Global Electronic Watches Market Size, Share, and COVID-19 Impact Analysis, By Type (Digital Quartz Watch, Analog Quartz Electronic Watch, Automatic Quartz Watch, Solar Electronic Watch, and Multi-Functional Electronic Watch), By End User (Men, Women, and Children), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030

Key Market Insights

The electronic watches market was valued at USD 115.57 Billion in 2021. The market is projected to grow USD 278.34 Billion in 2030, at a CAGR of 12.13%. The electronic watches are incorporated with a core circuit, mainly benefiting from the remarkable improvements across various applications such as aviation and PCs. 

In addition, these watches are highly flexible in nature and provide advanced features in terms of moving parts that are liable to wear. With becoming one of the most popular electronic ideas in the conservative watch industry, it has generally become difficult to incorporate extra capacities in terms of caution capacities, stopwatches, and a programmed schedule. Moreover, electronic watches mainly use three drive systems such as the galvanometer drive, the resonance drive, and the induction drive. 

COVID-19 ANALYSIS

The positive impact of COVID-19 is projected on electronic watches in the forecast period. The pandemic has accelerated the demand for these watches, as they have widely been used for detecting pre-symptomatic coronavirus disease. Moreover, there has been a huge awareness of electronic watches in terms of monitoring body health activity data such as heart rate, number of daily steps, and time asleep. 

Rising Health Consciousness Among Consumers Promotes Market Growth

An increasing awareness and need for health consciousness among consumers has accelerated the demand for electronic watches. In addition, features such as controlling music, heartbeat rate, walking tracks, and warnings have tremendously accelerated an increase in investment across electronic watches. Furthermore, the surging trend of linked ecosystems and connected devices is one of the major factors propelling the market growth of electronic watches globally.

Growing Adoption Amongst Millennials Globally to Surge Demand  

With electronic watches continuing to gain massive demand, the dominance of standby products, such as regular devices and luxury watches, is growing tremendously among youths. Moreover, an exponential increase in the youth population across developing countries and emerging economies is boosting the demand for electronic watches during the forecast period. Furthermore, millennials and Gen Z have been largely using these watches for fitness tracking. These factors, as a result, are driving the electronic devices market's growth.

Fluctuating Availability of Substitute Products Hampering the Market

The market's growth is hampered by the on-going availability of substitute products in terms of regular watches, which are experiencing massive penetration globally. Moreover, as these electronic watches tend to have higher prices, there is a moderate purchasing power of consumers across middle and low-income segments. These factors, as a result, are anticipated to limit market expansion.

Based on the type, the market is categorized into digital quartz watch, analog quartz electronic watch, automatic quartz watch, solar electronic watch, and multi-functional electronic watch. Based on the end user, the market is categorized into men, women, and children. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.

The global electronic watches market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. 

North America region is dominating the market share owing to the growing prominence of technical advances in digital wearable devices. Moreover, key players in this region are making massive investments towards advancements in electronic watches, and consumers, on the other hand, tend to spend more on tech-savvy watches across the region. Rapid growth in e-commerce businesses, which are engaging in smooth delivery of electronic watches and further boosting the purchases of these watches among consumers, is contributing to the market growth for electronic watches over the projection period.
 
However, Asia Pacific region is anticipated to grow over the next few years owing to the rise in tech-savvy individuals and the number of skilled youth across the region. Furthermore, factors such as rising disposable income and massive awareness about electronic watches are becoming other major factors contributing to the market's growth in the Asia-Pacific region. 

Moreover, the rapid growth in internet connectivity and an increase in the demand for wireless electronics are some of the major factors driving the growth of the market. Features such as sensing the environment, real-time data collection, monitoring and measuring physical activities, and communication are some of the major applications accelerating the market growth in the region.

List of Key Companies Profiled:

. Casio
. SEIKO
. XONIX
. SWEDA
. PASNEW
. TIME100
. SUUNTO
. Rossini
. BERNY
. Others

Key Developments:

September 2021: Samsung announced its electronic watch operating system partnership with Google in order to better compete with Apple products.

August 2020: Fitbit, which is an American consumer electronics and fitness company, declared the launch of its Fitbit Sense watch, which comes with advanced health features.

Segmentation

By Type

. Digital Quartz Watch 
. Analog Quartz Electronic Watch
. Automatic Quartz Watch
. Solar Electronic Watch
. Multi-Functional Electronic Watch

By End User

. Men
. Women
. Children

By Region

. North America- U.S., Mexico, Canada
. Europe- UK, France, Germany, Italy, Spain, Rest of Europe
. Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
. South America- Brazil, Argentina, Colombia, Rest of South America 
. The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa