Market Trends of Global Digital Watch Industry
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.
