Global Digital Watch Market: by End User (Men, Women and Unisex), Global Digital Watch Market, by Application (Running, checking notifications, Swimming, Cycling and Others) and by Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa) Forecast till 2030

Description

Market Overview:

The digital watch market, a sector witnessing rapid growth, is projected to expand from its 2024 value of US$ 30.9 billion to a remarkable US$ 100.5 billion by 2034, with a compound annual growth rate (CAGR) of 13.5%. A digital watch is a wearable, portable device that tracks different activities including heart rate, daily steps, calories burned, and more. A touch screen display like a mobile phone offers various functions that allow users to connect with their smart phones. The global market for digital watches is rising mainly due to the growing use of smart phones and the widespread accessibility of fast internet. Major technology companies including Apple, Xiaomi, Samsung, and Google are propelling this market expansion.

Market Size for Global Digital Watch Market on the Basis of Revenues in USD Bn, 2018-2023

Source:Maven Market Research

What Factors are Leading to the Growth of the Global Digital Watch Market:

• Leading companies in the industry are increasingly aimingat the children’s segment by ramping up the production of products precisely designed for this demographic. This strategy is projected to drive market growth.
• The adoption of healthy lifestyles and a preference for fitness have led to greater consumer participation in various sports activities. Aligned with the athleisure trend, consumers are increasingly seeking various smart wearables, thereby accelerating smartwatch sales.
• The key driver for the growth of the global digital watch market is the growing adoption of smartphones, coupled with the widespread accessibilityto fast internet connectivity.

Which Industry Trends have been Fueling the Growth?

Rising Awareness Concerning Health Benefits: Nowadays, customers are investing significantly on health monitoring gadgets owing to increased health consciousness. Apple Inc. recently introduced the Series 4 Watch, which can track heart rate, nervous system activity, and health-related events, and offer emergency or inactivity alerts. According to data published by the Centers for Medicare and Medicaid Services, US$3.4 trillion is spent annually on health across the U.S., comprising the total expenditure on different healthcare products and services by individuals.

Increase in Demand From Fitness-Conscious Consumers: Rising health awareness among consumers, coupled with a rise in gym memberships, morning exercises, and walking, has fostered the global demand for smartwatches. Endurance sports have also introduced a strong market for enthusiasts lookingdifferent sports wearables, further rising smartwatch sales. Consequently, key participants have begun introducing smartwatches targeting fitness-conscious customers. For instance, in 2022, Apple introduced the Apple Watch Ultra, featuring a bold new design and a broadvariety of features for endurance, exploration, and adventure. As more individuals join the global workforce, a significant portion is probably to embrace sports and fitness as recreational activities. Additionally, the growing global obesity rates have heightened health awareness among customers, propelling demand for smartwatches as they engage in different sports and fitness activities.

What is the Current Structure for Global Digital Watch Market?

By End User, Male Segment Dominates the Largest Market Share

Based on end-user demographics, the market is segmented into male and female categories. The male segment holds a larger market share, propelled by a significant number of men who are excited about tech products and are more motivated to invest higher amounts in such gadgets compared to women. However, the female segment has also witnessed substantial growth during recent years. This growth is accredited to key players significantly manufacturing products precisely designed for women. For instance, in March 2021, Garmin introduced the Lily, a women’s wristwatch that comprises a pregnancy tracker.

By Application, Running Segment Registers the Largest Market Share

The market is segmented by application into running, checking notifications, swimming, cycling, and other uses. The running segment is projected to hold a substantial market share owing to its popularity as a convenient form of exercise, precisely among young customers who are progressively aware of the health benefits linked with running. This trend is fosteringa global requirement for wristwatches designed for running determination. Additionally, the segments for checking notifications, swimming, cycling, and others have also seen rapid growth. Working professionals are significantly using smartwatches for receiving alerts and notifications, which underwrites the requirement in the notification segment. Moreover, individuals engaging in outdoor activities including swimming and cycling are adopting smart devices to improve their performance, thereby fosteringutilization in these precise segments.

By Region, Asia Pacific Held the Largest Market Size in the Global Market

The Asia-Pacific region has seen a rapidincrease in the adoption and prevalence of smart wearables, propelled by increased investments from both local and international brands and an increasing population of health-conscious customers. Smartwatches are significantly being utilized by cyclists, athletes, swimmers, and fitness enthusiasts across the region owing to their improved monitoring capabilities. Key watch producers in Asia-Pacific are actively funding in the development of new and upgraded products to fascinatecustomers and maintain competitiveness in the market. Premiumization is also a propelling factor, with a segment of users favoring high-quality, branded watches. This trend has motivated the introduction of premium products within the market segment. For instance, in 2022, Garmin introduced its premium smartwatches Fenix 7 series and Epix across India.

Competitive Analysis

The aim on health-related functionalities in smartwatches is playing an important role in increasing awareness concerning personal health and wellness among customers. As individuals become more health-conscious, there is a growing requirement for wearable devices capable of offering insights into different aspects of health and fitness. This trend is propelling the adoption of smartwatches as important tools for health monitoring. Due to this demand, key participants in the market are significantly shifting their focus towards producing health monitoring watches. This strategic pivot is estimated to boost sales significantly, as more customers prioritize owning devices that offer customizedhelp in maintaining their health. Some of the major player includes Apple Inc, Samsung Electronics Co., Ltd, Fossil Group, Inc., Fitbit and TAG Heuer S.A and others

Market Segmentation

Global Digital Watch Market, by End User

• Male
• Female

Global Digital Watch Market, by Application

• Running
• Checking notifications
• Swimming
• Cycling
• Others

Global Digital Watch Market, by Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • Russia
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Rest of Asia-Pacific
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • Turkey
  • South Africa
  • Rest of Middle East & Africa

Market Players Included

• Apple Inc
• Samsung Electronics Co., Ltd
• Fossil Group, Inc.
• Fitbit
• TAG Heuer S.A