APAC Smart Watch Market Size

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.