Sports Watches Market Research, 2031
The global sports watches market size was valued at $25.6 billion in 2021, and is projected to reach $54.9 billion by 2031, growing at a CAGR of 7.9% from 2021 to 2031.
A sports watch is characterized as being extremely practical, robust, and frequently water-resistant. A sports watch needs to be easily readable, relatively shockproof, and extremely resistant to physical contact and scratches. Sport watches have been a key growth factor of the smartwatch industry. A number of sensors are embedded into watches and market participants such as Suunto, Garmin, and Polar that have supplied millions of watches to athletes to enhance the experience of the training sessions. Recently introduced sports watches (e.g., Adidas) highlight heart rate monitoring capabilities and a few of them have combined functions for specific sports such as golfing and swimming. In addition, Fossil 5th generation smartwatch is enabled with Google Fit application, which provides workout tracking and sports activity tracking to promote healthy lifestyle.
The market for sports watches is anticipated to be driven to some extent by factors including rising health consciousness among users, rising demand for wireless fitness and sports gadgets, and technical improvements in smartwatches by key competitors. The market's expansion is, however, constrained by the expensive initial cost of the technology as well as issues with power consumption and short battery life. Additionally, the global market for sports watches is predicted to rise at a profitable rate due to the rising emphasis that various businesses are placing on connected devices and the connected ecosystem.
Sports watch manufacturers are investing considerably in R&D due to advancements. Leading companies are prioritizing their R&D spending as a strategy to grow their respective market shares. A good distribution network is yet another crucial component of this business. The market penetration strategies used by the top corporations include choosing the appropriate channel, location, and target market in conjunction with their suppliers and resellers.
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, Europe, Asia-Pacific, and LAMEA.
The mechanical sports watches segment dominates the global sports watches market size. Increase in consciousness toward health and fitness has led to rise in demand for mechanical sports watches, primarily in developed countries. Innovative product launches and higher level of comfort offered by devices have also increased demand for mechanical sports watches.
The men segment dominates the global sports watches market share. 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.
The luxury segment dominates the global sports watches market. A major factor projected to fuel the expansion of the global sports watches market is consumers' increased willingness to spend more on sports watches due to improved lifestyles and rising disposable income.
The specialty stores segment exhibits the fastest growth in the global sports watches market. Specialty stores offer options such as discounts as well as benefits of immediate gratification, which results in growth of the sports watches market.
Region wise, Europe dominated the market with the largest share during the forecast period. The Europe market possesses growth potential for companies offering new and innovative wearable devices. Increase in urbanization and surge in middle-class consumers in developing and developed markets have encouraged the adoption of convenience-oriented lifestyles, making sports watches more desirable for consumer of all age groups.
Wearable sports technologies like sports watches are being used to monitor athletic training, in-game performance, and recovery after an injury. There is an increase in concern about personal health and fitness among people which drives the sports watch industry. People are becoming fitness freak after the outbreak of COVID-19 pandemic. As the people start focusing on their fitness, they started looking for the devices to monitor their energy expenditure, measure heart rate, and count steps, which will help them to identify their limitations and to improve performance or prevent injury in a sports events and competitions. Consumers around the world are spending a lot on health monitoring gadgets. Thus, this factor is boosting the market growth.
The sports watches market is dominated by few major players such as Apple Inc., Fitbit, and others. However, a lot of key players from China, and other countries are entering into this market. Various emerging players in the sports watches market such as Nike, Casio, LG Electronics, and Gramin are increasingly investing in design and development of economic products, which are equipped with enhanced smart features that creates lucrative opportunities for the product globally. Xiaomi, a Chinese firm, has entered into this market and offers sports watches at low cost. In addition, Huawei has launched its classic version of sports watches, which are convenient, equipped with smart features, and pocket friendly. This is expected to accelerate the potential demand and make the market more competitive in the future. This in turn drives the sports watches market growth globally and also helps capture various range of consumer base.
