Smartwatch Market Share: The World’s Top Brands
Updated: November 02,2022
Technology has come a long way in a short amount of time. Just think, not that long ago, people were using clunky cell phones the size of bricks, and now our smart wearable devices do everything but make coffee for us.
As the popularity of smartwatches grows, more and more companies are releasing their own versions of the device. But who has the largest smartwatch market share? And which smartwatches are selling the most? That’s what we set to find out in our market analysis today. Read on!
The US Smartwatch Market Overview
We’ll start with a short overview of the current trends in the US market. Smartwatches are incredibly popular in the US, and the market is growing at an impressive rate. In 2021, sales of smartwatches in the US surpassed $11.5 billion, up from $10.5 billion in 2020. According to this data, 11% of Americans own a smartwatch.
The strong market growth in the US can be attributed to several factors, including the increasing popularity of fitness tracking and the rise of new entrants such as Apple and Samsung. In addition, the launch of 5G networks is expected to boost overall sales as 5G-compatible smartwatches will become more widely available.
Now, let's see which smartwatch manufacturers have the most significant chunks of the US smartwatch market share. This is the top five list of smartwatch brands in the US:
- Apple - 46%
- Fitbit - 38%
- Samsung 16%
- Garmin - 8%
- LG - 7%
Apple - The Market Leader
It comes as no surprise that Apple is such a dominant smartwatch manufacturer. The iPhone maker has become almost synonymous with mobile devices, no matter if they’re smartphones or, in this case - smartwatches.
The company's smartwatches - the Apple Watches as they’re called - are known for their sleek design, robust features, and seamless integration with the iPhone.
That final part is the crucial selling point of these devices, the whole out-of-the-box experience a customer gets when buying an Apple Watch.
Fitbit - A Popular Choice for Fitness Enthusiasts
Fitbit is a well-known name in the fitness tracking space, and its smartwatches are a natural extension of this business. Fitbit's market share is nowhere near Apple’s, but the company manufactures the official Google Pixel smartwatch. Fitbit also has several smartwatch devices for customers on a budget, making it a good entry option.
Samsung - The First Mover in the Smartwatch Ecosystem
Samsung has the third biggest US smartwatch market share. It was one of the first companies to enter this market and has been able to maintain a reasonable presence in the US market. Samsung’s smartwatch brand is called Galaxy Watch, and, just like Apple, it offers various versions for different consumers.
The biggest strengths of these devices are their stylish design, impeccable build quality, and compatibility with Android and iOS devices.
Garmin - A Leader in GPS Technology
Garmin is one of the most well-known companies in the GPS business. If you have a GPS in your car, it was likely manufactured by this company. Garmin's smartwatches are popular among athletes and outdoors enthusiasts due to their GPS tracking capabilities. In addition, Garmin's smartwatches are compatible with both Android and iPhone devices.
LG - A Former Leader in Mobile Business
LG Electronics has been in the market for more than half a century. Like Samsung, it has also entered the smartwatch market at some point with its line of minimalistic and super stylish devices. Unfortunately, LG has completely abandoned its mobile business, leading to a massive drop in its share. You might find some of its remaining smartwatches in the wild, but they’ve become a rarity nowadays.
Global Smartwatch Market Share
While the US market is growing rapidly, it's important to remember that the global smartwatch market size is even larger. In 2021, the market grew by an impressive 24%, primarily thanks to sub-$100 watches that have flooded the market and proved very popular with customers.
Apple again takes the lead in market share, followed by Samsung and Huawei. These three companies accounted for nearly 50% of global smartwatch shipments in 2021.
Here's how the global leaderboard looks right now:
- Apple - 30.1%
- Samsung - 10.2%
- Huawei - 7.7%
- Imoo - 5.2%
- Amazfit - 5.1%
The global list is somewhat different from the US one, so let's take a deeper look and see what makes these manufacturers stand out.
Huawei - A Rising Smartwatch Star
While Huawei isn't as well-known in the US, the company is one of the smartwatch market leaders in Asia in Europe. Huawei's smartwatches are popular due to their affordable pricing and durability that matches Samsung devices. Unfortunately, due to the ban in the US after some controversies, Huawei has very limited market reach.
Imoo - A Smartwatch for Kids
If you're looking for a smartwatch to go along with your child’s new smartphone, then Imoo is one of the best options on the market. The company's smartwatches are designed for kids aged 6-12 and come packed with features like GPS tracking, messaging, and even a camera.
Amazfit - A Budget Smartwatch Option
Amazfit is a smartwatch brand owned by Xiaomi-backed Zepp Health. The company's smartwatches are popular due to their low price point and wide range of features. However, Amazfit's smartwatches are only compatible with the Android operating system.
The Best-Selling Smartwatches
Now that we’ve seen how the market is divided and who leads the charge let’s take a quick look at the smartwatch sales. Unsurprisingly, this list is mainly dominated by Apple and Samsung.
- Apple Watch Series 7
- Samsung Galaxy Watch 4
- Samsung Galaxy Watch Active 2
- Samsung Galaxy Watch 3
- Apple Watch SE
- Garmin Venu 2
- Tag Heuer Connected
- Fitbit Versa 3
- Apple Watch 3
- Fitbit Sense
What Does Apple's Dominance Mean for Consumers?
We’ve already seen how big the Apple Watch’s market share is. These devices are the best sellers for a reason, but there’s a looming question - what does it mean for the global market and the consumers?
Apple's dominance over other smartwatch market vendors is mostly good for consumers. Apple is known for making high-quality products that are user-friendly and reliable. So, when you buy an Apple smartwatch, you can be confident that you're getting a great product.
On top of that, Apple's impressive sales of smartwatches have led to a large ecosystem of apps and accessories. This makes it easy to find the apps and accessories you need to get the most out of your smartwatch.
The downsides? First and foremost, having a single company keeping the majority stake in the entire industry is a monopoly of sorts. This leads to less consumer-friendly practices like higher price points, removal of the right to repair, and loss of innovation over the upcoming generations of devices.
What Does the Future Hold for Smartwatches?
The market for smartwatches has a bright future. As we’ve mentioned in the opening paragraphs, the market is growing and expected to keep pace throughout the upcoming years as more people purchase smartwatches.
A few factors are driving this growth. First, the prices of smartwatches are falling, making them more accessible to a broader range of consumers. In addition, the features and capabilities of smartwatches are constantly improving. More and more people are finding uses for smartwatches in their everyday lives.
After all, these days, we use mobile devices for most tasks we’ve previously done on our desktop computers.
It’s also no secret that the COVID-19 pandemic improved the market share of smartwatches and the overall demand for these devices. The reason is that people looked for ways to avoid touching shared surfaces like door handles and ATM buttons, and smartwatches, like mobile phones, could automate many actions to reduce exposure to the virus.
Even after the pandemic was put under control, many people simply got used to the convenience of a smartwatch, and it’s now become one of the hottest tech items to own.
So, what does the future hold for smartwatches? More market growth, more features, and more use cases. It's an exciting time to be a smartwatch user!
Frequently Asked Questions
That would be the Apple Watch Series 8, the latest and greatest from Apple smartwatches. It is the highest-rated and most sought-after device of its kind right now, easily beating the latest products from Samsung, Fitbit, and other smartwatch companies.
This is another win for Apple. The Apple Watch Series 7, launched in 2021, is officially the best-selling device of its kind. It has the ideal price point for smartwatch enthusiasts, alongside numerous accessories and apps, making it the safest purchase among competing brands.
According to the data about smartwatch market share and product sales, the industry grows by 24% on an annual basis. Analysts predict it’ll be worth over $58 billion by 2028.
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With a degree in humanities and a knack for the history of tech, Jovan was always interested in how technology shapes both us as human beings and our social landscapes. When he isn't binging on news and trying to predict the latest tech fads, you may find him trapped within the covers of a generic 80s cyberpunk thriller.