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:
|Year of reference||2021|
|Market size in 2021||$25.6 billion|
|Market size in 2031||$54.9 billion|
|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
- 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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