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The swim and multisport watch market is estimated to grow at a CAGR of 6.39% between 2022 and 2027. The size of the market is forecast to increase by USD 63.83 million. The growth of the market depends on several factors, including technological advances in the semiconductor industry, the proliferation of low-cost swim and multisport watches and product innovations, and branding and promotions.
This report extensively covers market segmentation by product type (multisport watches and swim watches), distribution channel (offline and online), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technological advancements and high demand for smart devices are notably driving market growth, although factors such as market fragmentation and price sensitivity may impede market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rapid advancement in the semiconductor industry is boosting the growth of the global swim and multisport watch market. Consumers today are looking for products with additional features, which makes vendors innovate and offer products with advanced technology. Technological advances in electronic components are opening up new opportunities for swim and multisport watch manufacturers to develop small, compact, and less power-consuming watches. The market is expected to see a surge in adoption due to the growing trend towards fitness tracking and health monitoring features.
Manufacturers are introducing smartwatches with advanced health monitoring features such as blood oxygen sensors and SpO2 sensors, stress monitors, electrocardiograms, and calorie counters. The development of wearable electronic devices, including swim and multisport watches, that can support new features, such as voice recognition, haptics, and gesture recognition is booting the growth of the market.
Significant Swim And Multisport Watch Market Trend
Partnerships and strategic alliances are the key trend in the swim and multisport watch market growth. The vendors in the market are focused on expanding business through strategic alliances. Major vendors in the multisport watch market are acquiring regional businesses to expand product offerings in various regions. For instance, in July 2022, Polar Electro joined hands with LiveWell, Zurich Insurance Group (Zurich) health and wellbeing business. Together, the companies would provide consumers the option to more easily reach and exceed their sports and fitness plans when utilizing their polar products in conjunction with the LiveWell application.
Market vendors develop and launch innovative features to capitalize on the high growth potential of the market. Vendors, therefore, enter into strategic partnerships and alliances to develop innovative products by leveraging the technology.
Major multisport watch market Challenge
Market fragmentation and price-sensitive consumers are major challenges to the growth of the global swim and multisport watch market. Due to the existence of a large number of well-established and regional competitors, the market for swim and multisport watches is very fragmented. Competitors compete for a bigger market share based on competitive pricing. Mass-market and mid-range swim and multisport watches have a very price-sensitive market. Customers can get multisport and swim watches at reasonable prices because of low-cost manufacturing in countries like China. Competitors in the global market for swim and multisport watches are now faced with a pricing challenge as a result. To compete in the less price-sensitive, mid-range, and luxury swimming watch segments, established manufacturers are investing in research and development for better materials, designs, forms, and patterns.
Key Swim And Multisport Watch Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Swim and Multisport Watch Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ANTA Sports Products Ltd. The company offers swim and multisport watch such as Suunto 9 peak. Also, the company offers products such as sportswear products, footwear products, and socks.
Bryton Inc. The company offers Rider 320, Rider 420, Rider 860, Rider 15, Aero 60, Rider 450, Rider 410, Rider one, Rider 10, and others. Also, the company offers Smart Speed Sensor, Smart Cadence Sensor, Smart Heart Rate Monitor, F Mount, Sport Mount, Race Mount - Aero, Race Mount - Rider, and Bryton Mount Adapter for Camera.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the multisport watches segment will be significant during the forecast period. Multisport watches are characterized by high functionality, durability, and often water resistance. Sports watches are easy to read and reasonably shock and scratch resistant. Multisport watches typically include a stopwatch and timer for jogging or another exercise which is likely to drive the growth of the global swim and multisport watch market during the forecast period.
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The multisport watches segment was valued at USD 95.21 million in 2017 and continued to grow until 2021. The increasing population of health-conscious consumers spending on fitness gadgets is expected to boost the demand for a swim and multisport watches. Rapid advances in technology, such as the Internet of Things (IoT), have led to the development of GPS-enabled smartwatches, which provide connectivity to multiple devices through swim watches. To remain competitive in the market, the major smartwatch manufacturers in the market are forming strategic partnerships and expanding their reach to different geographies. The above factors will increase the market growth during the forecast period.
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APAC is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The rising disposable income and changing lifestyle in countries of APAC is the major factor driving the growth of the swim and multisport watch market. A significant increase in number of population concern for fitness is oberved in APAC which has surged the deman for swim and multisport watch. Advancements in wireless network infrastructure have contributed to the expansion of swim and multisport watches. Robust adoption of smart devices by health consious consumers will positive impact the growth of the swim and multisport watch market in APAC. China is one of the largest contributors to the global swim and multisport watch market due to the country's popularity in water sports. All this will drive the growth of the market in the region during the forecast period.
In 2020, the outbreak of COVID-19 negatively impacted the growth of the swim and multisport watch market in APAC. The lockdown imposed across regions disrupted the supply chain, which declined the growth of the market. However, in 2021, manufacturing and supply chain activities resumed as a result of increased vaccination campaigns throughout the region. Consequently, the regional market for swim and multisport watches is anticipated to grow during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The reports categorize the global swim and multisport watch market as a part of the global leisure products industry, within the global household durables market. The parent, global leisure products, market covers a variety of categories, including sports equipment, musical instruments, camping equipment, recreational vehicles, bicycles, toys, and other consumer-oriented games.Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Swim And Multisport Watch Market Scope |
|
Report Coverage |
Details |
Page number |
150 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.39% |
Market growth 2023-2027 |
USD 63.83 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.97 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
APAC at 32% |
Key countries |
US, Canada, China, Germany, and Italy |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alphabet Inc., ANTA Sports Products Ltd., Apple Inc., Bryton Inc., Casio Computer Co. Ltd., COROS Wearables Inc., Garmin Ltd., Guangzhou Pasnew Industrial Co. Ltd., Guangzhou SKMEI Watch Co., Ltd., Moov Inc., Nexxbase Marketing Pvt. Ltd., Polar Electro Oy, SENBONO STORE, Soleus, Swimmo Inc., Swimovate Ltd., Timex Group, TomTom NV, Wahoo Fitness LLC, and Zepp Health Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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