Global Sports Watches Market Size (2023 - 2030)

As per our research report, the global sports watches market size is valued at USD 12.6 billion in 2022 and is projected to reach USD 21.97 billion by 2030. This market is anticipated to witness a CAGR of 7.2% from 2023 - 2030. The increasing use of watches for sports & fitness, the rise in disposable income with increasing population spending capacity, and ongoing technological advancements are majorly driving the market growth.

Industry Overview:

A sports watch is a wristwatch designed to be worn by athletes while competing in sports. Sports watches are timepieces designed to provide accurate information to athletes while they train, as well as collect, analyze, and show as much workout-related data as possible. Smartwatch features such as GPS, health tracker, fitness tracking, pulse measurement, and quick access to notifications are all available on a sports watch. Running, fishing, skiing, cycling, diving, climbing, the gym, and other sports all have diverse applications for sports watches. More importantly, it must have functions that are also comfortable on the user's wrist and easy to read when performing various activities or sports. For instance, chronographs are timepieces that record split-second timing of events that take place over brief periods. This feature can help to figure out how long an athlete can sprint at top speed or which day they completed the most laps around a pool. Heart rate monitors, running watches, outdoor watches, fitness watches, watches for cyclists, diving watches, sailor watches, surfer watches, GPS trackers,  fitness trackers, step counters, and numerous hybrid beings, as well as multifunctional sports watches, are among the numerous sports watches available in the market. The rise in awareness of health and fitness, and increased demand for high-quality watches with features like GPS tracking and heart rate monitoring, are fuelling the expansion of this market. The market has been driven by consumer desire for aesthetically pleasing technological products that better satisfy their needs, such as time schedules and numerous capabilities in one device.

COVID-19 outbreak impact on Sports Watches Market

The recent COVID-19 outbreak caused a dramatic plunge in global demand for electronics during the first quarter of 2020. The internet sales of wearable devices such as sports watches saw a significant increase, wiping out many other expenditures associated with sales and allowing users to purchase products on online platforms while comparing prices and features. People became health-conscious during the COVID-19 epidemic and gravitated toward linked monitoring devices, sports watches, and other wearable gadgets that continuously monitor a user's heart rate, skin temperature, and other physiological markers that can detect health problems days before they are diagnosed. As per the studies from leading medical and academic institutions such as Mount Sinai Health System in New York and Stanford University in California, devices such as the Garmin, Fitbit, and Apple watches can help in predicting whether an individual is positive for COVID-19. Technology and fitness go hand in hand, especially now that we're in digital reconstruction. Fitness bands may now do a lot more than measuring steps, as several well-known tech titans introducing one-too-many advancements.

MARKET DRIVERS:

The growing popularity of timepieces for sports and fitness is a major driver propelling the Global Sports Watches Market forward

Over the last few years, the number of consumers participating in sporting activities or working out at gyms has grown exponentially, boosting sales for the global sports watch industry. Sports watches take the concept of fitness and health tracking to the next level. Factors such as rising demand for wireless fitness and sports gadgets, increased health consciousness among users, and industry leaders' technological improvements in sports watches are anticipated to drive revenue potential to some extent. Sports watches are becoming more outfitted with cutting-edge functions that track health even when the wearer is sleeping. These wearables give today's fitness enthusiasts the real-time insights they need to monitor their progress, improve performance, and even assist smart diagnostics by precisely gathering sensor data, consistently processing it, and intelligently evaluating it. Monitoring and measuring physical activities, sensing the environment, real-time data collecting, and other significant applications are some of the primary aspects that are likely to serve the major requirements of customers in such devices.

The rise in disposable income with increasing population spending capacity, and technological advancements are driving market expansion

Consumer spending power is likely to rise more, particularly in emerging markets. Smartwatches are growing in popularity owing to continual technological developments by market players, as they are sophisticated items that necessitate regular R&D for new features. They come in a variety of pricing ranges and feature sets. With each generation, the sports watch becomes more advanced, allowing its users to perform even better in sports and everyday life. When designing new models, prominent manufacturers like Garmin, Suunto, Polar, and Fitbit, as well as authentic smartwatch manufacturers AppleHuawei, Samsung, and Xiaomi, study scientific discoveries, and the algorithms utilized in the fitness watches' operating systems are always improved.

MARKET RESTRAINTS:

The high cost of sports watches may slow the market growth

High costs operate as a primary limitation on market expansion, which is likely to stifle it to some extent. The integration of numerous components such as sensors, screens, and others into a small compact device, has complex circuit layouts. The device contains several very small semiconductor devices with a core diameter of 10 micrometers.  The control ICs are only a few hundred nanometers thick, designers have difficulty combining multiple components into a single device. The amount of precision necessary for design and development, as well as the raw materials, needs a high level of expertise and a significant upfront expenditure. Smartwatches are also considered high-end wearable devices. As a result, the high cost of these smart gadgets stifles industry growth.

