The global sports watches market size was valued at $25,607.9 million in 2021, and is projected to reach $54,926.3 million by 2031, registering a CAGR of 7.9% from 2021 to 2031. A sports watch is a wristwatch specifically designed for athletes during sporting activities. Additionally, it has features that allow it to fit comfortably on the user's wrist and be easy to read during various activities and sports. Some different styles of watches include 'chronographs', for example. It records the timing of short-lived events to the nearest fraction of a second. This feature helps athletes record how long they can sprint at top speed and which days they complete the most laps around the pool.
Sports watches are very popular and suitable for use in certain geographies and general populations. These wearable devices are used to monitor and track physical and fitness activities such as calories burned, steps taken based on user and consumption, heart rate, distance travelled, sleep time, and breathing. Tracking devices wirelessly sync with computers and smartphones and can be used by anyone, anywhere to monitor fitness and health parameters. For example, according to the Pew Research Center, one in five Americans used a fitness-monitoring device regularly in 2019. This has increased the demand for fitness monitoring devices.
The global sports watch market is segmented into product type, end-user, price point, distribution channel, and region. By product type, the market is divided into mechanical sports watch, and digital sports watch. By end-user, it is classified into men and women. By price point, the market is classified into luxury and economic. By distribution channel, the market is divided into specialty stores, brand outlets, e-commerce and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Effect due to the upward push in COVID-19 cases, COVID-19 expanded recognition concerning fitness, as a consequence of growing income of health tracking products, Companies including Apple and Garmin have witnessed a boom in sales with the aid of using 20% in 2020 as compared to the preceding economic year. While COVID-19 has impacted numerous businesses, and there stays uncertainty across the economic system and purchaser demand, producers are growing superior services and products to assist clients at some point in this time.
The major players operating in the global sports watches market are Apple Inc., Casio, Citizen, Ezon, Fitbit, Inc., Fossil Group, Garmin Ltd., Huawei Technologies Co., Ltd., Imagine Marketing Limited, Motorola Mobility LLC, Nike, Samsung Electronics Co. Ltd., Sony Corporation, Suunto, Tomtom International B.V.
Sports watches are very popular and suitable for use in certain geographies and general populations. These wearable devices are used to monitor and track physical and fitness activities such as calories burned, steps taken based on user and consumption, heart rate, distance travelled, sleep time, and breathing. Tracking devices wirelessly sync with computers and smartphones and can be used by anyone, anywhere to monitor fitness and health parameters. For example, according to the Pew Research Center, one in five Americans used a fitness-monitoring device regularly in 2019. This has increased the demand for fitness monitoring devices.
The global sports watch market is segmented into product type, end-user, price point, distribution channel, and region. By product type, the market is divided into mechanical sports watch, and digital sports watch. By end-user, it is classified into men and women. By price point, the market is classified into luxury and economic. By distribution channel, the market is divided into specialty stores, brand outlets, e-commerce and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Effect due to the upward push in COVID-19 cases, COVID-19 expanded recognition concerning fitness, as a consequence of growing income of health tracking products, Companies including Apple and Garmin have witnessed a boom in sales with the aid of using 20% in 2020 as compared to the preceding economic year. While COVID-19 has impacted numerous businesses, and there stays uncertainty across the economic system and purchaser demand, producers are growing superior services and products to assist clients at some point in this time.
The major players operating in the global sports watches market are Apple Inc., Casio, Citizen, Ezon, Fitbit, Inc., Fossil Group, Garmin Ltd., Huawei Technologies Co., Ltd., Imagine Marketing Limited, Motorola Mobility LLC, Nike, Samsung Electronics Co. Ltd., Sony Corporation, Suunto, Tomtom International B.V.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the sports watches market analysis from 2021 to 2031 to identify the prevailing sports watches market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the sports watches market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global sports watches market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Mechanical Sports Watch
- Digital Sports Watch
By End User
- Men
- Women
By Price Point
- Luxury
- Economic
By Distribution Channel
- Brand Outlets
- E-commerce
- Others
- Specialty Stores
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- U.K.
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Garmin
- Apple Inc.
- COROS Wearables, Inc.
