North America Watch Market Outlook, 2029

North America Watch Market Outlook, 2029

A wearable computer in the form of a watch is called a smart watch. These days, smart watches come with a local touchscreen interface for daily use, and management and telemetry are handled via a companion smartphone app. Smart watches have become more popular in the US due to a number of consumer factors and demographics, including the growing number of people living in cities and the growing demand for aesthetically pleasing high-tech products with new features (like time schedules and multiple functions in one device).The fact that millennial in the United States and other developed nations wear sophisticated smart watches on a daily basis, together with the presence of major players in the industry such as Fitbit, Google, Apple, Amazon, and Fitbit, have all contributed to the rise of the analysed market. Smart watches can now function as a variety of devices and apps, increasing connectivity with other linked devices, by integrating IoT technologies. Furthermore, as hybrid smart watches which blend traditional and smartwatch functions become more popular, industry players in the smartwatch space may find new avenues for expansion. Many of the characteristics of a standard smartwatch are also included in a hybrid smartwatch, but it lacks touch functionality and cannot be charged. The North American sports watch market was controlled by the US market. In the North American smartwatch market, Apple leads without a doubt, with Samsung, Fitbit, Garmin, and Amazon following closely behind. To draw in and keep consumers, these businesses are always coming up with new ideas and features. With integrated GPS, cellular connectivity, and sophisticated health monitoring features, smartwatches are becoming increasingly complex. Additionally, hybrid smartwatches which combine smartwatch functionality with the timeless appearance and feel of conventional timepieces are becoming more and more popular. There is a great deal of room for expansion in the watch market in North America. While traditional watches remain a significant part of the industry and will likely remain so for some time to come, smartwatches are undoubtedly the way of the future.

According to the research report ""North America Watch Market Outlook, 2029,"" published by Bonafide Research, the North America Watch Market was valued more than USD 30 Billion in 2023. With features like fitness tracking, notifications, health tracking, and even cellular connectivity, smartwatches combine technology and style in a seamless way. A wide range of people who value beauty and practicality will find this appealing. With their ever-evolving features, more streamlined designs, and enhanced interoperability, top manufacturers like Apple, Samsung, Fitbit, and Garmin are making smartwatches even more appealing. Over time, watches have evolved from simple timepieces to fashion accessories and symbols of individuality. While reasonably priced and fashionable products from lesser firms appeal to younger populations, luxury brands serve affluent tastes. Vintage and pre-owned watches are becoming more and more popular, which is in line with sustainable methods and shows that people are beginning to value unique items. Millennials and Gen Z in particular have more purchasing power, which makes it possible to invest more in luxury and lifestyle products like watches. The dynamic urban lifestyle necessitates ease and continuous communication, which is why smartwatches with their wide range of features are the perfect allies. The demand for activity, sleep, and vital sign tracking devices is driven by the increased focus on health and fitness. These features are smoothly integrated into smartwatches, which makes them ideal for people who are health-conscious and exercise aficionados. The growth of the watch industry in North America is driven by the dynamic interaction of changing customer tastes, technology developments, and changing attitudes toward watches. Although smartwatches are at the forefront, classic timepieces are still relevant because of their ageless appeal and cultural relevance.

Major Drivers

Growing Customer Health Awareness Is Anticipated to Lead the Market: The primary factors driving the expansion of the market under research are the population's growing concern for their own personal fitness and health as well as the rising use of smartphones. In addition, the high-tech aspects of smartwatches such as communication, alerts, and tracking have attracted increased attention in recent years. Health monitoring and increasing awareness of health conditions have shown to be the most beneficial aspects of wearable technology. Customers gain from it since it provides exercise enthusiasts with the necessary health indicators, but patients also receive information about their condition. The number of new smartwatch users is rising quickly, and many elderly people are among them. This is because wearable device makers like Apple and Fitbit have included health-monitoring features, which appeal to senior citizens and provide them with real-time health information. Patients often forget to take their medications for a variety of reasons. It can be beneficial to remind patients when to take their medications and to monitor when they wear wearable’s. Since these developments promote consumer health awareness, it is expected that the smartwatch market would grow.

Individual Support to See Considerable Development One of the important apps that customers prefer is personal assistance. Smartwatches are utilized for a variety of personal assistance tasks and warnings, and they maintain constant communication with the user. For example, the majority of smartwatches on the market now allow users to create reminders and receive notifications based on calendar events, fitness objectives, and other criteria. The growing use of smartwatches by the large millennial population and their greater expenditure during ordinary work hours are also being monitored. Increasing standards of luxury are important market drivers.

Major Challenges

Competition from Wearable Technology: Traditional watches now face serious competition from the growing popularity of smartwatches. Customers are looking for multipurpose gadgets with capabilities like fitness monitoring, notifications, and connectivity that go beyond timekeeping. With a wide range of consumer preferences, the watch market in North America has been increasingly segmented. While smartwatches appeal to people wanting sophisticated technology and connection features, conventional timepieces may be more appealing to those seeking timeless beauty and craftsmanship. The entry-level and mid-range watch market categories have seen the most effects from smartwatches. The functions that smartwatches with comparable pricing points have to offer can be more enticing to those looking for inexpensive watches.

Effects of Online Shopping The retail industry has changed as a result of the rise of e-commerce, and conventional brick and mortar retailers may find it difficult to adjust to online sales. Retailers of watches who mostly depend on physical stores may be impacted by this change in customer purchasing behaviour. Watch retailers can reach a global audience thanks to e-commerce. Customers in North America have access to a wider variety of designs and features when they investigate and buy timepieces from foreign companies, expanding their options.

