Running Watches Market to Reach $3.8 billion, Globally, by 2035 at 5.6% CAGR: Allied Market Research

WILMINGTON, Del., May 17, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Running Watches Market by Type (Pedometer Watches, GPS Watches, Heart Rate Watches, and Multi-Sport Watches), End User (Men and Women), Price Point (Premium, Medium, and Economy), and Distribution Channel (Hypermarkets and Supermarkets, Specialty Stores, Online Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2035". According to the report, the "running watches market" was valued at $2.0 billion in 2023, and is estimated to reach $3.8 billion by 2035, growing at a CAGR of 5.6% from 2024 to 2035.

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Prime determinants of growth

Icrease in health awareness significantly drives the growth of the running watch market by instilling a greater emphasis on fitness and well-being among consumers. As people become more aware of the importance of leading a healthy lifestyle, they seek tools and technologies to aid them in their fitness journey. Running watches offer a comprehensive solution by providing real-time tracking of various metrics such as distance coverage, burnt calories, and heart rate, empowering users to monitor their progress and set achievable fitness goals.

However, customization and personalization play pivotal roles in propelling the growth of the running watch market. In today's fitness world, consumers seek tailored solutions to meet their specific needs and preferences. Running watches that offer customizable features such as personalized training plans, adjustable metrics displays, and targeted goal-setting capabilities cater to individual fitness goals and requirements.

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Heart rate watches segment to maintain its leadership status during the forecast period

By type, the heart rate watches segment held the major share of the market share in 2023, accounting for more than one-third of the global running watches market, and is estimated to maintain its leadership status during the forecast period. Heart rate running watches are wearable devices specifically designed to monitor the user's heart rate during running and other physical activities.

Heart rate data provides valuable insights into the intensity of a workout, allowing runners to train more effectively by staying within their target heart rate zones. By monitoring heart rate during running sessions, athletes can adjust their pace and effort level to maximize the effectiveness of their training regimen.

Men segment to retain its dominance by 2035

By end user, the men segment held the major share of the market in 2023, accounting for more than half of the global running watches market, and is estimated to maintain its leadership status during the forecast period. As more men prioritize physical fitness and seek ways to optimize their workouts, there is a rise in demand for running watches that offer advanced performance tracking, personalized training guidance, and accurate data analysis. These watches provide valuable insights into key metrics such as heart rate, pace, distance, and calorie burn, empowering men to set and achieve their fitness goals more effectively.

Medium segment to maintain its leadership status during the forecast period

By price point, the medium segment held the major share of the market share in 2023, accounting for more than two-fifths of the global running watches market, and is estimated to maintain its leadership status during the forecast period. As more individuals embrace running as a means of staying active and improving their health, there is a rise in demand for affordable yet capable running watches that offer essential features such as GPS tracking, heart rate monitoring, and activity tracking.

Medium-priced running watches cater to the medium-class demographic by providing a balance between affordability and functionality, making them accessible to a wider audience of casual runners who want to track their progress, set goals, and stay motivated on their fitness journey without breaking the bank.

Hypermarkets and supermarkets segment to retain its dominance by 2035

As per the distribution channel, the hypermarkets and supermarkets segment held the major share of the market in 2023, accounting for more than two-fifths of the global running watches market, and is estimated to maintain its leadership status during the forecast period. By offering running watches with other fitness gear and accessories, hypermarkets and supermarkets can cater to the needs of health-conscious consumers who are looking for convenient one-stop shopping solutions. In addition, these retail outlets often attract a wide demographic, including casual runners and beginners, making running watches accessible to a broad audience interested in tracking their activity levels and improving their overall fitness.

North America to maintain its dominance by 2035

Region-wise, North America region held the highest market share in terms of revenue in 2023, accounting for nearly one-third of the global running watches market. The running watch market in North America is primarily driven by a rise in health and fitness consciousness among consumers, coupled with an increasing adoption of wearable technology for tracking and monitoring physical activity. As more individuals in the region prioritize an active lifestyle and seek to improve their fitness levels, the demand for running watches with advanced features such as GPS tracking, heart rate monitoring, and performance analysis continues to rise.   

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Leading Market Players

• Apple Inc.
• Fitbit
• Samsung
• Garmin
• Suunto
• TomTom
• Xiaomi
• Timex
• Nokia
• Soleus

The report analyzes these key players in the global running watches market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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