According to the latest research by Future Market Insights, the kids watch market is set to witness steady growth during 2021-2031, with a CAGR of around 12%.
Demand for kids watches will witness growth due to rapidly growing advancements in the implementation of technologies.
Further, the presence of digital platforms, rising health concerns, availability of various designs and software platforms are owing to the growth of the kids’ watch industry
Kids Watch Market Forecast and CAGR
According to the latest research by Future Market Insights, the kids watch market is set to witness steady growth during 2021-2031, with a CAGR of around 12%. Demand for kids watches will witness growth due to rapidly growing advancements in the implementation of technologies.
Further, the presence of digital platforms, rising health concerns, availability of various designs and software platforms are owing to the growth of the kids’ watch industry.
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What is Driving Demand for Kids’ Watch Market
The rapid development in the kids watch industry in terms of sales is due to the emerging technological advancements that enable features like quick notifications to allow the guardian to keep track of movement.
Further, the introduction of sharing of location information in case of a sudden emergency, accessible through a press of a button or a touch pattern has resulted in boosting the demand therefore, creating a new opportunity for sales.
Moreover, the emerging demands from the user-end are motivating the manufacturers to not only provide products with the latest technology but, also enabling them to modify the shape and design of the kids watch to make it look attractive without reducing its functionality. Additionally, the integrity in technology and display advantages that enhance the user experience is leading the growth of the kids watch industry.
Availability of Wide Range of Brands and Technology Likely to Augment Kids Watch Sales
With the growth in the urban sectors, the manufacturers and industrialists are heavily encouraged to provide products with the latest technologies and designs in the reachable sectors to maintain their brand name and customer base. The evolving integration in technology and introduction of advanced display systems by various players worldwide are growing the competition and opportunity for kids watch industry.
Furthermore, as individuals in all sectors become more competitive, there is a greater requirement for them to participate in and learn skills in a variety of professions in order to stay sharp, smart, and progressive.
The presence of advanced technologies allows an individual to maintain a record of their activities and alert or notify them about upcoming tasks through a plain and simple message on their watch and has become a great factor among all generations especially the kids thus, growing the sales of kids watch.
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COVID-19 Impact on Kids Watch Market
The sudden outbreak of COVID-19 had affected all the industries due to the shortfall of demand and supply and the kids watch industry was no different.
Further, the regulations implemented by regional governments restricting the movement of individuals lead to the shutdown of shopping malls, schools, entertainment areas, playgrounds, etc., reducing the demand for kids watches.
Additionally, the situation leads to the striking growth rate of technological advancements and a long waiting duration for the availability of logistics, which led to the growth of sustainable solutions among individuals, hindering the growth of the kids watch industry.
U.S. and Canada Kids Watch Market Outlook
The U.S. is one of the largest markets for kids watches globally. The U.S. kids watch industry is set to grow in demand in the given forecast period due to the rising health concern among kids guardians. The countries of North America alone consists of 14.4 million kids suffering from obesity and thus, the features of kids watch to track their physical movement is projected to rise the demand for kids watch.
Further, the populace is attracted to advanced technologies and devices loaded with smart, fancy features owing to the rising demand for kids watches.
In addition, the countries consist of various key players that conduct product launches and additional activities along with the event that attracts a large number of customers to visit and boost the sales of kids watches.
Moreover, the presence of a high global economy and adoption of digital platforms for purchasing of products that allows the customer to enjoy various discounts, avail coupons are projected to grow the demand for kids watch business in U.S. and Canada.
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Europe Demand Outlook for Kids Watch Market
Europe is one of the biggest regions for the growth of the kids watch business due to the rising number of cases regarding kids kidnapping or abduction.
Based on 2018 information, the European hotlines received 91,655 calls based on a child missing due to various reasons. Further, the escalating wearable devices demand has increased to the countries of Europe.
In addition, the rising number of sports activities is influenced by factors like the increasing growth rate of the population. Moreover, the existence of many industries that manufacture components and parts for children's watches attracts a huge number of investors from around the world, resulting in chances for technological advancement and increased sales of children's watches.
Who are the Key Manufacturers and Suppliers of Kids Watch
Some of the leading manufacturers and suppliers of kids watch include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
