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
Watches are used as an important accessory, both in terms of utility as well as fashion. 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 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.
Regarding the distribution channel, the market has been segmented into store-based distribution channel and non-store-based distribution channel.
Based on end-user, the market has been segmented into men watches, women watches, and unisex watches.
By type, the market has been segmented into analog watches, chronograph watches, digital watches, smartwatches, and others.
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.
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 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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Leading 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).
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