North America E-Commerce Watch - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2024 - 2029

The North America e-commerce watch market was valued at USD 6,419.71 million for the current year and is projected to register a CAGR of 9.16% over the next five years.

Key Highlights

• Watches launched in recent years offering a local touchscreen interface for daily usage, an associated smartphone app handling features, and innovative features that always monitor the health and body condition are raising the demand for smartwatches in the region across all age groups. Additionally, with the growing penetration of the E-commerce industry in the region, purchasing watches has become more convenient than ever.
• Also, smartwatches have become more popular among all types of consumers, like working professionals, athletes, sports people, and fitness enthusiasts, among others. Thus, manufacturers are producing watches that can be useful and address all the problems of those professionals. They are keen on launching a watch that can be useful in all conditions through various e-commerce channels, which is attracting more new consumers and thus benefiting the market. For instance, in November 2021, Motorola expanded the wearable segment with the launch of its new smartwatch. Dubbed Moto Watch 100, the company has launched the smartwatch in the United States. The Moto Watch100 was launched with a 1.3-LCDsplay and featured a 42mm aluminum casing. The smartwatch also included features like a heart rate sensor and SpO2 monitor. It offers 26 sports modes which include basketball, biking, cricket, CrossFit, hiking, football, snowboarding, strength training, tuning, and more. The watch was made available on the company's website and through different e-commerce channels in the region.
• Moreover, the e-commerce industry in the region is growing owing to the convenience and fastest delivery services that the players offer, further supporting the market's growth. Due to the rise in hectic schedules and lifestyles, online shopping is becoming a convenient medium for purchasing watches in the region. It enjoys more popularity among the younger generation. The discounts and free bees provided by online sellers further attract consumers, which enhances online sales. With the growing purchases through online sales channels, major brands have been developing their online websites for convenience to customers. Also, the wide variety of products available on e-commerce sites influences the consumer to prefer E-commerce websites for their watch purchases.
• Additionally, some watch companies release limited editions or exclusive models exclusively for online sales. These online-only releases offer watch enthusiasts a sense of exclusivity and urgency, which boosts demand and enhances the allure of buying watches through e-commerce platforms. For instance, in February 2023, Hublot and Takashi Murakami collaborated to launch a collection of 13 unique watches and 13 unique NFTs. Twelve of these watches will be available for purchase exclusively online on hublot.com at the price of CHF 50,000 (excl. taxes).

North America E-Commerce Watch Market Trends

Product Innovation to Drive the Market

• Consumer expenditure on health monitoring devices has increased as a result of the region's consumers becoming more health conscious. Due to the rise in the demand for various health monitoring capabilities in watches, manufacturers are motivated to release products with cutting-edge features, which has further led to a growth in the sales of smartwatches. Also, consumers are attracted to purchasing watches through e-commerce channels as they get a lot of pre-approved discounts and are well-informed bout the specifications of the device they buy. They also often find reviews in e-commerce channels from the buyers about the product that they are about to buy, which helps them make wise and informed choices. In line with this, manufacturers are also focused on launching their products through various e-commerce channels as it helps them to reach a larger consumer base.
• For instance, in September 2022, Apple announced the launch of the Apple Watch Ultra, which was claimed to offer a wide range of features built for endurance, exploration, and adventure. The watch is also asserted to offer instant access to a variety of features, including workouts, compass waypoints, backtracks, and more. The company offered the product through different online retailing websites along with its own.
• Similarly, the market expansion of smartwatches is aided by a wide range of monitoring features that allow users to control music, notifications, walk tracks, heartbeat rates, and other activities. Moreover, the growing physically active population in the region is further raising the demand for smartwatches that come with special features like heart rate sensors, activity trackers, fitness trackers, step counting, and different performance tracking options.
• For instance, according to the National Institute of Statistics and Geography (INEGI), the share of physically active Mexican adults improved in 2022 over the previous year. Overall, 42.1% of survey participants indicated that they practiced some kind of sports or physical exercises in their free time in 2022. Hence, with such demand for innovative watches that offer effective features that cater to a wide population from different occupations and the manufacturers launching products through various e-commerce channels in line with the growing demand are expected to boost sales in the region.

United States Holds the Largest Share in the Market

• The United States watch market is majorly driven by the growing older population, the increasing number of millennials who prefer high-tech smartwatches every day, and the growing penetration of the e-commerce industry. Also, major smartwatch companies like Apple, Amazon, Fitbit, Google, and many more that operate in the market are focused on leveraging the benefits of e-commerce marketing by offering their products with innovative features in terms of design and functionality. Smartwatches are the best option for older people as they provide access to medical alerts, fall detection, heart rate monitoring, and other health metrics.
• Additionally, smartwatches may promote healthy habits such as increased physical activity, which promotes and maintains the health of older people. For instance, according to the World Bank, in 2021, about 16.68% of the United States population was over 65 years of age, which increased when compared to the previous year, in which the percentage of the population over 65 years of age was only 16.22%. Such factors are expected to further raise the demand for smart watches that have health monitoring features, specifically through e-commerce channels, as it adds a lot of convenience in purchasing products for all age groups.
• Furthermore, the e-commerce industry has seen a tremendous rise in demand for pre-owned and vintage watches. Online marketplaces for pre-owned watches offer a marketplace for buyers and sellers, as well as a diverse variety of verified and curated timepieces. This trend caters to consumers looking for one-of-a-kind or collectible timepieces at a lower price point. For instance, Analog Shift, Gray, and Sons, Second Time Around Watch, and GearMoose, are some of the websites offering pre-owned and vintage watches in the United States.
• Moreover, with the growing demand for smartwatches, many major companies are focused on expanding their product portfolios with the launch of innovative and multi-purpose smartwatches attracting consumers in the country. For instance, in October 2022, Google officially unveiled its first smartwatch, the Pixel Watch. The company also allows users to pair the watch with an app called Fitbit, making this both a competent fitness tracker and smartwatch. Pairing with the Fitbit app also allows users to get a detailed analysis of their sleep and activity. The company launched its products through various e-commerce websites, which aided it to reach a more extensive consumer base. Such innovative launches and the growing demand are expected to further support and drive the growth of the market in the studied region during the forecast period.

North America E-Commerce Watch Industry Overview

The North American E-Commerce watch market is fragmented, with the presence of international players catering to the major market share while the local players are also competing for their share. Local manufacturers are banking on product innovation and technological development to gain an edge, while major players are focused on acquiring local players to expand their presence. This makes the rivalry intense in the market. Apple Inc., Fossil Group Inc., Timex Group B.V., Google LLC (FitBit), and Rolex SA, among others, are key players.

Major players are focusing on leveraging the opportunities posed by innovation in the market to expand their product portfolios so that they can cater to the requirements of various product segments, especially within the category of integrated analog and smartwatches. These players are now focusing on social media platforms and online distribution channels for the online marketing and branding of their products to capture the maximum attention of customers.

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• The market estimate (ME) sheet in Excel format
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