TechInsights: Global smartwatch revenue is expected to reach $35 billion in 2028

Recent research from TechInsights Wearable Devices (WDE) indicates that the average selling price of global smartwatches will decline from 2023 to 2028, but increased sales mean that global smartwatch revenue will grow during this forecast period. In terms of compound annual growth rate (2022-2028), the Middle East and Africa (+11%) will lead the growth, followed by Central and Eastern Europe (+9%), Central and Latin America (+8%) and Asia Pacific (+8%). The forecast revenue by region is shown in the figure below. By 2028, global smartwatch revenue is expected to reach $35 billion.

Figure 1: Smartwatch revenue forecast by region, 2023-2028 (US$ million)

Smartwatch revenues are also growing in North America and Western Europe, but revenue growth opportunities in these mature markets are limited, with CAGRs in both regions ranging from 1% to 3%. Even so, average selling prices in North America and Western Europe are much higher than in other regions, and while average selling prices in these regions are declining faster than in the Middle East and Africa, Central and Eastern Europe, and Central Latin America, they are declining slower than in Asia Pacific.