Europe Watch Market Size

Europe Watch Market Analysis

The Europe watch market was valued at USD 26.19 billion for the current year and is projected to register a CAGR of 5.31% over the next five years.

• One of the key factors propelling the market is the rising propensity of individuals to wear expensive watches as a status symbol. Also, limited edition timepieces with various designs and functions that are being introduced by manufacturers offering an affordable range of looks are attracting customers, thus boosting sales. For instance, in May 2022, Italian titans Bvlgari and Ducati unveiled the Aluminium Ducati Special Edition, limited to 1000 pieces. Additionally, most first-time watch buyers in the area are seen to choose premium models. They typically develop brand loyalty because of this, so they do not mind shelling out more money. Due to the degree of tourist purchases and brand loyalty in nations like the United Kingdom, the market is anticipated to have a substantial prevalence in luxury watches, which is predicted to have a considerable market share.
• Moreover, across countries like Germany, the demand for mid-quartz analog watches is likely to be high, primarily due to shifting consumer focus toward more fashion-oriented watches. Brands like Casio and Timex are continuously investing in R&D for product innovations to blend some of the features of smartwatches with the long-lasting battery life of digital watches while offering the product in attractive designs and affordable prices. Similarly, lower-priced and mid-priced watches are increasingly gaining market traction due to increasing demand for 'value-for-product' watches and accessories among women. In line with this growing demand, manufacturers in the market plan their launches accordingly to meet customers' needs at the most affordable price. For instance, in February 2022, Oppo announced launching the Watch Free to Europe, a smartwatch introduced in China last September. It claims this is the most affordable watch, including several smart features like an optical heart rate sensor that supports 24-hour monitoring. Oppo claims that it has also included a SpO2 sensor for blood oxygen monitoring, along with more than 100 sports modes and 40 watch faces. Such developments in the region are expected to boost the market's growth at a faster pace during the forecast period.