Portland, OR, Sept. 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global sports watches market generated $25.6 billion in 2021, and is estimated to reach $54.9 billion by 2031, witnessing a CAGR of 7.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $25.6Billion |
| Market Size in 2031 | $54.9 Billion |
| CAGR | 7.9% |
| No. of Pages in Report | 360 |
| Segments covered | Product Type, End User, Price Point, Distribution Channel,and Region |
| Drivers | Rise in awareness regarding health among consumers |
| Surge in demand for wireless fitness and sports gadgets | |
| Technical advancements in smartwatches | |
| Opportunities | Growing emphasis on connected devices and the connected ecosystem by various businesses |
| Increase in investment in R&D by manufacturers | |
| Restraints | High cost of the technology as well as issues with power consumption and short battery life |
Get detailed COVID-19 impact analysis 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 had a severe impact on various distribution channels of consumer electronics. Manufacturers facedseveral challenges in procuring raw materials which led to the reduced production of sports watches.
- However, a spike in sales of fitness monitoring devices was witnesseddue to surge in COVID-19 cases, which positively impactedthe growth of the market.
- People became fitness freakspost the pandemicoutbreak. They started looking for fitness devices to monitor their energy expenditure, measure heart rate, and count steps, which help them to assess their limitations and improve performance or prevent injury in sports events and competitions.This factor is boosting the market growth.
The report offers a detailed segmentation of the global sports watches market based on product type, end user, price point,distribution channel, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on product type, the mechanical sports watch segment held the largest share in 2021, contributing to more than two-thirds of the global sports watches market, and is likely to maintain its leadership status during the forecast period. However, the digital sports watch segment is expected to manifest the highest CAGR of 8.9% from 2022 to 2031.
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Based on end user, the men segment held the largest share in 2021, contributing to nearly three-fifths of the global sports watches market, and is likely to maintain its leadership status during the forecast period. However, the women segment is expected to manifest the highest CAGR of 8.5% from 2022 to 2031.
Based on price point, the luxury segment held the largest share in 2021, accounting for more than three-fourths of the global sports watches market, and is expected to lead the trail through 2031. However, the economic segment is estimated to witness the fastest CAGR of 8.9% during the forecast period.
Based on distribution channel, the specialty stores segment held the largest share in 2021, accounting for around one-third of the global sports watches market. However, the others segment is estimated to witness the fastest CAGR of 9.3% during the forecast period.
Based on region, Europe accounted for the largest share in 2021, contributing to nearly two-fifths of the global sports watches market. However, LAMEA is projected to portray the fastest CAGR of 10.0% during the forecast period.
Leading players of the 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 B.V.
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 by every market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
