Global Watch Market Outlook to 2027

Driven by growing demand of luxury and fitness enthusiast demanding smart watches

Region:Asia

Author(s):Dhruv Gupta

Product Code:KROD182

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Published on

July 2023

Total pages

70

About the Report

About the Report

Market Overview:

The preference for luxury watches among consumers across the globe has witnessed an up growth owing to the influence of the Swiss watch industry. Although the luxury market for watches is quite mature or settled, the predicted growth of any brand across the global market can witness a sudden change at any given moment as a result of a shift in consumer purchase behavior and patterns.

Global Watch Market Revenue

As per Retail Dive, USD 5 Mn alone was spent on Rolex watches at Heathrow Airport in August 2017, and the sales in the luxury watches and jewelry category was up a staggering 74%. Additionally, the sales of luxury watches in the United Kingdom rose by 53.5% in October 2017.Additionally, the increase in brand awareness, the influence of Western trends, and the inherent desire for exclusivity are some of the factors that have been contributing to the increased demand for luxury watches over the review period. These factors are projected to influence the demand for luxury watches over the forecast period, thereby propelling the growth of the Global Watch Market.

Ecosystem of Top Players in Global Watch Market

  • Global Watch Market is catered by the domestic and international players and domestic players.
  • The major players in the market are indulging strategies, like product innovations, partnerships, and merger & acquisitions, to establish a strong consumer base and gain an esteemed position in the market.
  • Among all, product innovation is the most adopted strategy by the key players operating in the global watch market, accounting for a share of approximately 68.0% of the key strategies adopted by the key players.
  • Product innovation is a key factor for any company that has plans to increase its market share in the future.With the increasing number of brand-conscious consumers across the world, the major players are adopting strategies to draw the attention of consumers by introducing watches with advanced features, innovative designs, elegant style, etc.

Global Watch Market Analysis

  • Backed by the strength of its luxury watch business, Switzerland continues to reign as a world leader in the production of watches. Countries in Asia, especially Japan and Singapore, have established themselves as key markets for Swiss watches due to the high consumer spending levels in these regions
  • The players operating in the market have been focusing on expanding their presence to developing economies to tap the potential of the market. For instance, Garmin Company has expanded its presence in India by launching its premium luxury watch collection called the Marq.
  • The company’s line of products offers preloaded features such as built-in storage for music, Garmin Pay integration, smart notifications, and daily activity tracking. The new products also feature wrist-based heart rate and Pulse Ox2 sensors.

 

Key Trends by Market Segment:

By Product Type: By product type, the Quartz/Mechanical segment held the maximum share in the market studied in 2021. However, the Digital segment was the fastest-growing segment over the forecast period.

Global Watch Market Segmentation By Product Type

By Distribution Channel: By distribution channel, the Offline Retail Stores segment holds a major share of the market, while the Online Retail Stores segment is the fastest-growing segment, The convenience, increased product variety, availability, and ease of payment have been fueling the growth of online modes of distribution.

Global Watch Market Segmentation By Distribution Channel

Competitive Landscape:

The major players in the market are indulging strategies, like product innovations, partnerships, and merger & acquisitions, to establish a strong consumer base and gain an esteemed position in the market.

Among all, product innovation is the most adopted strategy by the key players operating in the global watch market, accounting for a major share of the key strategies adopted by the key players.

Product innovation is a key factor for any company that has plans to increase its market share in the future. With the increasing number of brand-conscious consumers across the world, the major players are adopting strategies to draw the attention of consumers by introducing watches with advanced features, innovative designs, elegant style, etc. For instance, in 2022, Casio Computer Co. Ltd announced the release of a new addition to the MR-G series, the flagship line of the G-SHOCK brand of shock-resistant watches. The new MRG-B5000 is the first MR-G timepiece to feature the iconic design of the very first G-SHOCK.

Recent Developments:

      • For instance, Samsung released its Samsung Galaxy Watch 4 in the United States and the United Kingdom in August 2021. The product claimed to offer a host of health and fitness features, including GPS for tracking runs, an optical heart rate sensor, and ECG support. The watch also showcases the company’s new 3-in-1 Bio Active Sensor that enables the device to monitor heart rate, blood oxygen levels, and body composition.
      • It was reported that nearly 21% of the American population was obese or overweight. This factor has increased the usage of smartwatches to help consumers track their steps every day, the calories burnt, the miles they run or swim, the time they spend sleeping, and their pulse rate, all of which have boosted the sales of smartwatches in the United States.
      • The growth of the wearables market in North America is highlighted by figures that expect 25% of the adult population in the United States to be using a wearable device by 2022.

 

Future Outlook:

Global Watch Market is expected to show increasing and is expected to grow at a CAGR of 7.67% from 2022 to 2027.

