Running Watches Market Expected to Reach $3.8 Billion by 2035

According to a new report published by Allied Market Research, titled, “Running Watches Market," The running watches market size was valued at $2.0 billion in 2023, and is estimated to reach $3.8 billion by 2035, growing at a CAGR of 5.6% from 2024 to 2035.

Running watches, also known as GPS watches or sports watches, are wearable devices designed specifically for tracking and monitoring various aspects of running and other physical activities. These watches typically come equipped with GPS technology to accurately track distance, speed, and route during outdoor runs. They may also include features such as heart rate monitoring, step counting, calorie tracking, and advanced metrics such as cadence and vertical oscillation.

Customization and personalization are pivotal for driving the growth of the running watches market. By offering a range of customizable options such as interchangeable watch faces, straps, and widgets, manufacturers can cater to diverse consumer preferences, allowing users to express their individuality and style. Moreover, personalized training plans and recommendations based on users' fitness goals and performance levels can enhance engagement and satisfaction, fostering brand loyalty and repeat purchases.

This level of customization enhances the user experience as well as enables running watch companies to differentiate themselves in a competitive market, appealing to a wider audience of fitness enthusiasts seeking tailored solutions to meet their unique needs. Thus, customization and personalization serve as key drivers for innovation and market expansion within the running watches industry, creating new opportunities for the running watches market growth.

Enhanced battery longevity in running watches creates notable market opportunities by alleviating a primary concern for user. With longer battery life, runners can enjoy extended tracking capabilities without worrying about their device dying mid-run. This enhanced endurance opens possibilities for longer training sessions, ultra-marathons, and outdoor adventures, appealing to serious athletes and fitness enthusiasts. Moreover, improved battery life can facilitate the integration of advanced features such as continuous heart rate monitoring, GPS tracking, and sleep tracking, enhancing the overall utility and value proposition of running watches which is expected to propel running watches market demand in the upcoming years.

Furthermore, running watches with longer-lasting batteries keep track of health and fitness without needing to be charged often. Convenience and peace of mind can broaden the appeal of running watches beyond dedicated athletes, attracting a wider audience of health-conscious individuals seeking a wearable device that seamlessly fits into their lifestyle. In essence, improved battery life not only enhances the performance and functionality of running watches but also expands their market reach by catering to diverse user needs and preferences. With the ongoing running watches market trends, manufacturers focusing on cost-effective watches and innovation to cater to the increasing demand.

The running watches market is segmented into type, end user, price point, distribution channel, and region. By type, the market is divided into pedometer watches, GPS watches, heart rate watches, and multi-sport watches. By end user, the market is segmented into men and women. By price point, the market is divided into premium, medium, and economy. By distribution channel, the market is divided into hypermarkets and supermarkets, specialty stores, online retail, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, the UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Indonesia, and rest of Asia-Pacific), Latin America (Brazil, Argentina, and rest of Latin America), and Middle East and Africa (South Africa, Saudi Arabia, UAE, and rest of MEA).

By type, the heart rate watches segment accounted for more than 35.7% of the market share, in terms of revenue, in 2023. The growing emphasis on health and fitness among consumers globally has fueled the demand for wearable technology that provides real-time health metrics, such as heart rate monitoring. In addition, advancements in sensor technology and data analytics have enabled heart rate watches to offer increasingly accurate and insightful data, enhancing their appeal to health-conscious individuals and athletes alike.

By end user, the men segment led the market and accounted for more than 57.9% of running watches market share in 2023 and is expected to maintain its dominance during the forecast period.  There is a noticeable trend among men towards prioritizing health and fitness, with many actively engaging in exercise routines and outdoor activities. This shift reflects a growing awareness of the importance of physical well-being, as individuals seek to maintain healthier lifestyles and enhance their overall quality of life through regular physical activity. Running watches offer essential features such as GPS tracking, heart rate monitoring, and workout metrics, aligning perfectly with the needs of these active individuals.

By price point, the medium segment led the market and accounted for more than 44.2% of the global running watches market in 2023 and is expected to maintain its dominance during the forecast period. Advancements in technology have enabled manufacturers to offer a wide array of features and functionalities at competitive price points, making these watches more accessible to a broader consumer base.

As per the distribution channel, the hypermarkets and supermarkets segment led the market and accounted for more than 42% of the global running watches market in 2023 and is expected to maintain its dominance during the forecast period. Hypermarkets and supermarkets are gaining high popularity owing to the availability of a broad range of consumer goods under a single roof, ample parking space, and convenient operation timings.

Region-wise, North America was the largest market in 2023 and had the highest market share of 43.3%. The region boasts a population that is highly tech-savvy and inclined towards adopting new gadgets and innovations, further driving the uptake of running watches. Additionally, the rise of outdoor activities such as running, hiking, and cycling in North America has fueled the demand for sports-centric wearable devices.

Some of the key players profiled in the running watches market analysis include TomTom, Life Trak, Polar, global, Omega, Suunto, Timex, Casio, Rolex, Garmin, Basis, Withings Pulse, Adidas, Apple Inc, and Soleus. This analysis helps in understanding running watches market strategy, customer preferences, and industry dynamics, enabling companies to refine their strategies, innovate products, improve customer experiences, and effectively position themselves in the market. Competitive analysis facilitates strategic planning and enhances competitiveness in a dynamic business environment.

Key findings of the study

• By type, the multi-sport watches segment is projected to witness the highest CAGR of 6.3%, in revenue terms, during the forecast period.
• By end user, women segment is projected to witness the highest CAGR of 5.8%, in revenue terms, during the forecast period.
• By price point, the premium segment is projected to witness the highest CAGR of 6.0%, in revenue terms, during the forecast period.
• By distribution channel, the online retail segment is projected to witness the highest CAGR of 6.2%, in revenue terms, during the forecast period.
• By region, Asia-Pacific is anticipated to witness the highest growth rate, registering a CAGR of 6.6% from 2024 to 2035.