United States Traditional And Smart Watch Market Forecast 2024-2032
The United States traditional and smart watch market was valued at $20676.91 million in 2023 and is expected to reach $34251.75 million by 2032, growing at a CAGR of 5.90% during the forecast period, 2024 to 2032.
In terms of volume, the United States traditional and smart watch market was valued at 74.13 million units in 2023 and is expected to reach 125.17 million units by 2032, growing at a CAGR of 6.17% during the forecast period, 2024 to 2032.
MARKET INSIGHTS
The market for watches in the United States has undergone significant transformations in recent years. According to statistics, the adoption of smart watches among US adults has increased notably, rising from 18% in 2019 to 23% in 2021; this trend indicates a growing interest in digital timepieces. Millennials, aged 26 to 41, constitute the largest demographic of smart watch users, underscoring their preference for technological innovations. Moreover, in 2021, 55% of global smart watch users were male, suggesting a somewhat higher male interest in this category. Despite the surge in smart watch popularity, traditional watches continue to maintain a substantial presence in the United States market.
On the other hand, a significant trend in the United States’ traditional and smart watches market is the shift towards subscription-based models for smart watch services and apps. This change is driven by consumers’ demand for continuous access to innovative features, personalized experiences, and updated functionalities. Furthermore, subscription-based models provide smart watch manufacturers with a recurring revenue stream, allowing them to invest in research and development. This supports the integration of new technologies and enhances the user experience. Additionally, these models also enable companies to consistently introduce new apps, watch faces, and exclusive content tailored to user preferences.
Growing health and fitness awareness among consumers has become a major driver for the United States traditional and smart watches market. According to a survey of over 1,500 smart watch users, 42% have discussed their health data, such as heart rate and sleep patterns, with their doctors. As individuals prioritize their well-being, the demand for devices that facilitate tracking and monitoring of health metrics has increased.
However, privacy and security concerns regarding data collection pose a challenge. As these devices become more common, the amount of personal information gathered raises concerns among consumers and regulatory bodies. In addition, smart watches use various sensors and technologies to capture sensitive data, such as heart rate, sleep patterns, and location information, raising questions about data privacy and potential misuse.
SEGMENTATION ANALYSIS
The report on the United States traditional and smart watch market includes the segmentation analysis based on product type and distribution channel.
Market by Product Type:
• Traditional Watch
Product Type
Mechanical Watch
Quartz Analogue Watch
Quartz Digital Watch
Price Range
Low-Range
Mid-Range
Luxury
• Smart Watch
Smart Wearable
Analogue Activity Watch
Digital Activity Watch
Market by Distribution Channel:
• Offline Distribution Channel
Hypermarket
Jewellery and Watch Specialist
Appliance and Electronic Specialist
Other Offline Distribution Channels
• Online Distribution Channel
Inkwood Research’s report on the United States traditional and smart watch market provides in-depth insights as well as the market’s segmentation analysis. The detailed evaluation of the market includes Competitive Landscape, Key Buying Criteria, Market Maturity Analysis, and Value Chain Analysis.
COMPETITIVE ANALYSIS
Some of the prominent players in the United States traditional and smart watch market are Samsung, Google LLC, Garmin, Rolex SA, etc.
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- 1. Research Scope & Methodology
- 1.1. Study Objectives
- 1.2. Methodology
- 1.3. Assumptions & Limitations
- 2. Executive Summary
- 2.1. Market Size & Forecast
- 2.2. Country Snapshot
- 2.3. Country Analysis
- 2.4. Scope Of Study
- 2.5. Major Market Findings
- 2.5.1. Growth Of Subscription-based Models For Smart Watch Services And Apps
- 2.5.2. Hybrid Watches That Mix Traditional And Smart Functions Are Becoming More Popular.
