India Watch Market Size (2024 - 2029)

India Watch Market Analysis

The Indian Watch Market is projected to register a CAGR of 20.32% during the forecast period.

The disposability and affordability of watch brands make them a popular fashion choice among consumers across the country. Lower priced and mid-priced watches are increasingly gaining market traction due to increasing demand for 'value-for-product' watches and accessories among Indians. Furthermore, the increased health awareness among consumers across the country has resulted in rising consumer spending on health monitoring gadgets. This has further led to the increased sales of smartwatches as it has a wide range of monitoring functionalities that enable users to control music, notifications, walk tracks, heartbeat rates, and other functions, increasing the market's growth. Popular brands, like Apple Inc, Fitbit, Xiaomi, and Fossil Group Inc., are increasingly launching new products with new product innovation year-on-year to sustain in this growing market. Additionally, companies offering watches in India use advertisements and promotion of their products by prominent public figures to promote their respective brands and push the sales of their products in the market. For instance, in July 2022, TAGG, an Indian homegrown watch brand, featured Rohit Sharma, the Captain of the Indian cricket team, in their print advertisement campaign sporting a TAGG smartwatch. Similarly, the popular Indian brand "Boat" features various cricketers like K L Rahul and others to promote their wearables, including the smartwatches they offer.

Furthermore, 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 chain stores on Titan are operated through 'World of Titan' outlet franchises.

India Watch Industry Segmentation

A watch is a portable timepiece intended to be carried or worn by a person. The Indian Watch Market is segmented by product type, distribution channel, and end-user. By product type, the market is segmented into quartz, digital, and smartwatches. By distribution channel, the market is segmented into online retail stores and offline retail stores. Offline retail stores are further sub-segmented into specialty stores, supermarkets/hypermarkets, and other offline retail stores. By End-user, the Indian watch market is segmented into women, men, and unisex. For each segment, the market sizing and forecasts have been done based on value (in USD million).