Solar Watch Market

Global Solar Watch Market Research Report: By Charging Source (Sunlight, And Artificial), By Sales Channel (Online, And Offline), By Application (General Use, And Collection), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.

Consumer Goods & Services | December 2023 | Report ID: EMR00300 | Pages: 301

The global solar watch market was valued at USD 935.80 million in 2022 and is estimated to reach approximately USD 1552.40 million by 2031, at a CAGR of 5.8% from 2023 to 2031.

The market for solar watches expanded in response to the rising demand for environmentally friendly and sustainable timepieces. When photovoltaic technology was introduced, it completely changed the watchmaking industry by allowing timepieces to use light especially light from the sun. Because of their solar cell technology, these watches run on electricity generated from sunlight, negating the need for regular battery changes. In addition to appealing to customers who were concerned about the environment, the invention provided convenience and dependability, allaying worries about battery maintenance and longevity. There has been an increase in the variety of designs available on the market, ranging from sleek and minimalist to rough and sporty, to suit different tastes and styles. As technology developed, solar watches changed and included features like smart functions, altimeters, and chronographs to appeal to a wider range of consumers. Renowned watchmakers joined the movement as this sustainable trend gathered momentum, accelerating market growth and making solar watches a significant sector of the horology industry. The solar watch industry gained prominence due to its unique combination of sustainability, style, and functionality, which attracted customers looking for eco-conscious and fashionable timepieces.

 

 

 

SOLAR WATCH MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2022)

935.80 Mn

Projected Market Value (2031)

1552.40 Mn

Base Year

2022

Forecast Years

2023 - 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Charging Source, By Sales Channel, By Application, & Region

Segments Covered

By Charging Source, By Sales Channel, By Application, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Solar Watch Market Dynamics

The efficiency of solar cells is always being improved by technological developments, which improves their capacity to convert power and makes it possible for watches to charge more effectively even in low-light or indoor environments. Growing consumer awareness of environmental issues has driven demand for solar-powered watches, which has greatly accelerated market expansion due to consumer preferences for eco-friendly and sustainable products. Furthermore, customers looking for dependable and hassle-free accessories are drawn to solar watches because of their ease of use and durability, which require less maintenance because of their longer battery life. A key factor in driving innovation and a wide variety of solar watch designs, features, and price points is market rivalry. The market is becoming more dynamic as well-known watch brands and up-and-coming companies fight it out for customers by providing distinctive features, materials, and styles. Innovation is further accelerated when conventional watchmakers and tech businesses collaborate to include cutting-edge technologies like GPS, fitness tracking, and smartwatch functionality into solar-powered timepieces. The solar watch market is impacted by government regulations and incentives that support sustainability and renewable energy, which also have an impact on consumer behavior and uptake. The dynamic trajectory of the solar watch industry is shaped by a combination of factors such as technology breakthroughs, shifting customer preferences, competitive landscapes, and sustainability programs.

 

Global Solar Watch Market Drivers

  • Extended Battery Life & Low Maintenance

Using photovoltaic cells to capture solar energy, these timepieces outlast their conventional counterparts in terms of battery life. By using solar technology, there is less need for regular battery replacements, which is convenient and economical. Customers looking for low-maintenance accessories that are hassle-free will find this important aspect appealing. By lowering the need for throwaway batteries, the extended battery life not only improves the watch's dependability but also lessens environmental waste. This motivator is in line with the changing tastes of consumers for long-lasting and sustainable goods. The comfort of having a watch that functions flawlessly without the bother of frequent battery changes is just as appealing as the environmentally responsible feature. The potential for longer battery life and less maintenance as solar technology develops, optimizing energy absorption and storage, strengthens its position as a key factor driving the solar watch market. This technology serves a diverse range of customers who want convenient and sustainable timekeeping accessories.

  • Ongoing Innovations in Solar Cell Technology

These developments improve solar cells' capacity to convert light into electrical energy by continuously increasing their efficacy and efficiency. Improvements in energy conversion rates enable watches to charge from a variety of light sources, including artificial and solar light, more successfully and efficiently. The advancement in technology allows solar watches to function at their best in indoor and low-light environments, increasing their usefulness and customer appeal in all weather scenarios. Furthermore, the goal of improvements is to make solar cells more robust and small, so they can be integrated into watch designs without sacrificing appearance or usefulness. The durability and dependability of solar-powered timepieces are further increased by continuing research into novel materials and production processes that increase the resilience and lifespan of solar cells.

