The global watch market reached a value of US$ 66.76 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 93.85 Billion by 2027, exhibiting a CAGR of 5.20% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
A watch is a portable timepiece that consists of a crown, case, dial, strap, crystal, lugs, and hands and is worn around the wrist or carried in a pocket. It can also be made using precious metals, such as gold, silver and platinum, and ornamented with jewels like rubies and diamonds. At present, improving living standards and inflating disposable incomes are driving the demand for exclusive watches that add a sophisticated and elegant look to the style and personality of an individual.
Watch Market Trends:
- The emerging fast fashion trend, along with the increasing adoption of premium accessories as a status symbol, represents one of the key factors contributing to the demand for handcrafted luxury watches worldwide. Apart from this, the rising adoption of smart and connected devices, coupled with the growing penetration of the internet and increasing reliance on smartphones, are positively influencing the sales of smartwatches. As these watches provide insightful information about the overall health and track nutritional intake of individuals, the increasing prevalence of chronic and lifestyle diseases is impelling the market growth. Moreover, due to the growing complexity of aircraft, luxury pilot watches are gaining traction among aviation professionals and airline pilots to assist them with mid-flight aeronautical calculations, such as wind correction angle and fuel consumption. Besides this, market players are introducing touch-sensitive tactile watches that visually impaired people can use to sense time accurately. In addition, they are offering custom-made variants in luxury boxes through online retail channels. This, in confluence with the thriving e-commerce industry, is anticipated to augment the sales of watches and strengthen the market growth in the coming years.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global watch market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, price range, distribution channel and end user.
Breakup by Type:
Breakup by Price Range:
Breakup by Distribution Channel:
- Online Retail Stores
- Offline Retail Stores
Breakup by End User:
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
- The competitive landscape of the industry has also been examined along with the profiles of the key players being Apple Inc., Casio Computer Co. Ltd., Citizen Watch Co. Ltd., Fossil Group Inc., LG Electronics Inc., Movado Group Inc., Rolex SA, Samsung Electronics Co. Ltd., Seiko Holdings Corporation, The Swatch Group Ltd., Titan Company Limited and Xiaomi Corporation.
Key Questions Answered in This Report:
- How has the global watch market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global watch market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the price range?
- What is the breakup of the market based on the distribution channel?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global watch market and who are the key players?
- What is the degree of competition in the industry?