Europe Smart Watches Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 6.11 Billion |
| Market Size (2029) | USD 10.23 Billion |
| CAGR (2024 - 2029) | 10.84 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Smart Watches Market Analysis
The Europe Smart Watches Market size is estimated at USD 6.11 billion in 2024, and is expected to reach USD 10.23 billion by 2029, growing at a CAGR of 10.84% during the forecast period (2024-2029).
- Smartwatch is becoming popular for providing hands-free control and access to data anywhere at any time. Apart from this, biometric functionality, GPS and mapping capability, and independent smartphone functionality are a few unique features of the smartwatch in line with the increasing disposable income of the people, which is expected to drive the market in European countries.
- With the growing number of connected cars in European countries, the number of features to be used via smart wearables is also increasing. According to Goldman Sachs, the project size of the global market for vehicle-to-everything (V to X) technologies is expected to reach USD 14,773 million by 2030.
- In addition, most of the automotive players are also teaming up with the smartwatch vendors in the market to utilize the user's health data and create a better driving experience. For instance, Garmin signed an integral collaboration with German automobile company Daimler AG to bring wearable technology into Mercedes-Benz vehicles as the outcome of their Fit & Healthy project.
- Also, the component suppliers, such as ARM Holding and Bosch, have been actively introducing processors and chipsets, among others, to cater to the customers' ever-increasing needs for multipurpose performance features across the fitness and wellness segment.
- For instance, South Australian smartwatch company Spacetalk signed a deal with its first European retailer in October last year. The company announced USD 4 million in revenue for the first quarter of the last financial year, driven by strong growth in the United Kingdom. Its Adventurer smartphone watch, aimed at children aged five to 12, is designed to help parents stay in touch with their kids without the complexities and potential pitfalls of mobile phones.
- Moreover, the inaugural European partnership with Elisa, Finland's telecommunications and digital services company, is expected to lead to more retailers coming on board in the coming months.
- Moreover, the COVID-19 pandemic encouraged many vendors to launch solutions to curb the spread of the virus with the help of smartwatches. For instance, the German authority launched a smartwatch app in partnership with health tech startup Thryve to help monitor the spread of COVID-19 and analyze whether measures to contain the novel coronavirus pandemic were working. The Corona-Datenspende (Corona Data Donation) app enabled the gathering of vital signs from volunteers wearing smartwatches or fitness trackers - including pulse, temperature, and sleep - to analyze whether they were symptomatic of the flu-like illness.
Europe Smart Watches Market Trends
Growing Adoption of Connected Wearables in European Countries is Expected to Drive the Studied Market
- The study conducted by Zebra Technologies shows that more than half of all manufacturing settings would be using wearable digital technology in just five years. Also, the study found that this year, 64 percent of the manufacturers it contacted expect to be 'fully connected' compared to just 43 percent today.
- In addition, 5G will be integral to the future of Europe's digital infrastructure. The ongoing deployment of 5G in European countries is expected to drive smartwatch sales because of better connectivity and speed.
- Private LTE and 5G networks can ensure guaranteed connectivity and privacy while supporting various applications and usage scenarios. Small-scale private LTE and 5G-ready networks are also beginning to be deployed in industrial IoT settings - where LTE and 5G can fulfill the stringent reliability, availability, and low latency requirements for connectivity.
- With the rise of 5G, a smartwatch may no longer need substantial physical storage to be built into them and can be used for additional sensors for advanced functionality. With faster connections, lower latency, and effective instantaneous transmissions, users could store all their apps and files on the cloud rather than requiring their smartphone or wearable device to include physical storage.
- Many vendors in the market are investing in IoT to increase the connectivity of their smartwatches to offer a better customer experience in the digitalized world. For instance, last year, Luxury smartwatch maker Withings released the ScanWatch Horizon, its latest hybrid smartwatch with various features and functionalities. The Withings ScanWatch Horizon is now on sale in Germany, the UK, and France,
United Kingdom is Expected to Hold Significant Market Share
- The World Health Organization anticipates that the global elderly population 60 or older will grow to 2 billion by 2050 (World Health Organization (WHO). Like many other countries, the UK's age structure is shifting toward older ages. By 2050, it is projected that one in four people in the UK will be aged 65 years and over.
- The aging population has increased risks for chronic conditions, falls, disabilities, and other adverse health outcomes. Adults and older people have adopted wearable smart devices to address some of the difficulties related to detecting and managing unfavorable health conditions.
- According to the Office for National Statistics (UK), the United Kingdom contains one of Europe's largest fitness markets, with a total revenue of about EUR 5.3 billion (USD 5.64 billion). Since 2012, there has been a consistent increase in the number of fitness facilities in the UK. According to the Sports Think Tank, the total UK membership has broken the 10 million mark, and the industry is worth more than GBP 5 billion (USD 6.16 billion).
- Moreover, as per the Population Reference Bureau this year, many European countries were among the countries with the highest percentage of the older population in the world. This allows the region to have a conducive environment for market growth.
- According to the Office for National Statistics (UK), the resident population forecast of elderly people in the United Kingdom from 2020 to 2050 is increasing gradually. This is expected to be an overall growth in the number of elderly people in the country. It is estimated that all age groups over the age of sixty are expected to increase in number, most substantially, those aged over 80 years.
Europe Smart Watches Industry Overview
The European smartwatch market is fragmented with the presence of significant players like TAG Heuer SA, Apple Inc., Fitbit Inc., Garmin Ltd, and Samsung Electronics Co. Ltd. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
- December 2023: Amazfit, a global smart wearables brand owned by Zepp Health, a health technology company, has unveiled four Special Edition colors of the Amazfit Balance. Along with names inspired by the harmony found in the natural world, these exclusive lifestyle smartwatches come in packaging made from 100% environmentally friendly materials, and USD 2 from every purchase will be donated by Zepp Health in support of urban forestry projects in Europe organized by One Tree Planted - a non-profit organization whose mission is to make it simple for anyone to help the environment by planting trees.