 

Restraints:

  • High Initial Cost

Because solar watches integrate solar cell technology and have more advanced functions, they are typically more expensive up front than traditional battery-powered watches. Price-conscious buyers can be discouraged from purchasing solar watches by this difference in cost, particularly if they believe that traditional timepieces are initially more reasonable. Customers who are not aware of the long-term benefits of solar watches, such longer battery life and lower maintenance costs, can find the greater initial cost to be a barrier. In the near run, consumers can choose less expensive options due to a lack of knowledge about the possible savings and environmental advantages. Additionally, impulse buys or rapid adoption can be impeded by the idea that the initial cost represents a substantial commitment, particularly for individuals who place a higher priority on short-term affordability than long-term advantages. Therefore, the high initial cost of solar clocks continues to be a major barrier to persuading a larger consumer base to switch to eco-friendly and cutting-edge timepieces. This barrier can be lessened and the adoption of solar watches among a wider range of customer demographics could be accelerated by addressing it through education, price modifications, or emphasizing long-term savings.

  • Limited Efficiency in Low-Light Conditions

One of the biggest limitations of solar watches is their reduced efficiency in low light, which affects both their charging and general functioning. Solar watches use photovoltaic cells to convert light, especially sunlight, into electrical energy. Nevertheless, the decreased light availability in low-light or indoor environments impairs the efficiency of solar cells, influencing the rate of charging and perhaps resulting in inadequate power storage. This restriction can lead to irregular charging and jeopardize the functionality of the watch, particularly for those who use it extensively inside or in areas with prolonged periods of low light. Furthermore, the requirement for enough light to charge presents difficulties for users who might not always have access to natural sunlight, such as those who work in indoor jobs or reside in places with short daylight hours during specific seasons. Even with features that allow them to be charged by artificial light, certain solar watches can nevertheless perform less well in these settings than in direct sunlight. The poor efficiency of solar watches in low light limits their dependability and consistent performance, which could affect consumer acceptance and perception.

 

Opportunities:

  • Integration of Advanced Features

The ability to add cutting-edge functions beyond simple timekeeping allows solar watch makers to provide customers with a wide range of extra features that increase the usefulness and adaptability of their products. This is an opportunity to integrate GPS, altimeters, smartwatch functionality, fitness monitoring features, and other specific tools. These cutting-edge capabilities enable solar watches to become multipurpose accessories that not only tell the time but also offer insightful data on outdoor activities, navigation, and health monitoring. Furthermore, the fusion of state-of-the-art technology and traditional watchmaking techniques allows for the production of hybrid clocks that combine classic styling with modern features. Customers looking for both contemporary convenience and traditional elegance are drawn to this combination, broadening the market's appeal beyond tech enthusiasts. The incorporation of cutting-edge functions is in line with the wearable technology trend and appeals to customers who want to seamlessly incorporate technology into their daily life. In addition, this chance helps producers to set themselves apart from the competition, find a niche in the market, and satisfy a range of customer needs.  

  • Rising Environmental Consciousness

Growing environmental awareness is a big opportunity for the solar watch industry since it fits in so well with the values of sustainability and environmental friendliness that solar-powered watches are known for. Products that support a greener lifestyle are in greater demand as people become more conscious of environmental issues and look for solutions to lessen their ecological imprint. Solar watches meet this need by providing a sustainable substitute for conventional timepieces that run on renewable energy sources and don't require replaced batteries. Manufacturers of solar watches have a chance to profit from this trend by appealing to the eco-aware consumer base. Businesses can attract customers who are actively looking for items that are in line with their environmental principles by highlighting the eco-friendly features of solar watches, such as their decreased dependency on non-renewable resources and their decreased waste from disposable batteries. Additionally, by taking advantage of this chance, firms can position themselves as supporters of sustainability and engage customers in ways beyond the product itself. Through the promotion of environmentally conscious activities, education about renewable energy, and the benefits of solar watches for the environment, businesses can establish more robust relationships with consumers who care about the environment.

 

Segment Overview

By Charging Source

Based on charging source, the global solar watch market is divided into sunlight and artificial. The artificial category dominates the market with the largest revenue share in 2022. Some solar watches are equipped with technology capable of harnessing various artificial light sources to charge. These sources include indoor lighting, such as fluorescent or LED lights, which the watch's solar cells can convert into electrical energy. This feature allows the watch to charge even when exposed to indoor lighting, making them more versatile and practical in settings where natural sunlight might be limited or unavailable. While they might not charge as rapidly or efficiently as under direct sunlight, they offer greater flexibility for charging in various environments.  Solar watches primarily rely on natural sunlight as their main source of energy. They feature photovoltaic cells that absorb sunlight and convert it into electrical energy, which is stored in a rechargeable battery within the watch. These watches are designed to charge optimally in direct sunlight or well-lit outdoor environments. They harness the sun's rays to power the watch, offering a sustainable and eco-friendly alternative to traditional battery-powered timepieces. However, they might experience reduced charging efficiency in low-light conditions or when worn under clothing that blocks sunlight.

