INDIA WATCH MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

India Watch Market is Segmented by Product Type (Quartz Watch, Digital Watch, Smart Watch), by Distribution (Online Retail Stores; Offline Retail Stores: Specialty Stores, Supermarkets/Hypermarkets, Others) and by End User (Women, Men, Unisex).

Market Snapshot

Market Snapshot1
Study Period: 2016 - 2026
Base Year: 2020
CAGR: 20.32 %

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Market Overview

The India watch market is projected to register a CAGR of 20.32% over the forecast period, 2020-2025.

  • By product type, the quartz segment holds the maximum share, however, the smart watch segment was the fastest growing segment, mostly followed by an increasing demand coming from fitness sports and health-conscious consumers. On the other hand, the lower priced and mid-priced watches are increasingly gaining market traction, due to an increasing demand for value-for-product watches and accessories among women.
  • By distribution channel, the offline retail channel holds a major share and under the offline retail channel segment, specialty stores accounted for the prominent share and it turned out to be the largest segment as well. Furthermore, mono-brand specialty stores are gaining popularity across the country, for instance, a significant number of the chain stores of Titan are operated through 'World of Titan’ outlet franchises.

Scope of the Report

The India watch market is segmented by product type as quartz watch, digital watch, smart watch. By distribution channel, the market is segmented into online retail stores, and offline retail stores, which is further sub-segmented into specialty stores, supermarkets/hypermarkets, other offline retail stores. By End user, the India watch market is segmented into women, men and unisex.

By Product Type
Quartz Watch
Digital Watch
Smart Watch
By Distribution Channel
Online Retail Stores
Offline Retail Stores
Specialty Stores
Supermarkets/Hypermarkets
Others
By End Users
Women
Men
Unisex

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Key Market Trends

Consumer inclination toward luxury goods

Luxury is no longer restricted to developed countries but is also gaining popularity in developing countries of Asia-Pacific. In India, watches are considered as a part of fashion accessories and, thus, consumers are shifting from classical watches to luxury brands with innovation and unique design. Furthermore, India is a lucrative market for various luxury brands, owing to the presence of royal heritage and the availability of technological assets.

Some of the major brands offering luxury watches in India include Rolex, Omega, Rado, and Tissot, and due to the increasing demand, other companies have identified the potential and invested in expanding their product portfolio to strengthen the position in the market.

CAGR of Luxury Goods Market, 2015-20191

Increased Sports Participation

Healthy lifestyle adoption and the preference for staying fit has increased consumer indulgence in various sports activities. In line with the athleisure trend, consumers are increasingly seeking for various varieties in the sports wearable segment, thereby, accelerating the smartwatch sales.

Presently, the usage of smartwatches among cyclers, runners, fitness conscious consumers, swimmers, and athletes is increasing rapidly attributed to their wide range of monitoring capabilities. Additionally, an increase in government initiatives in various countries, meant to improve sports participation, is playing a key role in driving the market in the last few years. For instance, in September 2019, Sports Authority of India (SAI), with technical and organizational support from AIFF (All India Football Federation), launched Khelo India Girls League. The initiative was part of the government's effort to create a buzz for the U-17 women's football World Cup.

Percentage of Indian Population Interested in Sports, by Age, 20181

Competitive Landscape

The market studied is expected to witness a significant growth over the forecast period, owing to the adoption of various marketing strategies, such as product innovation, expansion of distribution network, and branding of the products via social media, with an aim to broaden their customer base.

Titan, Timex, Casio, Swatch Group, Rolex, Fossil, and Citizen are some of the major companies operating in the market studied. Titan is the most dynamic participant in the market that has segmented the market and developed different sub-brands for each segment. On the other hand, foreign brands, like Omega, which belongs to the Swatch Group, India, witnessed a higher growth than the company’s global average in 2018.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

    1. 3.1 Market Overview

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Quartz Watch

      2. 5.1.2 Digital Watch

      3. 5.1.3 Smart Watch

    2. 5.2 By Distribution Channel

      1. 5.2.1 Online Retail Stores

      2. 5.2.2 Offline Retail Stores

        1. 5.2.2.1 Specialty Stores

        2. 5.2.2.2 Supermarkets/Hypermarkets

        3. 5.2.2.3 Others

    3. 5.3 By End Users

      1. 5.3.1 Women

      2. 5.3.2 Men

      3. 5.3.3 Unisex

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Titan Group

      2. 6.4.2 Casio Computer Co. Ltd

      3. 6.4.3 The Swatch Group

      4. 6.4.4 Seiko Holding Corporation

      5. 6.4.5 Fossil Group Inc.

      6. 6.4.6 Timex Group

      7. 6.4.7 Citizen Watch Co. ltd

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The INDIA WATCH MARKET market is studied from 2016 - 2026.

The INDIA WATCH MARKET is growing at a CAGR of 20.32% over the next 5 years.

Titan Company, Fossil, The Swatch Group, Casio Computer Ltd, Citizen Watch Co., Ltd are the major companies operating in INDIA WATCH MARKET.

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