Key Watch Market Player, AG, Patek Philippe Sa., Samsung Electronics Co., Citizen Watch Co., Ltd,etc.
Global Watch Market Overview:
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 2020 to 2030
The
MRFR research report suggests that the global Watch Market Size
was estimated at USD 51.9 million in 2021. The watch industry is projected to
grow from USD 54.2 million in 2022 to USD 73.5 million by 2030, exhibiting a
compound annual growth rate (CAGR) of 4.45% during the forecast period (2022 -
2030). One of the main causes influencing the demand for handcrafted luxury
watches worldwide is the rising fast fashion trend and the expanding use of
high-end accessories as a status symbol. In addition, the expanding use of
smart and connected gadgets, the spread of the internet, and the reliance on
smartphones are the key market driver enhancing watch market growth.
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. Wristwatches 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 the 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. A huge need for basic and mid digital watches in Singapore
can augur favorably for the market. But the 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 the
procurement of watches.
Regional Analysis
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 Key watch Market Players due to changes in the lifestyles of consumers
and demand for smartwatches. The preference for luxury watches and the rise in
online shopping are other growth drivers of the market. The decline in quartz
watches sales in France, the U.K., and other countries in the region is likely
to lead to new manufacturing strategies to revive the 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 the 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.
Competition Outlook
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.
Segmentation
The global watch Industry has been segmented
based on 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.
What is Global Watch Market Size?
According to the MRFR research study, the
worldwide watch market forecast is anticipated to grow at a respectable CAGR of
roughly 4.45% from 2020 to 2030. By 2030, the industry is expected to grow to a
size of over US$73.56 billion, according to the analysis.
Market Research Future (part of Wantstats
Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York, New York
10013, United States of America
+1 646 845 9312
Email: Sales@marketresearchfuture.com
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