In this article, we will be taking a look at the 10 Biggest Smartwatch Companies in the World. You can also take a detailed look at the 5 Biggest Smartwatch Companies in the World.
The smartwatch industry has witnessed exponential growth and innovation in recent years, transforming from niche gadgets to must-have accessories for millions of users worldwide. As technology continues to advance, smartwatches have become more than just timekeeping devices; they now serve as fitness trackers, health monitors, communication hubs, and even fashion statements.
Smartwatch Industry: Key Trends
The smartwatch industry has experienced remarkable growth, fueled by technological advancements, changing consumer lifestyles, and increasing health awareness. According to market research firm IDC, global wearable-devices shipments reached 148.4 million units in Q3, 2023, marking a 2.6% year-over-year increase. This surge in demand can be attributed to several key trends shaping the industry. As per a survey by Deloitte, 87% of consumers of wearable devices use them primarily for health-related stuff like monitoring heart rate and sleep quality, among others.
The first being health and fitness focus; the idea of advanced health monitoring features in smartwatches has become a significant trend, driven by consumers’ increasing focus on health and fitness. According to a report by Markets and Markets, the global wearable healthcare market size was valued at $40.7 billion in 2023 and is projected to reach $69.2 billion by 2028. The CAGR would be 11.2% during this forecast period. Features such as heart rate monitoring, sleep tracking, activity tracking, and blood oxygen saturation measurement are becoming standard offerings in modern smartwatches.
Moreover, integration with ecosystems is something that users look for now. Smartwatch manufacturers are increasingly focusing on integrating their devices with broader ecosystems, such as smartphones, smart home devices, and fitness apps. This trend is driven by the growing demand for seamless connectivity and interoperability between devices. Companies like Apple Inc. (NASDAQ:AAPL), Samsung, and Garmin Ltd. (NYSE:GRMN) are leading the way in ecosystem integration, offering features such as notifications, voice assistants, music control, and mobile payments directly from the wrist. This trend is expected to continue as consumers seek more cohesive and interconnected experiences across their devices.
Another key trend observed is how the COVID-19 pandemic has accelerated the adoption of telehealth and remote monitoring solutions, leading to increased interest in smartwatches as healthcare tools. According to data from Global Market Insights, the global telemedicine market size was valued at $71.5 billion in 2022 and is projected to grow at a CAGR of 12.5% during 2023-2032. Smartwatches equipped with features like ECG monitoring, blood pressure monitoring, and remote patient monitoring capabilities are becoming essential tools for healthcare providers and patients alike.
Besides that, smartwatches are evolving beyond functional gadgets to fashion accessories that reflect users’ personal style and preferences. According to data from Counterpoint Research, smartwatches’ sales grew 24% year over year in 2021, highlighting their growing popularity among consumers. Brands are responding to this trend by offering a wide range of designs, materials, and customizable options to cater to diverse tastes.
Therefore, it is safe to say that smartwatches are evolving beyond basic timekeeping and fitness tracking, incorporating an array of features such as GPS navigation, cellular connectivity, NFC payments, onboard storage for music, and even advanced health monitoring capabilities like ECG and blood glucose monitoring.
A close-up of a person’s wrist wearing a smartwatch with its unique features.
Methodology
To shortlist the 10 Biggest Smartwatch Companies in the World, we consulted multiple sources like CounterPoint Research, Bank My Cell, and GadGet Advisor among others to gain information on the Smartwatch Market and to learn about the top 10 companies leading the market. We used GadGet Advisor’s database to determine brand rankings (as of Q3 of 2023) on the basis of the market share owned by each company in the market. For some companies that did not have the latest data available, we consulted their latest market share percentages that were available online. The list of the 10 Biggest Smartwatch Companies in the World has been ranked in ascending order, companies with the lowest market share to the highest.
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10. Fitbit
Market Share for Smartwatches in 2020 (Q3): 2.6%
Fitbit Inc. (FIT), founded in 2007, initially gained popularity for its fitness trackers and later expanded into the smartwatch market. Fitbit’s devices are designed to help users lead healthier lifestyles by tracking various health metrics and providing personalized insights. In addition to basic fitness tracking features, Fitbit smartwatches often include advanced health monitoring capabilities such as SpO2 monitoring, stress tracking, and menstrual health tracking. Fitbit devices are known for their user-friendly interfaces and intuitive mobile app, which offers detailed analytics and coaching to help users achieve their health and fitness goals. With its acquisition by Google, Fitbit aims to further integrate its devices with Google’s ecosystem while continuing to innovate in the wearable technology space.
9. Imoo
Market Share for Smartwatches in 2022 (Q3): 3.5%
Imoo is a subsidiary of BBK Electronics Corporation, the same parent company as brands like OPPO, Vivo, and OnePlus. Imoo specializes in developing smartwatches tailored for children and teenagers, offering features that prioritize safety and communication. Imoo’s smartwatches typically include features like real-time GPS tracking, geofencing, SOS alerts, and voice calling, allowing parents to stay connected with their children and ensure their safety. These devices often come with colorful designs and kid-friendly interfaces, making them appealing to younger users. Imoo aims to provide peace of mind to parents while empowering children to stay connected in a safe and controlled environment.
8. Garmin
Market Share for Smartwatches in 2022 (Q3): 4%
Garmin Ltd. (NYSE:GRMN), founded in 1989, has a long history of producing GPS technology for automotive, aviation, marine, and outdoor applications. In recent years, Garmin Ltd. (NYSE:GRMN) has expanded its product lineup to include a wide range of wearable devices, including smartwatches tailored for athletes and outdoor enthusiasts. Garmin Ltd. (NYSE:GRMN)’s smartwatches are renowned for their robust build quality, advanced GPS tracking capabilities, and extensive sports and fitness features. These devices often come with dedicated modes for various activities, including running, cycling, swimming, golfing, and hiking, providing users with detailed performance metrics and analysis. Garmin Ltd. (NYSE:GRMN)’s commitment to innovation and reliability has earned it a loyal following among fitness enthusiasts and professionals alike.
7. AmazFit
Market Share for Smartwatches in 2022 (Q3): 4%
AmazFit is a brand under Huami Corporation, a Chinese wearable technology company established in 2013. AmazFit focuses on offering affordable yet feature-rich smartwatches that cater to a wide range of users. AmazFit’s smartwatches often feature stylish designs, long battery life, and comprehensive health and fitness tracking capabilities. These devices leverage Huami’s expertise in biometric sensors and AI algorithms to deliver accurate and insightful health metrics, including heart rate, sleep quality, and exercise tracking. AmazFit’s commitment to affordability without compromising on features has made it a popular choice among consumers seeking value-for-money smartwatches.
6. Xiaomi
Market Share for Smartwatches in 2023 (Q3): 7.8%
Xiaomi, founded in 2010, has rapidly grown to become one of the world’s largest technology companies, known for its diverse portfolio of products spanning smartphones, smart home devices, and wearable technology. Xiaomi’s smartwatches, sold under its Mi and Amazfit brands, offer a compelling combination of affordability, quality, and functionality. These devices often feature sleek designs, vibrant displays, and a wide range of health and fitness tracking capabilities. Xiaomi’s smartwatches seamlessly integrate with its ecosystem of devices and services, allowing users to access notifications, control smart home devices, and track their health metrics from their wrists. With its global presence and reputation for offering innovative products at competitive prices, Xiaomi has emerged as a key player in the smartwatch market, appealing to consumers seeking affordable yet feature-packed wearable devices.
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Disclosure: none. 10 Biggest Smartwatch Companies in the World is originally published on Insider Monkey.
