PUBLISHER: TechSci Research | PRODUCT CODE: 1030954
PUBLISHER: TechSci Research | PRODUCT CODE: 1030954
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United States watch market stood at USD13.62 billion in 2020 and is projected to cross USD17.80 billion by 2026, on account of strong economic conditions, increasing female workforce, continuous changing fashion trends, and changing consumer taste & preferences. Wearing a watch is a form of self-expression that reflects style and personality. Today, most people who are wearing watches wear them as an accessory, i.e., a piece of jewelry that enhances style & appearances. Moreover, increasing disposable income and the affordable price of many brands make it a popular fashion choice. This is the other key factor, which is expected to boost sales of the watches in the United States during the forecast period. In addition to it, a good-looking watch considerably improves the appearance and is suited to the clothes that individuals carry, and this is perhaps the most common reason individuals prefer to carry a watch. However, evolution in the fashion industry increasing focus towards health and fitness across the country are the major driving factors for watch market in the United States during the forecast period. The demand for watches is growing at a robust rate due to rising consumer awareness towards a fit and healthy lifestyle. Many of the smartwatches include attributes that have been useful for sports enthusiasts.
United States watch market is divided into the following segments such as by product type, by end-user, by distribution channel, by region, and by company. In terms of product type, the United States watch market is divided into digital watch, analog watch & fitness watch. Among these, the digital watch segment dominated the United States watch market with a market share of around 42%, in 2020. Fitness watches have accounted to be the fastest-growing segment among all the product types due to rising health awareness among the consumers. Based on the end-user segment, the United States watch market is segmented into male, female & unisex. Among these, the female segment has accounted for the majority of share in the United States watch market due to increasing female working populations and changing lifestyle.
Some of the major players operating in the United States watch market are Apple Inc., Fitbit, Inc., Fossil Group, Inc., Garmin Ltd., The Swatch Group (U.S.) Inc., Movado Group, Inc, Citizen Watch Company of America, Inc., Huawei Technologies Co. Ltd, Casio America Inc., Seiko Corporation of America. To remain competitive in the market, companies are constantly launching new products, adopting different marketing strategies, and involving in other strategic alliances. Today, majority of the brands are at the forefront of innovation, ensuring that all their watches offer a distinctive blend of tradition, elegance, and performance. Major brands such as Fossil, which purchased Misfit in 2015, a wearable technology company, aided Fossil in developing a scalable cloud and application platform. This has aided the company's ability to offer both traditional timepieces and trendy linked accessories. In 2020, Apple launched the Apple Watch Series 6, which has features such as blood oxygen monitoring for general fitness and wellness, ECG, high and low heart rate notifications, and irregular heart rhythm notifications.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021E
Forecast Period: 2022F-2026F
Objective of the Study:
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of leading watch companies across the United States. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the company personnel were also enquired about their key products, prices of products and competitors. Through this technique, TechSci Research was able to include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product type, end user, distribution channel and regional presence of all major watch companies across the country.
TechSci Research calculated the United States watch market size using a top-down approach, where manufacturers' value share data for product type, end user, distribution channel was recorded and forecast for the future years. TechSci Research sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company annual reports, World Bank, International Trade Centre, United States Census Bureau, press releases, industry magazines, industry reports, news dailies, credible paid databases and proprietary databases were also studied by TechSci Research.
Key Target Audience:
The study is useful in providing answers to several critical questions that are important for industry stakeholders, such as watch manufacturers, distributors, dealers and policy makers. The study would also help them in deciding which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth of the market.
In this report, United States watch market has been segmented into the following categories in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies operating in the United States watch market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Channel Partner Analysis