- Polar Electro
- Suunto
- Samsung
- Fitbit
- Rolex
- Fossil
- Huawei
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SPORTS WATCHES MARKET, BY PRODUCT TYPE
CHAPTER 5: SPORTS WATCHES MARKET, BY END USER
CHAPTER 6: SPORTS WATCHES MARKET, BY PRICE POINT
CHAPTER 7: SPORTS WATCHES MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 8: SPORTS WATCHES MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Sports Watches Market," the sports watches market size was valued at $25.6 billion in 2021, and is estimated to reach $54.9 billion by 2031, growing at a CAGR of 7.9% from 2021 to 2031.Equipment for sports watches includes functional gadgets or items that are helpful when participating in sports. The demand for sports watches is predicted to increase as consumers' awareness of fitness increases and per capita, disposable income rises quickly. In addition, the popularity of sporting goods among young athletes and improvements in the design of sporting goods promote market expansion. The market's expansion is, however, hampered by a drop in young people's participation in sports.
Furthermore, Huawei has launched its comfortable, feature-rich, and cost-effective classic line of smartwatches. In the future, the market is anticipated to become more competitive and the potential demand to quicken. In turn, this fuels the global growth of the wristwatch market and aids in capturing a range of consumers based solely on retail costs and not second-hand worth, for a more impartial comparison.
The global sports watch market is segmented into product type, end user, price point, distribution channel, and region. By product type, the sports watches market share is divided into mechanical sports watch and digital sports watch. Among these, the digital sports watch segment occupied the major share of the market in 2021 and is projected to maintain its dominance during the forecast period. The growth of the digital sports watch segment is attributed to the surge in demand for the growing young population. However, the protective mechanical segment is anticipated to grow at the highest CAGR in the future.
By end user, it is classified into men and women. The growth of the men's sports watches segment is being fueled by people being able to spend more on luxury items due to an increase in disposable income.
By price point, it is classified into luxury and economic. A major factor projected to fuel the expansion of the global sports watches market is consumers' increased willingness to spend more on wearable devices due to improved lifestyles rising disposable income and other sports watches market trends related to smart technologies.
By distribution channel, the Sports Watches Market Analysis is divided into specialty stores, brand outlets, e-commerce, and others. The specialty stores segment is anticipated to grow at highest CAGR during the forecast period. Specialty stores offer options such as discounts as well as benefits of immediate gratification, which results in sports watches market growth.
In 2021, Europe accounted for 38.9% of the global sports watches market forecast and is expected to maintain its dominance during the forecast period. However, LAMEA is expected to possess the highest CAGR, owing to the rising population of sports persons and athletes and the growing demand for smart watches. The sports watches market in North America is expected to develop, and the U.S. is the country that is most responsible for that expansion. The discovery of newer applications of the technologies is made easier by the early adoption of new technology and the presence of numerous U.S.-based enterprises. Companies have used merger and acquisition strategies to expand their market share in the highly fragmented market.
Many entrants to the sports watches industry, like Nike, Casio, LG Electronics, and Gramin, are investing more in the design and development of practical goods that have advanced smart capabilities that open up lucrative international market potential for the product. A Chinese company called Xiaomi has entered this industry and is selling inexpensive sports watches.
The major players analyzed for global sports watches industry are Apple Inc., Casio, Citizen, Ezon, Fitbit, Inc., Fossil Group, Garmin Ltd., Huawei Technologies Co., Ltd., Imagine Marketing Limited, Motorola Mobility LLC, Nike, Samsung Electronics Co. Ltd., Sony Corporation, Suunto, Tomtom International B.V. These key players have adopted strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their sports watches market opportunities.
Key Findings of the Study
- By product type, the mechanical sports watch segment was the highest revenue contributor to the market, with $18,263.8 million in 2021, and is estimated to reach $37,691.8 million by 2031, with a CAGR of 7.5%.
- Depending on end user, the men’s segment was the highest revenue contributor to the market, with $14,751.6 million in 2021, and is estimated to reach $30,428.1 million by 2031, with a CAGR of 7.5%.
- As per price point, the luxury segment was the highest revenue contributor to the market, with $19,960.6 million in 2021, and is estimated to reach $41,675.5 million by 2031, with a CAGR of 7.6%.
- As per distribution channel, the specialty stores segment was the highest revenue contributor to the market, with $8,105.0 million in 2021, and is estimated to reach $16,087.1 million by 2031, with a CAGR of 7.1%.
- Region-wise, Europe was the highest revenue contributor, accounting for $9,961.5 million in 2021, and is estimated to reach $19,883.3 million by 2031, with a CAGR of 7.2%.
Companies Mentioned
- Garmin
- Apple Inc.
- Coros Wearables, Inc.
- Polar Electro
- Suunto
- Samsung
- Fitbit
- Rolex
- Fossil
- Huawei
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 360 |
| Published | August 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 25607.9 million |
| Forecasted Market Value ( USD | $ 54926.3 million |
| Compound Annual Growth Rate | 7.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
