The global swim and multisport watch market to grow at a CAGR of 6.58% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global swim and multisport watch market for 2017-2021. To calculate the market size, the report considers the revenue generated through the retail sales of different types of swim and multisport watches to individual consumers. The report also includes a discussion of the key vendors operating in this market.
According to the report, one of the major drivers for this market is Product innovation, promotion, and branding. Over the recent years, many vendors have come up with innovative products and technologically advanced products to enhance the sales of swim watches. Rapid advances in technology like the Internet of Things (IoT) has led to the development of GPS-enabled smart watches, which provide connectivity to multiple devices through swim watches.
The latest trend gaining momentum in the market is Growing online and omnichannel retail. Globally e-commerce is growing each year with more consumers opting for the convenience of online shopping. Online retail is the fastest growing sector of the global retail market. E-retailing of several products including swim and multisport watches is also gaining popularity because it is a time-saving and cost-effective process of purchasing products. Online shopping through smart devices has gained popularity over recent years due to high penetration of Internet services, improved economic conditions, and upgradation of purchase, and delivery options with the emergence of m-commerce.
Further, the report states that one of the major factors hindering the growth of this market is Presence of price-sensitive consumers in the mass segment. Over the recent years, advances in electronics, material sciences, and sensor technologies have allowed innovative start-ups to create relatively inexpensive devices.