The Latin America, Middle East and Africa Running Watches Market would witness market growth of 6.8% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Running Watches Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $57.6 million by 2031. The Argentina market will obtain a CAGR of 7.7% during 2024-2031. Additionally, the UAE market is registering CAGR of 5.8% during 2024-2031.
The social aspect of fitness tracking has also contributed to the growth of the running watches market. Many running watches are compatible with popular fitness apps like Strava, MapMyRun, and Garmin Connect, which allow users to share their workouts, compete with friends, and participate in virtual fitness challenges. Users are motivated and held accountable by this social component, which motivates them to maintain their fitness regimens.
In addition, running watches often include virtual coaching features that provide personalized training plans and real-time feedback during workouts. These capabilities are designed to accommodate a diverse array of users, including novices who require assistance in initiating a running regimen and seasoned athletes who are seeking to optimize their performance.
In South Africa, the growing disposable income of the population is fueling demand for running watches. As the economy gradually recovers, South Africans are increasingly willing to invest in lifestyle and fitness products. According to the Organisation for Economic Co-operation and Development, South Africa's average household net-adjusted disposable income per capita is USD 9,338 a year, providing more financial flexibility for consumers to purchase running watches and other wearable fitness devices. The increasing affordability of these devices, combined with a rising interest in health and fitness, is driving demand across urban areas in South Africa. The running watches market in the country is seeing growth as more individuals invest in wearable technology to support their fitness goals and improve their health. Hence, the region will present lucrative growth opportunities for the market throughout the forecast period.
The Brazil market dominated the LAMEA Running Watches Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $57.6 million by 2031. The Argentina market will obtain a CAGR of 7.7% during 2024-2031. Additionally, the UAE market is registering CAGR of 5.8% during 2024-2031.
The social aspect of fitness tracking has also contributed to the growth of the running watches market. Many running watches are compatible with popular fitness apps like Strava, MapMyRun, and Garmin Connect, which allow users to share their workouts, compete with friends, and participate in virtual fitness challenges. Users are motivated and held accountable by this social component, which motivates them to maintain their fitness regimens.
In addition, running watches often include virtual coaching features that provide personalized training plans and real-time feedback during workouts. These capabilities are designed to accommodate a diverse array of users, including novices who require assistance in initiating a running regimen and seasoned athletes who are seeking to optimize their performance.
In South Africa, the growing disposable income of the population is fueling demand for running watches. As the economy gradually recovers, South Africans are increasingly willing to invest in lifestyle and fitness products. According to the Organisation for Economic Co-operation and Development, South Africa's average household net-adjusted disposable income per capita is USD 9,338 a year, providing more financial flexibility for consumers to purchase running watches and other wearable fitness devices. The increasing affordability of these devices, combined with a rising interest in health and fitness, is driving demand across urban areas in South Africa. The running watches market in the country is seeing growth as more individuals invest in wearable technology to support their fitness goals and improve their health. Hence, the region will present lucrative growth opportunities for the market throughout the forecast period.
List of Key Companies Profiled
- Garmin Ltd.
- Apple, Inc.
- Fitbit, Inc. (Google LLC)
- Samsung Electronics Co. Ltd
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
- Nokia Corporation
- Xiaomi Corporation
- TomTom N.V.
- Polar Electro Oy
- Suunto Oy
Market Report Segmentation
By End User
- Men
- Women
By Type
- Heart Rate Watches
- Pedometer Watches
- GPS Watches
- Multi Sport Watches
By Price Point
- Medium
- Economy
- Premium
By Distribution Channel
- Hypermarkets & Supermarkets
- Specialty Stores
- Online Retail
- Others
By Country
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. LAMEA Running Watches Market by End User
Chapter 5. LAMEA Running Watches Market by Type
Chapter 6. LAMEA Running Watches Market by Price Point
Chapter 7. LAMEA Running Watches Market by Distribution Channel
Chapter 8. LAMEA Running Watches Market by Country
Chapter 9. Company Profiles
Companies Mentioned
- Garmin Ltd.
- Apple, Inc.
- Fitbit, Inc. (Google LLC)
- Samsung Electronics Co. Ltd
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
- Nokia Corporation
- Xiaomi Corporation
- TomTom N.V.
- Polar Electro Oy
- Suunto Oy
Methodology
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