New York, United States , Nov. 01, 2022 (GLOBE NEWSWIRE) -- The Global Solar Watch Market Size Was Valued at USD 75 Million In 2021, The Market Is Projected to Grow USD 190.50 Million In 2030, At A CAGR of 15.10 %. As Per the Latest Research Report by Spherical Insights & Consulting. The growing spending capacity of customers, supported by increasing disposable income of upper-middle and upper-class individuals, is driving the growth of the solar watch market.
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Solar-powered watches are among the most practical, useful, and dependable timepieces available today, as they do not require the constant winding required by mechanical watches or the dead batteries associated with regular old quartz. The addition of solar charging provides the wearer with all of the benefits of current quartz watch technology without the looming feeling that watch has an expiration date that is determined by its battery life. Solar-powered watches absorb light and convert it into energy, which is then stored in batteries. Solar power technology operates on natural or artificial light. The watch dial directs light to a nearby solar cell, which collects and converts it into electricity. The latter activates the watch's motor, causing excess energy charges the integrated battery. After being fully charged, the watch has the capacity to operate in the dark for several months (power reserve).
Electrical clocks and solar cells were both over a century old in the early 1970s, and electronics and solar technology were both rapidly developing by the mid-20th century. Bell Laboratories developed the first solar cells that were efficient enough to be practical, and the Hamilton Electric 500 was the first electric wristwatch. There are numerous watch brands that use solar technology. In recent years, some luxury watches brands, such as Cartier, have jumped on the solar watch "trend." Seiko, Citizen, Timex, Casio, and other major watch brands are heavily invested in solar technology.
The idea behind solar-powered watches is straightforward. Photovoltaic solar cells, typically located behind the dial, collect energy from solar and ambient light and convert it into energy that is stored in the watch battery/rechargeable cell. Because the energy is stored, the watch does not require constant light to function and can operate in the dark. When fully charged, solar watches typically have a power reserve of at least a few months.
Solar-powered watches that require only the light of the sun or, in some cases, any light to power the battery that keeps their hands moving. Solar watches are known to have many other features, levels of refinement, a sustainability mission, a youthful and casual style, and solar charging. People's growing brand loyalty is fueling the remarkable growth of the global solar watch market. Solar watch manufacturers are focusing on various marketing strategies in order to capture a larger share of the market. Key players have recognized the importance of using social media to promote their products to the public.
Browse key industry insights spread across 200 pages with 92 market data tables and figures & charts from the report “Global Solar Watch Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Charging Source (Sunlight, And Artificial), By Sales Channel (Online, And Offline), By Application (General Use, And Collection), And By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, And Africa), Analysis And Forecast 2021 – 2030” in detail along with the table of contents
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The addition of an innovative product to visual merchandising in hypermarkets and supermarkets with the goal of attracting customer attention has resulted in a high demand for solar watches in recent years. Furthermore, the expansion of digital channels is becoming a different strategy among leading players to draw more buyer attention on the way to purchase watches. The major Japanese brands, namely Casio, Citizen, and Seiko, now dominate the solar watch market, despite the fact that the first solar watch was invented by an American engineer. Solar cells can be identified on the dials of many watches by their purplish tint; however, some companies, such as Citizen, have developed clever technology that allows the solar cells to be hidden while light absorption remains efficient, resulting in more options for traditional dials.
A minor caveat to the commonly held belief that a solar-powered watch's battery "never" needs to be replaced. Parts of any watch, including batteries, will deteriorate over time, just like any other item or material. While they will not run out of power if kept sufficiently exposed to light, many batteries have an expected life of about 30 years before corroding. In comparison, the many moving parts of mechanical watches mean that they will almost certainly require multiple services and, in some cases, part replacement at the same time. Solar-charging technology can be found in some low-cost watches, but it is generally a feature that raises the price of comparable models without it. Many high-end quartz watches from Japanese manufacturers combine a range of technologies and features including solar charging.
Solar power technology is a clean and environmentally friendly source of energy. Traditional quartz watches are powered by disposable batteries. Solar Power technology eliminates the need for battery replacements because the watch runs reliably and precisely thanks to the impulse of natural light propulsion, which charges the integrated battery every time the watch is exposed to light.
One of the key driving factors in the market is the growing preference for using solar watches to extend the life of a watch's battery. Solar-powered watches convert daylight and artificial light into energy that allows the watch to keep time. New product introductions by market leaders such as Casio, Citizen, and Seiko are expected to fuel market growth in the near future. Furthermore, companies are increasing their revenue by offering limited edition watches with a variety of features and designs. Casio G-Shock GW6900-1, One Eleven Field Watch, Casio Protrek PRG-600, Citizen Eco-Drive Promaster Diver, Seiko Prospex Solar Diver "Arnie", Casio G-Shock Frogman GWF-A1000, and others are among the limited-edition watches.
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For example, Fossil recently announced the release of a limited-edition Solar Watch named World-Timer in April 2021, which incorporates solar-powered movement with a rechargeable battery. Garmin announced the release of the quatix 6X Solar in May 2020 as an addition to its marine GPS smart watch product line. This smart watch has a transparent solar charging display, allowing it to use the sun's energy to extend battery life.
Most solar-powered watches on the market today are relatively simple and incorporate a variety of other energy-saving features (the technology is still not efficient enough to power, for example, smartwatches with full-color screens). While modern solar watches can be reasonably priced, when combined with quartz technology, they provide some of the most practical and user-friendly watch-wearing experiences available.
Notable modern solar-powered watches, such as Citizen's Eco Drive, Casio's Tough Solar, and Seiko Solar, all use proprietary technology and approach things differently. They charge from any type of light (not just sunlight), and the ease of never having to replace a dead battery eliminates one of the most common complaints about battery-powered watches. It also makes such watches feel more durable. The businesses involved in these sectors place a higher priority on meeting high safety standards, improving operational efficiency and productivity, and sustaining sustainable development. The competitors are concentrating on gaining the top spot in this market. They are always seeking for ways to strengthen their competitive advantage. Various strategic pillars, including mergers and acquisitions, new product releases, product enhancement, and others, are being identified by companies in order to achieve high market share and establish socially responsible businesses.
Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. The major players contributing in the solar watch market includes the Rip Curl, Casio, Seiko, Timex, Vaer, Nixon, Momentum, Garmin, Tissot, Citizen, Garmin, and among others.
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