Market Size of APAC Smart Watch Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 51.62 Billion |
Market Size (2029) | USD 126.79 Billion |
CAGR (2024 - 2029) | 19.69 % |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
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APAC Smart Watch Market Analysis
The APAC Smart Watch Market size is estimated at USD 51.62 billion in 2024, and is expected to reach USD 126.79 billion by 2029, growing at a CAGR of 19.69% during the forecast period (2024-2029).
The growing consumer electronics industry, coupled with a rapid rise of smartwatch market vendors across the region's emerging economies, is contributing to the growth of the studied market.
- An increasing tech-savvy population, a growing pool of chronic diseases, such as obesity and diabetes, and rising awareness and lifestyle shift toward a healthy and fit lifestyle are driving the market growth.
- Based on the World Health Organization report, more than 135 million individuals in India are affected by obesity in India as per the Indian Journal of Community Medicine. The prevalence of obesity in India varies from rural to urban and state-wise. Urban populations and states with high socioeconomic status were found to be having higher obesity prevalence. While in China, more than 500 million are affected by obesity because of the country's rapid economic growth in recent decades, leading to significant changes in lifestyle, diet, and exercise habits. Due to this, most people are adopting fitness trackers and smartwatches to monitor health and fitness levels.
- The ongoing investment in the research department by the major vendors across the region is contributing to innovation in recent years, which is instrumental, thereby driving the demand for the smartwatch market to augment public safety measures by the department of police and other public safety organizations.
- The region's economy is weaker than other regions, such as Europe and North America. Consumers would consider investing in smartwatches as a huge initial cost, with the costs being higher with the components integrated with these watches, like various sensors, chips, etc., being expensive and thereby increasing the overall cost of the product.
- Since the outbreak of COVID-19, the electronics industry has been hit severely with a significant influence on its supply chain and production facilities. The production came to stand still in China and Taiwan during February and March, which influenced various OEMs across the globe. However, on the positive side, the demand for wearable devices is expected to rise due to their adoption to detect the signs of the virus.
- In the previous year, IIT Madras incubated startup, Muse Wearables, developed a wrist-based tracker with skin temperature, heart rate, and SpO2 (blood oxygen saturation) sensing, which could continuously track these body vitals remotely that would help in early diagnosis of COVID-19 symptoms.
APAC Smart Watch Industry Segmentation
A smartwatch is a wearable electronic device with computed capabilities for specific functions and closely resembles a wristwatch. Smartwatches provide a local touchscreen interface for daily use, while a connected smartphone app enables management and telemetry, such as long-term biomonitoring. Owing to the type of application it is used for, and in addition to displaying the time, many smartwatches have wireless communication capabilities that a user can use from the watches interface to initiate and answer phone calls, read emails and messages, receive weather reports updates, dictate emails or text messages, or use it as a personal digital assistant.
Asia-Pacific smartwatches market is segmented by operating systems (watch OS, android/wear OS, other operating systems), display type (AMOLED, PMOLED, TFT LCD), application (personal assistance, medical, sports, other applications), and country (China, Japan, India, South Korea, rest of Asia-Pacific).
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
By Operating Systems | |
Watch OS | |
Android/Wear OS | |
Other Operating Systems |
By Display Type | |
AMOLED | |
PMOLED | |
TFT LCD |
By Application | |
Personal Assistance | |
Medical | |
Sports | |
Other Applications |
By Country | |
China | |
Japan | |
India | |
South Korea | |
Rest of Asia-Pacific |
APAC Smart Watch Market Size Summary
The Asia Pacific smartwatch market is experiencing significant growth, driven by the expanding consumer electronics sector and the emergence of numerous smartwatch vendors in the region's developing economies. This growth is further fueled by an increasingly tech-savvy population, a rising incidence of chronic diseases such as obesity and diabetes, and a shift towards healthier lifestyles. The demand for smartwatches is also bolstered by ongoing innovations and investments in research by major vendors, which are enhancing the functionality of these devices to include features that support public safety and health monitoring. Despite the region's economic challenges compared to Europe and North America, the market is poised for expansion as smartwatches become more integrated with digital payment solutions and health tracking capabilities.
The market landscape is dominated by major players like Apple Inc., Samsung Electronics Co. Ltd, and Huawei Technologies Co. Ltd, who are focusing on expanding their global presence through strategic collaborations and product innovations. These companies are not only enhancing their product offerings with advanced health monitoring features but are also tapping into new markets to increase their share. The introduction of smartwatches with capabilities to monitor blood sugar, blood pressure, and other health metrics is indicative of the technological advancements driving the market. Additionally, the rise of local manufacturers in countries like India is contributing to the market's growth, as they offer competitive alternatives to established brands. The market's concentration due to high initial investments is being challenged by mid-size and smaller companies that are securing new contracts and exploring untapped markets, further diversifying the competitive landscape.
APAC Smart Watch Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Technological Advancements in the Wearables Market
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1.2.2 Increase in Health Awareness among the Consumer
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1.3 Market Restraints
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1.3.1 Growing Complexity of Wearable Devices and Limited Use of Features, Augmented With Security Risks
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1.4 Industry Value Chain Analysis
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1.5 Industry Attractiveness - Porter's Five Forces Analysis
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1.5.1 Bargaining Power of Suppliers
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1.5.2 Bargaining Power of Buyers
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1.5.3 Threat of New Entrants
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Operating Systems
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2.1.1 Watch OS
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2.1.2 Android/Wear OS
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2.1.3 Other Operating Systems
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2.2 By Display Type
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2.2.1 AMOLED
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2.2.2 PMOLED
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2.2.3 TFT LCD
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2.3 By Application
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2.3.1 Personal Assistance
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2.3.2 Medical
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2.3.3 Sports
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2.3.4 Other Applications
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2.4 By Country
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2.4.1 China
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2.4.2 Japan
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2.4.3 India
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2.4.4 South Korea
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2.4.5 Rest of Asia-Pacific
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APAC Smart Watch Market Size FAQs
How big is the APAC Smart Watch Market?
The APAC Smart Watch Market size is expected to reach USD 51.62 billion in 2024 and grow at a CAGR of 19.69% to reach USD 126.79 billion by 2029.
What is the current APAC Smart Watch Market size?
In 2024, the APAC Smart Watch Market size is expected to reach USD 51.62 billion.