Running Watches Market Size, Share, Growth, and Industry Growth, By Type (Pedometer Watches, GPS Watches, Heart Rate Watches, And GPS +HRM Watches), By Application (Running, Biking, Climbing, Cardio Training, and Others), Regional Forecast (2022-2028)

REPORT OVERVIEW

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The global running watches market size is expected to be USD 12.66 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with running watches experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 16.97 billion by 2028, exhibiting a CAGR of 5.0% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

A running watch is a device that processes information with a basic time feature. These watches are mostly used by sports persons or gym trainers. It is a watch with a touchscreen interface for daily use. This watch can perform basic operations such as calculations and telling digital time. It also includes features such as good battery life, detecting blood pressure, and calories burnt during a workout. Generally, these watches are used by sportspeople or runners to detect heart rate, distance, sleep data, and more. This device helps you get comfortable and keep you focused on your fitness goals. This watch is gaining traction in the market due to the prevalence of health issues such as diabetes, high blood pressure, and low blood pressure.

Running watches are also known as fitness trackers. These fitness trackers gained popularity due to their feasible use among the population. The running watch can track and examine physical and fitness activities such as the amount of calories burned, calories consumed, distance covered, breathing rate, sleep duration, heart rate, and walking steps. This watch is synced without any cable or wire and can be used anywhere to monitor health or fitness-related parameters. The market is expected to boost due to the rising concern for health among the population. Additionally, the increasing number of chronic diseases is also anticipated to drive growth in the market. 

COVID-19 Impact: Rising Health Concerns Led to Increased Sales of Product

The pandemic affected industries such as aerospace, education, transportation, and other industries. The pandemic outbreak created concerns for health and fitness which created demand for running watches. The sales of the smartwatches witnessed growth due to the rising number of COVID-19 cases as consumers were more focused on their physical health and fitness. As the pandemic escalated the health concern among the population and boosted the running watches demand. Various key players witnessed a significant increase in sales. The running watches market was an exception. Additionally, the wearable devices sales increased due to online sales during the lockdown. 

LATEST TRENDS

"Rising Urbanization to Surge Product Demand"

The rising penetration of urbanization is expected to lead to higher demand for running watches. The demand for smart devices with advanced features is anticipated to serve the consumer’s requirements, such as health tracker, time schedules, and various features in one device are estimated to propel the market growth. Additionally, the huge millennial population is adopting running watches and other healthcare devices owing to the escalated spending for luxurious standards and regular work shift tracking. These factors are anticipated to drive market growth. Additionally, with patients forgetting their medications for multiple reasons, smart devices can play a prominent role by setting medication reminders.

Segmentation

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• By Type Analysis

By type, the market is segmented into pedometer watches, GPS watches, heart rate watches, and GPS +HRM watches.

•  By Application Analysis

Based on application, the market is classified into running, biking, climbing, cardio training, and others. 

DRIVING FACTORS

"Rising Awareness for Health and Fitness to Surge Growth"

Increasing health awareness among the general population is forecasted to aid market growth. The spread of various chronic diseases is anticipated to surge growth in the market. Additionally, contemporary living coupled with a deskbound lifestyle is creating a high risk of developing various health disorders such as diabetes, lack of sleep, obesity, and other diseases are likely to boost the adoption of running watches. The rising health issues among the population create an urge to start daily exercise to keep themselves fit and healthy and avoid various health disorders. Moreover, the increasing awareness about living a healthy life is forecasted to be requisite for fitness and sports activities, which is anticipated to surge the market growth.

"Rising Demand for Wireless Sports and Fitness Devices to Surge Product Demand"

Increasing demand for smart wireless devices is likely to gain customer’s in the market. The rapid increase in digitalization and internet connectivity is also forecasted to drive growth in the market. Measuring and monitoring physical activities, communication, sensing the environment, and the collection of real-time data are some significant applications of health tracker watches, which is likely to gain growth in the global market. The rapid integration of healthcare with Artificial Intelligence (AI) is expected to further cater to the market growth.

RESTRAINING FACTORS

"High Cost and Privacy Concerns to Retard Market Growth"

The data collected by the running watch is generally personal data that includes the user’s information such as weight, GPS coordinates, heart rate, steps, social data, birth date, photos, and background information used by these watches. This data can be misused, and thus, it is likely to limit the running watches market growth. Moreover, the primary concern is data theft which may affect the growth of the market. Additionally, these watches costs high, which is anticipated to hinder the growth of the market. 

REGIONAL INSIGHTS

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"North America to Dominate Market Due to the Population’s Rising Health Concerns "

North America is estimated to dominate the market owing to rising concern for health issues associated with the increasing prevalence of chronic diseases. Additionally, the growth of the region is attributable to the presence of the senior population suffering from chronic diseases.

Europe is estimated to be the second-highest contributor to running watches market share due to rising technology adoption and an increase in acceptance of smart devices and smart gadgets. Additionally, various benefits of the watch are likely to augment the growth of the region in the market.

Asia Pacific is forecasted to show sizeable growth due to the steady adoption of smart gadgets trend. The adoption of smart devices among the young population is expected to surge the market growth. 

KEY INDUSTRY PLAYERS

"Key Players to Emphasize On Product Portfolio Enhancement to Grow Consistently "

The market is fragmented and consists of various competitors that include small, medium, and large-sized companies. The companies are engaged in developing strategic alliances to enhance their product portfolio. Industry players to develop organic and inorganic growth strategies such as product launch, portfolio expansion, and expansion to grow in the global market. Competitors also emphasize on sustaining the market of heavy competition. The emergence of advanced products is expected to escalate the product demand and support the running watches market growth.  

List of Market Players Profiled

• Apple Inc. (U.S.)
• Fitbit (U.S.)
• Samsung (South Korea)
• Garmin (U.S.)
• Suunto (Finland)
• Casio (Japan)
• Polar (Finland)
• Lenovo/Motorola (U.S.)
• TomTom (Netherlands)
• Xiaomi (China)
• Timex (U.S.)
• Nokia (Finland)
• Soleus (U.S.)

INDUSTRY DEVELOPMENT

• March 2020- Fitbit introduced Fitbit Charge 4, one of its most advanced trackers for fitness and health with active zone minutes, built-in GPS, Fitbit pay, Sleep tools, Spotify, and more.

REPORT COVERAGE

The report gives a close watch on the major factors influencing growth in the market. It also covers the forecast of the market on the basis of its segments, regional analysis, and driving factors. The factors anticipated to affect the growth of the market are also included in the report. A study on market essentials is made to offer complete insights into the market. Additionally, the list of key market players is mentioned to represent the company’s location and strategies. The competitive analysis is represented in the report to offer a brief idea about the existing competition.