- 2.5.3. Introduction Of New Design Elements
- 3. Market Dynamics
- 3.1. Key Drivers
- 3.1.1. Technological Advancements In Smart Watches
- 3.1.2. Growing Health And Fitness Consciousness
- 3.1.3. Expansion Of Customization And Personalization Options
- 3.2. Key Restraints
- 3.2.1. Privacy And Security Concerns Over Data Collection
- 3.2.2. Limited Battery Life Of Smart Watches
- 3.2.3. Compatibility Issues With Different Devices And Platforms
- 4. Key Analytics
- 4.1. Key Market Trends
- 4.1.1. Adoption Of Contactless Payment Systems
- 4.1.2. Incorporation Of Voice Assistants And Ai
- 4.1.3. Development Of Sustainable And Eco-friendly Watch Materials
- 4.1.4. Rising Preference For Classic Or Vintage Watch Designs
- 4.2. Porter’s Five Forces Analysis
- 4.2.1. Buyers Power
- 4.2.2. Suppliers Power
- 4.2.3. Substitution
- 4.2.4. New Entrants
- 4.2.5. Industry Rivalry
- 4.3. Pestle Analysis
- 4.4. Growth Prospect Mapping
- 4.5. Market Maturity Analysis
- 4.6. Market Concentration Analysis
- 4.7. Value Chain Analysis
- 4.7.1. Product Design And Development
- 4.7.2. Manufacturing And Supply Chain Management
- 4.7.3. Marketing And Distribution
- 4.7.4. After-sales Services And Customer Support
- 4.8. Key Buying Criteria
- 4.8.1. Design And Aesthetics
- 4.8.2. Functionality And Features
- 4.8.3. Brand Reputation And Heritage
- 4.8.4. Price And Value For Money
- 5. Market By Product Type (In Terms Of Revenue: $ Million & In Terms Of Volume: Million Units)
- 5.1. Traditional Watch
- 5.1.1. By Product Type
- 5.1.1.1. Mechanical Watch
- 5.1.1.2. Quartz Analogue Watch
- 5.1.1.3. Quartz Digital Watch
- 5.1.2. By Price Range
- 5.1.2.1. Low-range
- 5.1.2.2. Mid-range
- 5.1.2.3. Luxury
- 5.2. Smart Watch
- 5.2.1. Smart Wearable
- 5.2.2. Analogue Activity Watch
- 5.2.3. Digital Activity Watch
- 6. Market By Distribution Channel (In Terms Of Revenue: $ Million & In Terms Of Volume: Million Units)
- 6.1. Offline Distribution Channel
- 6.1.1. Hypermarket
- 6.1.2. Jewellery And Watch Specialist
- 6.1.3. Appliance And Electronic Specialist
- 6.1.4. Other Offline Distribution Channels
- 6.2. Online Distribution Channel
- 7. Competitive Landscape
- 7.1. Key Strategic Developments
- 7.1.1. Mergers & Acquisitions
- 7.1.2. Product Launches & Developments
- 7.1.3. Partnerships & Agreements
- 7.1.4. Business Expansions & Divestitures
- 7.1.5. Market Share Analysis
- 7.1.5.1. By Traditional Watch
- 7.1.5.2. By Smart Watch
- 7.1.6. Brand Share Analysis
- 7.1.6.1. By Traditional Watch
- 7.1.6.2. By Smart Watch
- 7.2. Company Profiles
- 7.2.1. Samsung
- 7.2.1.1. Company Overview
- 7.2.1.2. Product Portfolio
- 7.2.1.3. Strengths & Challenges
- 7.2.2. Google Llc
- 7.2.2.1. Company Overview
- 7.2.2.2. Product Portfolio
- 7.2.2.3. Strengths & Challenges
- 7.2.3. Garmin
- 7.2.3.1. Company Overview
- 7.2.3.2. Product Portfolio
- 7.2.3.3. Strengths & Challenges
- 7.2.4. Apple Inc
- 7.2.4.1. Company Overview
- 7.2.4.2. Product Portfolio
- 7.2.4.3. Strengths & Challenges
- 7.2.5. Casio
- 7.2.5.1. Company Overview
- 7.2.5.2. Product Portfolio
- 7.2.5.3. Strengths & Challenges
- 7.2.6. Rolex Sa
- 7.2.6.1. Company Overview
- 7.2.6.2. Product Portfolio
- 7.2.6.3. Strengths & Challenges
- 7.2.7. Swatch Group Ltd
- 7.2.7.1. Company Overview
- 7.2.7.2. Product Portfolio
- 7.2.7.3. Strengths & Challenges
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