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The Global Watch Market size is estimated to grow at a CAGR of 2.62% between 2022 and 2027. The size of the market is forecasted to increase by USD 9,626.37 million. The growth of the market depends on several factors, including rising demand for premium watches, celebrity endorsement, and the growing number of fashion-conscious consumers.
This Watch Market research report extensively covers market segmentation by product (quartz and mechanical), distribution channel (offline and online), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising demand for premium watches is notably driving the market growth, although factors such as the presence of counterfeit products may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising demand for premium watches is notably driving the growth of the Watch Market share. Vendors in the apparel, accessories, and luxury goods industry are focusing on R&D activities and innovations to survive in the competitive market environment. Major product innovations are leading to premiumization in terms of technologies, performance, features, and designs. Customers prefer watches with premium designs. Hence, vendors innovate their product ranges and expand their product lines to meet such evolving customer needs.
Customers spending on fashion accessories, with the rising purchasing power and increasing disposable income. This, in turn, is propelling the demand for premium fashion accessories, including watches. Vendors are offering products that are smartly designed and durable, which further leads to product premiumization. Therefore, the increasing product premiumization, along with the growing customer spending on fashion accessories, will drive value sales in the global watch market during the forecast period.
Enhanced vendor engagement through social media and other entertainment channels is a key trend influencing the market. Social media platforms, such as Facebook, Twitter, LinkedIn, WhatsApp, and YouTube, are being used by companies to promote their products. Vendors are using social media analytics tools to analyze their brand performance and audience reach. For instance, Titan uses Simplify 360, a social media analytics tool, to measure the performance of its flagship brands and analyze its audience reach and competitive position on different social media channels.
Several manufacturers are entering into entertainment media partnerships for product marketing. For instance, an upcoming series of James Bond movies feature the Seamaster 300M 007 Edition watch by OMEGA, a brand of Swatch. Thus, the promotion of watches through social media and other digital platforms is expected to drive the growth of the global watch market during the forecast period.
The presence of counterfeit products may impede market growth. Counterfeit products infringe the intellectual property rights of established brands by selling products with similar trademarks, brand names, and logos. Vendors face difficulties in competing with and taking legal action against the manufacturers of counterfeit products. This affects the businesses of genuine vendors.
Most luxury brands offer limited-edition or special-edition products. However, their brand image is affected by the presence of counterfeit products. The market for counterfeit products is growing rapidly, led by their low production cost and high profit margins. APAC is a major market for counterfeit products due to weak regulations and standards. Thus, the sales of counterfeit watches are hindering the growth of the global watch market.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Watch Market Customer Landscape
The market share growth by the quartz segment will be significant during the forecast period. The high market share and adoption rate of quartz watches can be attributed to their low cost when compared to mechanical watches. Quartz watches are available in both digital and analog modes. Analog watches account for a majority share of the quartz segment.
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The quartz segment showed a gradual increase in the market share of USD 42,746.63 million in 2017 and continued to grow by 2021. Evolving fashion trends and an increase in disposable household incomes will propel the growth of the market. The rising number of new product launches will also drive market growth. Manufacturers are introducing high-end quartz watches with advanced technologies. For instance, in November 2022, Citizen launched Citizen Promaster Skyhawk A-T Blue Angels with Eco-Drive power, which allows the watch to function for 6 months on a full charge when kept away from a light source. Hence, new product launches and growing technology are expected to propel the growth of the watch market during the forecast period.
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APAC is estimated to account for 54% of the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growth of the watch market is mainly attributed to the introduction of global brands and products and the rising adoption of premium watches. The rising disposable income and the changing customer preferences will increase the demand for watches in APAC during the forecast period. China, Hong Kong, Japan, and India are the key contributing countries in the region. The penetration of watches is high in APAC in terms of volume sales when compared to other regions. Urbanization and improved distribution channels have further encouraged global vendors to expand their businesses in APAC. The watch market in APAC is witnessing a rapid increase in the presence of international players, coupled with their rising promotional activities and advertising campaigns. These factors are expected to support the growth of the market in the region during the forecast period.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020, supply chains in the region faced disruptions due to lockdowns and restrictions implemented in various countries, such as India, China, South Korea, Australia, and Japan. Moreover, the rising number of COVID-19 cases in 2020 led to the temporary shutdown of watch retail outlets. These factors hampered the growth of the regional watch market in 2020. Therefore, to sustain in the market, vendors started promoting online sales through third-party e-commerce players such as Amazon.com and eBay Inc. Moreover, the availability of vaccines and the resumption of offline distribution channels increased the demand for watches. The demand for smartwatches in the digital watch segment is rising among young consumers, which is increasing the demand for watches in APAC. These factors are expected to drive the growth of the market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Watch Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.62% |
Market growth 2023-2027 |
USD 9,626.37 million |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
2.02 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 54% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ASOROCK Watches LLC, Breitling SA, CASIO Computer Co. Ltd., Citizen Watch Co. Ltd., Compagnie Financiere Richemont SA, Daniel Wellington AB, DIFFUSIONE ITALIANA PREZIOSI S.P.A, Fossil Group Inc., Le petit fils de L.U. Chopard and Cie SA, LVMH Moet Hennessy Louis Vuitton SE, Magnus Brand, Movado Group Inc., Patek Philippe SA, Ralph Lauren Corp., Rolex SA, Seiko Holdings Corp., SUED Watches, Talley and Twine Watches LLC, The Swatch Group Ltd., and Titan Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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