According to the latest report by IMARC Group, titled “Watch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global watch market size reached US$ 71.1 Billion in 2022. A watch is a portable timepiece that is worn on the wrist or carried in a pocket. It can be manufactured using precious metals, including gold, silver, and platinum, and ornamented with jewels like rubies and diamonds. It works by converting light, kinetic or electrical energy into the movement of watch parts. It is available in various styles, designs, and materials, which offers multiple choices for personal preferences and fashion.
Global Watch Market Trends:
There is an increase in the adoption of premium fashion as a status symbol on account of rapid urbanization and inflating income levels. This represents one of the major factors driving the demand for premium watches around the world. In addition, the growing adoption of smartwatches that can be connected to fitness apps and provide insightful data about the overall health of individuals is influencing the market positively. Apart from this, the increasing popularity of gifting unique premium items like watches on special occasions, including festivals, birthdays, and anniversaries, is strengthening the growth of the market. Furthermore, the rising number of marketing campaigns and endorsements by celebrities or influencers is augmenting the growth of the market. Looking forward, the market value is projected to reach US$ 98.6 Billion by 2028, expanding at a CAGR of 5% during 2023-2028.
- Based on the type, quartz dominates the market, followed by mechanical.
- On the basis of the price range, the market has been segregated into low-range, mid-range, and luxury. Low range currently accounts for the biggest share in the market.
- Based on the distribution channel, offline retail stores dominate the market, followed by online retail stores.
- On the basis of the end user, the market has been classified into men, women, and unisex.
- Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some 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.
|Base Year of the Analysis
||Type, Price Range, Distribution Channel, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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.
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