Changing consumer lifestyle & increasing consumer awareness towards fitness are driving the United States watch market towards steady growth.
According to TechSci Research report, “United States Watch Market By Product Type (Digital Watch, Analog Watch and Fitness Watch), By End User (Male, Female, Unisex), By Distribution Channel (Offline and Online), By Region, Competition Forecast & Opportunities, 2026F”, United States watch market stood at USD13.62 billion in 2020 and is projected to cross USD17.80 billion by 2026. The increased demand for watches can be attributed to increased consumer propensity towards luxury products, wider product portfolios, the launch of new innovative and superior quality products, enhanced design and craftsmanship, and technological revolution.
A wristwatch is more than a functional time-keeping tool. It is a statement of one’s identity, one’s status, and one’s style. The year 2020 marked a sudden change in consumer preferences, which shifted towards health and safety. These consumer preferences and sentiments will continue to rapidly evolve in the coming years. Thus, brands need to be closer to the consumers than ever before. The brand identification factor among younger consumers, growing tech-savvy consumers, and technology up-gradation in watches are the key factors for the increased demand in the market in the United States.
Browse 18 market data Figures spread through 70 pages and an in-depth TOC on “United States Watch Market”
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The United States watch market consists of the following segments, product type, end-user, distribution channel, region, and company. In terms of product type, the United States watch market is segmented into digital watch, analog watch & fitness watch. Among these, the digital watch segment has accounted for the majority of market share followed by analog watch owning to increasing awareness of healthy lifestyle, changing consumer preferences, and smartwatches connection to the smartphones. Smartwatches come up with features like the addition of LTE, due to the addition of this feature smartwatches are now standalone devices that can be used apart from cell phones and this feature has increased the flexibility of people using their cellphones. Smartwatches can also be used to perform many other activities compared to fitness watches, such as navigation, make calls, etc.
Based on end-user, the United States watch market is divided into male, female & unisex. Among them, Female segment dominated the United States watch market in 2020 followed by male & unisex. The demand for unisex watches is growing at the fastest rate with a CAGR of 5.38% during the forecast period as many watch manufacturing companies are launching more gender-neutral designs. In terms of distribution channels, the United States watch market is divided into offline and online. Among them, offline sales have the largest market share while online sales are the fastest-growing due to convenient and hassle-free purchases. These online sales represent a unique opportunity for brands to connect with customers anytime, anywhere to expand their consumer base and help them build a strong relationship with the customers.
In terms of region, the United States watch market is segmented into South, West, Midwest, and Northeast. Among these, the South region of the United States dominated the United States watch market in 2020 with a market share of around 38% and is expected to maintain its dominance throughout the forecast period. To remain competitive in the Unites States watch market companies are continuously launching new products, upgrading new technology, changing marketing strategies to capture the majority of the consumer base across the country.
In 2019, Garmin announced to launch of its first LTE-enabled smartwatch. The company is a leading player in the field of navigation devices and GPS sports watches. To launch this product, the company had to the partnership with the US-based telecom operator Verizon Wireless. The Garmin Vivoactive 3 Music is the first LTE-enabled smartwatch from Garmin, and it has three variants — LTE (with music), Music (without LTE), and a standard one (without LTE or music).
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“Shifting consumer demand will require brands to fundamentally rethink while entering into the market and to change their strategy. Nowadays people in the United States are either demanding smartwatches or customized watches. The demand for customized watches is most notably from younger generations, as they are looking for products that suit their unique tastes. Thus, it will be a challenge for watchmakers to offer cost-effective personalization of numerous features at a large scale to the consumers in the United States.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Watch Market By Product Type (Digital Watch, Analog Watch and Fitness Watch), By End User (Male, Female, Unisex), By Distribution Channel (Offline and Online), By Region, Competition Forecast & Opportunities, 2026F” has evaluated the future growth potential of watch market in the United States and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the US watch market.
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