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.
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.
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.