Running Watches Market to Global Demonstrate Huge Growth by 2024
Running watches are information
processing devices with basic time function. These watches are mainly used
during activities such as biking, running, cardio training, climbing, and other
sports. There is an expanding range of running watches available for runners in
the market. Additionally, these stylish watches feature a range of other
functions such as hidden touchscreen display and GPS with full-color, onboard
maps to guide runners so that they never get lost during their workout regimes.
Another important function that
these running watches feature is safety & tracking features, including
incident detection (during particular activities) and assistance. Meaning these
watches can send both real-time event and location information to emergency
contacts. Running watches also have long battery life that can stretch up to
10hours in GPS mode with music. As a result, running watches are garnering
increasing popularity not only among athletes but also among fitness
enthusiasts.
Over the past couple of years,
the global running watches market is growing pervasively on the global
platform. Large advancements and uptake of wearable technology drive the growth
of the market. According to an industry analysis uploaded on the WGR website,
the global running watches market would observe an exclusive increase by 2024,
registering a moderate CAGR during 2019-2024.
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Key Players
Apple Fitbit Samsung Germin
Huawei Xiaomi Polar Casio TomTom Motorola/Lenovo Timex Suunto Withings Soleus
Moreover, factors such as
increasing focus on fitness among individuals and awareness about the healthy
lifestyle support market growth. The growing prevalence of lifestyle-related
diseases that suggest the adoption of a healthy lifestyle and fitness
management are fuelling the market demand. However, just like any other market,
there are some growth restraining factors affecting the running watches market.
One of the prime factors is the cost of these running watches, which is on the
higher side that restricts its sales in a particular class of people.
The running watches market is
highly competitive, and numerous players having international presence churn
the market competition. Manufacturers try to make running watches that can
perform as a smartwatch as well, meaning they try to add as much as other
features possible. They make watches that can suit a range of different
requirements from the easy-to-use GPS trainer to the triathlon-friendly
powerhouses that offer advanced performance metrics and more.
Increasing products &
services, technological innovations, & M&A activities are
intensifying the competitive environment of the market. Business expansion and
partnership & collaboration are strategies adopted by the industry
leaders so that they can expand their business extensively in the potential
markets. For instance; on January 18, 2019, Google announced the acquisition of
Fossil Group's smartwatch technology to improve its smartwatch platform.
The market is segmented into
three key segments, by type, by application, and by region. By type, the market
is sub-segmented into pedometer watches, GPS watches, heart rate watches, and
GPS +HRM watches, among others. By application, the market is sub-segmented
into running, biking, climbing, and cardio training, among others.
By regions, the market is
bifurcated into North America (the US, Canada, and Mexico), South America
(Argentina, Brazil, Colombia etc.), Europe (Germany, France, UK, Russia, and
Italy), Asia-Pacific (Japan, China, Korea, India, and Southeast Asia), and
Middle East and Africa (UAE, Saudi Arabia, Egypt, Nigeria, and South Africa).
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