Sports Watches Market Expected to Reach $54.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, 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 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%.