Time back to year 2016, Casio sold 8.5 million G-SHOCK watches worldwide, a high record historically.
But the coming of AppleWatch S3 in 2017 challenged Casio’s position.
Starting from March 2018, Casio’s originally thriving watch business revenue has begun to stagnate, and its gross profit margin has been slowly falling at a rate of 1% for two years. Till to March 2021, the annual revenue of Casio’s watch business has fallen to 131.3 billion yen, and its gross profit margin has fallen from 20% in 2016 to 18%.
However, Casio didn’t realize until 2021 that it should meet the needs of the market and increase smart watches with sports and health functions.
However, unlike those smart watches launched by other mobile phone brand manufacturers such as Apple and Huawei, the evolution of Casio on smart wearable devices is to strengthen sports functions such as running.
In May of this year, Casio and ASICS jointly developed a service that uses “G-SHOCK” and other recommendations to fix correct running postures so to capture the increasing demand for exercise. Users can measure distance and heart rate by wearing G-SHOCK when running.
Also, since this year G-SHOCK is also equipped with Google’s smart watch operating system “WearOS” for the first time, it also can adding various apps such as music.
Nikkei believes that in the smart watch market, Apple still has overwhelming advantage, and Chinese companies are also on the rise.
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