Technology has a powerful impact on sport watches. Nowadays, sensors can detect anything from heart rate, hydration levels, body temperature, and even brain activity, so athletes can know when to push harder, or take a well-deserved break. Through technology advancement brand can get opportunities in sport watches market. Advancement in sensor technology and software will make sport watches compatible with more devices in the coming years. Technology advancement also reduces the manufacturing cost of the product.
Sports watches consists of complex circuit configurations due to integration of various devices including sensors, displays, and others into a small compact device. The device possesses several semiconductor equipment of very small size with core diameter of 10 micro meter. The control ICs are of few hundred nanometers, so designers face problems in coupling different components into a single device. The accuracy needed for the design and development along with the raw material, requires high set of expertise as well as high initial cost. In addition, sports watches are considered to be luxury wearable devices. Global luxury brands such as TAG Heuer, Emporio Armani Connected, Fossil and Louis Vuitton are developing luxurious products which ranges from $2,900 to $180,000. Therefore, high price of these smart devices majorly hampers the market growth to a certain extent globally.
Another class of sport watches has been established in recent years. These are called the activity trackers and feature highly efficient and compact movement sensors. Further, companies such as Fitbit, Jawbone, and Nike have supplied millions of such watches, enabling people to be more active. Fitness trackers and sport watches are now converging to conventional smartwatches. With wireless connectivity, these watches enable sophisticated training tools and many valuable functions, which promote enhanced functionality.
Sports watch is an emerging technology, which is being widely used. Many global players are now in the race of manufacturing highly advanced sports watches to obtain dominance in the market. These players are integrating advanced features in their product such as IoT, artificial intelligence, and wireless connectivity. Sports watches are being widely used in promoting awareness regarding health monitoring among consumers. Various health benefits such as heart rate tracking, sleep monitoring, steps monitoring, and pulse tracking are offered by these watches. The recent Apple watch series 4 is capable of tracking heart rate, nervous system, emergency or inactivity alerts, and health related events. In addition, ECG or electrocardiogram is a feature which is available on various smartwatches such as Apple watch series 4 and fossil. As per the recent report of Centers for Medicare and Medicaid Services, almost $3.4 trillion amount is spent on health in the U.S. every year which includes the cumulative sum of each person spending on different healthcare products and services. Using smartwatch, a user can take required precautions in advance by consulting the doctors. The doctor can easily track the patient health status through the smartwatch and can maintain, suggest, or treat them as per the requirement. Thus, increase in health awareness among consumers globally is a major factor that drives the market growth to a certain extent.
The major players analyzed for the 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. Key players operating in the sports watches market have adopted product launch, business expansion, and mergers & acquisitions as key strategies to expand their sports watches market share, increase profitability, and remain competitive in the sports watches industry.
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 Sports Watches Market Forecast, 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 sports watches market demand
- 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.
Sports Watches Market Report Highlights
By Product Type
By End User
By Price Point
By Distribution Channel
Key Market Players
Samsung, Garmin, Rolex, Suunto, Huawei, Fossil, Fitbit, Apple Inc., Polar Electro, COROS Wearables, Inc.
According to the insights of CXOs of the leading companies, there is a rapid increase in the adoption of sports watches among end users. Traditional watches are replaced with sports watches that provide more usability, functionality, and convergence similar to smartphones, which captured the market two decades ago. According to our estimates, the global market for sports watches is growing at a significant rate. However, fraudulent & counterfeit sports watches and limited customer base are the major challenges for the growth of the sports watches market. Fake sports watches not only result in losses to innocent buyers but also affect the image of the brand and decrease brand loyalty. The Europe region has been witnessing surge in demand for luxury goods, which is expected to be sustained during the forecast period, owing to the presence of fastest-growing economies. Growing billionaire wealth in the region further favors the growth of the market.
The key players of the market focus on introducing technologically advanced products to remain competitive in the market. Expansion and acquisition are expected to be the prominent strategies adopted by the market players. North America accounted for a major share of the market in 2021 owing to the presence of major players in the region; however, Asia-Pacific and LAMEA are expected to grow at the highest CAGR, owing to the rise in adoption of the market in a variety of fields during the forecast period.