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The swim and multisport watch market is forecast to increase by USD 80.4 million at a CAGR of 7.44% between 2023 and 2028. The growth of the market hinges on several pivotal factors. Technological advances in the semiconductor industry drive innovation and efficiency, enhancing the capabilities of swim and multisport watches while reducing costs. Product innovations continuously evolve, offering enhanced functionalities and user experiences that cater to diverse consumer needs. Effective branding and promotional strategies play a crucial role in expanding market reach and consumer adoption. By positioning products effectively and highlighting unique features, brands can differentiate themselves in a competitive landscape. Moreover, the proliferation of affordable swim and multisport watches democratizes access to advanced fitness tracking and performance monitoring, fostering broader market penetration. Overall, a combination of technological progress, product diversification, and strategic marketing efforts forms the foundation for sustained growth in this dynamic market segment.
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The market caters to the needs of triathletes and competitive pool swimmers, offering advanced features to enhance their training experience. These watches are designed to track HR (heart rate) during swimming sessions, providing valuable data for recovery and training in different zones, including aerobic threshold. Coaches and athletes benefit from this information to optimize workouts and improve swimming technique. Open water swimmers can also use these watches to monitor their pace, distance, and time. Swimmers of all body types and levels can benefit from these timepieces, which offer features like GPS and Android compatibility for tracking swimmer’s time and providing real-time performance data. Swimming experience is further enriched with features like sleep tracking and training fitness trackers. These sports watches are essential tools for sportspersons seeking to enhance their exercise routine and gain valuable insights into their swimming performance.
Rapid advancement in the semiconductor industry is boosting the growth of the 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.
Further, 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 market growth and trends.
Significant Market Trends
Partnerships and strategic alliances are the key trend in the 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.
Market fragmentation and price-sensitive consumers are major challenges to the growth of the 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.
Moreover, 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.
The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies 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 17 market companies, 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 market during the forecast period.
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The multisport watches segment was valued at USD 99.60 million in 2018. The increasing population of health-conscious consumers spending on fitness gadgets is expected to boost the demand for 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 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and analysis and drivers that shape the market during the forecast period. The rising disposable income and changing lifestyle in countries of APAC is the major factors driving the growth of the market. A significant increase in number of population concern for fitness is oberved in APAC, which has surged the demand 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 market in APAC. China is one of the largest contributors to the 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.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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Swim and multisport watches have revolutionized the way athletes, particularly triathletes and competitive pool swimmers, train and compete. These innovative timepieces offer advanced features designed to optimize the swimming experience, physical health, and overall performance. Heart rate monitoring is a crucial aspect of swim watches, enabling athletes to train in their desired heart rate zones, improving aerobic threshold, and ensuring effective recovery. Swimmers can track their progress, set goals, and receive real-time feedback during their swimming journey. Body type, pace, and context-specific information are essential for swimmers to tailor their training plans. Swim and multisport watches cater to individual needs, providing personalized insights to help athletes maximize their potential. These machines go beyond basic timekeeping, offering features like GPS tracking, training logs, lap times, and water resistance.
In addition, some models even include music playback and performance improvements to enhance the overall swimming experience. Sportspersons, from beginners to elite athletes, benefit from swim and multisport watches. They provide valuable knowledge to coaches and athletes, enabling them to make informed decisions and adjustments during training and competition. Android compatibility and swimmer's time analysis are additional features that cater to the lifestyle of modern athletes, offering convenience and advanced analytics to optimize their exercise routine and physical health. The market is evolving with innovations like the G-Squad model, integrating GPS functionality for accurate tracking in various training zones. Solar-assisted charging enhances sustainability, while features like Rate of Perceived Exertion provide context, offering athletes comprehensive tools for optimized performance monitoring and training management.
Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2023 |
Historic period |
2017 - 2021 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.44% |
Market growth 2024-2028 |
USD 80.4 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.39 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
APAC at 34% |
Key countries |
US, China, Germany, Italy, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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 growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market 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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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