According to a new report published by UnivDatos Markets Insights, the Watch Market was valued at USD 70 billion in 2022 & is expected to grow at a CAGR of 5% from 2023-2030. The analysis has been segmented into Product (Analog, Smart, Chronographic, and Digital); Sales Channel (Online, and Offline); Region/Country.
The watch market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the watch market. The watch market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the watch market at the global and regional levels.
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Key Market Driver
The rising demand for watches is increasing the market for watches by creating more opportunities for manufacturers, retailers, and distributors to sell watches. As more people are looking for watches as a status symbol, a fashion accessory, and a practical tool for time management, the demand for watches is increasing. This is leading to more sales of watches, which in turn is driving the growth of the watch market. In addition, the increasing demand for watches is creating more opportunities for companies to innovate and develop new products, which can further drive the growth of the watch market. Overall, the rising demand for watches is increasing the market for watches by creating more opportunities for sales, innovation, and growth.
COVID-19 Impact
COVID-19 had a profound impact on the global watch market. One of the major effects of the pandemic was the disruption of the supply chain and manufacturing processes, which led to delays in the production and distribution of watches. The supply of raw materials was highly disturbed during this period, thus leading to the widening of the demand-supply gap and impacting the demand for watches during the period.
The watch market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
• Based on watch type, the market is segmented into analog, smart, chronographic, and digital. Analog Watches is expected to hold a significant CAGR during the forecasted period.
• On the basis of Sales channel, the watch industry has been divided into offline and online. The offline sector is expected to grow with a high CAGR during the forecast period.
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Watch Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, UK, Spain, France, Italy, Rest of Europe)
· Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
· Rest of the World
Asia Pacific region is expected to hold the maximum share during the forecasted period. The immense population in the region, coupled with rising disposable incomes, fosters a substantial consumer base with diverse preferences. As personal wealth increases, individuals are more inclined to invest in luxury goods, including watches, as symbols of status and accomplishment. Besides this, cultural significance plays a pivotal role. In many Asian countries, gifting watches carries cultural and social significance, making watches sought-after items for special occasions and celebrations. This cultural practice further propels market demand. Additionally, the region boasts a rich heritage of craftsmanship and watchmaking expertise. Countries like Japan and Switzerland have established themselves as watch-manufacturing powerhouses, producing both traditional and innovative timepieces that resonate with local and global consumers.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the watch market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis to get insight views on global competition.