Based on movement market is divided into smart watch, Quartz, mechanical, solar & other.

The Quartz segment is among the popular choices. Quartz watches are renowned for their precision and durability. They are less prone to temperature fluctuations and require less maintenance than mechanical watches. The practical American way of life blends in wonderfully with this precision and ease of usage. There are now more alternatives for watch functionality and style thanks to quartz technology. Quartz watches come in a variety of styles and features, from sporty models with GPS and heart rate monitors to sophisticated, minimalist designs. They cater to a broad spectrum of preferences and needs. This variety appeals to a broad spectrum of American consumers.

Based on the product range of the market is divided into low- range, Mid-range, luxury.

Customers looking for mid-range watches are looking for pieces that deliver respectable value without sacrificing an excessive amount of features or quality. Some mid-range watch manufacturers are renowned for creating stylish and trustworthy timepieces. Consumers can count on these companies to deliver premium goods at a cost that is on par with expensive watches. Mid-range watches often come in a selection of styles to suit a broad spectrum of interests and tastes. For those looking for a sports watch, a dress watch, or a more casual everyday watch, the mid-range market may provide a number of options. Mid-range watches often come in a selection of styles to suit a broad spectrum of interests and tastes. For those looking for a sports watch, a dress watch, or a more casual everyday watch, the mid-range market may provide a number of options.

Based on the End user the market can be categorized by male, female, unisex.

In an effort to increase their revenue share, manufacturers are luring consumers into the market for luxury watches at competitive prices. Because of these considerations, it is anticipated that men would become more interested in luxury timepieces. A select few retailers are concentrating on the release of new, upscale watch models for men. The Two-Tone H08 Watch in rose gold and titanium, for instance, was announced by Hermes International SA (Hermes International) as being available in January 2023. Additionally, according to TAG Heuer, a division of LVMH Moet Hennessy Louis Vuitton (Louis Vuitton), the 60th Anniversary Edition TAG Heuer Carrera Chronograph will be offered in January 2023. During the course of the forecast period, it is anticipated that these product launches will support the growth of the men's segment of the global market.

Based on type of Distribution Channel the market can be categorized by retail store, speciality store, online retail.

Only selling watches, specialty stores have staff that are well-informed, well-curated collections that cater to specific tastes, and excellent customer service. Because of this awareness and focus, watch aficionados grow increasingly trustworthy and loyal, particularly in the luxury and high-end markets. Specialty retailers can receive unusual models and limited editions that are difficult to find elsewhere thanks to strong partnerships between watch brands and merchants. Enthusiasts and collectors seeking unique watches are drawn to these exclusive pieces. Specialty stores abound and provide a distinctive shopping experience. Businesses that offer a sense of distinction and refinement, such as magnificent displays, comfortable interiors, and repair services, tend to attract watch enthusiasts.

Based on report market is divided into various major countries United States, Canada, Mexico.

The fashion industry's transformation and the country's increased emphasis on fitness and health are the main drivers driving the watch market in the United States over the projection period. The growing popularity of leading a fit and healthy lifestyle is increasing demand for watches. A few of the smartwatches have proven useful for sports enthusiasts. Among the well-known businesses operating in the American watch market are The Swatch Group (U.S.) Inc., Apple Inc., Fitbit, Inc., Fossil Group, Inc., Garmin Ltd., Movado Group, Inc., Citizen Watch Company of America, Inc., Huawei Technologies Co. Ltd., Casio America Inc., and Seiko Corporation of America. To stay competitive in the market, businesses constantly launch new products, alter their marketing strategies, and create other types of strategic partnerships. The majority of companies setting the standard for innovation today make sure that each of their watches delivers a special blend of functionality, history, and style. The people living in the United States are diverse, style-savvy, and value timepieces as both practical tools and chic accessories. The US market is seeing a significant increase in demand for luxury timepieces. Because high-end watches are usually associated with status and distinction, they attract consumers who appreciate style, exclusivity, and craftsmanship. Online retail platforms and e-commerce have grown in popularity, making it easier for people to browse and purchase watches from the convenience of their homes. The broad variety of watch brands and styles that are offered on internet platforms is driving the market's growth. The Canadian market is expected to contribute significantly to this expansion as it is a part of North America. It is projected that a number of reasons, such as the growing urbanization of society, the greater use of social media and the internet, and the expansion of Swiss watch exports, will boost the rate of development of the luxury watch industry. The Canadian market is seeing a surge in demand for these Swiss timepieces, which is contributing to the growth of the luxury watch sector. The luxury watch tastes of Canadian buyers are influenced by various factors, including the brand awareness, quality, and craftsmanship associated with watches made in Switzerland. The market for luxury watches is expected to grow dramatically in the future years, with the Canadian market expected to play a major role in the growth.

The watch market is highly competitive, with the presence of both global and domestic players. Some of the major players in the market include Seiko Holdings Corporation, The Swatch Group, Casio, Fossil Group Inc., and Rolex. Major players focus on leveraging the opportunities to expand their product portfolios and cater to the requirements of various product segments, especially within the integrated analog and smart-watches category. These players are also targeting social media platforms and online distribution channels for the online marketing and branding of their products to capture the maximum attention of customers.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Watch market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Movement
• Smart Watch
• Quants
• Mechanical
• Others

By Product Range
• Low- Range
• Mid-Range
• Luxury

By End User
• Male
• Female
• Unisex

By Distribution Channel
• Hypermarket/Supermarket
• Retail Store
• Speciality Store
• Online Retail

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Watch industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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