Global Sports Watches Market Size, Share & Industry Trends Analysis Report By Price Point (Luxury and Economic), By Distribution Channel, By End User (Men and Women), By Product Type (Mechanical and Digital), By Regional Outlook and Forecast, 2022 – 2028
The Global Sports Watches Market size is expected to reach $40.9 billion by 2028, rising at a market growth of 7.5% CAGR during the forecast period.
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. A stopwatch and a timer for jogging or other physical exercise are typically included in this. Though some wristwatches called chronographs also include a stopwatch function, it is more frequently found in digital sports watches like G-Shocks.
Diver's watches, for example, frequently have an outer revolving bezel that doubles as a timer and is quite practical. Divers frequently utilize dive bezels to determine when their oxygen tank will run out. A watch is a portable, wearing clock that is portable. It is designed to keep moving continuously despite any motions caused by the person's activities.
A watch strap or other bracelets, such as one made from metal, leather, or another material, can be used to secure a timepiece around the wrist. In addition to typically being attached to anything, a pocket watch is designed to fit in a person's pocket. In the 17th century, watches were developed from spring-powered clocks, which originally appeared in the 14th century.
For the bulk of its history, the watch was a mechanical instrument that ran on clockwork, was powered by spinning a mainspring, and kept time by oscillating a balancing wheel. These watches are referred to as mechanical. The electronic quartz watch, which used a vibrating quartz crystal to keep time and was powered by a battery, was created in the 1960s.
COVID-19 Impact Analysis
With the help of sports watches pre-symptomatic carriers are unlikely to be recognized using current testing techniques because most infections are only discovered after symptoms manifest, which makes it challenging to implement early-stage medications that reduce transmission. Therefore, there is a critical need for straightforward, reasonably priced methods for the early, real-time identification of COVID-19 can increase the growth of the sports watches market.
Market Growth Factors
Watches For Sports Offer Unparalleled Biofeedback
Sports watches that go above and beyond the standard fare can offer the user smooth biofeedback, which is information essential to athletic growth. When combined with data on the weather and oxygen levels, instantaneous data on speed, heart rate, and heart rate variability effectively paints a complete picture of the current training state. A seamless connection between information and real-time performance states is made possible by the biofeedback data a watch provides, something a phone can't claim.
Users Are Encouraged To Take A Moment To Breathe And Pause
Some sports watches have pre-installed features that can send users notifications to take a breather. Some of these applications offer the ability to customize someone's watch's daily reminders to take a moment to breathe, as well as guided breathing exercises that may last anywhere from one to five minutes and are intended to help people de-stress. Little prompts during the day to keep breathing in the back of the head can assist to lower overall stress levels, regardless of whether people are aware of the propensity to flip out under stressful situations or normally remain composed.
Market Restraining Factors
Cost-Prohibitive And Inaccurate Data
The heart rate sensor and steps counter in a smartwatch are not known for their accuracy. Hopefully, the brands are evaluating the data and trying to improve sensor feedback. Luxury goods cost a lot of money. That idea is neither novel nor ground-breaking. However, buying a Ferrari or an Andy Warhol painting results in a price tag that most people are happy to accept — seller, buyer, and the overall market — equivalent objects from the world of timepieces are frequently held up as "too expensive." Not that buying a watch for the same price as a sports car is a good idea.
Product Type Outlook
Based on the Product Type, the Sports Watches Market is segmented into Mechanical Sports Watch and Digital Sports Watch. The digital segment witnessed a significant revenue share in the sports watches market in 2021. Digital watches have a more contemporary appearance and show the time digitally. Digital wristwatches either have LED or LCD dials. Quartz movement is used in digital timepieces, just like it is in analog watches.
End Users Outlook
On the basis of End Users, the Sports Watches Market is divided into Men and Women. The men's segment procured the largest revenue share in the sports watches market in 2021. There are several uses for sports watches. People frequently use them when exercising or engaging in sports, but many of them may be worn in a variety of situations without worrying about the watch being damaged because of their robust construction and water resistance.
