The Global Sports Watches Market was worth US$ 12.5 billion in 2021 and is anticipated to reach the valuation of US$ 18.56 billion by 2027 and is predicted to register a CAGR of 7.1% during 2022-2027.
The rise in global awareness of health and fitness, as well as increased demand for high-quality watches with features like heart rate monitoring and GPS tracking, has fueled the expansion of this market.
A sports watch is a timepiece made primarily for athletes to wear while participating in sports. More importantly, it must have functional functions that are also comfortable on the user's wrist and easy to read when performing various activities or sports. Chronographs, for example, are watches that record split-second timing of events that occur over short periods of time; this feature may be useful in determining how long an athlete can sprint at peak speed or which day they completed the most laps around a pool.
Even when there is low-light, the watch should be easy to read. Some timepieces feature 'lume,' which is effectively glow-in-the-dark paint put to them. Other timepieces, particularly digital watches, may have an LCD illumination feature that illuminates the entire dial screen.
Water resistance of 200 metres is standard for sports watches, however it is not always the case. This is the standard depth rating for a true 'dive watch' appropriate for actual diving, though swimming or being caught in the rain would also suffice. A screw-down crown is common on a watch with a metal case, such as stainless steel. The watch's crown (the small 'knob' used to set the time) actually screws into the case threads.
These watches are more durable, reliable and useful because of which the global sports watches market size is witnessing a continuous growth.
The increased use of timepieces for sports & fitness is one of the primary factors driving growth in the Global Sports Watches Market. Over the last several years, the number of consumers partaking in sporting activities or working out at gyms has expanded dramatically, boosting sales for the worldwide sports watch industry.
Another factor projected to fuel growth in the Global Sports Watches Market between 2022 and 2027 is an increase in disposable income as a result of increasing work opportunities and population spending capacity. Countries with substantial populations living below the poverty line would be able to rise beyond it over time, resulting in an increase in their purchasing power and consumer demand.
Rising investments in research and development operations, the entry of new companies, product innovation, technological advances, effective resource allocation, and growing competitiveness among company rivals to extend its regional and client base are all contributing to the industry's success. In the near future, favorable government policies and incentives, as well as favorable regulations, are expected to determine the growth of the sports watches market.
Smartwatches require a sophisticated circuit structure due to the integration of multiple components such as sensors, displays, and other components into a compact device. The gadget contains a number of very small semiconductor devices with a core diameter of 10 micrometres. Because control ICs are only a few hundred nanometers thick, it becomes difficult to combine multiple components into a single device. The precision required for design and development, necessitates a high level of skill and a large initial investment. Furthermore, smartwatches are regarded as high-end wearable devices. As a result, the high cost of these smart gadgets stifles global market growth to some extent.
For the forecast period, 2022 – 2027, Electronic watches are expected to be the dominant sector. This is due to the various features offered by them which is not present in the mechanical watches. Electronic watches are powered by a rechargeable battery and have electronic components. The gadgets may be customized to display the time in various locations across the world, making them more useful when travelling or living abroad. GPS, heart rate monitors, and other features are also available. Whereas, mechanical watch movements require to be on constant motion to wind up their springs, which can be accomplished by hand-winding or arm movement.
The male customer base is expected to have a dominant share in the market and the size of the male customer pool is larger. However, features offered in sports watches for males and females is almost the same. Because of their sturdy construction and water resistance, they are frequently worn by people while exercising or participating in sporting activities. The watches include exercise tracking (calories burnt), a heart rate monitor (MVP), and a sleep tracker, among other capabilities (Alert).
For the forecast period, online platforms will witness higher sales because of increase in smartphone usage and internet penetration. After the COVID-19 pandemic consumers have adopted online shopping and prefer to stay home and purchase all items. Online shopping is much more convenient, faster and cost – efficient. Various e-commerce platforms offer variety of discount schemes which attracts consumers. Thus, people now choose online websites over offline retail shops.
Over the period 2022-2027, North America is expected to hold a significant share of the market. Increased disposable income and an increase in the employment rate, among other factors, are credited with the expansion.
Followed by that, Europe is predicted to hold a high proportion of the global sports watch market. The increase can be ascribed to improving economic conditions, high disposable income per capita, and an expanding population base in key nations like Germany, France, the United Kingdom, Italy, Russia, and Spain, among others.
The Asia Pacific region is expected to develop at a substantial CAGR over the forecast period, owing to a growing awareness of health and fitness among individuals, as well as growing trend changes toward healthier lifestyles and increased disposable income per capita.
Recent Developments in the Global Sports Watches Market:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Sports Watches Market , By Product Type
6.1.1 Mechanical Watches
6.1.2 Electronic Watches
6.1.3 Market Size Estimations & Forecasts (2022-2027)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Sports Watches Market , By End User
6.2.3 Market Size Estimations & Forecasts (2022-2027)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Sports Watches Market , By Distribution Channel
6.3.1 Offline Retail Stores
6.3.2 Online Platforms
6.3.3 Market Size Estimations & Forecasts (2022-2027)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Sports Watches Market , by Region
7.2 North America - Market Analysis (2022-2027)
7.2.1 By Country
7.2.2 By Product Type
7.2.3 By End User
7.2.4 By Distribution Channel
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Product Type
7.3.3 By End User
7.3.4 By Distribution Channel
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Product Type
7.4.3 By End User
7.4.4 By Distribution Channel
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Product Type
7.5.3 By End User
7.5.4 By Distribution Channel
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Product Type
7.6.3 By End User
7.6.4 By Distribution Channel
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
For the forecast period, 2022 – 2027 the global sports watches market is expected to grow with a CAGR of 7.1%.
During 2022-2027, North America will have the largest market share of the global sports watches market.
Casio, Timex and Citizen are the three sports watches market key players.
Increasing health awareness and shift to a health lifestyle is a major factor in the worldwide sports watches market growth.
The global sports watches market may witness shift from use of petroleum-based polymers to something more environmentally friendly.
Talk to our analyst and get customised report done according to your research needs
Check if you can avail any discount. Submit your details and our team will get back to you.
Request to avail a free sample report that reflects this market and its growth.