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Report
United States Traditional And Smart Watch Market Forecast 2024-2032
Market Report I 2024-08-02 I 145 Pages I Inkwood Research
KEY FINDINGS
The United States traditional and smart watch market was valued at $20676.91 million in 2023 and is expected to reach $34251.75 million by 2032, growing at a CAGR of 5.90% during the forecast period, 2024 to 2032.
In terms of volume, the United States traditional and smart watch market was valued at 74.13 million units in 2023 and is expected to reach 125.17 million units by 2032, growing at a CAGR of 6.17% during the forecast period, 2024 to 2032.
MARKET INSIGHTS
The market for watches in the United States has undergone significant transformations in recent years. According to statistics, the adoption of smart watches among US adults has increased notably, rising from 18% in 2019 to 23% in 2021; this trend indicates a growing interest in digital timepieces. Millennials, aged 26 to 41, constitute the largest demographic of smart watch users, underscoring their preference for technological innovations. Moreover, in 2021, 55% of global smart watch users were male, suggesting a somewhat higher male interest in this category. Despite the surge in smart watch popularity, traditional watches continue to maintain a substantial presence in the United States market.
On the other hand, a significant trend in the United States' traditional and smart watches market is the shift towards subscription-based models for smart watch services and apps. This change is driven by consumers' demand for continuous access to innovative features, personalized experiences, and updated functionalities. Furthermore, subscription-based models provide smart watch manufacturers with a recurring revenue stream, allowing them to invest in research and development. This supports the integration of new technologies and enhances the user experience. Additionally, these models also enable companies to consistently introduce new apps, watch faces, and exclusive content tailored to user preferences.
Growing health and fitness awareness among consumers has become a major driver for the United States traditional and smart watches market. According to a survey of over 1,500 smart watch users, 42% have discussed their health data, such as heart rate and sleep patterns, with their doctors. As individuals prioritize their well-being, the demand for devices that facilitate tracking and monitoring of health metrics has increased.
However, privacy and security concerns regarding data collection pose a challenge. As these devices become more common, the amount of personal information gathered raises concerns among consumers and regulatory bodies. In addition, smart watches use various sensors and technologies to capture sensitive data, such as heart rate, sleep patterns, and location information, raising questions about data privacy and potential misuse.
SEGMENTATION ANALYSIS
The report on the United States traditional and smart watch market includes the segmentation analysis based on product type and distribution channel.
Market by Product Type:
- Traditional Watch
o Product Type
- Mechanical Watch
- Quartz Analogue Watch
- Quartz Digital Watch
o Price Range
- Low-Range
- Mid-Range
- Luxury
- Smart Watch
o Smart Wearable
o Analogue Activity Watch
o Digital Activity Watch
Market by Distribution Channel:
- Offline Distribution Channel
o Hypermarket
o Jewellery and Watch Specialist
o Appliance and Electronic Specialist
o Other Offline Distribution Channels
- Online Distribution Channel
Inkwood Research's report on the United States traditional and smart watch market provides in-depth insights as well as the market's segmentation analysis. The detailed evaluation of the market includes Competitive Landscape, Key Buying Criteria, Market Maturity Analysis, and Value Chain Analysis.
COMPETITIVE ANALYSIS
Some of the prominent players in the United States traditional and smart watch market are Samsung, Google LLC, Garmin, Rolex SA, etc.
