Global Digital Watch Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Digital Watch Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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.

Key Market TrendsStrong 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.

Competitive Landscape

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.

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• The market estimate (ME) sheet in Excel format
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