Norway Smartwatch Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product (Extension, Classical, Standalone), By Application (Personal Assistance, Wellness, Healthcare, Sports, Others), And By Operating System (Android, Tizen, Watch OS, Real-Time Operating System, Others) - Forecasts From 2022 To 2027

The Norway smartwatch market is projected to grow at a CAGR of 18.21% during the forecast period, reaching a market size of US$ 364.324 million in 2027 from US$112.949 million in 2020.

Market Overview

The significance of technology and engineering investments in the country coupled with increasing consumer electronics revenue by Norway-serving companies is projected to increase the smartwatch market growth in the region. Additionally, the growing product advancements resulting from new feature additions by companies are also anticipated to increase the demand for the smartwatch market. Furthermore, as per the Digital Trends in Europe 2021 Report by International Telecommunication Union (ITU), Norway was ranked 1st position in both Europe and World for the maturity of ICT regulatory frameworks in 2019. Also, 8 countries in Europe including Norway had more than 90% of the population who were using the internet in 2019. The increased internet penetration and strong connectivity frameworks in Norway are also projected to increase the market potential of smart gadgets including smartwatches in the forecast period.

One of the prime reasons supporting the overall market is the growing R&D investments and product innovation.

A range of factors is projected to be responsible for the smartwatch market growth in Norway including major research and development GDP allocation by the government, investments for innovation in the country, growing revenues of consumer electronics, and product features enhancements by key industry players in the country. According to the Science and Technology Indicators for Norway 2021 Report by The Research Council of Norway, Norway’s public research and development (R&D) expenditure averaged EUR 350 million for the last 5 years which was more than any other barometer country and exceeded more than 3 times as much as Denmark. Also, as per the same source, the research and development expenditure on engineering and technology totaled NOK 7.77 billion in 2019 which is among the top 3 categories for R&D expenditure. Also, scientific publications for technology in Norway witnessed the highest relative increase of about 50% from 2011 to 2020 among the 5 scientific categories.

Standalone smartwatches to hold a significant share of the market

Standalone smartwatch in comparison to classic and extension smartwatch provides wider wireless coverage owing to which such smartwatch provides better performance in terms of communicating, multi-media, and fitness tracking. In addition, Norway is experiencing a significant increase in internet usage owing to the technological advancements taking place in the country.

Furthermore, a standalone smartwatch besides a fashion accessory also serves health and fitness purposes owing to its various sensors and monitors such as sleep trackers, step & exercise trackers, and ECG tracking sensors which keep continuous track of heart rate. Moreover, cardiovascular disease has become one of the major causes of death in Norway due to the high consumption of unhygienic food and growing inactivity in the country. For instance, according to the Norway Institute of Public Health, in 2020, approx. 21% of the population was suffering from cardiovascular disease and the mortality was higher in adults. Such growing health concern coupled with technological advancement has accelerated the demand and usage of standalone smartwatches as health trackers in Norway, thereby boosting their market growth in the country. 

Wellness and healthcare application to witness strong growth in the coming years

The growing popularity of the internet and smart technology, which has ushered in the smart era and the widespread use of smartwatches, is the main factor driving the Norway smartwatch market. In addition, the rising concern for people's health has prompted a widespread uptake of smartwatches with sophisticated health-tracking functions. Growing health consciousness among the people has led to a spur in demand for smartwatches because of various health-supporting features like built-in heart rate monitors, diet tracking monitors, sleep and exercise tracker, step tracker, etc. Moreover, high living standards has led to keeping track of their healthy life and smartwatch usage has become an efficient way to do so. This is therefore expected to drive up the demand for smartwatches in Norway in the forecast period.

COVID-19 Impact on the Norway Smartwatch Market

The COVID-19 pandemic had a resilient impact on the Norway Smartwatch market. During the pandemic, manufacturing plants were forced to shut down temporarily and businesses were impacted by the semiconductor scarcity in the second quarter of 2020. Consequently, the production of smart wearables was initially hampered by the lockdown implemented by the governments to stop the virus' spread, and the companies' investment plans were also delayed. However, the fourth quarter of 2020 saw a resurgence in sales, which can be ascribed to higher consumer spending as well as the release of novel products. Because health and fitness became customers' primary concerns, the widespread usage of smartwatches to monitor heart rate and health was hastened as a result of the pandemic. Furthermore, these growth trends are forecasted to continue in 2021 with higher smartwatch sales and revenue.

Norway Smartwatch Market Scope:

Market Segments

• By Product
  • Extension
  • Classical
  • Standalone
• By Application
  • Personal Assistance
  • Wellness And Healthcare
  • Sports
  • Others
• By Operating System
  • Android
  • Tizen
  • Watch OS
  • Real-Time Operating System
  • Others