Global Digital Watch Market is valued at approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than xx% over the forecast period 2022-2029. Digital watch is used to display times in numeric form, it displays time by hous, minutes or seconds in LED or LCD screens. n. Consumers are spending more money on health monitoring devices such as smartwatches because they are more conscious of their health and want to manage it and track their sleep. The propensity for maintaining a healthy lifestyle and participating in sports has also increased consumer indulgence in various sports activities. Consumer demand for various smart wearables is rising in line with the athleisure trend, which is boosting sales of smartwatches. Additionally, the digital timepieces have functions such as built-in triple sensor technology, which measures temperature and air pressure and even have alarms and stopwatches. The Digital Watch Market is expanding because of factors such as the rising gym population, increasing health awareness, and rising sports activities.
According to Statista, in the year 2018, the number of members in health and fitness clubs across the globe stood at 174.05 million which increased to 184.61 million in the year 2019. As a result, with the rising number of members in health and fitness clubs, the demand for digital watches are also rising. Additionally, the increasing prevalence of obesity across the world has resulted in creating awareness about the health of customers, which ultimately has resulted in rising demand and adoption of smartwatches as they get involved in various sports and fitness activities. However, the high cost of the Digital Watch Market stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Digital Watch Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Among these regions, Asia Pacific holds the highest share owing to factors such as the rising popularity of smart wearable devices, rising consumer purchasing power, rising prevalence lifestyle diseases, and rising fitness consciousness among consumers. Europe is expected to be the fastest region owing to factors such as high spending power, and presence of major watch manufacturers.
Major market players included in this report are:
Fossil Group, Inc.
Samsung Electronics Co., Ltd.
Huawei Device Co., Ltd.
Mobvoi Information Technology Company
TAG Heuer S.A
Recent Developments in the Market:
In April 2022, Gizmore, an India-based smart accessories brand announced the launch of its first 'Made in India' smartwatch having premium features at an affordable price.
In Aug 2021, Apple announced the launch of the Apple Watch Series 7, having a larger, and more advanced, as well as Always-On Retina Display, Built-In Compass, and International Emergency Calling.
Global Digital Watch Market Report Scope:
Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Product, end user, Category, Distribution Channel, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Product Type offerings of key players. The detailed segments and sub-segment of the market are explained below:
By End User:
By Distribution Channel:
Online Retail Stores
Offline Retail Stores
Rest of the World