WILMINGTON, Del., May 17, 2024
/PRNewswire/ -- Allied Market Research published a report, titled,
"Running Watches Market by Type (Pedometer
Watches, GPS Watches, Heart Rate Watches, and Multi-Sport Watches),
End User (Men and Women), Price Point (Premium, Medium, and
Economy), and Distribution Channel (Hypermarkets and Supermarkets,
Specialty Stores, Online Retail, and Others): Global Opportunity
Analysis and Industry Forecast, 2024-2035". According to the
report, the "running watches market" was valued at $2.0 billion in 2023, and is estimated to reach
$3.8 billion by 2035, growing at a
CAGR of 5.6% from 2024 to 2035.
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Prime determinants of growth
Icrease in health awareness significantly drives the growth of
the running watch market by instilling a greater emphasis on
fitness and well-being among consumers. As people become more aware
of the importance of leading a healthy lifestyle, they seek tools
and technologies to aid them in their fitness journey. Running
watches offer a comprehensive solution by providing real-time
tracking of various metrics such as distance coverage, burnt
calories, and heart rate, empowering users to monitor their
progress and set achievable fitness goals.
However, customization and personalization play pivotal roles in
propelling the growth of the running watch market. In today's
fitness world, consumers seek tailored solutions to meet their
specific needs and preferences. Running watches that offer
customizable features such as personalized training plans,
adjustable metrics displays, and targeted goal-setting capabilities
cater to individual fitness goals and requirements.
Report Coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2035
|
Base Year
|
2023
|
Market Size in
2023
|
$2.0 billion
|
Market Size in
2035
|
$3.8 billion
|
CAGR
|
5.6 %
|
No. of Pages in
Report
|
320
|
Segment
covered
|
Type, End User, Price
Point, Distribution Channel, and Region
|
Drivers
|
Health and Fitness
Awareness
Advancements in
Technology
Integration with
Smartphones and Apps
|
Opportunities
|
Integration of Health
and Fitness Features
Advanced Performance
Metrics and Analysis
|
Restraints
|
Technological
Limitations
|
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Heart rate watches segment to maintain its leadership status
during the forecast period
By type, the heart rate watches segment held the major share of
the market share in 2023, accounting for more than one-third of the
global running watches market, and is estimated to maintain its
leadership status during the forecast period. Heart rate running
watches are wearable devices specifically designed to monitor the
user's heart rate during running and other physical activities.
Heart rate data provides valuable insights into the intensity of
a workout, allowing runners to train more effectively by staying
within their target heart rate zones. By monitoring heart rate
during running sessions, athletes can adjust their pace and effort
level to maximize the effectiveness of their training regimen.
Men segment to retain its dominance by 2035
By end user, the men segment held the major share of the market
in 2023, accounting for more than half of the global running
watches market, and is estimated to maintain its leadership status
during the forecast period. As more men prioritize physical fitness
and seek ways to optimize their workouts, there is a rise in demand
for running watches that offer advanced performance tracking,
personalized training guidance, and accurate data analysis. These
watches provide valuable insights into key metrics such as heart
rate, pace, distance, and calorie burn, empowering men to set and
achieve their fitness goals more effectively.
Medium segment to maintain its leadership status during the
forecast period
By price point, the medium segment held the major share of the
market share in 2023, accounting for more than two-fifths of the
global running watches market, and is estimated to maintain its
leadership status during the forecast period. As more individuals
embrace running as a means of staying active and improving their
health, there is a rise in demand for affordable yet capable
running watches that offer essential features such as GPS tracking,
heart rate monitoring, and activity tracking.
Medium-priced running watches cater to the medium-class
demographic by providing a balance between affordability and
functionality, making them accessible to a wider audience of casual
runners who want to track their progress, set goals, and stay
motivated on their fitness journey without breaking the bank.
Hypermarkets and supermarkets segment to retain its dominance
by 2035
As per the distribution channel, the hypermarkets and
supermarkets segment held the major share of the market in 2023,
accounting for more than two-fifths of the global running watches
market, and is estimated to maintain its leadership status during
the forecast period. By offering running watches with other fitness
gear and accessories, hypermarkets and supermarkets can cater to
the needs of health-conscious consumers who are looking for
convenient one-stop shopping solutions. In addition, these retail
outlets often attract a wide demographic, including casual runners
and beginners, making running watches accessible to a broad
audience interested in tracking their activity levels and improving
their overall fitness.
North America to maintain
its dominance by 2035
Region-wise, North America
region held the highest market share in terms of revenue in 2023,
accounting for nearly one-third of the global running watches
market. The running watch market in North
America is primarily driven by a rise in health and fitness
consciousness among consumers, coupled with an increasing adoption
of wearable technology for tracking and monitoring physical
activity. As more individuals in the region prioritize an active
lifestyle and seek to improve their fitness levels, the demand for
running watches with advanced features such as GPS tracking, heart
rate monitoring, and performance analysis continues to
rise.
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Strategies:
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Leading Market Players
- Apple Inc.
- Fitbit
- Samsung
- Garmin
- Suunto
- TomTom
- Xiaomi
- Timex
- Nokia
- Soleus
The report analyzes these key players in the global running
watches market. These players have adopted various strategies such
as expansion, new product launches, partnerships, and others to
increase their market penetration and strengthen their position in
the industry. The report is helpful in determining the business
performance, operating segments, developments, and product
portfolios of every market player.
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