advances mean these devices are becoming more functional and user-friendly. They now offer a range of features, including GPS tracking, heart rate monitoring, and voice control. They are also more aesthetically pleasing than just a few years ago, with many models now resembling traditional watches rather than technological gadgets. Some, like the Economist, even say that wearable sensors like in a smartwatch will disrupt the medical sector in the coming years.
An Overview of the Smartwatch Shipments from 2016 to 2025
Smartwatches sales have risen recently, with shipments reaching 37 million units worldwide in 2016. With an increasing demand for wearable technology and a growing market of health-conscious consumers, the smartwatch industry has seen significant growth year over year. In 2017, smartwatch shipments reached 51 million units globally, followed by an increase to 74 million in 2018.
The forecast for global smartwatch shipments continues to climb as we move into the new decade. In 2019, shipments were projected to reach a staggering 97 million units worldwide, and in 2020, reaching 115 million units worldwide. This growth is attributed to several factors, such as technological advancements, including longer battery life and improved user interfaces, which have made them more appealing than ever before.
In 2021, smartwatch shipments worldwide reached a staggering 142 million units. This forecasted number is set to increase drastically in the next five years, both driven by private label designs and unique OEM electronics production (mostly in China).
According to industry experts, smartwatch shipments will reach 173 million units in 2022, a significant increase from previous years. The growth rate continues in the current year as more consumers look for wearable devices that can seamlessly integrate into their daily lives. By 2023, forecasts predict that global shipments will reach an impressive 202 million units. They also predict that the unit shipment is expected to reach 228 million in 2024 and 253 million in 2025.
Smartwatches function as stand-alone devices or when paired with smartphones, providing connectivity to the Internet, launching mobile apps, making calls, chatting, reviewing text messages and watching videos, checking caller ID, monitoring fitness and health, providing location-based data, and surfing the Web.
Based on research into its smartwatch market, Apple is rumored to have sold 31 million Apple Watches in 2019. The shipments of Apple smartwatches have increased by 36 percent since 2018.
Smartwatch companies are seeking to improve existing technologies by investing in R&D. Enormous companies like Samsung, Pebble, Maritime, and Sony are placing heavy emphasis on investments in design for manufacturing as a principal method to increase their market shares.
Component market segments such as the need for wireless fitness and sports tools, gadget enhancements in health awareness, and advances in smartwatch manufacturing are anticipated to be among the factors driving smartwatch volume growth.
What Company Grows the Smartwatch Market the Most?
The introduction of the Apple Watch in April 2015 revolutionized the smartwatch market. The watch’s sleek design, advanced features, and compatibility with other iOS devices have made it an instant hit among consumers. Despite its high price point, the Apple Watch sold over 30 million units in 2019 alone, making it the leading smartwatch vendor in sales volume. Thanks to Apple, the luxury segment of smart wachstes is booming.
One reason for Apple Watch’s success is its ability to integrate with other popular iOS products such as iPhones and iPads. This integration allows users to access all their favorite apps and features from their wrists without pulling out their phone or tablet. Additionally, the watch includes health and fitness tracking features that appeal to a wide range of consumers looking to improve their overall wellness.
China is Now (Still?) The Biggest Smart Watch Market
The smartwatch market has been experiencing a significant shift in recent years, with smaller players gaining ground and challenging the dominance of big tech giants. This trend is driven by the rise of innovative features and designs and the rapid expansion of the Chinese market offering lower-priced smartwatches. As a result, China is expected to become the biggest smartwatch market globally.
One key reason for this growth is that Chinese consumers increasingly embrace wearable technology daily. The convenience of having access to calls, messages, and other apps on their wrists has driven demand for smartwatches. Additionally, leading Chinese brands such as Huawei, Xiaomi, and Oppo have invested heavily in the research and development process to produce high-quality products at affordable prices.
Thanks to lower prices, some people claim that India has caught up now and is in fact the largest smartwatch market now – not China. Since it overtook China as the country with the largest population last year, this wouldn’t be too surprising.
Moreover, COVID-19 has accelerated this trend as consumers have shifted towards online shopping due to social distancing measures.
Wrapping Up
I hope you will enjoy this blog and quickly get essential facts about the unit shipments of smartwatches worldwide from 2016 to 2025. We will also discuss the biggest smartwatch market and the reasons behind the growth of the market over the years.
