Watches and Clocks Global Market Report 2024

Description

“Watches and Clocks Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on watches and clocks market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for watches and clocks? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The watches and clocks market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Type: Sport Watches; Luxury Watches; Diamond Watches; Alarm Clock; Wall Clock
2) By Distribution Channel: Offline; Online
3) By Application: Display Time; Adornment; Collection; Other Applications
Companies Mentioned: Apple Inc.; Audemars Piguet Holding SA; Breitling SA; Casio Computer Co. Ltd.; Chelsea Clock Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Watches and clocks are timepieces designed to be hung on a chain, carried in a pocket, or worn on the wrist using a band, serving the primary function of indicating time. They also find applications such as serving as alarm clocks.

The main categories of watches and clocks include sports watches, luxury watches, diamond watches, alarm clocks, and wall clocks. Sports watches, for example, are wristwatches that are water-resistant and equipped with features such as an alarm, stopwatch, compass, heart rate monitor, tachymeter (a spinning bezel for speed calculation), thermometer, and tide indication (for divers). These sports watches cater to the needs of athletes, enabling them to monitor their body performance. The distribution of watches and clocks occurs through both offline and online channels, serving purposes such as timekeeping, adornment, collection, among others.

The watches and clocks market research report is one of a series of new reports from The Business Research Company that provides watches and clocks market statistics, including watches and clocks industry global market size, regional shares, competitors with a watches and clocks market share, detailed watches and clocks market segments, market trends, and opportunities, and any further data you may need to thrive in the watches and clocks industry. This watches and clocks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The watches and clocks market size has grown strongly in recent years. It will grow from $53.11 billion in 2023 to $56.01 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth observed in the historical period can be attributed to the recognition of luxury brands, the culture of using luxury items as status symbols and gifts, the emphasis on craftsmanship and artistry, and increased globalization leading to expanded market access.

The watches and clocks market size is expected to see steady growth in the next few years. It will grow to $67.87 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The anticipated growth in the forecast period can be attributed to trends in customization and personalization, a focus on sustainability and ethical practices, the expansion of e-commerce and digital retail, integration with smartwatches, and the influence of culture and region. Major trends expected in the forecast period encompass collaborations between fashion and technology, the impact of global economic factors, shifts in demographics, innovative marketing strategies, and challenges within the supply chain.

The substantial contribution of infrastructure development is expected to drive the growth of the watches and clocks market in the future. Infrastructure encompasses the fundamental physical structures of an organization, area, or country, often involving the creation of public goods or manufacturing processes. Clocks play a role in commercial spaces and offices to manage time efficiently. For example, based on a 2022 report from the Bureau of Economic Analysis (BEA), a US government organization providing official macroeconomic and industry statistics, the size of the US construction industry increased from $1.916 trillion in the first quarter of 2021 to $2.016 trillion in the first quarter of 2022. Hence, the momentum in infrastructure development is expected to boost the watches and clocks market.

The anticipated growth of spending on personal accessories is set to propel the watches and clocks market. Personal accessories are items worn or carried by individuals to enhance their appearance or express their personality. Consumers are increasingly seeking individuality and ways to convey their uniqueness through personalized accessories, such as custom-engraved clocks, limited-edition watch faces, or bespoke watch cases. As of October 2023, according to Statistics Canada, a Canadian government agency, the average spending of all households in Canada on clothing and accessories was $2303, constituting 4.6% of the total expenditures in 2021. Consequently, the rise in spending for personal accessories is a driving force for the growth of the watches and clocks market.

Product innovation stands out as a prominent trend gaining traction in the watches and clocks market. Key players in the market are directing their efforts toward the development of innovative products to maintain their competitive positions. As an illustration, in July 2022, ADVA, a Germany-based telecommunications company, introduced the Oscilloquartz high-performance optical cesium atomic clock. Representing the latest advancement in assured positioning, navigation, and timing (PNT) from ADVA, the OSA 3300-HP sets new benchmarks for accuracy and availability as a high-performance optical cesium clock. This technology provides the resilience required for PNT assurance in critical infrastructure, allowing service providers to deliver unique service-level-agreement timing offerings with integrated GNSS backup. Atomic clocks, known for their precision and reliability, offer synchronization backup for networks dependent on GNSS-based timing.

Major companies in the watches and clocks market are concentrating on technological innovations, including meca-fluidic technology, to gain a competitive edge. Meca-fluidic technology blends traditional mechanical watchmaking with the precise movement of fluid to indicate time. For instance, in March 2023, HYT, a Switzerland-based watchmaking company, unveiled the HYT Hastroid featuring meca-fluidic technology. With a 48mm case made of titanium or magnesium, the Hastroid showcases a distinctive spaceship-inspired design. The dial exhibits a complex layout with multiple levels and an open-worked movement that highlights the intricate mechanics of the watch. This innovative timepiece pays homage to space exploration, combining futuristic aesthetics with cutting-edge technology.

