ID: MRFR/CR/6555-HCR | February 2021 | Region: Global | 90 pages
Watches are widely used as an important accessory. The availability of a large variety of watches based on function, features, purpose, and trends are offering a wide range of options to consumers across the world, thereby fueling the global market growth. Watch Market is expected to grow at Significant CAGR from 2019 to 2024 as per MRFR Analysis.
Innovations in the watch industry have improved the functions of watches to become useful accessories. For instance, wristwatches can be attached with a wrist strap or wrist belt to form a bracelet. Wristwatches also cater to specific functions based on the utilities they provide. For instance, watches for divers are specially designed with high water resistance capacity. Presence of several established market players in countries such as Switzerland, the US, and Japan are further fueling the overall market growth through extensive distribution around the globe. The Global Watch Market Size is projected to grow at a significant rate of 6.7% from 2019 to 2024 to reach a market value of USD 75.8 billion by the end of 2024. Changing lifestyles according to the altering market trends and the growing customization of personal accessories are some of the factors fueling the global watch market. However, the increase in the presence of unorganized players and easy availability of counterfeit products are expected to hinder the overall watch market growth during the forecast period.
The global watch market has been segmented on the basis of type, category, distribution channel, end user, and region.
The global watch market has been classified, based on type, into analog watches, smartwatches, chronograph watches, digital watches, and others.
The global watch market has been segmented, based on category, into quartz watches, mechanical watches, and others.
The global watch market has been segmented, on the basis of distribution channel, into store-based and non-store-based. The store-based segment has been further divided into supermarkets and hypermarkets, specialty stores, and others.
The global watch market has been classified, based on end user, into men, women, and unisex.
The global watch market has been analyzed for four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American watch market has further been segmented into the US, Canada, and Mexico.
The European market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe.
Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific.
The watch market in the rest of the world has been segmented into South America, the Middle East, and Africa.
Regional Market Summary
Global Watch Market Share (%), by Region, 2018
Source: Secondary Sources and MRFR Analysis
The market in Europe is expected to dominate the global watch market during the forecast period. Presence of established watch manufacturers increase in demand for smartwatches, especially among the youth, and change in lifestyles are some of the major factors driving the growth of the regional watch market. In recent years, there has been an increase in adoption of luxury watches like Swiss-made luxury watches owing to its superior quality, innovative design, and craftsmanship.
The Asia-Pacific watch market is expected to register the highest CAGR during the forecast period. Growth of organized retail sector increase in per capita disposable incomes, and awareness of technology and trends are some of the factors boosting the growth of the regional watch market. High product promotion and launch of technologically advanced watches in Japan, China, and India are further adding to the regional market growth.
Global Watch Market, by Type
Global Watch Market, by Category
Global Watch Market, by Distribution Channel
Global Watch Market, by End User
Global Watch Market, by Region