The global watch market size reached US$ 71.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 98.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5% during 2023-2028.
A watch is a portable timepiece that consists of a crown, case, dial, strap, crystal, lugs, and hands and is worn around the wrist or carried in a pocket. It can also be made using precious metals, such as gold, silver and platinum, and ornamented with jewels like rubies and diamonds. At present, improving living standards and inflating disposable incomes are driving the demand for exclusive watches that add a sophisticated and elegant look to the style and personality of an individual.
Watch Market Trends:
The emerging fast fashion trend, along with the increasing adoption of premium accessories as a status symbol, represents one of the key factors contributing to the demand for handcrafted luxury watches worldwide. Apart from this, the rising adoption of smart and connected devices, coupled with the growing penetration of the internet and increasing reliance on smartphones, are positively influencing the sales of smartwatches. As these watches provide insightful information about the overall health and track nutritional intake of individuals, the increasing prevalence of chronic and lifestyle diseases is impelling the market growth. Moreover, due to the growing complexity of aircraft, luxury pilot watches are gaining traction among aviation professionals and airline pilots to assist them with mid-flight aeronautical calculations, such as wind correction angle and fuel consumption. Besides this, market players are introducing touch-sensitive tactile watches that visually impaired people can use to sense time accurately. In addition, they are offering custom-made variants in luxury boxes through online retail channels. This, in confluence with the thriving e-commerce industry, is anticipated to augment the sales of watches and strengthen the market growth in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global watchmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, price range, distribution channel and end user.
Breakup by Type:
Breakup by Price Range:
Breakup by Distribution Channel:
Online Retail Stores
Offline Retail Stores
Breakup by End User:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles 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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Key Questions Answered in This Report
The global watch market was valued at US$
71.1 Billion in 2022.
We expect the global watch market to exhibit a CAGR of 5% during 2023-2028.
The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of watches.
The growing adoption of fashion accessories, such as watches to add a sophisticated and elegant look to the style and personality of an individual, is primarily driving the global watch market.
Based on the type, the global watch market can be categorized into quartz and mechanical. Currently, quartz holds the largest market share.
Based on the price range, the global watch market has been segregated into low-range, mid-range, and luxury. Among these, low-range currently accounts for the majority of the global market share.
Based on the distribution channel, the global watch market can be bifurcated into online retail stores and offline retail stores. Currently, offline retail stores exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global watch market include 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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