Watch Market - Growth, Trends, and Forecasts (2023 - 2028)

The Watch Market is segmented by Product Type (Quartz Watch and Digital Watch), End User (Women, Men, and Unisex), Price Range (Low Range, Mid-Range, and Luxury), Distribution Channel (Offline Retail Stores and Online Retail Stores), and Geography (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa). The report offers market size and values in (USD Million) during the forecasted years for the above segments.

Watch Industry Overview

Watch Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: 5.02 %

Major Players

Watch Market Major Players

*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).

Product Type
Quartz Watch
Digital
Smart
Others
Price Range
Low Range
Mid-range
Luxury
Distribution Channel
Offline Retail Stores
Online Retail Stores
End User
Women
Men
Unisex
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
Spain
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
United Arab Emirates
South Africa
Rest of Middle East and Africa

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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.

Watch Market : Number of Connected Wearables, Global, 2018-2021

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.

Watch Market : Market Share (%), By Geography, Global, 2021

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

  1. Seiko Holdings Corporation

  2. The Swatch Group

  3. Casio

  4. Fossil Group Inc.

  5. Rolex

*Disclaimer: Major Players sorted in no particular order

Watch Market Concentration

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. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitutes

      5. 4.3.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Quartz Watch

      2. 5.1.2 Digital

        1. 5.1.2.1 Smart

        2. 5.1.2.2 Others

    2. 5.2 Price Range

      1. 5.2.1 Low Range

      2. 5.2.2 Mid-range

      3. 5.2.3 Luxury

    3. 5.3 Distribution Channel

      1. 5.3.1 Offline Retail Stores

      2. 5.3.2 Online Retail Stores

    4. 5.4 End User

      1. 5.4.1 Women

      2. 5.4.2 Men

      3. 5.4.3 Unisex

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

        3. 5.5.1.3 Mexico

        4. 5.5.1.4 Rest of North America

      2. 5.5.2 Europe

        1. 5.5.2.1 United Kingdom

        2. 5.5.2.2 Germany

        3. 5.5.2.3 Spain

        4. 5.5.2.4 France

        5. 5.5.2.5 Italy

        6. 5.5.2.6 Russia

        7. 5.5.2.7 Rest of Europe

      3. 5.5.3 Asia-Pacific

        1. 5.5.3.1 China

        2. 5.5.3.2 Japan

        3. 5.5.3.3 India

        4. 5.5.3.4 Australia

        5. 5.5.3.5 Rest of Asia-Pacific

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Rest of South America

      5. 5.5.5 Middle East and Africa

        1. 5.5.5.1 United Arab Emirates

        2. 5.5.5.2 South Africa

        3. 5.5.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Strategies Adopted by Key Players

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Fossil Group Inc.

      2. 6.3.2 Citizen Watch Co. Ltd

      3. 6.3.3 Titan Company Limited

      4. 6.3.4 Apple Inc.

      5. 6.3.5 Seiko Holdings Corporation

      6. 6.3.6 The Swatch Group Ltd

      7. 6.3.7 Casio Computer Co. Ltd

      8. 6.3.8 Daniel Wellington AB

      9. 6.3.9 Timex Group

      10. 6.3.10 Rolex SA

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

**Subject to Availability
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Watch Market Research FAQs

The Watch Market is studied from 2018 - 2028.

The Watch Market is growing at a CAGR of 5.02% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2018 - 2028.

Asia-Pacific holds highest share in 2021.

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.

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