Price Point Outlook
By Price Point, the Sports Watches Market is classified into Luxury and Economic. The luxury segment garnered the highest revenue share in the sports watches market in 2021. It is because a luxury sports watch is more streamlined and durable than a dress watch while also being more attractive than a tool watch. The Audemars Piguet Royal Oak is the undisputed luxury sports watch that springs to mind when considering these, admittedly, rudimentary criteria.
Distribution Channel Outlook
On the basis of Distribution Channel, the Sports Watches Market is bifurcated into Brand Outlets, E-commerce, Others, and Specialty Stores. The e-commerce segment witnessed a substantial revenue share in the sports watches market in 2021. E-commerce is a result of the high internet penetration rate and rising smartphone usage. Consumer selections for home electronics purchases have been significantly influenced by online shopping sites like Flipkart, Walmart, and Amazon.
Region-wise, the Sports Watches market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region procured a promising revenue share in the sports watches market in 2021. Due to the expanding consumer electronics sector and the quick emergence of smartwatch market vendors in the region's rising nations, Asia-Pacific is predicted to have the fastest growth in the smartwatch market.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Apple, Inc. and Fitbit, Inc. are the forerunners in the Sports Watches Market. Companies such as Garmin Ltd., Samsung Electronics Co., Ltd., Fossil Group, Inc. are some of the key innovators in Sports Watches Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Google LLC (Fitbit, Inc.), Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Garmin Ltd., Fossil Group, Inc., COROS Wearables, Inc., Polar Electro Oy, Suunto Oy (Amer Sports Corporation), and Rolex SA.
Recent Strategies Deployed in Sports Watches Market
Partnership, Collaboration and Agreement:
Jul-2022: Polar Electro joined hands with LiveWell, Zurich Insurance Group’s (Zurich) health and wellbeing business. Together, the companies would provide consumers the option to more easily reach and exceed their sports and fitness plans when utilizing their Polar products in conjunction with the LiveWell application.
Product Launch and Product Expansion:
Aug-2022: Garmin unveiled Venu Sq 2 and Venu Sq 2 Music, two new GPS watches. The new watches include a more colorful and crisper screen, health tracking show, and items are largely exact, with blood oxygen saturation (SpO2) tracking, 24-hour heart rate monitoring, sleep tracking, and stress monitoring. Moreover, the watch is equipped with 25 exercise modes and is now loaded with pilates, weightlifting, yoga, and pilates workouts.
Jul-2022: Apple introduced an extreme sports version of the Apple Watch. The new extreme sports would have the biggest smartwatch display to date, along with a larger battery and tough metal casing along with a larger battery in order to adjust longer training times. Moreover, the watch would utilize a stronger metal than aluminum and have a better shatter-resistant screen.
Apr-2022: Suunto introduced Suunto 9 Peak Full Titanium Black. The new launch strengthens the brand’s supreme collection by adding a superior model, which offers a diamond-like carbon-coated titanium bracelet. Additionally, the sleek design and elegant aesthetic of the Suunto 9 Peak Full Titanium Black makes the sports watch refined sufficiently to wear in more traditional settings and the enclosed flexible silicone strap permits for a seamless shift to adventure and sports.
Sep-2021: Apple unveiled the new Apple Watch Series 7, featuring a re-engineered Always-On Retina display. The new Apple Watch is driven by watchOS 8 which delivers new abilities to assist consumers to track activity and workouts, staying connected, and better comprehending their general health and wellness.
Acquisition and Merger:
Feb-2022: Apple completed the acquisition of AI Music, an AI startup that utilizes artificial intelligence to develop personalized soundtracks and adaptive music. This acquisition would permit Apple to leverage AI Music tech in various forms of songs that can revise based on heart rhythm could be beneficial for Apple Fitness+ or Apple Music’s algorithm.
Jun-2020: Garmin completed the acquisition of Firstbeat Analytics Oy, a privately-held supplier of physiological analytics and metrics for customer devices. This acquisition aimed to deliver consumers with unmatched technology for enhanced performance, recovery, and comprehensive health.
Scope of the Study
Market Segments covered in the Report:
By Price Point
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