Watch Industry Overview
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia-Pacific|
*Disclaimer: Major Players sorted in no particular order
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Watch Market Analysis
The watch market is projected to register a CAGR of 5.02% over the forecast period.
Considering the COVID-19 pandemic, smartwatch companies have upgraded and launched products to detect the early symptoms of COVID-19 in individuals. For instance, in September 2021, Apple Inc. launched the Apple Watch Series 7, which incorporates heart rate and blood oxygen sensors to detect early signs of respiratory conditions like influenza and COVID-19. Smart wearables and smartwatches have become more expensive compared to 2020 due to the increased prices of chipsets used to manufacture watches.
The disposability and affordability of value watch brands make them a popular fashion choice worldwide. The lower-priced and mid-priced watches are increasingly gaining market traction due to the increasing demand for value-for-product watches and accessories among women. The demand for smartwatches in the digital watch segment is getting stronger among young consumers as they are more aware of smartphone technology. However, the growth of the watch market has been affected by the presence of these counterfeit products, and customers may not be able to differentiate such products, thereby affecting the revenue stream for the organized players.
Watch Industry Segments
Watch is a portable timepiece intended to be carried or worn by a person.
The watch market is segmented by product type into quartz watches and digital watches. The digital watch is further segmented into smart and others. By price range, the market is segmented into low-range, mid-range, and luxury. By end user, the market is segmented into women, men, and unisex. In terms of distribution channels, the market is segmented into offline retail stores and online retail stores. The study also covers the global level analysis of the major regions, such as North America, Europe, Asia-Pacific, South America, Middle-East, and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
|Offline Retail Stores|
|Online Retail Stores|
Watch Market Trends
This section covers the major market trends shaping the Watch Market according to our research experts:
Surge in Product Innovation to Drive Demand for Watches
The increase in health awareness among consumers across the world has resulted in increased consumer spending on health monitoring gadgets. This has further led to the increased sales of smartwatches owing to the inclusion of various health monitoring features in such watches. Smartwatches have a wide range of monitoring functionalities that enable users to control music, notifications, walk tracks, heartbeat rates, and other functions, which augment the market growth. For instance, in 2021, Samsung introduced a new smartwatch that claimed to monitor the overall body composition of a person, like BMI, BMR, Bone density, body fat percentage, and many more. The increasing number of the working population is more likely to embrace sports and fitness as a part of recreational activity. Also, endurance sports have driven enthusiasts to grab the varieties in the sports wearable segment, thereby escalating the smartwatch sales and, subsequently, the sales of watches in the global market.
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Asia-Pacific Holds the Largest Share
China, Japan, and India are significantly contributing to the market value of watches in the Asia-Pacific region. China is one of the most competitive markets in the world, as it offers a huge potential for manufacturers of luxury watches to acquire and compete. Rolex, Omega, Patek Philippe, Cartier, Channel, Longines, Tissot, Rado, Blancpain, and Piaget are some of the prominent luxury watch manufacturers having a presence in the region. These swiss watches are loved worldwide; in September 2022, they witnessed a growth of 19.8% in watch exports compared to 2021, according to the Federation of the Swiss watch industry. Moreover, the Indian watch market was initially targeted solely at men. However, with the increasing rate of female participation in the workforce, the demand for female and unisex watches increased. Sensing the demand and the growing market, the Switzerland-based watch manufacturer Frederique Constant introduced a new highlife ladies' automatic watch with three pop color dials in 2022.
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Watch Market Competitor Analysis
The watch market is highly competitive, with the presence of both global and domestic players. Some of the major players in the market include Rolex, Fossil Group Inc., The Swatch Group, Citizen Watch Co. Ltd, Seiko Holdings Corporation, Casio, Titan Company Limited, and Apple Inc. Major players are focusing on leveraging the opportunities posed by innovation in the market to expand their product portfolios so that they can cater to the requirements of various product segments, especially within the category of integrated analog and smartwatches. These players are now focusing on social media platforms and online distribution channels for the online marketing and branding of their products to capture the maximum attention of customers.
Watch Market Top Players
Seiko Holdings Corporation
The Swatch Group
Fossil Group Inc.
*Disclaimer: Major Players sorted in no particular order
Watch Market Recent Developments
- July 2022: Casio launched a watch of G-shock with full metal, solar tough, Bluetooth, alarm, and a multitude of other features. The watch resembles the Royal Oak watch.
- March 2022: The Swatch Group Ltd announced a partnership between two of its brands, Swatch and Omega, to launch its new product, Bioceramic MoonSwatch. All designs in the collection come in Swatch’s patented Bioceramic, a mix of ceramic (two-thirds) and a material derived from castor oil (one-thirds).
- November 2021: Presage, a brand of Seiko Holdings Corporation, introduced a new collection of its feminine side in a series of three automatic collection watches that all have enamel dials.
Watch Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Quartz Watch
5.2 Price Range
5.2.1 Low Range
5.3 Distribution Channel
5.3.1 Offline Retail Stores
5.3.2 Online Retail Stores
5.4 End User
5.5.1 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
5.5.4 South America
220.127.116.11 Rest of South America
5.5.5 Middle East and Africa
18.104.22.168 United Arab Emirates
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Strategies Adopted by Key Players
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Fossil Group Inc.
6.3.2 Citizen Watch Co. Ltd
6.3.3 Titan Company Limited
6.3.4 Apple Inc.
6.3.5 Seiko Holdings Corporation
6.3.6 The Swatch Group Ltd
6.3.7 Casio Computer Co. Ltd
6.3.8 Daniel Wellington AB
6.3.9 Timex Group
6.3.10 Rolex SA
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Watch Market Research FAQs
What is the study period of this market?
The Watch Market is studied from 2018 - 2028.
What is the growth rate of Watch Market?
The Watch Market is growing at a CAGR of 5.02% over the next 5 years.
Which region has highest growth rate in Watch Market?
Asia-Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Watch Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Watch Market?
Seiko Holdings Corporation, The Swatch Group, Casio, Fossil Group Inc., Rolex are the major companies operating in Watch Market.
Watch Industry Reports
In-depth industry statistics and market share insights of the Watch sector for 2020, 2021, and 2022. The Watch research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Watch report PDF.