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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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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