SWOT Analysis - The Sport Watches Market

Angela L.

Order the writing of a tailor-made Sport marketing Case study

Free quote online

Case study Format .docx

SWOT Analysis - The Sport Watches Market

Download

Read an extract

Themes

SWOT analysis, sports watches market, data measurement, feedback, innovation, profitability, market shares, brand image, IOS, Android, Covid-19, electronics sector, Apple Watch, Fitbit, EKG monitors, Huawei, Samsung, Garmin, Suunto, Polar, Fossil

Reader
Abstract
Contents
Extract

Abstract

A sports watch is a robust analog or digital device designed to be worn by users offering features such as alarm, stopwatch, heart rate monitor, compass, tachymeter, tide indicators, etc., chosen according to the specific activity and personal preference. Sports watches were originally aimed at runners but slowly made their way into other sports such as diving, cycling, aviation, etc., offering users activity-specific data measurement and feedback. Today there is a vast range of watches to suit practically any sport or lifestyle, and rapid innovation and technological advancement bring new models and applications to this market on a regular basis.

Introduction
1. Presentation of the Sports Watch Market
2. Industry and Market Data
SWOT Analysis of Sports Watch Market
1. Strengths
2. Weaknesses
3. Opportunities
4. Threats
Conclusion and Strategic Recommendations

Get this table of contents for free after login.

Extract

[...] The high level of connectivity offered by these devices can even go as far as giving doctors the ability to remotely monitor and maintain their patients' wellbeing, based on the feedback received from these wearable devices. Examples of this are the new EKG monitor available on the Apple Watch Series 5 and the sleep apnea functionality available on the latest Fitbit models. The Rock Health study in 2019 had wearable device use at about 33% during 2018/2019, whereas digital health tracking showed a steady increase from 38% to 42% over the same period of time. [...]

[...] While die-hard users may still prefer to use specific devices aimed at their activity, the majority of these users will also purchase a smartwatch to use for daily life and other activities and will gradually win them over to having just one device which offers the convenience of fulfilling all of their needs. Brands need to focus on connectivity and the online presence offered by these devices. They will also need to focus on constant innovation and development, which will help them to retain customers and keep them coming back to upgrade to the latest models and take advantage of the new features offered by these models. [...]

[...] This has helped to propel the sport and smartwatch market into its most successful period of growth. Industry and Market Data The forecast growth for the period 2021-2026 in this market is expected to be in the region of Despite a slump in the global demand for electronics due to the COVID-19 pandemic, the sports watch market has actually experienced a surge in online sales and an expansion in market share, especially amongst the older generations. The number of smartwatch users more than doubled from 325 million users in 2016 to over 722 million by the end of 2019. [...]

[...] The major players in the sports watch market are Apple Inc. Samsung Garmin Fitbit Inc Suunto Polar Fossil Group The Asia-Pacific region has experienced the highest growth in this market, due to the rise in smartwatch vendors in these emerging economies and has seen companies like LG, ASUSTeK Computer and Huawei enter the fray in recent years. Globally the rise in chronic diseases, such as diabetes and obesity, and the health risks associated with an inactive lifestyle have brought about an increased awareness of the importance of maintaining a healthy lifestyle. [...]

[...] The high cost of technological components for these products is a weakness for companies in this market as manufacturers have a limited source of suppliers for these components, which leaves them in a weak bargaining position when it comes to the price of raw materials that directly affects their cost of production. The high cost of raw materials then has a negative effect on pricing and forces the companies to accept a lower profit margin on their products in order to offer competitive pricing in the market. Another weakness facing this market is saturation. [...]

docx