 

By Sales Channel

Based on the sales channel, the global solar watch market is categorized into online, and offline. The online category leads the global solar watch market with the largest revenue share in 2022. This segment includes the sale of solar watches through various digital platforms and e-commerce websites. Consumers can browse through a wide range of solar watch brands, styles, and models online, comparing prices and features from different retailers or directly from manufacturers' websites. Online platforms offer convenience, allowing customers to shop from anywhere with an internet connection, access a broader selection of products, and often benefit from discounts, promotions, and customer reviews. Where,  the offline segment refers to the sale of solar watches through physical brick-and-mortar stores, including watch boutiques, department stores, specialty stores, and authorized dealerships. Customers can physically examine and try on the watches before making a purchase, receiving personalized assistance from sales staff. Offline retailers offer a hands-on shopping experience, allowing customers to see the watches in person, assess their quality, and ask questions directly to sales representatives.

 

By Application

Based on application, the global solar watch market is segmented into general use, and collection. The collection segment dominates the solar watch market. The collection segment encompasses solar watches crafted as part of specialized or limited editions, curated series, or themed collections. These watches are often characterized by unique designs, premium materials, intricate craftsmanship, and sometimes limited availability, catering to collectors, enthusiasts, or individuals seeking distinctive timepieces. Collection solar watches may prioritize aesthetics, exclusivity, and innovative features over sheer practicality, aiming to appeal to a more niche market. They might incorporate luxury materials, artistic designs, or complex complications, elevating them beyond standard everyday wear and positioning them as collector's items or statement pieces. General use solar watches, this segment comprises solar watches designed and marketed for everyday, practical use. These watches prioritize functionality, durability, and versatility, catering to a wide range of consumers seeking reliable timepieces for daily wear. General use solar watches often feature essential functionalities such as timekeeping, date displays, and sometimes additional features like water resistance, chronographs, or basic smartwatch capabilities. They are intended for individuals looking for a dependable watch that can withstand regular activities, whether at work, during sports, or in casual settings.

 

Global Solar Watch Market Overview by Region

The global solar watch market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. North America emerged as the leading region, capturing the largest market share in 2022. There is a high demand for sustainable and environmentally friendly products in the region due to the notable increase in environmental consciousness. This propensity for eco-friendly technology is a great fit for the philosophy of solar-powered timepieces, which helps explain their broad acceptance and uptake. Furthermore, North America has a strong innovation culture and a technologically advanced landscape. The creation and promotion of state-of-the-art solar watch technologies have been made easier by the existence of top-notch R&D centers and a tech-savvy customer base. This has made it possible for local watchmakers to produce sophisticated and effective solar timepieces that appeal to customers looking for both sustainability and performance. Additionally, customers can easily access a wide variety of solar watch options because to the region's well-established retail infrastructure, which includes both physical storefronts and online platforms. Furthermore, the expansion of the solar watch market in North America has been supported by advantageous government regulations and incentives that support sustainable products and renewable energy. The confluence of technology advancements, customer demand, environmental consciousness, and policy backing has made North America a leader in the solar watch industry, establishing standards and propelling innovation in this category of sustainable timepieces.

 

 

Global Solar Watch Market Competitive Landscape

In the global solar watch market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global solar watch market include Rip Curl, Casio, Seiko, Timex, Vaer, Nixon, Momentum, Garmin, Tissot, Citizen, Garmin, and various other key players.

 

Global Solar Watch Market Recent Developments

In June 2022, In India, Garmin unveiled the Forerunner 255 series and the Forerunner 955 Solar, the first GPS-enabled smartwatch in the world with solar charging capabilities. Professional and intermediate runners and athletes can train with Garmin's new Forerunner smartwatches, which are equipped for triathlons.

 

Scope of the Global Solar Watch Market Report

Solar Watch Market Report Segmentation

ATTRIBUTE

DETAILS

By Charging Source

  • Sunlight
  • Artificial

By Sales Channel

  • Online
  • Offline

 

By Application

  • General Use
  • Collection

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Solar Watch Market Size and Forecast:

To identify and estimate the market size for the global solar watch market segmented by charging source, by sales channel, by application, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of solar watch between 2019 and 2031.

  • Market Landscape and Trends:

To identify and infer the drivers, restraints, opportunities, and challenges for the global solar watch market

  • Market Influencing Factors:

To find out the factors which are affecting the sales of solar watch among consumers

  • Impact of COVID-19:

To identify and understand the various factors involved in the global solar watch market affected by the pandemic

  • Company Profiling:

To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Intended Audience

  • Consumers
  • Manufacturers and Brands
  • Tech and Innovation Enthusiasts
  • Media and Publications
  • Retailers, Wholesalers, and Distributors
  • Governments, Associations, and Industrial Bodies
  • Investors and Trade Experts

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

The global solar watch market forecast period is 2023 - 2031.
According to solar watch market research, the market is expected to grow at a CAGR of ~5.8% over the coming years.
Asia-Pacific is expected to register the highest CAGR during 2023 - 2031
North America held the largest share in 2022.
The major players operating in the global solar watch market include Rip Curl, Casio, Seiko, Timex, Vaer, Nixon, Momentum, Garmin, Tissot, Citizen, Garmin, and various others.