Digital Watch Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 13.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Digital Watch Market Analysis
Global Digital Watch Market is projected to register a CAGR of 13.20% during the forecast period, 2022-2027.
Digital watches are more common among young consumers, as they are aware of the mobile and smartphone technology. However, the demand for smart watches and sport watches are gaining prominence especially in developing countries like India, Brazil, South Africa, etc due to the innovative and multiple functionalities coming up in the market.
Consumers are more aware about their health; thus, they prefer spending on health monitoring gadgets such as smartwatches, which can be used for health management and sleep monitoring. Moreover, healthy lifestyle adoption and the preference for staying fit has increased consumer indulgence in various sports activities. In line with the athleisure trend, consumers are increasingly seeking for various smarts wearables, thereby, accelerating the smartwatch sales. The digital watches also include features, such as built-in triple sensor technology that measures temperature, atmospheric pressure, and is even characterized with alarms and stopwatches.
Digital Watch Market Trends
This section covers the major market trends shaping the Digital Watch Market according to our research experts:
Strong Demand from Fitness Conscious Consumer
Increasing health awareness among consumers coupled with increased gym population, morning exercise, and walking, among others has increased the demand for smartwatches across the globe. Moreover, endurance sports have also paved a strong ground for the enthusiast to grab the varieties in the sports wearable segment, thereby escalating the smartwatch sales. Thus, companies have started introducing smartwatches targetting fitness-conscious consumers. For example, in 2022, Apple introduced the Apple Watch Ultra, which brings a new bold design and a wide range of features built for endurance, exploration, and adventure.
As more and more population enter the global workforce, a significant share among them is more likely to embrace sports and fitness as a part of recreational activity. Additionally, the increasing rate of obesity across the globe has resulted in rising awareness about the health of the customers, which has resulted in demand for smartwatches as they involve themselves in various sports and fitness activities.
Asia-Pacific is the Fastest Growing Market
The acceptance and popularity of smart wearables in the Asia-Pacific region have been supported by increasing investment by local and foreign brands coupled with rising number of health and fitness conscious consumers. Furthermore, the use of smartwatches among cyclers, health- and fitness-conscious consumers, swimmers, and athletes is increasing rapidly across the region, owing to their wide range of monitoring capabilities.
Major watch manufacturers operating in this region are investing in the development of new and updated versions of products, to attract the consumer base and remain competitive in the market. Premiumization is also leading to the growth of this segment, as there is a group of end users who prefer quality and branded watches. This has led to the launch of premium products within the segment. For example, in 2022, Garmin launches premium smartwatches Fenix 7 series, Epix in India.
In addition, as most of the population in the region belongs to the middle class, the players are introducing smart watches at affordable prices to gain competitive advantage.
Digital Watch Industry Overview
The market is highly competitive with the presence of key players operating in the market, such as Fitbit, Huawei Device Co., Ltd, Fossil Group, Inc., Zepp Health, and Mobvoi Information Technology Company, among others. The key players in the market have been differentiating their offerings to gain a competitive advantage in the market. Thus, manufacturers are launching new technological features that are powered by WearOS by Google, coupled with attractive designs and innovative styles, which is one of the most adopted strategies to withstand the competition. For example, in 2022, Oppo launched the Watch 3 and Watch 3 Pro smartwatches featuring Qualcomm's Snapdragon W5 Gen 1 platform.
Digital Watch Market Leaders
-
Apple Inc
-
Samsung Electronics Co., Ltd
-
Fossil Group, Inc.
-
Fitbit
-
TAG Heuer S.A
*Disclaimer: Major Players sorted in no particular order
Digital Watch Market News
- In April 2022, India-based smart accessories and audio brand Gizmore has launched its first 'Made in India' smartwatch with premium features at an affordable price.
- In October 2021, Apple launched Apple Watch Series 7, featuring a larger, more advanced, and Always-On Retina Display, Built-In Compass, and International Emergency Calling.
- In June 2021, Huawei Consumer Business Group launched of Huawei Watch 3 Series, which consists of Huawei Watch 3 and Huawei Watch 3 Pro, two smartwatches powered by HarmonyOS 2 to bring consumers convenient and smart life experiences that are underpinned by enhanced interaction, independent connectivity, and all-scenario interconnectivity.
Digital Watch Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product type
5.1.1 Smart Watch
5.1.2 Sports Watch
5.2 By End user
5.2.1 Men
5.2.2 Women
5.2.3 Unisex
5.3 By Category
5.3.1 Mass
5.3.2 Luxury
5.4 By Distribution Channel
5.4.1 Offline Retail Stores
5.4.2 Online Retail Stores
5.5 By Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.1.3 Mexico
5.5.1.4 Rest of North America
5.5.2 Europe
5.5.2.1 United Kingdom
5.5.2.2 Germany
5.5.2.3 Spain
5.5.2.4 France
5.5.2.5 Italy
5.5.2.6 Russia
5.5.2.7 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 Australia
5.5.3.5 Rest of Asia-Pacific
5.5.4 South America
5.5.4.1 Brazil
5.5.4.2 Argentina
5.5.4.3 Rest of South America
5.5.5 Middle East & Africa
5.5.5.1 United Arab Emirates
5.5.5.2 South Africa
5.5.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Apple Inc.
6.3.2 Fossil Group, Inc.
6.3.3 Samsung Electronics Co., Ltd.
6.3.4 Fitbit
6.3.5 Garmin Ltd
6.3.6 Huawei Device Co., Ltd.
6.3.7 Xiaomi Corporation
6.3.8 Mobvoi Information Technology Company
6.3.9 Zepp Health
6.3.10 TAG Heuer S.A
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
9. DISCLAIMER
Digital Watch Industry Segmentation
A digital watch usually displays time in the form of numbers, rather than by a dial and hands. Thus, it displays the time by the hour, minutes, or seconds on an LCD or LED screen. The global digital market (henceforth referred to as the market studied) is segmented by product type, end-user, category, distribution channel, and geography. By Product Type, the market is segmented into smartwatch and sports watch. By end-user, the market is segmented into men, women, and unisex. By Category, the market is segmented into mass and luxury. By distribution channel, the market is segmented into online retail stores and offline retail stores. It provides an analysis of emerging and established economies across the world, comprising North America, Europe, South America, Asia-Pacific, and Middle East and Africa. For each segment, the market sizing and forecasts have been done based on value (in USD million).
| By Product type | |
| Smart Watch | |
| Sports Watch |
| By End user | |
| Men | |
| Women | |
| Unisex |
| By Category | |
| Mass | |
| Luxury |
| By Distribution Channel | |
| Offline Retail Stores | |
| Online Retail Stores |
| By Geography | |||||||||
| |||||||||
| |||||||||
| |||||||||
| |||||||||
|
Digital Watch Market Research FAQs
What is the current Global Digital Watch Market size?
The Global Digital Watch Market is projected to register a CAGR of 13.20% during the forecast period (2024-2029)
Who are the key players in Global Digital Watch Market?
Apple Inc, Samsung Electronics Co., Ltd, Fossil Group, Inc., Fitbit and TAG Heuer S.A are the major companies operating in the Global Digital Watch Market.
Which is the fastest growing region in Global Digital Watch Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Digital Watch Market?
In 2024, the North America accounts for the largest market share in Global Digital Watch Market.
What years does this Global Digital Watch Market cover?
The report covers the Global Digital Watch Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Digital Watch Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Digital Watch Industry Report
Statistics for the 2024 Digital Watch market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Digital Watch analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
