According to the latest research by Future Market Insights, the market is set to witness steady growth during the forecast period. The growing demand for wristwatches by men because it is something that can need to keep men accountabley also, watch can build confidence of men same as their proper dress.
Also, new watch launches by key players like Rolex, Sonata, Titan and fossil are assumed to give a positive impact on the watch market growth during the forecast period.
The trend of smartwatches among men is drivings the market growth. Correspondingly, many prominent key players in the market such as Timex and Casio are investing in the research and development sector for introducing smartwatches with a more efficient battery and excellent performance.
Also, many players are engaged in innovation to introduce varieties of attractive watches for users at affordable prices. Innovation and new launches by players offers the customers to choose the watch according to their budget and also encourage other players to invest in this sector which is driving the market in progressive manner.
There are multiple factors that are affecting the demand for watches. The main factor is growing awareness regarding health among men all around the globe.
This has resulted in the raised customer spending on health care gadgets, which has further lead the market growth of smartwatches. The smartwatch has multiple features like walk tracking, analyze heartbeat rate, connect with smartphones and so many other advanced applications which fuels the sales of men’s smartwatches.
There are many players who are rigorously working in the research and developement field to introduce smartwatches in the market. For instance, Samsung launched a smartwatch that keeps the record of the user’s physical activity and also monitors their heartbeat and the blood pressure. Such features are the major contributing factors to the augmented volume of sales of smartwatches.
Due to the COVID-19 pandemic, the economic cycle of the world had disturbed. The closure of shops and specialty stores had adverse impact on the market growth.
Moreover, the buying behavior of customers have changed from conventional stores to online retail platforms as they are offering numerous benefits such as virtual tryouts, several discounts, coupons, and vast product portfolio offering. Even after taking the vaccine, somewhere people are scared about another wave of COVID-19, which restricts them to spend not much on unessential things.
While on the other side, during the COVID-19 pandemic many players upgrade their service and smartly work in the research sector and introduced a smartwatch that can detect the symptoms of coronavirus in men.
For instance, Apple introduced the Apple Watch Series 6 in September 2020, in this smartwatch a sensor is installed which display the approximate value of the blood oxygen and pulse rate. This advanced feature alerts the user if he is suffering from any respiratory problems like covid-19 or influenza. This has raised the demand for smartwatches during the pandemic and also encourages other players to launch advanced smart devices to attract more customers in the market.
The people of the United States and Canada are technologically outstanding and have a higher mission for strong advancements with a vision to make life simpler. Millennial consumer in the region are more aware of the smart technology and the demand for smartwatches for the men are getting stronger in these regions.
For expanding the product portfolio of smartwatches in the region, many prominent players like Fossil and Apple are continuously launching smartwatches at different price ranges. This also helps the player to strengthen their presence in the regional market.
Also, the increasing awareness about self-grooming, and good looking among men is the reason for demand boost in the regional market. Players are principally engaged to gain traction with millennial men and providing them with the best quality of watch. This product portfolio expansion by the company gains a competitive advantage in the US market.
Awareness regarding health and fitness among the men of Europe is continuously rising because of the high obesity ratio. According to BMI, 53% and 73% of men in France and Croatia are suffering the problem of being overweight respectively. Therefore, the market for fitness gadgets such as fitness watch is rising in the European countries.
The popularity of fitness watches is more among men who are fitness-oriented. Because this watch help in recording the physical activity like cycling, swimming laps, daily steps, sleeping pattern, pulse rate, and blood pressure. These advanced features encourage men to buy a smartwatch for accessing their regular activities including calories intake. Furthermore, the rising disposable income of men is enabling them to buy such smart watches which also meet their requirements and desires.
Some of the leading manufacturers and suppliers of male watches 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 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.
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