The transition from gadget-like design to style-conscious design and challenges in sensing accuracy may act as a challenge in the sports watch market

Early entrants to the sports watch industry were focused on the device's technology, but new entrants with fashion backgrounds are influencing consumer expectations for design and aesthetics. Consumers are placing a stronger focus on style, with product look ranking making it a significant aspect in deciding whether or not to buy a sports watch. As a product category, the sports watch combines technology and fashion. Each of these industries has its own set of consumer-facing channels. Sports watchmakers may find it difficult to get their products into the hands of consumers owing to this contradiction in distribution channels. As these wearables track everything from body temperature and heart rate to blood pressure and even blood sugar levels, sensing accuracy is the biggest design problem for today's sports watch. As activity and location tracking blend with contactless payment, access management, and ticketing, security becomes increasingly important.

SPORTS WATCHES MARKET REPORT COVERAGE:

This research report on the global sports watches market has been segmented based on type, end-user, distribution channel, and region.

Sports Watches Market – By Type

• Mechanical Watches
• Electronic Watches

Based on Type, the Sports Watches Market is segmented into Mechanical Watches and Electronic Watches. Watches with mechanical movements are sometimes known as clocks with mechanical movements. These watches have a mainspring, gears, and other components that work together to precisely keep time by transforming the mainspring's power into rotary energy through the use of gears. Mechanical watch movements rely on constant motion to wind up its springs, which can run for up to 40 hours without being worn again when fully wound via hand-winding or movement of the wearer's arm. Electronic timepieces are powered by a rechargeable battery and contain electronic components. The gadgets may be set to display the time in various locations across the world, making them more useful when traveling. Electronic watches with GPS, heart rate monitors and other features are also available. Digital sports watches have the advantage of being digital, which makes them easier to read, and they usually contain a reliable quartz movement. Digital watches are frequently less expensive than mechanical timepieces.

Sports Watches Market – By End User

• Men
• Women
• Kids

Based on End-User, the Sports Watches Market is segmented into Men, Women, and Kids. Sports watches are worn for a variety of purposes. Many people wear them when exercising or participating in sporting activities, but because of their durable design and water resistance, they may be worn in a variety of situations where you need to keep track of time without worrying about the watch becoming damaged. Women's sports watches are mostly employed in the realms of fitness and training. GPS-enabled, Water-resistant, full-featured smartwatches, etc., are the most common types of sports watches available on the market today with a specific focus on female users and include numerous capabilities such as activity monitoring (calories burnt), heart rate monitor (MVP), and sleep tracker (Alert).

Sports Watches Market – By Distribution Channel

• Offline store
• Online Store

Based on Distribution Channel, the Sports Watches Market is categorized into Offline stores and Online stores. The Online Store segment is anticipated to witness a higher sales revenue during the forecast period. Factors such as the increasing number of consumers shopping online and the rise of e-commerce are driving the growth of the segment. Consumers prefer to shop online owing to the convenience it offers along with faster and cost-efficient services. Various e-commerce platforms are offering discount schemes to attract consumers.

Sports Watches Market - By Region:

• North America
• Europe
• Asia-Pacific
• Rest of the World

Geographically, the North American Sports Watches Market is dominating the global market owing to the growing emphasis on technical advances in sports watches, and an increase in disposable income, among other factors. Europe Sports Watches Market is anticipated to occupy a major share of the global market over the forecast period owing to high disposable income levels per capita in the region. The Asia Pacific Sports Watches Market is anticipated to register a substantial CAGR during the forecast period. This growth can be attributed to the growing consumer electronics industry, coupled with a rapid rise of sports watch market vendors across the emerging economies of the region. The increasing tech-savvy population, the increasing popularity of health and fitness to maintain a healthy lifestyle, and increased purchasing power in the region are driving the market growth.

Major Key Players in the Market

1. Casio
2. Garmin
3. Polar
4. Citizen
5. Ezon
6. Nike
7. Adidas
8. Swiss Eagle
9. Apple
10. Suunto
11. Fossil
12. Skmei
13. Seiko 

Notable happenings in the Global Sports Watches Market in the recent past:

• Product Launch- In February 2022, Casio Computer Co., Ltd. announced the next addition to the PRO TREK range of outdoor watches. The PRW-61 is Casio's first watch to be built from biomass plastics derived from renewable organic materials.
• Product Launch- In April 2022, Suunto, a leading manufacturer of sports watches, dive computers, and compasses announced the Suunto 9 Peak Full Titanium Black. This adds a luxury model to the brand's flagship collection, which boasts a diamond-like carbon-coated titanium bracelet. The Suunto 9 Peak Full Titanium Black sports watches exquisite design and classy look make it smart enough to wear in more formal settings, and the supplied flexible silicone band allows for a seamless transition between sports and adventure.
• Partnership- In January 2021,  Team Vitality, a French esports organization, announced a new relationship with watchmaker Garmin. The American corporation will provide Team Vitality with its Instinct® Esports Edition watch as part of the agreement. Furthermore, the two companies will collaborate to explore and develop Garmin's esports product.