Global Watch Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Watch Market is segmented by Product Type (Quartz Watch, and Digital Watch); by End-User (Women, Men, and Unisex); by Distribution Channel (Offline Retail Stores, and Online Retail Stores); and Geography.

Market Snapshot

Watch Market
Study Period:

2016 - 2026

Base Year:

2020

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

CAGR:

4.1 %

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Market Overview

The global watch market is projected to grow at a CAGR of 4.10% during the forecast period (2020 - 2025).

  • The disposability and affordability of value watch brands make them a popular fashion choice among consumers, across the globe. The lower-priced and mid-priced watches are increasingly gaining market traction, due to 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. Popular brands, like Apple Inc, and Fossil Group Inc., are increasingly launching new products with new product innovation year-on-year, so as to sustain in this growing market.
  • Moreover, considering the COVID-19 pandemic, the smartwatches companies are too upgrading and launching products so as to detect the early symptoms of COVID-19 in individuals. For instance, in September 2020, Apple Inc, launched Apple Watch Series 6, which incorporates features such as Heart Rate and Blood Oxygen sensors, as it detect early signs of respiratory conditions like influenza and COVID-19.
  • 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 design and affordable prices.

Scope of the Report

The global watch market is segmented by product types such as quartz watches, and digital watches. The digital watch is further segmented into Smart and others. By End-User the market is segmented into women, men, and unisex. In terms of the distribution channel, 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, and the Middle East & Africa.

By Product Type
Quartz Watch
Digital
Smart
Others
By Distribution Channel
Offline Retail Stores
Online Retail Stores
By End User
Women
Men
Unisex
By 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 & Africa
United Arab Emirates
South Africa
Rest of Middle East & Africa

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Key Market Trends

Surge in Product Innovation

The increase in health awareness among the consumer across the globe has resulted in increased consumer spending on health monitoring gadgets, this has further lead to the increased sales of smartwatches as it has a wide range of monitoring functionalities as enables users to control music, notifications, walk tracks, heartbeat rates and other functions which increases the growth of the market.

For instance, Samsung introduced a new smartwatch that claimed to monitor blood pressure and keep better track of the person's physical health every day. Samsung is looking at measuring the variation in blood pressure and not absolute blood pressure which will aware the person regarding his/her blood pressure activity.

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 also paved a strong ground for the enthusiast 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 1

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Domination of Asia-Pacific in the Watch Market

China is one of the most competitive markets in the world, as it offers 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.

According to estimates released by the Federation of the Swiss Watch Industry, in January 2019, shows that China is now the third biggest export market, seeing a growth of 11.7 % from 2016. Similarly, the exports of Japanese watches increased in units by 5% amounting to 58 million units in 2019. It increased in value by 18%, amounting to CNY 163.7 billion, in relation to the previous year.

Moreover, the Indian watch market was initially targeted solely for 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, in 2017, the Switzerland-based watch manufacturer, Frederique Constant, introduced the newest addition to the most feminine collection of the brand, Art Déco, in India.

Global Watch Market - 2

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Competitive Landscape

The global watch market is highly fragmented, with the presence of both global and domestic players. Some of the major players in the market include Fossil Group Inc., Citizen Watch Co. Ltd, 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 in 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 the customers.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables and Study Assumptions

    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 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

        1. 5.1.2.1 Smart

        2. 5.1.2.2 Others

    2. 5.2 By Distribution Channel

      1. 5.2.1 Offline Retail Stores

      2. 5.2.2 Online Retail Stores

    3. 5.3 By End User

      1. 5.3.1 Women

      2. 5.3.2 Men

      3. 5.3.3 Unisex

    4. 5.4 By Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

        4. 5.4.1.4 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 United Kingdom

        2. 5.4.2.2 Germany

        3. 5.4.2.3 Spain

        4. 5.4.2.4 France

        5. 5.4.2.5 Italy

        6. 5.4.2.6 Russia

        7. 5.4.2.7 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle East & Africa

        1. 5.4.5.1 United Arab Emirates

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle East & Africa

  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 Fossil Group Inc.

      2. 6.4.2 Citizen Watch Co. Ltd

      3. 6.4.3 Titan Company Limited

      4. 6.4.4 Apple Inc.

      5. 6.4.5 Seiko Holdings Corporation

      6. 6.4.6 The Swatch Group Ltd

      7. 6.4.7 Casio Computer Co. Ltd

      8. 6.4.8 Samsung

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

  8. 8. IMPACT OF COVID19 ON THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Watch Market market is studied from 2016 - 2026.

The Watch Market is growing at a CAGR of 4.1% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

  • Seiko Holdings Corporation
  • Citizen Watch Co. Ltd
  • The Swatch Group
  • Apple Inc.
  • Fossil Group Inc.

Are the major companies operating in Watch Market.

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