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The wristwatch market size is estimated to grow at a CAGR of 5.94% between 2023 and 2028. The market size is forecast to increase by USD 22.88 billion. The growth of the market depends on several factors such as the rising demand for premium watches, recent developments in the wristwatch industry and the rising number of partnerships and strategic alliances.
This wristwatch market report extensively covers market segmentation by distribution channel (offline and online), type (quartz, digital, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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Our researchers analyzed the data with 2023 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.
Rising demand for premium watches is notably driving the market growth. The rising demand for premium watches is one of the major factors driving the growth of the global wristwatch market. Vendors operating in the apparel, accessories, and luxury goods industry are constantly 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. To meet such evolving customer needs, vendors continuously innovate their product ranges and expand their product lines. Vendors are continuously introducing watches with premium finishes by using different raw materials, such as magnesium, polyether ether ketone (PEEK), ceramic, ceramic matrix composite (CMC), ferrite, and carbon fiber. The use of such raw materials leads to product premiumization.
Additionally, premium watches are priced higher than regular watches. The upgrading fashion quo and lifestyle are also augmenting the demand for premium watches. To address this growing concern, vendors are offering products that are smartly designed and durable, which further leads to product premiumization. Therefore, with the increasing product premiumization coupled with the growing customer spending on fashion accessories, the global wristwatch market is expected to grow during the forecast period.
The rising fashion trend of wearing stylish wristwatches among youth is an emerging trend shaping the market growth. The rising fashion trend of wearing stylish wristwatches among the youth is one of the major trends in the global wristwatch market. Youth are probably the most fashion-conscious people and are heavily influenced by fashion and /image. Fashion is an important aspect to the youth as it shows the world who they are and who they want to be. Smartwatch is one of the major factors influencing the fashion trend among the youth. A smartwatch is a new generation watch as it has many new features such as a fitness tracker, health tracker, phone connectivity, calls, messages, and notifications.
Moreover, the watch movement arouses as much fascination as the dial and case for many people. Lastly, watches make great heirlooms, as owning timepieces from a different era is a remembrance of people who had lived before. Having their watches reminds them in a real way, and one of the best reasons to wear a watch is to carry on a tradition. In this time of social media and celebrity influencers, stylish wristwatches are becoming more popular, creating a major trend and driving the growth of the wristwatch market during the forecast period.
Increased availability of wristwatch counterfeit products is a significant challenge hindering the market growth. The increased availability of counterfeit wristwatch products is hindering the growth of the global wristwatch market. With the growing demand for wristwatches, manufacturers are finding it difficult to deal with counterfeit products. These products not only affect the actual brands in terms of revenue but also negatively affect the goodwill of the original brands. The main counterfeit products are mainly imitations of products from luxury brands that have brand value. The price of wristwatches is less compared with the original brands. Many retailers are also selling wristwatches online at low prices. However, the products lack quality and are preferred by consumers in the low-income segment. Therefore, market vendors are failing to achieve optimal market penetration. The availability of such products has resulted in the dilution of original brands as consumers perceive these to be genuine products. Many vendors and retailers are also acting against counterfeit product sellers.
Moreover, counterfeiting has been one of the major problems for the wristwatch industry over the years. Organizations such as the Federation of the Swiss Watch Industry are fighting against this issue. Counterfeiting is damaging the reputation of brands besides affecting their sales. Copies are becoming increasingly sophisticated, making it harder to authenticate. Around one million copies are destroyed every year. The continuous change in vendor profit margins acts as a major challenge for the growth of the wristwatch market during the forecast period.
The market research 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 Wristwatch Market Customer Landscape
Companies 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.
Le petit fils de L.U. Chopard and Cie SA. - The company offers wristwatches such as Top Time, Premier, Chronomat, and others.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The offline segment is estimated to witness significant growth during the forecast period. The offline distribution channel is expected to witness a steady growth rate during the forecast period. The offline store shopping experience allows customers to physically interact with and try on watches before making a purchase. This experience builds trust and confidence in the product's quality and design.
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The offline segment was the largest and was valued at USD 43.48 billion in 2018. Additionally, offline retail provides personalized customer service through knowledgeable sales representatives who can offer expert advice, guide customers through choices, and address queries in real-time. Retail stores such as hypermarkets and speciality stores are the preferred mode of purchase as they allow consumers to physically inspect the watch before purchasing. This human touch fosters customer loyalty and enhances the overall shopping experience. Furthermore, the established network of physical stores, often located in prime retail locations, provides convenience to customers who prefer immediate gratification and face-to-face interactions. Hence, for factors like physical experience and real-time guidance, the offline segment of the wristwatch market is expected to grow during the forecast period.
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APAC is estimated to contribute 33% to 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 wristwatch market in North America is expected to grow at a steady rate during the forecast period. The key market in North America is the US. The key factors contributing to the market in the US are the launch of designer products, the growing use of online platforms to shop for fashion accessories, and the increased demand for customized watches. The saturating economic condition of the US is expected to hamper the growth of the market during the forecast period. However, the market in North America is witnessing a surge in demand for wristwatches and customized watches, which is expected to support the growth of the regional wristwatch market.
In addition, the wristwatch market in North America is also witnessing a huge demand for smartwatches. This is largely due to the growing health-conscious and tech-savvy population in the region. In addition, customized watches and smartwatches are priced higher compared with regular watches. Therefore, the aforementioned factors are anticipated to drive value sales in the wristwatch market in North America during the forecast period.
In 2020, the outbreak of COVID-19 negatively impacted the growth of major industries, such as the manufacturing and production of wristwatches, and that of major players operating in the regional market. However, in the first half of 2021, manufacturing and supply chain activities resumed, owing to the vaccination drives being ramped up across the region. Thus, with the new product launches and the increase in demand for wristwatches, the regional wristwatch market is expected to grow during the forecast period.
The wristwatch market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Wristwatch Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.94% |
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Market Growth 2024-2028 |
USD 22.88 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.4 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 33% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Apple Inc., CASIO Computer Co. Ltd., Le petit fils de L.U. Chopard and Cie SA, Citizen Watch Co. Ltd., Compagnie Financiere Richemont SA, DIFFUSIONE ITALIANA PREZIOSI S.P.A, Fossil Group Inc., LVMH Moet Hennessy Louis Vuitton SE, Magnus Brand, Patek Philippe SA, Rolex SA, Samsung Electronics Co. Ltd., Seiko Holdings Corp., SUED Watches, Talley and Twine Watches LLC, The Swatch Group Ltd., Titan Co. Ltd., Breitling SA, Jaeger LeCoultre, and ASOROCK Watches LLC |
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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. |
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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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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