Global sports watch market expected to reach $54.9 billion by 2031: Allied Market Research

Rising consumer health awareness, rising demand for wireless fitness and sports gadgets, and technical advancements in smart watches are driving the growth of the global sports watch market. Europe accounted for the largest share in 2021. However, LAMEA is expected to exhibit the fastest CAGR during the forecast period. Based on price, the luxury segment held the largest share in 2021 and would rule the forecast period.

/EIN News/ — Portland, OR, Sept. 07, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the sports watch market generated $25.6 billion in 2021 and is expected to reach $54.9 billion by 2031, growing at a CAGR of 7.9% from 2022 to 2031. The report offers a detailed analysis of the changing trends in the market, major segments, major investment pockets, value chain and regional landscape. , and competitive scenario. The report is a useful source of information for major market players, new entrants, investors and stakeholders in developing strategies for the future and taking action to strengthen their position in the market.

Report coverage and details:

Report cover Details
Forecast period 2022–2031
Year of reference 2021
Market size in 2021 $25.6 billion
Market size in 2031 $54.9 billion
CAGR 7.9%
Number of pages in the report 360
Segments Covered Product type, end user, price level, distribution channel,and Region
Drivers Increased consumer health awareness
Increase in demand for wireless fitness and sports gadgets
Technical advances in smartwatches
Opportunities Growing focus on connected devices and connected ecosystem by various companies
Increase in industrial R&D investments
Constraints High technology cost as well as power consumption and short battery life issues

Get a detailed analysis of the impact of COVID-19 on the sports watches market: https://www.alliedmarketresearch.com/request-for-customization/17285?reqfor=covid

Covid-19 scenario:

  • The outbreak of the COVID-19 pandemic has had a severe impact on various consumer electronics distribution channels. Manufacturers faced several challenges in sourcing raw materials, which led to a reduction in the production of sports watches.
  • However, an increase in the sales of fitness trackers has been observed due to the surge in COVID-19 cases, which has had a positive impact on the market growth.
  • People have become fitness maniacs after the pandemic outbreak. They started looking for fitness devices to monitor their energy expenditure, measure their heart rate and count their steps, which helps them assess their limits and improve their performance or prevent injuries during sporting events and competitions. . This factor is driving the growth of the market.

The report offers a detailed segmentation of the global sports watches market on the basis of product type, end-user, price, distribution channel, and region. The report provides an analysis of each segment and sub-segment using tables and figures. This analysis helps market players, investors, and new entrants determine which sub-segments to rely on to achieve growth in the coming years.

Based on product type, the mechanical sports watch segment held the largest share in 2021, contributing more than two-thirds of the global sports watch market, and is expected to maintain its leading status over the period. forecast. However, the digital sports watch segment is expected to show the highest CAGR of 8.9% from 2022 to 2031.

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On the basis of end-user, the men’s segment held the largest share in 2021, contributing nearly three-fifths of the global sports watch market, and is expected to maintain its leading status over the forecast period. However, the female segment is expected to show the highest CAGR of 8.5% from 2022 to 2031.

Based on price, the luxury segment held the largest share in 2021, accounting for more than three-quarters of the global sports watch market, and is expected to lead the way through 2031. However, the economy segment is estimated to experience fastest CAGR of 8.9% over the forecast period.

Based on distribution channel, the specialty store segment held the largest share in 2021, accounting for approximately one-third of the global sports watch market. However, the others segment is estimated to witness the fastest CAGR of 9.3% during the forecast period.

Based on regions, Europe accounted for the largest share in 2021, contributing nearly two-fifths of the global sports watch market. However, LAMEA is expected to exhibit the fastest CAGR of 10.0% during the forecast period.

Key Players of Global Sports Watches Market analyzed in the research include 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 and Tomtom International BV

The report analyzes these key players of the global sports watches market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of each market player.

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About Us

Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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