North America Watch Market Outlook, 2029

Market Dynamic

Major Drivers Growing Customer Health Awareness Is Anticipated to Lead the Market: The primary factors driving the expansion of the market under research are the population's growing concern for their own personal fitness and health as well as the rising use of smartphones. In addition, the high-tech aspects of smartwatches such as communication, alerts, and tracking have attracted increased attention in recent years. Health monitoring and increasing awareness of health conditions have shown to be the most beneficial aspects of wearable technology. Customers gain from it since it provides exercise enthusiasts with the necessary health indicators, but patients also receive information about their condition. The number of new smartwatch users is rising quickly, and many elderly people are among them. This is because wearable device makers like Apple and Fitbit have included health-monitoring features, which appeal to senior citizens and provide them with real-time health information. Patients often forget to take their medications for a variety of reasons. It can be beneficial to remind patients when to take their medications and to monitor when they wear wearable’s. Since these developments promote consumer health awareness, it is expected that the smartwatch market would grow. Individual Support to See Considerable Development One of the important apps that customers prefer is personal assistance. Smartwatches are utilized for a variety of personal assistance tasks and warnings, and they maintain constant communication with the user. For example, the majority of smartwatches on the market now allow users to create reminders and receive notifications based on calendar events, fitness objectives, and other criteria. The growing use of smartwatches by the large millennial population and their greater expenditure during ordinary work hours are also being monitored. Increasing standards of luxury are important market drivers. Major Challenges Competition from Wearable Technology: Traditional watches now face serious competition from the growing popularity of smartwatches. Customers are looking for multipurpose gadgets with capabilities like fitness monitoring, notifications, and connectivity that go beyond timekeeping. With a wide range of consumer preferences, the watch market in North America has been increasingly segmented. While smartwatches appeal to people wanting sophisticated technology and connection features, conventional timepieces may be more appealing to those seeking timeless beauty and craftsmanship. The entry-level and mid-range watch market categories have seen the most effects from smartwatches. The functions that smartwatches with comparable pricing points have to offer can be more enticing to those looking for inexpensive watches. Effects of Online Shopping The retail industry has changed as a result of the rise of e-commerce, and conventional brick and mortar retailers may find it difficult to adjust to online sales. Retailers of watches who mostly depend on physical stores may be impacted by this change in customer purchasing behaviour. Watch retailers can reach a global audience thanks to e-commerce. Customers in North America have access to a wider variety of designs and features when they investigate and buy timepieces from foreign companies, expanding their options.