A new report on the global watch market, published by Market Research Future (MRFR), concludes that this market can advance at 6.7% CAGR between 2019 and 2024. In terms of money value, the market can be worth USD 75.8 Bn by the end of the forecast period.
The vital market driving factors for the global watch market growth include changing lifestyles, changing market trends, and growing customization of personal accessories. Other factors contributing to the global watch market growth include rising craze for fashionable watches, availability of multipurpose watches, increasing disposable income, investment from many big accessory brands on watch manufacturing, and the growing number of watch retailers. The trend of smartwatches that can be synced with smartphones is also surging the demand for smartwatches. However, factors that can hamper the market growth include easy availability of counterfeit products and increase in the presence of unorganized players.
A geographical outlining of the global watch market covers North America, Asia Pacific, Europe, and rest of the world (RoW).
North America is a powerful market due to high disposable income, technological advancement, and high demand. Smartwatches originated in the USA. In North America, maximum revenue comes from USA, Canada, and Mexico.
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Europe is another market due to advancements in technology, the high spending power of consumers, a large number of retail stores, and presence of major watch manufactures. The most powerful country-specific markets in Europe are France, Germany, Italy, Spain, and the UK. An inspection of the remaining countries in Europe featured in this report speculate the huge contribution to market revenue from many other countries in this region.
The Asia Pacific region can be the fastest-growing regional market due to expanding middle-class population, increasing awareness of people regarding the latest fashion trends, and the rising popularity of digital devices. The important country-specific markets in this region are China, India, and Japan. In this report, Australia and New Zealand have been clubbed into one segment. An evaluation of the remaining countries in the Asia Pacific region featured in this report calculates the huge market revenue supply from some other countries.
The RoW segment covers South America, Africa, and the Middle East. Compared to Africa and the Middle East, South America is a bigger market due to economic stability. In the Middle East, the market is decent as rich people can afford luxury watches. In Africa, the market is small due to low disposable income and lack of technology to manufacture watches.
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The global watch market segmentation encompasses category, distribution channel, end-user, and type. MRFR’s take on the market surveys various facets of the market in-depth.
The category-based segmentation of this market covers mechanical watches, quartz watches, and others. During the forecast period, the quartz watches segment can dominate the market due to the low price and easy maintenance of quartz watches. Quartz watches segment can also be the fastest-growing market due to the popularity of quartz watches among consumers. The qualities that make the quartz watches popular include accuracy, durability, and precision.
Key Players
Big players in the global watch market Apple Inc. (USA), Bucherer AG. (Switzerland), Casio America Inc. (USA), Citizen Watch Co. Ltd. (Japan), Financière Richemont SA (Switzerland), Fortis Watches AG (Switzerland), Fossil Group Inc. (USA), LVMH Group (France), Patek Philippe Sa. (Switzerland), Ralph Lauren Europe Sàrl (Switzerland), Rolex SA (Switzerland), Samsung Electronics Co. (South Korea), Seiko Watch Corporation (Japan), The Swatch Group Ltd. (Switzerland), and Titan Ltd. (India).
