Market Snapshot:
A GPS watch is device that determines the exact location of an individual through process called triangulation which measures the time different between sent and received GPS signal to watch. The watch helps in measuring various properties such as distance, speed and its features can be enhanced by integrating various apps and Bluetooth device.The research analyst at AMA estimates GPS Watches market to grow at a compounded annual growth rate of 5.1%
Segment Analysis
AMA Research have segmented the market of Global GPS Watches market by Type, Application and Region. On the basis of Type, Health Monitoring are dominating the market in the year 2020 where as Positioning stood as second largest market share.
On the basis of geography, the market of GPS Watches has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Asia Pacific on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Trend
Technological advancement in smart watch for various applications
Market Drivers
Increasing number of online stores across the globe, Rapid adoption of technology and digitalizations and The availability of a large variety of GPS watches with various sets of features
Opportunities
The integration of IoT technology
Restraints
- Lack of accuracy in data reading
- High cost
In addition to the aforementioned factor, Increasing number of online stores across the globe
is expected to propel the growth of the market over the forecast period.
The key Vendors profiled in the study are TomTom (The Netherlands), Garmin (United States), Polar (Finland), Apple (United States), Sony (Japan), Suunto (Finland), Timex (United States), Samsung (South Korea), Fitbit (United States) and Misfit (United States). A lot of United States players are profiled in the research study indicating a strong market dependence.