BoM Analysis: Google Pixel Watch Costs $123 to Make

  • The BoM cost of the LTE-capable Google Pixel Watch is estimated to be $123, which is a big leap from the previous Fitbit smartwatches.
  • Samsung not only provides the highly integrated main chipset but also supplies the LTE transceiver and other paired components, collectively accounting for around 20% of the total BoM cost.
  • BOE, which is the exclusive supplier of the smartwatch’s custom 1.2-inch-diameter OLED display, captures over 14% of the total BoM cost to rank second in terms of cost contribution.

The bill of materials (BoM) cost of the LTE-capable Google Pixel Watch is estimated to be $123, according to a BoM analysis by Counterpoint’s component research practice. As the first smartwatch built on the back of Google Wear OS and Fitbit OS, the Pixel Watch comes with a dual-processor solution. Compared to the previous Fitbit watches, which had a lightweight proprietary OS running on MCUs (microcontroller units) supplied by STMicroelectronics or Cypress, the new system is based on a high-performance processor to unleash the power of the latest Wear OS 3.5 and also features a co-processor or MCU to optimize battery life, which had been a competitive strength of Fitbit watches. The change not just introduces richer features but also results in a significant increase in the BoM cost.

Google Pixel Watch BoM Cost Structure by Function

Google Pixel Watch BoM Cost Structure

Source: Counterpoint’s BoM Analysis Service

Note: Figures may not add up to 100% due to rounding.

Processing and Memory

Based on our BoM analysis, the Exynos 9110, manufactured at Samsung Foundry’s 10nm process node, is the main processor. It integrates a dual-core ARM Cortex-A53 CPU at 1.1GHz, a Mali-T720-based GPU and an LTE Cat.4 modem, which is paired with the audio codec and PMIC in the SIP-ePoP package. Thanks to the high integration, the layout of the 32mm-diameter PCB is not congested. However, the first-generation Pixel smartwatch would have delivered faster, smoother performance had Google built its system on the more advanced Exynos W920 platform.

The co-processor is NXP‘s MIMXRT595S. It is an Arm Cortex-M33-based MCU with DSP and GPU cores. The combined cost of the two processors and Kingstone 32GB+2GB ePoP memory accounts for nearly 27% of the total BoM cost.

Display subsystem

Another key functional block of the Google Pixel Watch is the 1.2-inch “Always-on” OLED display. It has a resolution of 450×450 dots or 320 ppi and supports up to 1000-nits brightness for a clear display in sunlight.

Above the screen is a custom 3D Corning glass (Gorilla Glass 5) which can save the model from waist-high drops.


As a smartwatch with healthcare and fitness features, the Pixel Watch is equipped with multiple sensors, including a 6-axis inertial sensor and a digital compass (both from STMicroelectronics), an altimeter, an ambient light sensor (ALS) and a light encoder to enable the haptic crown.

In addition, the heart rate monitoring system consists of Texas Instruments’ analog front end (AFE) and three sets of infrared LED and photodetector, which is behind the ECG feature.

Connectivity and Cellular

The Pixel Watch delivers more independent-use experiences thanks to the support of LTE Cat 4 communication, which consists of Samsung’s S915 transceiver, Skyworks’ highly-integrated SKY53737 diversity receiver and SKY77643 multi-mode, multi-band PA module, Qorvo’s antenna switch, and multiple duplexers from muRata.

Besides, the design also includes standalone GPS chip BCM47765 and Wi-Fi/Bluetooth combo BCM430132 from Broadcom, and STMicroelectronics’ ST54J1ATNN NFC chip to support eSIM and Google Pay.

Design wins: Samsung, BOE biggest beneficiaries

Samsung not only provides the highly integrated main chipset but also supplies the LTE transceiver and other paired components, collectively accounting for around 20% of the total BoM cost.

BOE, which is the exclusive supplier of the smartwatch’s custom 1.2-inch-diameter OLED display, captures over 14% of the total BoM cost to rank second in terms of cost contribution.


Thanks to the launch of the Pixel Watch, Google has managed to further expand its hardware portfolio under the Pixel family. The industry expects the move will help increase the popularity of the Wear OS ecosystem. But when compared with the current market leader, the Apple Watch series, which differentiates itself by leveraging the high integration of in-house hardware and software, and refined design, and accounts for approximately one-third of total shipments, there is still room for the Pixel Watch series to improve. Through the deep collaboration with Samsung, Google is likely to empower its next-generation Pixel Watch with a more powerful, integrated, intelligent and secure processing platform.




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Can Google’s Pixel Watch Be a Game Changer in Smartwatch Market?

Google has finally unveiled its first smartwatch — Pixel Watch. No surprise here, considering that this is being predicted since 2019, when Google announced its acquisition of Fitbit. At the same time, there has been a lot of market interest in the details.

Although Google did not mention the price or detailed specifications, user-friendly software such as Google Maps, Google Wallet and Emergency SoS and the body designed in the shape of a circular dome are enough to be attractive options for users in many ways.


What has been officially announced?

  • Design: Unlike Apple Watch, Google has chosen a round-shaped display. Compared to Samsung’s Galaxy Watch, it has a slightly more dome-shaped and convex design. There is a tactile crown in the center of the right frame.
  • GMS powered by Wear OS: Google increases user convenience by allowing them to use Google Assistant, Google Maps and Google Wallet.
  • Cellular connectivity: Consumers will have the option to pick a cellular version of the model, which will allow for an LTE connection even without a smartphone.
  • Deep integration with Fitbit: The Pixel Watch is equipped with healthcare features such as heart rate and sleep tracking that Fitbit already has.
  • Release date: It is coming this fall with the new Pixel 7 smartphone. So, it will be on the market this October.

What about the specifications?

Other than the details mentioned above, Google has not announced the device’s detailed specifications. But here are some specifications that can be expected:

  • Display: 1.4’’ OLED
  • Memory: 32 GB internal storage, 1.5 GB RAM
  • Chipset: Samsung Exynos 9110
  • Battery: 300mAh
  • SPO2 and ECG monitoring features
  • Price: About $250


Why Google wants to enter smartwatch market?

In the smartphone market, Google has gained strong influence with its Android OS, but Wear OS, its operating system for wearables, is yet to show a significant presence in the market.

Starting with the use of Wear OS on the Galaxy Watch 4 through a partnership with Samsung last year, Google has now laid a firm foundation for improving and optimizing its wearable OS with its own Pixel Watch. And through this, Google can also grow its influence in the wearable market.

In terms of hardware, the smartwatch may become the foothold for Google to enter the healthcare market, which has great growth potential, as smartwatches are evolving into healthcare devices rather than simply acting as auxiliary devices for smartphones.

However, Google is more likely to consider growing revenues from healthcare services such as disease prediction and customized exercise suggestions, based on health data collected through its smartwatches, rather than solely depending on the revenue from device sales.


Global smartwatch market outlook

The global smartwatch market recorded remarkable growth in 2021, shipping 28% more devices compared to the previous year. The market was adversely affected by COVID-19 in 2020 but was able to record rapid growth soon by amplifying consumers’ interest in health and fitness. During this period, new manufacturers entered the market, bringing in more models, designs and price points. This has been another factor that has enabled market growth by broadening consumer choice.

However, growth slowed down to 13% YoY in Q1 2022 due to inflation and the Russia-Ukraine war. We expect this slowdown to continue until at least Q2 this year. The market will regain energy in H2 thanks to the launch of new models by Apple and Samsung and the entry of Google into the market.


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