Watch Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 5.16 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Watch Market Analysis
The Watch Market is expected to register a CAGR of 5.16% during the forecast period.
- Personalization, craftsmanship, and brand value play pivotal roles in purchasing decisions. Consumers are increasingly using smartwatches due to their unique looks and multifunctional features. Smartwatches have features like fitness tracking, notifications, and smartphone integration. Owing to this, sports and fitness enthusiasts and health-oriented consumers are using smartwatches to track their daily health status.
- The market players use high-quality raw materials and production technologies to produce durable and sustainable watches. Watches are sold through various channels, including physical retail stores, online retailers, and brand boutiques. E-commerce has grown significantly over the past few years as online shopping is gaining consumer recognition. The market players have shopping websites and collaborate with third-party retailers like Amazon, Flipkart, Alibaba, eBay, and others to increase sales.
- Recently, the revival of vintage designs, the integration of sustainable materials, and collaborations between watchmakers and celebrities or fashion brands have grown, boosting the market growth. The market players are launching new products to cater to the growing demand. For instance, in October 2022, luxury smartwatch maker Garmin released its latest collection of luxury smartwatches, the MARQ series. The new Garmin MARQ collection of luxury smartwatches comes with pricing on the high end of the spectrum and a titanium exterior.
Watch Market Trends
Surge in Demand for Smartwatches
- Consumer demand for high-quality and smart wearables is increasing. Smartwatches have multifunctionality and are available in different sizes and color straps. The increase in health awareness among consumers worldwide has increased consumer spending on health monitoring gadgets. This has further led to the increased sales of smartwatches owing to the inclusion of various health monitoring features in such watches.
- Smartwatches have a wide range of monitoring functionalities that enable users to control music, notifications, walk tracks, heartbeat rates, and other functions. Moreover, manufacturers are introducing smartwatches with additional features. For instance, in 2021, Samsung introduced a new smartwatch that claimed to monitor the overall body composition of a person, like BMI, BMR, Bone density, body fat percentage, and many more.
- The increasing number of the working population is more likely to embrace sports and fitness as a part of recreational activity. Over the medium term, the demand for smartwatches is expected to increase owing to the increasing number of sports and fitness activities and rising product innovations.
Asia-Pacific Holds the Largest Share
- Consumer demand for smart wear and luxury watches is increasing in the region due to rising disposable income and sports participation. The watch has become a style statement, so the use of high-quality watches is increasing. The demand for women's watches is growing in the region with the expanding female workforce.
- The female population in the region is opting for smartwatches as well as luxury watches. Owing to this, the market players are launching new products in the region. For instance, in June 2022, Gizmore launched a new smartwatch in India, Slate. The watch is designed exclusively for women. The watch has seven days of battery backup and is available in pink, grey, and black colors.
- Additionally, online retail channels, such as Amazon, Flipkart, and eBay, provide attractive discounts on watches, influencing the demand for luxury and smartwatches in the region.
Watch Industry Overview
The watch market is highly competitive, with the presence of both global and domestic players. Some of the major players in the market include Seiko Holdings Corporation, The Swatch Group, Casio, Fossil Group Inc., and Rolex. Major players focus on leveraging the opportunities to expand their product portfolios and cater to the requirements of various product segments, especially within the integrated analog and smartwatches category. These players are also targeting social media platforms and online distribution channels for the online marketing and branding of their products to capture the maximum attention of customers.
Watch Market Leaders
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Seiko Holdings Corporation
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The Swatch Group
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Casio
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Fossil Group Inc.
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Rolex
*Disclaimer: Major Players sorted in no particular order
Watch Market News
- June 2023: Saint Laurent Paris and Girard-Perreguax launched a limited-edition digital watch, the Casquette. The watch features an LED display with quartz movement. The company made only 8000 watches.
- August 2022: Casio launched the first G-Shock smartwatch powered by Google's OS Wear. The smartwatch is designed for outdoor sports, including surfing and snowboarding. The watch is available in blue, black, and red colors. The watch has a titanium carbide finish and is water resistant up to 200 meters.