      • High net worth individuals have a preference to use luxury products and with changing technological era traditional watches do not fit in their everyday activities. Along with the functionality of time in a timepiece they want it to do more every now and they don’t.
      • prefer to use smartphones. As per an online survey conducted in 2020, more than one-third of the luxury watch users in major markets prefer to use smartwatches, and obviously, those using both smart and traditional luxury watches are higher.
      • For instance, in January 2022, Louis Vuitton increased its smartwatch portfolio with the introduction of the Tambour Horizon Light Up. The Louis Vuitton Tambour Horizon Light Up is devoid of Google's Wear OS, instead of running on a custom-designed operating system. The Tambour Horizon Light Up also has the distinctive Louis Vuitton Monogram ring around the edge of its display, which has 24 LED lights to alert users to notifications. The operating system also includes four modes to meet different needs and usage. These are namely Blossom, Explorer, Submarine, and Saver.
      • Smart watches are a growing threat to those players catering to the low and mid-priced luxury watch in the market. However, those catering to the high-end mechanical watches, are less vulnerable due to their disruptive adoption by the consumer.

Scope Of The Report

Scope of the Report

Global Watch Market Segmentation

By Product Type

Quartz/Mechanical Watch

Digital Watch

By Price Range (At Product Level)

Low-Range (Price Up to USD 500)

Mid-Range (Price 501 < USD 1,000)

Luxury (Price > USD 1,001)

By Distribution Channel

Offline Retail Stores

Online Retail Stores

By End-Users

Women

Men

Unisex

By Geography

North America

Europe

South America

Asia- Pacific

Middle East & Africa

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Products

Products

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report:

  • Wearable Companies
  • Third-Party watch Providers
  • Potential Market Entrants
  • D2C Companies
  • Industry Associations
  • Consulting Agencies
  • Government Bodies & Regulating Authorities


Time Period Captured in the Report:

  • Historical Period: 2017-2022
  • Base Year: 2022
  • Forecast Period: 2022-2027


Companies

Major Players Mentioned in the Report:

  • Fossil Group Inc.
  • Citizen Watch Co. Ltd
  • Titan Company Limited
  • Apple Inc.
  • Seiko Holdings Corporation
  • The Swatch Group Ltd
  • Casio Computer Co. Ltd
  • Daniel Wellington AB
  • Timex Group
  • Audemars Piguet & Cie
  • Movado Group Inc.
  • Patek Philippe SA
  • Rolex SA
  • Richemont SA, Cie Financière

Table of Contents

Table of Contents

1. Executive Summary

2. Market Overview

2.1 Taxonomy of Global Watch Market

2.2 Industry Value Chain

2.3 Ecosystem

2.4 Government Regulations/Initiatives for Global Watch Market

2.5 Growth Drivers of Global Watch Market

2.6 Issues and Challenges of Global Watch Market

2.7 Impact of COVID-19 on Global Watch Market

2.8 PESTLE/SWOT Analysis

3. Global Watch Market Size, 2017 – 2022

4. Global Watch Market Segmentation

4.1   By Watch Type, 2017 - 2022

4.2 By End-User, 2017 - 2022

4.3 By Regional Split (North America/Europe/Asia-Pacific/LAMEA), 2017 - 2022

5. Competitive Landscape

5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

5.2 Strategies Adopted by Leading Players

5.3 Company Profiles – (Top 5 - 7 Major Players)

5.3.1 Fossil Group Inc.

5.3.2 Citizen Watch Co. Ltd

5.3.3 Titan Company Limited

5.3.4 Apple Inc.

5.3.5 Seiko Holdings Corporation

5.3.6 The Swatch Group Ltd

5.3.7 Casio Computer Co. Ltd

6. Global Watch Future Market Size, 2022 – 2027

7. Global Watch Future Market Segmentation

7.1   By Watch Type, 2022 - 2027

7.2 By End-User, 2022 - 2027

7.3 By Regional Split (North America/Europe/Asia-Pacific/LAMEA), 2022 - 2027

8. Analyst Recommendations

9. Research Methodology

10. Disclaimer

11. Contact Us

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Research Methodology

Research Methodology

Step:1 Identifying Key Variables:

Ecosystem creation for all the major entities and referring to multiple secondary and proprietary databases to perform desk research around market to collate industry level information.

Step:2 Market Building:

Collating statistics on watches price over the years, penetration of marketplaces and watch providers ratio to compute revenue generated for watches dealers. We will also review service quality statistics to understand revenue generated which can ensure accuracy behind the data points shared.

Step:3 Validating and Finalizing:

Building market hypothesis and conducting CATIs with industry exerts belonging to different companies to validate statistics and seek operational and financial information from company representatives.

Step:4 Research output:

Our team has approached multiple global watch companies providing channels and understanded nature of product segments and sales, consumer preference and other parameters, which supported us validate statistics derived through bottom to top approach.

Research Methodology for Global Watch Market

Frequently Asked Questions

Frequently Asked Questions

01 How big is watch industry worldwide?

The Watches segment is projected to generate $75.75 Bn in revenue for the year 2023. Anticipated growth for the market indicates an annual increase of CAGR 4.44% between 2023 and 2026.

02 Which country has the biggest watch market?

In 2022, China emerged as the top revenue-generating market for luxury watches.

03 Which is the #1 watch company?

In the worldwide timepiece market, Rolex stands as the foremost brand, its crafting of numerous iconic watches characterized by enduring designs and rich histories.

04 Which is the Largest Distribution Type Segment within the Global Watch Market?

The Offline Mode type segment held the largest share of the Global Watch Market in 2022. 

05 What are the Key Factors Driving the Global Watch Market?

Rising demand for luxury branded watches, new entrants with sportier and health awareness likely to fuel the growth in the Global Watch Market.


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