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Watch Market Research Report Information By Type (Analog Watches, Smartwatches, Chronograph Watches, and Digital Watches), By Category (Quartz Watches, Mechanical Watches, and Electronic Watches), By Distribution Channel (Store-Based and Non-Store-Based), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2030

ID: MRFR/CR/6555-HCR | 90 Pages | Author: Pradeep Nandi| May 2024

Global Watch Market Overview

Watch Market Size was estimated at USD 51.9 million in 2021. The watch industry is projected to grow from USD 54.2 million in 2022 to USD 73.5 million by 2030, exhibiting a compound annual growth rate (CAGR) of 4.45% during the forecast period (2022 - 2030). One of the main causes influencing the demand for handcrafted luxury watches worldwide is the rising fast fashion trend and the expanding use of high-end accessories as a status symbol. In addition, the expanding use of smart and connected gadgets, the spread of the internet, and the reliance on smartphones are the key market driver enhancing watch market growth.

Watch Market OverviewSource: Secondary Research, Primary Research, MRFR Database and Analyst Review

Watch Market Trends

  • Recent Technological Advancements In Watches Boost The Market Growth

The biggest watch market trends for 2021 have been recent technological advancements, including the creation of smartwatches by businesses like Apple and Samsung with features like fitness trackers, heart rate monitors, and smartphone connectivity. The examination of the  watch market reveals that more businesses are starting to enter the smartwatch sector, which will benefit the watch market throughout the projected period. The availability of wristwatches at various price points and the expanding options available to consumers are anticipated to further increase watch market revenue.

The availability of luxury watches in unique materials, dial colors, strap designs, and themes is causing the industry to grow. Additionally, many industry players provide discounted secondhand luxury timepieces through online merchants. Used luxury goods are getting increasingly popular, especially among young people, due to their affordability and accessibility. Therefore, luxury watch trends have enhanced the  market CAGR in recent years.

Figure1: CAGR of the luxury watches from 2008-2022CAGR of the luxury watches from 2008-2022Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The new fashion trend of wearing expensive apparel as a status statement is one of the main causes supporting the demand for handcrafted luxury watches ly. Additionally, the surge in people engaging in professional scuba diving fuels the watch market for specialized, pricey watches. For instance, in November 2022, the Oceanic+ software is now available for Apple Watch Ultra, transforming the company's most durable watch into a fully functional, user-friendly diving computer. Oceanic+, designed in conjunction with Apple, allows recreational scuba divers to take the watch they wear every day to previously inaccessible depths — up to 40 meters or 130 feet — using the all-new depth gauge and water temperature sensors on Apple Watch Ultra.

Watch Market Segment Insights

Watch Type Insights

The  watch market segmentation, based on type, includes analog watches, smartwatches, chronograph watches, and digital watches. The smartwatches segment held the majority share in 2021 in the  watch market revenue. The demand for wireless sports and fitness equipment is expected to expand, as is consumer awareness of health issues and the rapid technical improvements made by industry participants.

November 2022: Apple has announced the release of Series 8 watches, which include the most recent health features, such as an innovative temperature sensor that enables additional features for women's health and Crash Detection for serious automobile accidents. This creation has further broadened the growth opportunity for the watch industry.

The second fastest-growing segment in the watches industry is analog watches. Its elegance, simplicity, and classic design will show significant growth. Hence, rising applications of analog watch positively impact watch market growth.

Watch Category Insights

The  watches market data has been bifurcated by category into quartz watches, mechanical watches, and electronic watches. The electronic product category dominated the  market and was responsible for the largest portion of revenue, amounting to more than 69.15% of the  watches market revenue. The market segment is anticipated to grow at a constant CAGR and maintain its leadership during the forecast period. Leading firms are extending their product lines for smartwatches with high-tech features, including heart rate monitors, GPS, and multisport tracking. Customers that use these watches can monitor their speed and distance.

Figure 2: Watch Market, by Category, 2021& 2030(USD Million)Watch Market, by Category, 2021& 2030Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The mechanical products market is anticipated to grow at the quickest rate. The longevity of mechanical luxury watches is increased by using PVD and titanium ceramic coatings. Rolex SA, A. Lange & Söhne, Apple Inc., and The Swatch Group Ltd. are some leading companies selling mechanical goods.

Watch Distribution Channel Insights

Based on Distribution Channel, the  watch industry has been segmented into store-based and non-store-based. The strongest growth is anticipated for the non-store-based category. With advantageous value-added services like cash-on-delivery, an easy return option, secure transactions, and integrated and centralized customer services, consumers prefer to buy luxury products through online channels. Additionally, the store-based sector also showed considerable growth. The increased consumer desire to buy high-end products through retail outlets is the main element boosting the expansion of this watch market. Hence, rising sales of watches in store-based outlets positively impact market growth.

Watch Regional Insights

By Region, the study provides market insights into Europe, North America, Asia-Pacific and the Rest of the World. Europe watches market accounted for USD 21.4 million in 2021 and is estimated to exhibit a significant CAGR of 41.3 percent growth during the study period. The regional watch market under study is growing due to the government policies' direct and indirect support for technologically advanced businesses. For instance, the European Framework Program suggested allocating nearly $50 billion to fund the companies' technologically innovative endeavors. As a result, the regional government's actions increase the watch industry's overall revenue. Further, the German watch market held the largest market share, and the UK watch market was the fastest-growing market in the European region.

Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  WATCH MARKET SHARE BY REGION 2021 (%)WATCH MARKET SHARE BY REGION 2021Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asia Pacific’s watch market accounts for the second-largest market share. The industry is anticipated to grow with the changing consumer habits and increased disposable income, particularly in developing countries like China and Japan. Additionally, the demand for luxury watches is driven by the rising disposable income of Indian consumers. Data from the World Bank show that India's GDP per person reached USD 2,277 in 2021, a rise of 17.81% from 2020. Moreover, China's watch market held the largest market share, and the Indian watch market was the fastest-growing market in the Asia-Pacific region.

North America’s watch market is predicted to have significant watch market growth. Some of the most cutting-edge wristwatch companies are based in North America, and by making significant financial investments in R&D, the region continues to lead the way in technological advancement. The North American region is anticipated to have a significant watch market share due to businesses producing large revenues from the United States, including Fitbit Inc. and Apple Inc. For instance, in June 2022, Apple launched watchOS 9, an update to the wearable operating system that includes new functionality and improved user interfaces.

Watch Key Market Players & Competitive Insights

With the major market players spending a lot of money on research and development to expand their product offerings, the watch market will continue to expand. Market participants participate in various strategic activities to increase their  footprint in response to key market developments, such as new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. The watch industry's rivals must offer their goods at reasonable rates to expand and prosper in a cutthroat market.

One of the primary business strategies utilized by the watch industry to serve consumers and expand the market sector is local production to reduce operational costs. Recently, some of the greatest significant medical benefits have come from the watch industry. Watch major market players, including Fortis Watches AG, Fossil Group, Casio America, Apple Inc. (US), and others, support R&D projects to boost consumer demand.

Casio Co., Private Limited is a wholly owned subsidiary of Casio Computer Co., Limited, a  electronics corporation based in Tokyo, Japan. Casio has a diverse network, with a presence in most countries on all continents. Its products include calculators, mobile phones, digital cameras, electronic musical instruments, and analog and digital watches. For instance, in July 2022, Casio released a G-shock watch with full metal, solar tough, Bluetooth, alarm, and a slew of other functions. The watch is similar to the Royal Oak watch. The watch retains the same sense of scale as the preceding GM-2100 while offering a larger range of features and full-metal construction, thanks to a compact Tough Solar powered timekeeping module with Bluetooth® connectivity.

Swatch Group is a multinational corporation that designs, manufactures, and sells completed timepieces, jewelry, watch movements, and watch components. Swatch Group firms sell watches, and their components to third-party watchmakers in Switzerland and worldwide, and Swatch Group companies supply practically all components required by its 17 watch brands. For instance, in March 2022, Swatch Group Ltd announced a collaboration between two brands, Swatch and Omega, to produce Bioceramic MoonSwatch. All designs in the collection are made of Swatch's unique Bioceramic, a two-thirds ceramic and one-third castor oil material (one-thirds).

Key Companies in the watch market include

  • Fossil Group Inc. (US)

  • Titan Ltd. (India)

  • LVMH Group (France)

  • Apple Inc. (US)

  • Financière Richemont SA (Switzerland)

  • Ralph Lauren Europe Sàrl (Switzerland)

  • Rolex SA (Switzerland)

  • Casio America Inc. (US)

  • The Swatch Group Ltd. (Switzerland)

  • Patek Philippe Sa. (Switzerland)

  • Citizen Watch Co. Ltd. (Japan)

  • Bucherer AG. (Switzerland)

  • Samsung Electronics Co. (South Korea)

  • Seiko Watch Corporation (Japan)

  • Fortis Watches AG (Switzerland)

Watch Industry Developments

March 2022: Lange & Söhne debuted four new watches at this year's watches and wonders fair. The RICHARD LANGE MINUTE REPEATER is a tribute to vintage precision timepieces. The third model in the ODYSSEUS range is the first Lange watch with a titanium case and bracelet. And the GRAND LANGE 1, offered in white or pink gold with a grey dial, demonstrates how a classic design can be refined while remaining attractive.

December 2021: Presage, a Seiko Holdings Corporation brand, debuted a new collection of its feminine side in the form of three automatic collection watches with enamel dials. The first in the series is a limited edition with a dial modeled by a crescent moon on a winter night. Mitsuru Yokosawa and his team of skilled craftsmen created all three dials. Yokosawa has been creating enamel dials for Seiko for nearly a decade, and his work can already be found on various Presage timepieces.

Watch market Segmentation

Watch Type Outlook

  • Analog Watches

  • Smartwatches

  • Chronograph Watches

  • Digital Watches

  • Others

Watch Category Outlook

  • Quartz Watches

  • Mechanical Watches

  • Electronic Watches

Watch Distribution Channel Outlook

  • Store-Based

  • Non-Store-Based

Watch Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2021 USD 51.9 million
Market Size 2022 USD 54.2 million
Market Size 2030 USD 73.5 million
Compound Annual Growth Rate (CAGR) 4.45% (2022-2030)
Base Year 2021
Market Forecast Period 2022-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Category and Distribution Channel
Geographies Covered Europe, North America, Asia Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Fortis Watches AG, Fossil Group, Casio America, and Apple Inc. (US)
Key Market Opportunities Growing interest among consumers
Key Market Dynamics Changing lifestyle of the people Growing customization in the watch industry

Frequently Asked Questions (FAQ) :

The size of the global market for watch size was estimated at USD 51.9 million in 2021.

The global market is projected to grow at a CAGR of 4.45% during the forecast period, 2022-2030.

The largest portion of the global market was in Europe.

The key players in the market are Fortis Watches AG, Fossil Group, Casio America, and Apple Inc. (US).

The smartwatches category dominated the market in 2021.

Electronic had the largest share of the global market.

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