In November 2022, LVMH, a France-based luxury goods manufacturer, completed the acquisition of Pedemonte Group for an undisclosed amount. This strategic move enhances LVMH's capabilities in the watches and jewelry division. Pedemonte Group, based in Italy, is a manufacturer of watches and jewelry.

Major companies operating in the watches and clocks market report are Apple Inc., Audemars Piguet Holding SA, Breitling SA, Casio Computer Co. Ltd., Chelsea Clock Company, Citychamp Watch & Jewellery Group Limited, Compagnie Financiere Richemont SA, Cartier International SNC, Montblanc-Simplo GmbH, Fossil Group Inc., Garmin Ltd., Alpina Watch International SA, Timex Group USA, Tissot SA, Zodiac Watches, Tiffany & Company, Tag Heuer, Seiko Holdings Corporation, Citizen Watch Co. Ltd., Patek Philippe SA, Swatch Group, Rolex SA, Movado Group Inc., Bulova Corporation, Rado Watch Co. Ltd., Longines, Piaget SA, Le Petit-Fils de L.-U. Chopard & Cie S.A., Ulysse Nardin SA, Breguet, Blancpain, Montres Corum Sarl, Girard-Perregaux SA, H. Moser & Cie, IWC International Watch Co. AG, Jaeger-LeCoultre, Panerai, Parmigiani Fleurier, Roger Dubuis, Vacheron Constantin, Zenith SA

Asia-pacific was the largest region in the watches and clocks market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the watches and clocks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the watches and clocks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The watches and clocks market consists of sales of automatic watches, quartz watches, solar watches, analogue watches, digital watches, chronograph watches, and hybrid watches. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r12186

1. Executive Summary

2. Watches and Clocks Market Characteristics

3. Watches and Clocks Market Trends And Strategies

4. Watches and Clocks Market - Macro Economic Scenario

4.1. Impact Of High Inflation On the Market
4.2. Ukraine-Russia War Impact On the Market
4.3. COVID-19 Impact On the Market

5. Global Watches and Clocks Market Size and Growth

5.1. Global Watches and Clocks Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Watches and Clocks Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Watches and Clocks Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Watches and Clocks Market Segmentation

6.1. Global Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Sport Watches
Luxury Watches
Diamond Watches
Alarm Clock
Wall Clock
6.2. Global Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Online
Offline
6.3. Global Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Display Time
Adornment
Collection
Other Applications

7. Watches and Clocks Market Regional And Country Analysis

7.1. Global Watches and Clocks Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Watches and Clocks Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Watches and Clocks Market

8.1. Asia-Pacific Watches and Clocks Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Watches and Clocks Market

9.1. China Watches and Clocks Market Overview
9.2. China Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Watches and Clocks Market

10.1. India Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Watches and Clocks Market

11.1. Japan Watches and Clocks Market Overview
11.2. Japan Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Watches and Clocks Market

12.1. Australia Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Watches and Clocks Market

13.1. Indonesia Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Watches and Clocks Market

14.1. South Korea Watches and Clocks Market Overview
14.2. South Korea Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Watches and Clocks Market

15.1. Western Europe Watches and Clocks Market Overview
15.2. Western Europe Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Watches and Clocks Market

16.1. UK Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Watches and Clocks Market

17.1. Germany Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Watches and Clocks Market

18.1. France Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Watches and Clocks Market

19.1. Italy Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Watches and Clocks Market

20.1. Spain Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Watches and Clocks Market

21.1. Eastern Europe Watches and Clocks Market Overview
21.2. Eastern Europe Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Watches and Clocks Market

22.1. Russia Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Watches and Clocks Market

23.1. North America Watches and Clocks Market Overview
23.2. North America Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Watches and Clocks Market

24.1. USA Watches and Clocks Market Overview
24.2. USA Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Watches and Clocks Market

25.1. Canada Watches and Clocks Market Overview
25.2. Canada Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Watches and Clocks Market

26.1. South America Watches and Clocks Market Overview
26.2. South America Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Watches and Clocks Market

27.1. Brazil Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Watches and Clocks Market

28.1. Middle East Watches and Clocks Market Overview
28.2. Middle East Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Watches and Clocks Market

29.1. Africa Watches and Clocks Market Overview
29.2. Africa Watches and Clocks Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Watches and Clocks Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Watches and Clocks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Watches and Clocks Market Competitive Landscape And Company Profiles

30.1. Watches and Clocks Market Competitive Landscape
30.2. Watches and Clocks Market Company Profiles
- 30.2.1. Apple Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Audemars Piguet Holding SA
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Breitling SA
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Casio Computer Co. Ltd.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Chelsea Clock Company
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Watches and Clocks Market Competitive Benchmarking

32. Global Watches and Clocks Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Watches and Clocks Market

34. Watches and Clocks Market Future Outlook and Potential Analysis

34.1 Watches and Clocks Market In 2028 - Countries Offering Most New Opportunities
34.2 Watches and Clocks Market In 2028 - Segments Offering Most New Opportunities
34.3 Watches and Clocks Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer