Watch Market Future Growth, Industry Opportunities 2021, Trends, Global Demand and Forecast to 2024
Research Reports
Jan 12, 2021
Market Highlights
In the global market, there are a variety of watches available for consumers and demands for watches rely on the preference of consumers based on product features, functions, appearance, and customization, which is considered as a new luxury and is gaining popularity among consumers. Due to this, established market players are providing the facility to consumers to design watches with color editing options to suit the overall look and feel of the product. The global watch market is projected to grow at a significant rate of 6.7% from 2019 to 2024 to reach a market value of USD 75.8 Billion by the end of 2024. The growing interest of trending watches among consumers, primarily the youth, is offering lucrative business opportunities to market players, thereby encouraging new and innovative product launches.
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The global watch market has been segmented on the basis of type, category, distribution channel, end user, and region.
Based on type, the global watch market has been segmented into analog watches, smartwatches, chronograph watches, digital watches, and others. The analog watches segment is expected to dominate the global watch market due to the classic design, simplicity, and perfection in style offered by the watch industries. Additionally, the maintenance of analog watches is quite easy. However, the smartwatches segment is expected to grow at the fastest rate during the forecast period. Smartwatches are preferred by people who are influenced by technology and changing fashion trends. Popularity for smartwatches is increasing due to its features such as activity tracking applications, cellular connectivity, long battery life, unique designs, and infrared sensors. Activity tracking applications in smartwatches include features such as fitness tracker with heart rate tracking and pulse tracking. Growing consciousness toward fitness and health and is expected to lead to the demand for products with a wide range of functions. This is expected to encourage the sales of smartwatches over analog and digital watches. Urbanization and increasing per capita disposable incomes in developing countries are few of the factors expected to boost the segmental growth for smartwatches during the forecast period.
Based on category, the global watch market has been segmented into quartz watches, mechanical watches, and others. The quartz watches segment is expected to dominate the global watch market since the price for quartz watches are reasonably low and they are easy to maintain, unlike mechanical watches which require winding. Additionally, the quartz watches segment is expected to register the highest CAGR during the assessment period as quartz watches are popular among consumers and the qualities like durability, accuracy, and precision of quartz watches have advantages over mechanical watches.
On the basis of end user, the global watch market has been classified as men, women, and unisex. The men segment is expected to dominate the global watch market due to the availability of a wide collection of men’s watches and increasing demand for watches as a wearable accessory. The unisex watch segment is expected to grow at the fastest rate during the assessment period owing to its larger consumer base that is not restricted by any specific gender. The appearance, features, and colors of unisex watches are chosen in a specified way so that it can fulfill the requirements of both men and women.
On the basis of distribution channel, the global watch market has been bifurcated into store-based and non-store-based. The store-based segment, being further segmented into supermarkets and hypermarkets, specialty stores, and others, is expected to dominate the global market with the store-based segment generating the highest revenue owing to strong vendor networks and high product appeal. The non-store-based segment is expected to register the highest CAGR during the assessment period owing to technological advancements in the e-commerce industry and growing consumer preference for online purchase.
Key Players
Some of the key players in the global watch market are Financière Richemont SA (Switzerland), Ralph Lauren Europe Sàrl (Switzerland), LVMH Group (France), Titan Ltd. (India), Fossil Group, Inc. (US), Apple Inc. (US), The Swatch Group Ltd. (Switzerland), Audemars Piguet, Le Brassus (Switzerland), Casio America, Inc. (US), Patek Philippe Sa. (Switzerland), Rolex SA. (Switzerland), Seiko Watch Corporation (Japan), Samsung Electronics Co., Ltd (South Korea), Fortis Watches AG (Switzerland), and Bucherer AG. (Switzerland).
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Latest Industry Updates
December 2017: Fossil Group, Inc. has expanded the range of smartwatches in India by launching seven products across its six brands such as Fossil, Michael Kors, Skagen, Emporio Armani, and Armani Exchange. The products which were launched are Fossil Gen 4 smartwatch Venture HR and Explorist HR for Fossil, Skagen Falster 2 for Skagen, Michael Kors Access Runway for Michael Kors, Emporio Armani Connected for Emporio Armani, A|X Armani Exchange Connected for Armani Exchange, and Diesel Full Guard for Diesel.
Regional Analysis
The global watch market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The European watch market is expected to dominate during the forecast period due to advancements in technology, presence of major watch manufactures, and high spending power of consumers in the region. A large number of retail stores as compared to other parts of the world is further boosting the regional market growth.
The watch market in Asia-Pacific is projected to grow at the fastest rate from 2019 to 2024. Increasing awareness of people regarding the latest fashion trends in the region is expected to make the watch industry a lucrative market during the forecast period. Expanding middle-class population and the rising popularity of digital devices in China, Hong Kong, Japan, South Korea, and Australia are further boosting the regional market growth.
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