Institution: It is expected that the global smartwatch market will grow by 5% year-on-year in 2024

Beijing, March 27th - According to a TechInsights report, the global smartwatch market experienced its first ever annual sales decline (-4%) in 2023, but is expected to see another growth in 2024.

According to the TechInsights wearable device research service, it is expected that global sales of smartwatches will reach 91 million units by 2024, a year-on-year increase of 5%; The growth rate will further increase to nearly 8% in 2025, remain above 7% by 2026, and then slow down at the end of the forecast period. The compound annual growth rate of the global smartwatch market from 2023 to 2029 is 5%.

TechInsights predicts that in the coming years, the technology industry, traditional fashion industry, and watch giants, as well as new market entrants from China and India, will further expand the smartwatch market. The fastest growing regions include the Middle East and Africa (MEA), Central and Eastern Europe (CEE), and Asia Pacific (APAC), with compound annual growth rates ranging from 8% to 10% during the same period, with the Middle East and Africa having the highest growth rates. In terms of unit sales, the Asia Pacific region is currently the largest market for smartwatches in 2024, and its market share is expected to further increase to 47% in 2029.