Market Size of Watch Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 5.16 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Watch Market Analysis
The Watch Market is expected to register a CAGR of 5.16% during the forecast period.
- Personalization, craftsmanship, and brand value play pivotal roles in purchasing decisions. Consumers are increasingly using smartwatches due to their unique looks and multifunctional features. Smartwatches have features like fitness tracking, notifications, and smartphone integration. Owing to this, sports and fitness enthusiasts and health-oriented consumers are using smartwatches to track their daily health status.
- The market players use high-quality raw materials and production technologies to produce durable and sustainable watches. Watches are sold through various channels, including physical retail stores, online retailers, and brand boutiques. E-commerce has grown significantly over the past few years as online shopping is gaining consumer recognition. The market players have shopping websites and collaborate with third-party retailers like Amazon, Flipkart, Alibaba, eBay, and others to increase sales.
- Recently, the revival of vintage designs, the integration of sustainable materials, and collaborations between watchmakers and celebrities or fashion brands have grown, boosting the market growth. The market players are launching new products to cater to the growing demand. For instance, in October 2022, luxury smartwatch maker Garmin released its latest collection of luxury smartwatches, the MARQ series. The new Garmin MARQ collection of luxury smartwatches comes with pricing on the high end of the spectrum and a titanium exterior.
