Watch Market Popular Trends, Technological Developments To Watch Out For Near Future, 2030
Research Reports
Mar 17, 2023
Market Research Future Insights
According to MRFR analysis, the global watch market is expected to register a CAGR of ~4.45% from 2022 to 2030 and hold a value of over USD 73.5 million by 2030.
The term “watch market” refers to the industry and marketplace for watches, which includes the production, distribution, and sale of various types of watches to consumers. The watch market can encompass a wide range of products, including luxury and high-end watches, sport and fitness watches, smartwatches, and fashion watches. The watch market is typically divided into different segments based on factors such as price range, brand, style, and functionality. Some of the major players in the watch market include well-known brands such as Rolex, Omega, Tag Heuer, and Casio, as well as newer players in the market such as Apple, Samsung, and Fitbit.
COVID-19’s impact has been a decrease in demand for luxury watches, particularly in the first few months of the pandemic when many physical retail stores were closed due to lockdowns and consumer spending was down. The pandemic has also disrupted global supply chains, leading to production and distribution delays for some watch brands. This has led to shortages of some popular models and a shift in consumer demand toward watches that are in stock and readily available. the pandemic has also accelerated the growth of e-commerce and online sales in the watch market, as consumers increasingly turn to online shopping to purchase watches during the pandemic. the pandemic has led to a renewed focus on health and wellness, which has increased demand for fitness and smartwatches that track various health metrics such as heart rate and sleep. This has been a growing trend in the watch market over the past few years, but the pandemic has accelerated this trend as more people have become interested in tracking their health and fitness.
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Key Players
Some of the key market players are Fossil Group Inc, Titan Ltd, LVMH Group, Apple Inc, Financière Richemont, Ralph Lauren Europe, Rolex, Casio America Inc, The Swatch Group Ltd, Patek Philippe, Citizen Watch Co Ltd, Bucherer, Samsung Electronics Co, Seiko Watch Corporation.
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Market Segmentation
The Global Watch Market has been segmented into Type, Category, and Distribution Channel
Based on the Type, the market has been segmented into Analog Watches, Smartwatches, Chronograph Watches, Digital Watches, and Others.
Based on the Category, the market has been segmented into Quartz Watches, Mechanical Watches, and Electronic Watches.
Based on the Distribution Channel, the market has been segmented into Store-Based and Non-Store-Based.
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Regional Analysis
The largest market was in Asia Pacific. The drivers driving the market expansion in Asia Pacific were shifting consumer behavior and rising disposable income, particularly in key nations like China, India, and Japan. Since they are aware of the market’s potential, international companies are expanding into nations like Japan, China, and India.
North America is anticipated to grow at a constant Rate. This is due to the presence of important actors, a high per capita income, and the rising status of the upper middle class in the area. The status symbol status of the watch among the younger generation is also seen to contribute to the expansion of the area.
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