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US smartwatch market is on the rise, to hit $10 billion this year


New market analysis by TradingPlatforms, predicts that the US smartwatch market will hit the $10 billion revenue mark by the end of 2021 and will keep growing substantially over the next five years. By 2025, the sector could grow beyond $14 billion, the analysts predict.

There are some other interesting stats in that report. For instance, China leads the smartwatch market with a $12 billion, followed by the US with $10 billion dwarfing Japan, France and South Korea all of which see smartwatch sales below $1 billion.


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Infographics

Infographics

The report also predicts a steady growth in smartwatch owners in the US in the years to follow. Between 2020 and 2021, smartwatch owners are estimated to be around 32-37 million and should go up to almost 40 million next year reaching a peak in 2025 of almost 43 million.

US smartwatch market is on the rise, to hit $10 billion this year

The overall smartwatch penetration is pretty low, however, particularly in the US when compared to other countries. The 2021 penetration rate is estimated to be 11.3% at the end of 2021 and one of the main reasons for that is the relatively high average price per user – $276. This could go up to $325 in the next five years.

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