Watches are vital accessories available with a wide range of functions. The developments in batteries and watch designs are likely to drive its continuous sales. The global watch market report by Market Research Future (MRFR) looks at the latest trends, innovations, and challenges to be faced by industry leaders for the period of 2019 to 2024 (forecast period). The outbreak of the COVID-19 and its impact has been thoroughly analyzed for this period.
The global Watch Market Size size can reach a staggering valuation of USD 75.8 billion by 2024. It can exhibit a CAGR of 6.7% during the forecast period. Technological breakthroughs in watches are expected to be the primary driver of the market. For instance, wrist watches provide various functions according to watch size and design. Wrist watches for divers have high water resistance and the presence of various experts in horology is likely to herald a new era in watches. Changing lifestyles of customers and need for personalization are expected to bolster the demand for watches.
The proliferation of the internet and miniaturization of cells and processors can bring forth new avenues to explore in the watch market. Huge need for basic and mid digital watches in Singapore can augur favorably for the market. But availability of counterfeit products and unorganized players can hamper the market growth. The COVID-19 pandemic has led to many potential customers opting for online channels for procurement of watches.
The global watch market has been segmented on the basis of type, category, distribution channel, and end user.
By type, it is segmented into digital watches, analog watches, chronograph watches, smartwatches, and others.
By category, the market is segmented into mechanical watches, quartz watches, and others.
Distribution channels discussed in the market report are divided into store-based and non-store-based. The store-based segment has been further divided into supermarkets and hypermarkets, specialty stores, and others.
End users catered by the global watch market comprise men, women, and unisex.
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The global watch market has been analyzed for four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Europe is anticipated to lead in the global watch market due to change in lifestyles of consumers and demand for smartwatches. Preference of luxury watches and rise in online shopping are other growth drivers of the market. The decline in quartz watch sales in France, U.K., and other countries in the region is likely to lead to new manufacturing strategies to revive the particular segment. The rise in disposable income levels of customers can act as a catalyst for growth in the market.
APAC is expected to exhibit a huge growth rate during the forecast period due to rise in expendable income levels of citizens, marketing campaigns, awareness of technology, and the organized retail sector. Sales of mechanical watches in Singapore are likely to pave the way for a niche segment by catering to a younger audience.
Financière Richemont SA, Bucherer AG, Patek Philippe Sa., Samsung Electronics Co., Citizen Watch Co., Ltd., Rolex SA, Titan Ltd., The Swatch Group Ltd., Ralph Lauren Europe Sàrl, Apple Inc., LVMH Group, Casio America, Inc., Seiko Watch Corporation, Fossil Group, Inc., and Fortis Watches AG are key players of the global watch market.
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