Market Trends of North America E-Commerce Watch Industry
Product Innovation to Drive the Market
- Consumer expenditure on health monitoring devices has increased as a result of the region's consumers becoming more health conscious. Due to the rise in the demand for various health monitoring capabilities in watches, manufacturers are motivated to release products with cutting-edge features, which has further led to a growth in the sales of smartwatches. Also, consumers are attracted to purchasing watches through e-commerce channels as they get a lot of pre-approved discounts and are well-informed bout the specifications of the device they buy. They also often find reviews in e-commerce channels from the buyers about the product that they are about to buy, which helps them make wise and informed choices. In line with this, manufacturers are also focused on launching their products through various e-commerce channels as it helps them to reach a larger consumer base.
- For instance, in September 2022, Apple announced the launch of the Apple Watch Ultra, which was claimed to offer a wide range of features built for endurance, exploration, and adventure. The watch is also asserted to offer instant access to a variety of features, including workouts, compass waypoints, backtracks, and more. The company offered the product through different online retailing websites along with its own.
- Similarly, the market expansion of smartwatches is aided by a wide range of monitoring features that allow users to control music, notifications, walk tracks, heartbeat rates, and other activities. Moreover, the growing physically active population in the region is further raising the demand for smartwatches that come with special features like heart rate sensors, activity trackers, fitness trackers, step counting, and different performance tracking options.
- For instance, according to the National Institute of Statistics and Geography (INEGI), the share of physically active Mexican adults improved in 2022 over the previous year. Overall, 42.1% of survey participants indicated that they practiced some kind of sports or physical exercises in their free time in 2022. Hence, with such demand for innovative watches that offer effective features that cater to a wide population from different occupations and the manufacturers launching products through various e-commerce channels in line with the growing demand are expected to boost sales in the region.
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United States Holds the Largest Share in the Market
- The United States watch market is majorly driven by the growing older population, the increasing number of millennials who prefer high-tech smartwatches every day, and the growing penetration of the e-commerce industry. Also, major smartwatch companies like Apple, Amazon, Fitbit, Google, and many more that operate in the market are focused on leveraging the benefits of e-commerce marketing by offering their products with innovative features in terms of design and functionality. Smartwatches are the best option for older people as they provide access to medical alerts, fall detection, heart rate monitoring, and other health metrics.
- Additionally, smartwatches may promote healthy habits such as increased physical activity, which promotes and maintains the health of older people. For instance, according to the World Bank, in 2021, about 16.68% of the United States population was over 65 years of age, which increased when compared to the previous year, in which the percentage of the population over 65 years of age was only 16.22%. Such factors are expected to further raise the demand for smart watches that have health monitoring features, specifically through e-commerce channels, as it adds a lot of convenience in purchasing products for all age groups.
- Furthermore, the e-commerce industry has seen a tremendous rise in demand for pre-owned and vintage watches. Online marketplaces for pre-owned watches offer a marketplace for buyers and sellers, as well as a diverse variety of verified and curated timepieces. This trend caters to consumers looking for one-of-a-kind or collectible timepieces at a lower price point. For instance, Analog Shift, Gray, and Sons, Second Time Around Watch, and GearMoose, are some of the websites offering pre-owned and vintage watches in the United States.
- Moreover, with the growing demand for smartwatches, many major companies are focused on expanding their product portfolios with the launch of innovative and multi-purpose smartwatches attracting consumers in the country. For instance, in October 2022, Google officially unveiled its first smartwatch, the Pixel Watch. The company also allows users to pair the watch with an app called Fitbit, making this both a competent fitness tracker and smartwatch. Pairing with the Fitbit app also allows users to get a detailed analysis of their sleep and activity. The company launched its products through various e-commerce websites, which aided it to reach a more extensive consumer base. Such innovative launches and the growing demand are expected to further support and drive the growth of the market in the studied region during the forecast period.
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