- November 2023: Garmin, the world’s most innovative and recognized marine electronics manufacturer, announced the Quatix 7 Pro – its next-gen high-performance smartwatch optimized for marine life. Purpose-built for life on the water and filled with wearable tech for everyday fitness, wellness, and convenience, it features a stunning 1.3” AMOLED display with a premium, scratch-resistant sapphire lens. Explore longer thanks to a battery life of up to 16 days in smartwatch mode1, and extend adventures after dark with a built-in LED flashlight with variable intensities and strobe modes.
Europe Smart Watches Market Leaders
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TAG Heuer S.A.
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Apple Inc.
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Fitbit Inc.
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Garmin Ltd
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Samsung Electronics Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Europe Smart Watches Market News
- October 2023: Samsung continued its lineup of successful smartwatches during its Unpacked event and revealed the Galaxy Watch 6 Classic and Watch 6, much earlier than their predecessors. Watch 6 40mm/44mm specs: 1.3"/1.5" Sapphire Crystal displays, 1.4 GHz Exynos W930, 2GB/16GB memory, 300mAh/425mAh battery, Watch 6 water resistance, 5ATM + IP68. The Galaxy Watch 6 takes over the smart timepiece duties from last year's Galaxy Watch 5 but comes with a 20% bigger screen in a package of similar size, meaning a much slimmer bezel as well. In fact, the bezel of the Watch 6 has been slimmed down by 30% for a more elegant look.
- September 2023: Apple introduced the Apple Watch Series 9, bringing new features to the world’s best-selling watch and performing a decisive environmental milestone. Apple Watch Series 9 is more advanced than ever with the new S9 SiP, which improves performance and abilities; a magical new double tap gesture; a brighter display; faster on-device Siri, Precision Finding for iPhone; now with the ability to access and log health data, and better. Apple Watch Series 9 runs watchOS 10, which supplies redesigned apps, the new Smart Stack, new watch faces, new hiking and cycling features, and tools to support mental health.
European Smartwatch Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Industry Value Chain Analysis
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4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Bargaining Power of Suppliers
- 4.3.2 Bargaining Power of Buyers
- 4.3.3 Threat of New Entrants
- 4.3.4 Intensity of Competitive Rivalry
- 4.3.5 Threat of Substitute Products
- 4.4 Impact of COVID-19 on the Market
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4.5 Market Drivers
- 4.5.1 The Aging Population in European Countries with Increased Risk of Chronic Conditions
- 4.5.2 Growing Adoption of Connected Wearables in European Countries
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4.6 Market Restraints
- 4.6.1 Growing Complexity of Wearable Devices and Limited Use of Features, Augmented With Security Risks
5. MARKET SEGMENTATION
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5.1 By Operating System
- 5.1.1 Watch OS
- 5.1.2 Android/Wear OS
- 5.1.3 Other Operating Systems
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5.2 By Display Type
- 5.2.1 AMOLED
- 5.2.2 PMOLED
- 5.2.3 TFT LCD
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5.3 By Application
- 5.3.1 Personal Assistance
- 5.3.2 Medical
- 5.3.3 Sports
- 5.3.4 Other Applications
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5.4 By Country
- 5.4.1 United Kingdom
- 5.4.2 Germany
- 5.4.3 Spain
- 5.4.4 Rest of Europe
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 TAG Heuer SA
- 6.1.2 Apple Inc.
- 6.1.3 Fitbit Inc.
- 6.1.4 Garmin Ltd
- 6.1.5 Samsung Electronics Co. Ltd
- 6.1.6 Polar Electro OY
- 6.1.7 Google LLC
- 6.1.8 Fossil Group Inc.
- 6.1.9 Huawei Technologies Co. Ltd
- 6.1.10 Sony Corporation
- 6.1.11 Xiaomi Corporation
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
Europe Smart Watches Industry Segmentation
A smartwatch is a wearable electronic device with computed capabilities for specific functions and closely resembles a wristwatch. 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 watch interface to initiate and answer phone calls, read emails and messages, receive weather report updates, dictate emails or text messages, or use it as a personal digital assistant.
The European Smartwatch Market is Segmented by Operating Systems (Watch OS, Android/Wear OS, and Other Operating Systems), Display Type (AMOLED, PMOLED, and TFT LCD), Application (Personal Assistance, Medical, Sports, and Other Applications), and Country (the United Kingdom, Germany, Spain, and Rest of Europe). The report offers the market size in value terms in USD for all the abovementioned segments.
| By Operating System | 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 | United Kingdom |
| Germany | |
| Spain | |
| Rest of Europe |
European Smartwatch Market Research FAQs
How big is the Europe Smart Watches Market?
The Europe Smart Watches Market size is expected to reach USD 6.11 billion in 2024 and grow at a CAGR of 10.84% to reach USD 10.23 billion by 2029.
What is the current Europe Smart Watches Market size?
In 2024, the Europe Smart Watches Market size is expected to reach USD 6.11 billion.
Who are the key players in Europe Smart Watches Market?
TAG Heuer S.A., Apple Inc., Fitbit Inc., Garmin Ltd and Samsung Electronics Co. Ltd are the major companies operating in the Europe Smart Watches Market.
What years does this Europe Smart Watches Market cover, and what was the market size in 2023?
In 2023, the Europe Smart Watches Market size was estimated at USD 5.45 billion. The report covers the Europe Smart Watches Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Europe Smart Watches Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
European Smartwatch Industry Report
Statistics for the 2024 European Smartwatch market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. European Smartwatch analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