- March 2022: The Swatch Group Ltd announced a partnership between two brands, Swatch and Omega, to launch its new product, Bioceramic MoonSwatch. All designs in the collection come in Swatch's patented Bioceramic, a mix of ceramic (two-thirds) and a material derived from castor oil (one-third).
Watch Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Demand for Smartwatches
4.1.2 Popularity of Luxury Watches
4.2 Market Restraints
4.2.1 Presence of Fake Brands in the Market
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Quartz Watch
5.1.2 Digital
5.1.2.1 Smart
5.1.2.2 Other Digital Types
5.2 Price Range
5.2.1 Low Range
5.2.2 Mid-range
5.2.3 Luxury
5.3 Distribution Channel
5.3.1 Offline Retail Stores
5.3.2 Online Retail Stores
5.4 End-User
5.4.1 Women
5.4.2 Men
5.4.3 Unisex
5.5 Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.1.3 Mexico
5.5.1.4 Rest of North America
5.5.2 Europe
5.5.2.1 United Kingdom
5.5.2.2 Germany
5.5.2.3 Spain
5.5.2.4 France
5.5.2.5 Italy
5.5.2.6 Russia
5.5.2.7 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 Australia
5.5.3.5 Rest of Asia-Pacific
5.5.4 South America
5.5.4.1 Brazil
5.5.4.2 Argentina
5.5.4.3 Rest of South America
5.5.5 Middle East and Africa
5.5.5.1 United Arab Emirates
5.5.5.2 South Africa
5.5.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Strategies Adopted by Key Players
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Fossil Group Inc.
6.3.2 Citizen Watch Co. Ltd
6.3.3 Titan Company Limited
6.3.4 Apple Inc.
6.3.5 Seiko Holdings Corporation
6.3.6 The Swatch Group Ltd
6.3.7 Casio Computer Co. Ltd
6.3.8 Daniel Wellington AB
6.3.9 Timex Group
6.3.10 Rolex SA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Watch Industry Segmentation
A watch is a portable timepiece intended to be carried or worn by a person.
The watch market is segmented by product type into quartz watches and digital watches. The digital watch is further segmented into smart and others. The market is segmented by price range into low-range, mid-range, and luxury. By end user, the market is segmented into women, men, and unisex. The market is segmented by distribution channels into offline and online retail stores. The market is segmented by geography into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
The market sizing has been done in value terms in USD for all the abovementioned segments.
| Product Type | ||||
| Quartz Watch | ||||
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| Price Range | |
| Low Range | |
| Mid-range | |
| Luxury |
| Distribution Channel | |
| Offline Retail Stores | |
| Online Retail Stores |
| End-User | |
| Women | |
| Men | |
| Unisex |
| Geography | |||||||||
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Watch Market Research FAQs
What is the current Watch Market size?
The Watch Market is projected to register a CAGR of 5.16% during the forecast period (2024-2029)
Who are the key players in Watch Market?
Seiko Holdings Corporation, The Swatch Group, Casio, Fossil Group Inc. and Rolex are the major companies operating in the Watch Market.
Which is the fastest growing region in Watch Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Watch Market?
In 2024, the Asia-Pacific accounts for the largest market share in Watch Market.
What years does this Watch Market cover?
The report covers the Watch Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Watch Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Watch Industry Report
The global watch market is achieving steady growth, fueled by factors like fast fashion trends, the status symbol of high-end accessories, and the rise of smart devices. Increased demand for handcrafted luxury watches and feature-rich smartwatches contribute significantly to market expansion. The smartwatch segment, offering fitness trackers, heart monitors, and smartphone connectivity, is witnessing a significant surge. Similarly, the luxury segment is growing due to the demand for unique designs and affordable second-hand luxury timepieces. Market trends highlight a rising demand for vintage designs and sustainable materials in smartwatches. The highly competitive watch market sees companies prioritizing product expansion, particularly in the smartwatch category, boosted by a robust online presence. Regionally, the European market is growing due to government support, the Asia Pacific market benefits from changing consumer habits and disposable incomes, particularly in China, Japan, and India, while North America leads in technological advancements. The watch market forecast, offering insights on market share, size, and revenue growth, is accessible as a free report PDF download featuring a comprehensive historical overview and future outlook.
