The GCC watch market size is expected to exhibit a growth rate (CAGR) of 4.5% during 2024-2032. The growing popularity of luxury watch, rising disposable income, rising digitization, expanding e-commerce sector, and the easy accessibility to online retail stores represent some of the key factors driving the market.
|Market Growth Rate 2024-2032
A watch is a portable timekeeping device designed to be worn on the wrist or carried in a pocket. It typically consists of a display dial or digital screen, hands or digits indicating the time, and various additional features such as a date display, stopwatch, alarm, and sometimes even advanced functions such as global positioning system (GPS) or fitness tracking. Watches have evolved from mechanical movements to quartz movements, and more recently, to smartwatches powered by digital technology. Additionally, smartwatches integrate traditional watch functions with additional capabilities such as notifications, fitness tracking, music control, and connectivity with smartphones. It serves as more than just a timekeeper and has cultural and symbolic significance and is often seen as a status symbol, representing wealth, taste, and sophistication. Watches can be heirlooms, passed down through generations, carrying sentimental value and memories. They come in various styles, including dress watches, sports watches, dive watches, and luxury watches, catering to different tastes and preferences. As a result, watches are gaining immense traction across the GCC region.
GCC Watch Market Trends:
The market is primarily driven by the growing demand for luxury watches in the region fueled by the increasing disposable income and the desire for premium products among consumers. Luxury watches are seen as a symbol of prestige and sophistication, appealing to affluent individuals who value craftsmanship, exclusivity, and timeless design. Moreover, the expanding e-commerce platforms and the emergence of online retail channels have made luxury watches more accessible to consumers in the region, providing a convenient and hassle-free shopping experience representing another major growth-inducing factor. The ease of browsing through numerous watch brands and models, accompanied by detailed product descriptions and customer reviews, has encouraged the online purchase of watches, accelerating sales in the market. Besides this, several advancements in technology and the increasing popularity of wearable devices, smartwatches are gaining immense traction among tech-savvy consumers in the region augmenting the market growth. Also, smartwatches offer functionalities beyond timekeeping, such as fitness tracking, message notifications, and integration with smartphones, making them appealing to individuals seeking a blend of style and functionality influencing the market growth. Apart from this, sustainability and ethical considerations are emerging as influential factors in the GCC watch market. Consumers are increasingly conscious of the environmental impact of their purchasing decisions and are inclined towards sustainable and ethically sourced products. As a result, there is a rising demand for watches made from recycled materials or with eco-friendly manufacturing processes. Furthermore, watch brands that align themselves with sustainable practices are gaining a competitive edge and attracting environment-conscious customers across the region.
GCC Watch Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the GCC watch market report, along with forecasts at the regional and country level from 2024-2032. Our report has categorized the market based on type, price range, distribution channel, and end user.
The report has provided a detailed breakup and analysis of the market based on the type. This includes quartz and mechanical. According to the report, quartz represented the largest segment.
Price Range Insights:
A detailed breakup and analysis of the market based on the price range has also been provided in the report. This includes low-range, mid-range, and luxury. According to the report, the low-range accounted for the largest market share.
Distribution Channel Insights:
- Online Retail Store
- Offline Retail Store
A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes online retail stores and offline retail stores. According to the report, offline retail stores represented the leading segment.
End User Insights:
A detailed breakup and analysis of the market based on the end user has also been provided in the report. This includes men, women, and unisex. According to the report, men accounted for the largest market share.
- Saudi Arabia
The report has also provided a comprehensive analysis of all the major regional markets, which include Saudi Arabia, the UAE, Qatar, Oman, Kuwait, and Bahrain.
The report has also provided a comprehensive analysis of the competitive landscape in the GCC watch market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
GCC Organic Food Report Coverage:
|Base Year of the Analysis
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Price Range
- Distribution Channel
- End User
|Price Ranges Covered
||Low-Range, Mid-Range, Luxury
|Distribution Channels Covered
||Online Retail Store, Offline Retail Store
|End Users Covered
||Men, Women, Unisex
||Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, Oman
||10% Free Customization
|Report Price and Purchase Option
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||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the GCC watch market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the GCC watch market?
- What is the breakup of the GCC watch market on the basis of type?
- What is the breakup of the GCC watch market on the basis of price range?
- What is the breakup of the GCC watch market on the basis of distribution channels?
- What is the breakup of the GCC watch market on the basis of end-user?
- What are the various stages in the value chain of the GCC watch market?
- What are the key driving factors and challenges in the GCC watch market?
- What is the structure of the GCC watch market and who are the key players?
- What is the degree of competition in the GCC watch market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the GCC watch market from 2018-2032.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the GCC watch market.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the GCC watch industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.