TABLE OF CONTENTS
1. RESEARCH SCOPE & METHODOLOGY
1.1. STUDY OBJECTIVES
1.2. METHODOLOGY
1.3. ASSUMPTIONS & LIMITATIONS
2. EXECUTIVE SUMMARY
2.1. MARKET SIZE & FORECAST
2.2. COUNTRY SNAPSHOT
2.3. COUNTRY ANALYSIS
2.4. SCOPE OF STUDY
2.5. MAJOR MARKET FINDINGS
2.5.1. GROWTH OF SUBSCRIPTION-BASED MODELS FOR SMART WATCH SERVICES AND APPS
2.5.2. HYBRID WATCHES THAT MIX TRADITIONAL AND SMART FUNCTIONS ARE BECOMING MORE POPULAR.
2.5.3. INTRODUCTION OF NEW DESIGN ELEMENTS
3. MARKET DYNAMICS
3.1. KEY DRIVERS
3.1.1. TECHNOLOGICAL ADVANCEMENTS IN SMART WATCHES
3.1.2. GROWING HEALTH AND FITNESS CONSCIOUSNESS
3.1.3. EXPANSION OF CUSTOMIZATION AND PERSONALIZATION OPTIONS
3.2. KEY RESTRAINTS
3.2.1. PRIVACY AND SECURITY CONCERNS OVER DATA COLLECTION
3.2.2. LIMITED BATTERY LIFE OF SMART WATCHES
3.2.3. COMPATIBILITY ISSUES WITH DIFFERENT DEVICES AND PLATFORMS
4. KEY ANALYTICS
4.1. KEY MARKET TRENDS
4.1.1. ADOPTION OF CONTACTLESS PAYMENT SYSTEMS
4.1.2. INCORPORATION OF VOICE ASSISTANTS AND AI
4.1.3. DEVELOPMENT OF SUSTAINABLE AND ECO-FRIENDLY WATCH MATERIALS
4.1.4. RISING PREFERENCE FOR CLASSIC OR VINTAGE WATCH DESIGNS
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1. BUYERS POWER
4.2.2. SUPPLIERS POWER
4.2.3. SUBSTITUTION
4.2.4. NEW ENTRANTS
4.2.5. INDUSTRY RIVALRY
4.3. PESTLE ANALYSIS
4.4. GROWTH PROSPECT MAPPING
4.5. MARKET MATURITY ANALYSIS
4.6. MARKET CONCENTRATION ANALYSIS
4.7. VALUE CHAIN ANALYSIS
4.7.1. PRODUCT DESIGN AND DEVELOPMENT
4.7.2. MANUFACTURING AND SUPPLY CHAIN MANAGEMENT
4.7.3. MARKETING AND DISTRIBUTION
4.7.4. AFTER-SALES SERVICES AND CUSTOMER SUPPORT
4.8. KEY BUYING CRITERIA
4.8.1. DESIGN AND AESTHETICS
4.8.2. FUNCTIONALITY AND FEATURES
4.8.3. BRAND REPUTATION AND HERITAGE
4.8.4. PRICE AND VALUE FOR MONEY
5. MARKET BY PRODUCT TYPE (IN TERMS OF REVENUE: $ MILLION & IN TERMS OF VOLUME: MILLION UNITS)
5.1. TRADITIONAL WATCH
5.1.1. BY PRODUCT TYPE
5.1.1.1. MECHANICAL WATCH
5.1.1.2. QUARTZ ANALOGUE WATCH
5.1.1.3. QUARTZ DIGITAL WATCH
5.1.2. BY PRICE RANGE
5.1.2.1. LOW-RANGE
5.1.2.2. MID-RANGE
5.1.2.3. LUXURY
5.2. SMART WATCH
5.2.1. SMART WEARABLE
5.2.2. ANALOGUE ACTIVITY WATCH
5.2.3. DIGITAL ACTIVITY WATCH
6. MARKET BY DISTRIBUTION CHANNEL (IN TERMS OF REVENUE: $ MILLION & IN TERMS OF VOLUME: MILLION UNITS)
6.1. OFFLINE DISTRIBUTION CHANNEL
6.1.1. HYPERMARKET
6.1.2. JEWELLERY AND WATCH SPECIALIST
6.1.3. APPLIANCE AND ELECTRONIC SPECIALIST
6.1.4. OTHER OFFLINE DISTRIBUTION CHANNELS
6.2. ONLINE DISTRIBUTION CHANNEL
7. COMPETITIVE LANDSCAPE
7.1. KEY STRATEGIC DEVELOPMENTS
7.1.1. MERGERS & ACQUISITIONS
7.1.2. PRODUCT LAUNCHES & DEVELOPMENTS
7.1.3. PARTNERSHIPS & AGREEMENTS
7.1.4. BUSINESS EXPANSIONS & DIVESTITURES
7.1.5. MARKET SHARE ANALYSIS
7.1.5.1. BY TRADITIONAL WATCH
7.1.5.2. BY SMART WATCH
7.1.6. BRAND SHARE ANALYSIS
7.1.6.1. BY TRADITIONAL WATCH
7.1.6.2. BY SMART WATCH
7.2. COMPANY PROFILES
7.2.1. SAMSUNG
7.2.1.1. COMPANY OVERVIEW
7.2.1.2. PRODUCT PORTFOLIO
7.2.1.3. STRENGTHS & CHALLENGES
7.2.2. GOOGLE LLC
7.2.2.1. COMPANY OVERVIEW
7.2.2.2. PRODUCT PORTFOLIO
7.2.2.3. STRENGTHS & CHALLENGES
7.2.3. GARMIN
7.2.3.1. COMPANY OVERVIEW
7.2.3.2. PRODUCT PORTFOLIO
7.2.3.3. STRENGTHS & CHALLENGES
7.2.4. APPLE INC
7.2.4.1. COMPANY OVERVIEW
7.2.4.2. PRODUCT PORTFOLIO
7.2.4.3. STRENGTHS & CHALLENGES
7.2.5. CASIO
7.2.5.1. COMPANY OVERVIEW
7.2.5.2. PRODUCT PORTFOLIO
7.2.5.3. STRENGTHS & CHALLENGES
7.2.6. ROLEX SA
7.2.6.1. COMPANY OVERVIEW
7.2.6.2. PRODUCT PORTFOLIO
7.2.6.3. STRENGTHS & CHALLENGES
7.2.7. SWATCH GROUP LTD
7.2.7.1. COMPANY OVERVIEW
7.2.7.2. PRODUCT PORTFOLIO
7.2.7.3. STRENGTHS & CHALLENGES
LIST OF TABLES
TABLE 1: COUNTRY SNAPSHOT - UNITED STATES
TABLE 2: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, HISTORICAL YEARS, 2018-2022 (IN $ MILLION & UNITS)
TABLE 3: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, FORECAST YEARS, 2024-2032 (IN $ MILLION & UNITS)
TABLE 4: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY PRODUCT TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 5: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY PRODUCT TYPE, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 6: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY PRODUCT TYPE, HISTORICAL YEARS, 2018-2022 (IN MILLION UNITS)
TABLE 7: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY PRODUCT TYPE, FORECAST YEARS, 2024-2032 (IN MILLION UNITS)
TABLE 8: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRODUCT TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 9: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRODUCT TYPE, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 10: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRODUCT TYPE, HISTORICAL YEARS, 2018-2022 (IN MILLION UNITS)
TABLE 11: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRODUCT TYPE, FORECAST YEARS, 2024-2032 (IN MILLION UNITS)
TABLE 12: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRICE RANGE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 13: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRICE RANGE, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 14: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRICE RANGE, HISTORICAL YEARS, 2018-2022 (IN MILLION UNITS)
TABLE 15: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRICE RANGE, FORECAST YEARS, 2024-2032 (IN MILLION UNITS)
TABLE 16: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY SMART WATCH, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 17: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY SMART WATCH, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 18: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY SMART WATCH, HISTORICAL YEARS, 2018-2022 (IN MILLION UNITS)
TABLE 19: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY SMART WATCH, FORECAST YEARS, 2024-2032 (IN MILLION UNITS)
TABLE 20: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY DISTRIBUTION CHANNEL, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 21: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY DISTRIBUTION CHANNEL, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 22: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY DISTRIBUTION CHANNEL, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 23: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY DISTRIBUTION CHANNEL, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 24: LIST OF MERGERS & ACQUISITIONS
TABLE 25: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS
TABLE 26: LIST OF PARTNERSHIPS & AGREEMENTS
TABLE 27: LIST OF BUSINESS EXPANSIONS & DIVESTITURES
TABLE 28: UNITED STATES TRADITIONAL WATCH MARKET SHARE ANALYSIS, 2022 & 2023 (IN %)
TABLE 29: UNITED STATES SMART WATCH MARKET SHARE ANALYSIS, 2022 & 2023 (IN %)
TABLE 30: UNITED STATES TRADITIONAL WATCH MARKET, BRAND SHARE ANALYSIS, 2022 & 2023 (IN %)
TABLE 31: UNITED STATES SMART WATCH MARKET, BRAND SHARE ANALYSIS, 2022 & 2023 (IN %)
LIST OF FIGURES
FIGURE 1: KEY MARKET TRENDS
FIGURE 2: PORTER'S FIVE FORCES ANALYSIS
FIGURE 3: GROWTH PROSPECT MAPPING FOR UNITED STATES
FIGURE 4: MARKET MATURITY ANALYSIS
FIGURE 5: MARKET CONCENTRATION ANALYSIS
FIGURE 6: VALUE CHAIN ANALYSIS
FIGURE 7: KEY BUYING CRITERIA
FIGURE 8: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, GROWTH POTENTIAL, BY PRODUCT TYPE, IN 2023
FIGURE 9: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH, 2024-2032 (IN $ MILLION)
FIGURE 10: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, GROWTH POTENTIAL, BY TRADITIONAL WATCH - PRODUCT TYPE, IN 2023
FIGURE 11: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY MECHANICAL WATCH, 2024-2032 (IN $ MILLION)
FIGURE 12: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY QUARTZ ANALOGUE WATCH, 2024-2032 (IN $ MILLION)
FIGURE 13: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY QUARTZ DIGITAL WATCH, 2024-2032 (IN $ MILLION)
FIGURE 14: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, GROWTH POTENTIAL, BY TRADITIONAL WATCH- PRICE RANGE, IN 2023
FIGURE 15: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY LOW-RANGE, 2024-2032 (IN $ MILLION)
FIGURE 16: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY MID-RANGE, 2024-2032 (IN $ MILLION)
FIGURE 17: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY LUXURY, 2024-2032 (IN $ MILLION)
FIGURE 18: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY SMART WATCH, 2024-2032 (IN $ MILLION)
FIGURE 19: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, GROWTH POTENTIAL, BY SMART WATCH, IN 2023
FIGURE 20: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY SMART WEARABLE, 2024-2032 (IN $ MILLION)
FIGURE 21: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY ANALOGUE ACTIVITY WATCH, 2024-2032 (IN $ MILLION)
FIGURE 22: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY DIGITAL ACTIVITY WATCH, 2024-2032 (IN $ MILLION)
FIGURE 23: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, GROWTH POTENTIAL, BY DISTRIBUTION CHANNEL, IN 2023
FIGURE 24: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY OFFLINE DISTRIBUTION CHANNEL, 2024-2032 (IN $ MILLION)
FIGURE 25: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, GROWTH POTENTIAL, BY OFFLINE DISTRIBUTION CHANNEL, IN 2023
FIGURE 26: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY HYPERMARKET, 2024-2032 (IN $ MILLION)
FIGURE 27: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY JEWELLERY AND WATCH SPECIALIST, 2024-2032 (IN $ MILLION)
FIGURE 28: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY APPLIANCE AND ELECTRONIC SPECIALIST, 2024-2032 (IN $ MILLION)
FIGURE 29: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY OTHER OFFLINE DISTRIBUTION CHANNELS, 2024-2032 (IN $ MILLION)
FIGURE 30: UNITED STATES TRADITIONAL AND SMART WATCH MARKET, BY ONLINE DISTRIBUTION CHANNELS, 2024-2032 (IN $ MILLION)
FIGURE 31: UNITED STATES TRADITIONAL WATCH MARKET SHARE ANALYSIS, 2022 & 2023 (IN %)
FIGURE 32: UNITED STATES SMART WATCH MARKET SHARE ANALYSIS, 2022 & 2023 (IN %)
FIGURE 33: UNITED STATES TRADITIONAL WATCH MARKET, BRAND SHARE ANALYSIS, 2022 & 2023 (IN %)
FIGURE 34: UNITED STATES SMART WATCH MARKET, BRAND SHARE ANALYSIS, 2022 & 2023 (IN %)
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