Market Research Report
Watch Market Growth, Trends and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||907100|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|Watch Market Growth, Trends and Forecasts (2020 - 2025)|
|Published: January 1, 2020||Content info: 110 Pages||
Global watch market is expected to register a CAGR of 9.92% during the forecast period, 2019 to 2024.
Global watch market offers a range of products, including quartz watch, digital watch, and smartwatch through offline and online retail stores for various end-users like women, men, and unisex. The study also covers the global level analysis of the major regions, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Surge in Demand for Smartwatches
The high penetration rate for wearable technologies in the United States and European countries, like the United Kingdom, Germany, France, Italy, and others, is contributing to the growth of the smartwatch segment. The key players are embarking on mergers and acquisitions as one of their key strategies, to achieve consolidation and to optimize their offerings. For instance:
North America and Europe Dominating the Watch Market
United States watch market is offering a wide range of choices for its consumers, which includes cheaper watches from Hong Kong that are priced below USD 500. Depending on the number of apps and features available, the entry-level smartwatches are priced at USD 120-200, while middle-range watches are priced at USD 300-500. Brands like Apple have launched smartwatches at an entry price of USD 350. This has made the product accessible to a larger segment of consumers. Moreover, the British watchmaking industry is growing rapidly, with more players providing attractive watches with a stainless-steel case, scratch-resistant sapphire glass, quick-change strap system, and water resistance property.
Global watch market is highly fragmented and comprises regional and international competitors. The market is dominated by players, like Citizen Watch, Seiko Holdings Corporation, Fossil Group Inc., Casio Computer Co. Ltd, Timex Group BV, and The Swatch Group. These players are now focussing on social media platforms and online distribution channels. for the online marketing and branding of their products, to attract more customers.