Market Trends of Watch Industry
Surge in Demand for Smartwatches
- Consumer demand for high-quality and smart wearables is increasing. Smartwatches have multifunctionality and are available in different sizes and color straps. The increase in health awareness among consumers worldwide has increased consumer spending on health monitoring gadgets. This has further led to the increased sales of smartwatches owing to the inclusion of various health monitoring features in such watches.
- Smartwatches have a wide range of monitoring functionalities that enable users to control music, notifications, walk tracks, heartbeat rates, and other functions. Moreover, manufacturers are introducing smartwatches with additional features. For instance, in 2021, Samsung introduced a new smartwatch that claimed to monitor the overall body composition of a person, like BMI, BMR, Bone density, body fat percentage, and many more.
- The increasing number of the working population is more likely to embrace sports and fitness as a part of recreational activity. Over the medium term, the demand for smartwatches is expected to increase owing to the increasing number of sports and fitness activities and rising product innovations.
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Asia-Pacific Holds the Largest Share
- Consumer demand for smart wear and luxury watches is increasing in the region due to rising disposable income and sports participation. The watch has become a style statement, so the use of high-quality watches is increasing. The demand for women's watches is growing in the region with the expanding female workforce.
- The female population in the region is opting for smartwatches as well as luxury watches. Owing to this, the market players are launching new products in the region. For instance, in June 2022, Gizmore launched a new smartwatch in India, Slate. The watch is designed exclusively for women. The watch has seven days of battery backup and is available in pink, grey, and black colors.
- Additionally, online retail channels, such as Amazon, Flipkart, and eBay, provide attractive discounts on watches, influencing the demand for luxury and smartwatches in the region.
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