Global Smartwatch Market Grows Evenly... North America Up 30%

Largest Market in North America, Growth Rate Exceeds Average Smartwatch Market Growth
India Grows 2.5 Times... Still Only 3% but High Growth Potential

[Asia Economy Reporter Han Jinju] The global smartwatch market is growing steadily, with particularly significant growth observed in the North American and Indian markets.

According to the Global Smartwatch Model Tracker by market research firm Counterpoint Research on the 10th, the global smartwatch market in Q1 2020 grew by 25% compared to the same period last year, maintaining growth across all regions.

In North America, the largest smartwatch market, the growth rate reached 30%, higher than the global average, and all regions except South America recorded double-digit growth. Europe grew by 26%, China by 17%, and other Asian regions by 11% compared to the same period last year.

Notably, India showed a 2.5-fold (143%) increase compared to the same period last year. Although it accounts for only 3% of the global market, it demonstrated potential to grow into a massive market.

The global smartwatch market accounts for only 5% compared to smartphones and has not yet entered a growth trajectory, but it is steadily growing as health and fitness functions and design evolve.

Im Sujeong, a researcher at Counterpoint Research, explained, "So far, advanced markets such as North America and Europe are leading, but as experienced with smartphones, it is expected to gradually spread to other Asian regions including China and India."

She added, "In the first half of this year, consumer purchasing sentiment was greatly restrained due to COVID-19, limiting the growth of the smartwatch market, but there is room to view the market positively in the second half. Samsung's Galaxy Watch3, scheduled for release next month, will expand health-related functions equipped in the previous model and increase battery capacity, reflecting consumer trends, and plans to target the second half market mainly in key markets such as North America and Europe."