Sports Watches Market Size is Expected to Grow USD 54.9 Billion by 2031, Globally and by 2031, registering at a CAGR of 7.9% from 2021 to 2031

According to a new report, the global sports watch market is segmented into product type, end-user, price, distribution channel, and region.

The global sports watch market size is expected to witness considerable growth owing to the emergence of improved technologies and solutions in the global market.

—Roshan Deshmukh

5933 NE WIN SIVERS DRIVE, PORTLAND, OR, USA, Aug. 29, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research, titled “Sports Watch Market“. The report offers an in-depth analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces Analysis, and competitive landscape.

The Sports Watches Market size was valued at USD 25.6 Billion in 2021 and is projected to reach USD 54.9 Billion by 2031, growing at a CAGR of 7.9% from 2021 to 2031.

The equipment of sports watches includes functional gadgets or items that are useful when playing sports. The demand for sports watches is expected to increase as consumers become more fitness conscious and per capita disposable income increases rapidly. Additionally, the popularity of sporting goods among young athletes and improvements in the design of sporting goods are driving the expansion of the market. The expansion of the market is, however, hampered by a decline in the participation of young people in sports activities.

Additionally, Huawei launched its classic line of comfortable, feature-rich and cost-effective smartwatches. Going forward, the market is expected to become more competitive and potential demand to accelerate. This, in turn, is fueling the global wristwatch market growth and helping to capture a range of consumers based solely on retail cost and not pre-owned value for a more unbiased comparison.

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The global sports watch market is segmented into product type, end-user, price, distribution channel, and region. By product type, the sports watch market share is split into mechanical sports watch and digital sports watch. Among these, the digital sports watch segment occupied the major share of the market in 2021 and is expected to maintain its dominance during the forecast period. The growth of the digital sports watch segment is attributed to the surge in demand from the growing young population. However, the protective mechanical segment is expected to grow at the highest CAGR in the future.

By end user, it is categorized into male and female. The growth of the men’s sports watch segment is fueled by the fact that people can spend more on luxury items due to an increase in disposable income.

By price point, it is categorized into luxury and economy. A major factor that is expected to fuel the expansion of the global sports watch market is the increased willingness of consumers to spend more on wearable devices owing to improved lifestyles, increased disposable income and increased demand. other sports watch market trends related to smart technologies.

By distribution channel, the sports watch market analysis is divided into specialty stores, branded outlets, e-commerce and others. The specialty store segment is expected to grow at the highest CAGR during the forecast period. Specialty stores provide options such as discounts as well as instant gratification benefits resulting in the growth of the sports watch market.

Regionally, in 2021, Europe accounted for 38.9% of the global sports watch market forecast and is expected to maintain its dominance during the forecast period. Europe dominated the market with the largest share during the forecast period. The European market has growth potential for companies offering new and innovative wearable devices. Increased urbanization and the rise of middle-class consumers in developing and developed markets have encouraged the adoption of convenience-oriented lifestyles, making sports watches more appealing to consumers of all age groups.

Top Players Analyzed for Global Sports Watch 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 BV These key players have adopted strategies such as product portfolio expansion, mergers and acquisitions, agreements, geographic expansion and collaborations to enhance their opportunities in the sports watch market.

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Key conclusion of the study:

○ By product type, the mechanical sports watch segment was the largest revenue contributor in the market, with $18,263.8 million in 2021, and is expected to reach $37,691.8 million by 2031, with a CAGR of 7.5%.
○ According to end-user, the men’s segment was the largest revenue contributor in the market at $14,751.6 million in 2021, and is expected to reach $30,428.1 million by 2031, with a CAGR 7.5%.
○ By price point, the luxury segment was the largest revenue contributor in the market, with $19,960.6 million in 2021, and is expected to reach $41,675.5 million by 2031, with a 7.6% CAGR.
○ By distribution channel, the specialty store segment was the largest contributor to market revenue, with $8,105.0 million in 2021, and is expected to reach $16,087.1 million by 2031, with a CAGR of 7.1%.
○ Regionally, Europe was the largest revenue contributor, accounting for $9,961.5 million in 2021, and is expected to reach $19,883.3 million by 2031, with a CAGR of 7.2 ○ %.

Related reports:
○ Waterproof Watches Market growth opportunities in the global industry by 2031
○ Smart Retail Market to Show Increase by 2027, Report

About Allied Market Research:

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 unparalleled 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.

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Allied Analytics LLP
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