GPS Watches Market Size, Share, Growth and Industry Analysis by Type (Positioning, Health Monitoring, Entertainment, And, Others) By Application (Men, Women, And, Kids), Regional Forecast To 2032

Updated On: 08 April 2024

GPS Watches Market REPORT OVERVIEW

• 

• Request a Free Sample to learn more about this report

global GPS Watches market size was USD 28760 million in 2022 and market is projected to touch 129981.9 Million By 2032, exhibiting a CAGR of 16.3% during the forecast period.

GPS watches combine timekeeping with global positioning system technology, providing wearers with accurate location and navigation data. These versatile devices are popular among athletes and outdoor enthusiasts for tracking activities like running, cycling, and hiking.

They offer features such as distance, speed, and route tracking, helping users monitor their progress and set goals. With advancements in design and functionality, GPS watches have become essential tools for fitness tracking and adventure planning, enhancing the overall outdoor experience. These acts as the factors driving the GPS watches market growth.

COVID-19 Impact: Shift Towards Personal Wellness and Fitness During Pandemic Increased Market Growth

The pandemic of COVID-19 became the biggest obstacle in the growth and development of all the markets. Initially, supply chain disruptions led to manufacturing delays and product shortages. As lockdowns and restrictions confined people indoors, demand for fitness and outdoor activity trackers waned, affecting sales. However, as lockdowns eased, there was a resurgence in interest, with individuals embracing solo outdoor activities.

This shift towards personal fitness and wellness boosted GPS watch sales, as they became essential tools for tracking individual workouts and ensuring social distancing. Manufacturers also adapted by incorporating features like SpO2 monitoring to cater to health-conscious consumers. Thus, the pandemic reshaped the GPS watch market, emphasizing health and autonomy.

LATEST TRENDS

"Integration of Advanced Health Monitoring Models to Accelerate Market Growth"

Recent innovations in GPS watches have revolutionized wearable technology. Integrating advanced health monitoring, modern models offer real-time body temperature tracking, enhancing wellness insights. Extended battery life and solar-powered options ensure longer usage for outdoor activities. Voice assistants enable hands-free operation, while smart notifications and music storage provide added convenience. Hybrid designs now incorporate traditional watch aesthetics with GPS functionality. Advanced GPS accuracy with multiple satellite system compatibility improves location tracking, even in challenging environments. Additionally, integration with augmented reality (AR) displays offers interactive navigation. These are considered to be the latest trends in the market.

GPS Watches Market SEGMENTATION

• 

• Request a Free Sample to learn more about this report

• By Type:

The market can be divided on the basis of type into the following segments:

Positioning, health monitoring, entertainment, and, others. The positioning segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment: men, women, and, kids. The men segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Rising Trend of Health and Fitness Awareness During Recent Times to Amplify Market Growth"

The proliferation of GPS watches can be attributed to several driving factors. Firstly, the rising trend of health and fitness awareness fuels demand for accurate activity tracking, heart rate monitoring, and sleep analysis. Secondly, outdoor enthusiasts seek reliable navigation tools for adventures.

Thirdly, the integration of smart features like notifications, music playback, and contactless payments adds convenience to users' daily lives. Furthermore, the technological advancements in GPS accuracy and multi-satellite compatibility bolster the utility of these watches. Lastly, the evolving fashion sense and desire for customizable wearables also contribute to the growing popularity of GPS watches, making them a sought-after fusion of style and functionality.

"Tremendous Growth of Wearable Technology Ecosystems to Propel Market Growth "

Apart from health and outdoor navigation, other key driving factors propel the demand for GPS watches. The growth of wearable technology ecosystems encourages consumers to adopt multipurpose devices. The expansion of e-commerce and online retail platforms provides easy access to a wide range of GPS watch options. Social trends that prioritize sharing fitness achievements on social media boost the appeal of these devices.

Additionally, the integration of advanced sensors for altitude, barometric pressure, and temperature attracts adventure seekers. Compatibility with smartphone apps and platforms for data analysis and goal setting further solidify GPS watches as essential tools for modern lifestyle management. All the above-mentioned factors have helped in the development of GPS watches market share.

RESTRAINING FACTOR

"Connectivity Issues and Inconsistent Bluetooth Connections to Decrease Market Growth"

Despite their popularity, GPS watches face certain restraining factors. Limited battery life remains a challenge, especially during extended outdoor activities. Connectivity issues, such as inconsistent Bluetooth connections, can frustrate users. The relatively higher price compared to basic fitness trackers is another hurdle, deterring budget-conscious consumers. Complex user interfaces might discourage technologically inexperienced individuals.

Privacy concerns related to location tracking raise questions about data security. Additionally, the rapid pace of technological advancements can render some models quickly outdated. Finally, the saturation of the market with various wearable devices and competition from smartphones with GPS capabilities can impact the market share of dedicated GPS watches.

GPS Watches Market Regional Insights

• 

• Request a Free Sample to learn more about this report

"North America to Dominate Market Share in Upcoming Years"

North America stands as a leading region in the GPS watch market. With a tech-savvy population and a strong emphasis on health and fitness, the region has witnessed significant adoption of GPS watches. The prevalence of outdoor activities, from running to hiking, contributes to their popularity.

High disposable income and a penchant for innovative gadgets drive demand. Favorable retail infrastructure and e-commerce penetration enable easy access to a variety of GPS watch options. Moreover, the presence of key market players and ongoing research and development activities in the region further solidify North America's position as a frontrunner in the GPS watch industry.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• TomTom (Netherlands)
• Garmin (U.S.)
• Polar (Finland)
• Apple (U.S.)
• New Balance (U.S.)
• Sony (Japan)
• Suunto (Finland)
• Timex (U.S.)
• Samsung (South Korea)
• Fitbit (U.S.)
• Misfit (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. The top industrial players along with the region that dominates the market has also been given for the readers to know.