Watch Market Size, Share, Industry Trends, Outlook, Growth and Forecast 2024 - 2031

Global Watch Market is segmented By Product(Quartz Watch, Digital), By Price Range(Low Range, Mid Range, Luxury), By Distribution Channel(Online, Offline), By End-User(Men, Women, Unisex), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024 - 2031

Market Overview

Global Watch Market reached USD 71.6 billion in 2022 and is expected to reach USD 99.1 billion by 2031, growing with a CAGR of 4.9% during the forecast period 2024 - 2031. The growing trend of adults wearing luxury watches as a status symbol is one of the factors driving the global watch market.

Furthermore, companies are increasing their product portfolios by manufacturing limited-edition watches with diverse styles and functions. 

During the forecast period 2023-2030, North America is expected to develop significantly, accounting for around 1/4th of the global watch market. The introduction of modern technology into watches, such as smartwatches with fitness tracking, health monitoring, and connection features, increases customer interest and expands market growth.

Several reasons contribute to regional growth, including an increase in the younger tech-savvy population, an increase in the number of younger, more health-conscious individuals, and modern medical facilities that are compatible with sensors found in smartwatches. According to U.S. Census Bureau, the younger working-age population, defined as people aged 18 to 44, accounts for 36.5% of the total population.

Market Scope

Market Dynamics

The Rising Product Innovations

Smartwatches impacted the watch market by merging traditional timekeeping with modern functions like as fitness tracking, heart rate monitoring, GPS and smartphone connectivity. Smartwatches are designed for tech-savvy users looking for versatile wearable devices. Many watch makers provide customization choices, enabling customers to personalize their watches by choosing different straps, dials and bezels to match their unique style preferences.

Garmin, for example, debuted its latest collection of luxury smartwatches, the MARQ series, in October 2022. The new Garmin MARQ range of luxury smartwatches features a titanium body and high-end price. According to the company, the model is designed with health and wellness functions such as heart rate & sleep monitoring, stress tracking and body battery energy monitoring.

The Growing Demand for Luxury Goods 

The acceptance of luxury items, particularly watches, as a signal of high status and money contributed to the rise of the luxury watch business. Luxury watches are becoming popular among consumers as a means of displaying their financial achievement and social standing. Demand has driven the global watch market's expansion, with many firms creating high-end, distinctive designs to appeal to this market. 

For example, Hermes unveiled the Hermes H08 New Men's Watch Collection in April 2021. The collection has 5 distinct 39 mm locations. Four of the parts are titanium, while one is a graphene-filled composite shell. Furthermore, the growing number of high-income earners coupled with changing living standards is driving global watch sales. 

Counterfeiting and Replica Watches

The global watch market is confronted with counterfeiting and fake watches, which reduce sales of true watch brands and damage brand reputation. Counterfeit and replica watches harm not only legitimate watch brands' sales and revenues, but also their reputation and consumer trust. Purchasing counterfeit watches unintentionally increases customer distrust in the watch company. 

When buyers purchase counterfeit goods, they may become cautious of acquiring any type of watch in the future, affecting total market demand. Counterfeit and replica watches are illegal replicas of original watches that are meant to seem like known and luxury brands but lacking the quality, craftsmanship and authenticity of the original watches. The widespread problem has impacted the watch market and continues to offer difficulties, affecting the total market.

Segment Analysis

The global watch market is segmented based on product, price range, distribution channel, end-user and region.

The Rising Focus on Fitness Drives Digital Watches 

During the forecast period, digital watches is expected to hold around 1/3rd of the global watch market. Smartwatches include a variety of monitoring functions that allow users to control music, notifications, walk tracks, heartbeat rates and other functions, which contribute to market growth. For example, in 2021, Samsung released a new smartwatch that claimed to monitor a person's whole body composition, such as BMI, BMR, bone density, body fat percentage and many more. 

Sports and fitness are becoming increasingly popular as recreational activities among the working population. Furthermore, endurance sports have motivated individuals to take advantage of the variety in the digital segment, increasing smartwatch sales and, as a result, watch sales in the global market.

Geographical Penetration

The Huge Opportunities for Luxury Watches in Asia-Pacific

Asia-Pacific watch market has witnessed significant growth covering more than 1/3rd of the global market share in 2022. China represents one of the most competitive marketplaces in the world, with huge opportunities for luxury watch manufacturers to purchase and compete. Some of the popular luxury watch manufacturers with a presence in the region include Rolex, Omega, Patek Philippe, Cartier, Channel, Longines, Tissot, Rado, Blancpain and Piaget. 

According to the Federation of the Swiss Watch Industry, Swiss watch exports increased by 19.8% in September 2022 compared to 2021. Furthermore, the Indian watch market was first focused solely on men. Sensing the expanding market for women and demand, Swiss watchmaker Frederique Constant launched a new highlife ladies' automatic watch having three pop color displays in 2022.

Major Key Players

The major global players include 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 and Rolex SA.

COVID-19 Impact Analysis

As the COVID-19 pandemic hit U.S. and other major European and Asian consumers of expensive watches, the industry saw decreased demand and sluggish growth as a result of numerous limitations put on movement and people's buying habits becoming more cautious. The epidemic increased awareness of health and wellness, driving demand for smartwatches with exercise tracking and health monitoring capabilities.

The epidemic caused worldwide supply chains to be affected, resulting in plant closures, transit limitations and delays in the delivery of watch components and finished goods. It had an impact on watch manufacture and availability all over the world. During lockdowns, many retail businesses, including watch boutiques and authorized dealers, were compelled to close or operate with reduced capacity. It resulted in fewer offline sales and a greater reliance on internet sales channels.

Russia- Ukraine War Impact 

Russia and Ukraine both play important roles in the global supply chain for a variety of industries, including watch manufacturing. Any delays in the transportation of goods, resources or components among the two countries could cause supply chain issues for watchmakers, impacting production and availability. Sanctions or trade restrictions implemented on Russia or Ukraine may have an impact on watch export and import, influencing market access for watch brands and producers in those countries.

The watch market in Russia has collapsed as a result of the withdrawal of Swiss brands following the Ukraine war. The implications for Moscow's social and cultural life are far-reaching. According to the Federation of the Swiss Watch Industry's annual report, wristwatch shipments to Russia surged by 30.5% in 2021 compared to 2019, prior to the COVID-19 outbreak.

By Product

• Quartz Watch
• Digital
  • Smart
  • Others

By Price Range

• Low Range
• Mid Range
• Luxury

By Distribution Channel

• Online
• Offline

By End-User

• Men
• Women
• Unisex

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In July 2022, Casio released a G-shock watch with full metal, solar tough, Bluetooth, alarm and a number of other features. The watch replicates to the Royal Oak watch.
• In March 2022, The Swatch Group Ltd announced a partnership with two of its brands, Swatch and Omega, to introduce its new product, Bioceramic MoonSwatch. Every piece in the collection are made of Swatch's unique Bioceramic, a material composed of two-thirds ceramic and one-third castor oil.
• In November 2021, a Seiko Holdings Corporation brand, Presage, has introduced a new female collection with three automatic collection watches with enamel dials.

Why Purchase the Report?

• To visualize the global watch market segmentation based on product, price range, distribution channel, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of watch market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global watch market report would provide approximately 69 tables, 65 figures and 203 pages.

Target Audience 2024

•  Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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