ID: MRFR/CR/6555-HCR | February 2021 | Region: Global | 90 pages
Watches are the most used accessories in the world that are available in the market with a large variety. The variety of watches depends upon the features, functionalities, trends, and purpose. So, overall, the industry provides a large number of options for the consumers. As per the Watch Market, the market has substantial growth in Watch Market Size from 2019 to 2024. The report is provided as per the analysis of MRFR. The smartwatch market competition is accessed by the top manufacturers. The report provides a complete evaluation of the market in terms of price, production, revenue, and market share among key players. The well-drafted report shares the existing market status and the outlook of the market on the basis of segmentation. The market segmentation is done by region, type, and application.
Innovation in the field of wristwatches has improved the functions of watches that become useful accessories. Wristwatches can be turned out in the form of bracelets and create many looks. These watches are specially designed with high water resistance capacity. Many other countries are there who contribute equal parts, and those are Switzerland, Japan, the US are further fueling the overall market growth. The Watch Market is projected significant growth in the market of up to USD 75.8 billion at the end of 2024.
COVID 19 impact has hampered the Watch Market somewhere, just like any other sector in the world. Similar to the other industry, the demand for sales is reduced day by day that forced the global market to adopt the new technologies and sales strategy. In this way, the market has adopted the new marketing strategy and developed practices that increase the sales rate. By adopting these developments, the market has able to reach its targeted audience. Because of the covid19, the market has disrupted the growth of the supply chain that impacts the financial aspect of the industry.
Well, the government authorities have proposed a new business strategy for the different industries after considering the huge loss. They also define some strategies to define covid19 precaution that hamper the Watch industry Statistics. The key players of the market and the government have adopted multiple strategies to overcome this condition, and as a result, the Watch Market seems to be in a stable condition for the current period.
The changing lifestyle of the people makes some major growth in this market. The blend of traditional and modern watch styles is the major factor of growth. The growing customization in the watch industry and have the interest in accessories among people drive the market. After the covid outbreak, the industry has been facing multiple challenges, but after making some progressive implementation, the market is in stable condition. As per the Watch industry Report, it will gain a certain amount of growth rate in the upcoming period. So, growing trends and changing lifestyles are the two important factors that make progressive implementation and increase the sales rate
The demand for the Global Market will be on the rise in the year 2027 at a stupendous level. The need for good quality, trending watch is become increasing, which will make the market grow immensely. At the end of the forecast years, the market will touch the peak of success with a CAGR of 6.70 billion as per the Market Watch News. The increasing number of key players and the demand for Watch Market helps the market to increase the sales rate and revenue. The growing interest among consumers creates significant growth and offers lucrative business opportunities. In the Global Watch Industry Analysis, there are a variety of options of watches that are based on the different choices. Due to the customization of products and established market players, the overall industry has been growing continuously.
Similar to the Watch industry Growth Factor, there are some market restraints that hamper market growth. The increasing number of unorganized product players and the easy availability of products hamper the Global Watch industry Size. The changing of technology and high price also hamper the revenue of the market and hinder the growth rate during the forecast period.
Segmentation of Watch Market:
The Global Watch Industry Analysis is segmented on the basis of Region, Type, Category, End-User, and Distribution Channel.
Market Segmentation based on Type:
The Global Watch industry is classified on the basis of type that is further categorized into smartwatches, analog watches, digital watches, chronograph watches, and others. Among all of them, analog watches will dominate the market during the forecast period. It will dominate the market due to its simplicity, classic design, and perfection. Well, as technology changes, the smartwatches industry is also growing at a faster rate cause of technology and changes in trends. The popularity of smartwatches increases due to their amazing features like cellular connection, long battery, unique design, tracking facility, and pulse, heart rate tracking. The segmental growth global watch market size of the market is increasing day by day due to the growing consciousness toward health and fitness.
Market Segmentation based on Category:
The Global Watch industry is segmented on the basis of category, and those are mechanical watches and quartz watches. Among both of them, the quartz watch segment will dominate the market because of the low price and easily maintainable as per the Market Watch News. During the forecast period of Global Watch Market Size, the highest CAGR rate will be shown over mechanical watches.
Market Segmentation based on Distribution Channel:
The Global Watch Industry Analysis is segmented on the basis of distribution channel that is further segmented into store-based and non-store-based. The store-based segment is further classified into the supermarket or specialty store. The store-based Watch industry will make the major growth in the market and earn high revenue as compare to the non-store-based market. The non-store-based segment is also expected the highest CAGR during the assessment period due to the increasing amount of e-commerce companies and the growing interest of consumers to purchase online products as per the Market Watch News.
Market Segmentation based on End-User:
The Global Watch Market has been classified into men, women, and unisex. The men segment will dominate the market because of the increasing demand for watches and accessories. After that, the unisex segment holds the Global Watch Market Size share because it breaks the gender biased.
Regional Classification of Watch Market:
The Global Watch Market Research Report has been analyzed in up to four regions, and those are North America, Asia-Pacific, Europe, and the rest of the world. The North American Watch Market has further segmented into Canada, the US, and Mexico. The European Global Watch Industry Analysis has been segmented into the France, UK, Germany, Italy, Spain, and the rest of Europe. After that, the Asia pacific country has been segmented into China, Japan, India, Australia and New Zealand, and the rest of Asia-Pacific. In the case of ROW, the region is classified into the Middle East, South America, and Africa.
Among all these regions, the European market holds the largest share and dominates the industry. The Global Watch Industry Analysis is gaining popularity due to the high spending power and major watch manufactures. The Watch Market of Asia pacific countries holds the second largest share that creates awareness among people. According to the Market Watch News, some other countries like China, Japan, Hong Kong, South Korea, and Australia also boost the market growth. In the recent period, the increasing adoption of luxury watches and superior quality watch drive the Watch industry Growth. Due to craftsmanship, superior quality, and innovative design, the market is gaining popularity. The Asia Pacific Global Watch Industry Analysis is expected to a CAGR rate during the forecast period that boosts the regional Watch Market.
Frequently Asked Questions (FAQ) :
The intended audience of the Global Watch Market is Watch manufacturers, Sports associations, Smartwatch manufacturers, Commercial research and development institutions, Retailers, distributors, and wholesalers, Raw material suppliers and distributors, along with traders, exporters, and importers.
The Global Watch Market is projected significant growth in the market of up to USD 75.8 billion at the end of 2024.