Watch Market: Current Analysis and Forecast (2023-2030)

Report Description

The Global Watch Market was valued at USD 70 billion in 2022 & is expected to grow at a CAGR of 5% from 2023-2030. Consumer spending on health monitoring devices has surged because of rising health awareness among consumers worldwide. Due to the incorporation of numerous health monitoring capabilities in such watches, this has also resulted in an increase in the sales of smartwatches. The market expansion of smartwatches is aided by a wide range of monitoring features that allow users to control music, notifications, walk tracks, heartbeat rates, and other activities. For instance, Samsung unveiled a new smartwatch in 2021 that was designed to track a person’s complete body composition, including BMI, BMR, bone density, body fat percentage, and many other factors. Sports and fitness are more likely to be embraced as recreational activities by the growing working population. Additionally, endurance sports have encouraged fans to purchase a variety of sports wearables, which has boosted the sales of smartwatches and, as a result, watches on the global market. The growing fast fashion trend and the developing usage of expensive accessories as a status signal are two major factors affecting the demand for handcrafted luxury watches globally.

Some of the major players operating in the market include Seiko Watch Corporation; Fossil Group Inc.; Titan Ltd; LVMH Group; Apple Inc.; Fortis Watches AG; Bucherer AG; Casio America Inc.; Citizen Watch Co.; and Rolex SA. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst watch type, the smartwatch segment to grow with high CAGR during the forecast period”

Based on Product, the market is segmented into Analog Watches, Smart Watches, Chronograph Watches, and Digital Watches. The smartwatch segment is to grow with a high CAGR during the forecast period. Smartwatches offer features like fitness trackers, heart rate monitors, and smartphone connectivity. Additionally, leading companies are expanding their smartwatch product lines to include cutting-edge technologies like heart rate monitors, GPS, and multisport tracking. Customers who wear these watches may keep track of their distance and pace. For Instance, in November 2022, Apple introduced its Series 8 watches, which are equipped with the newest health features, including a cutting-edge temperature sensor that enables extra functions for women’s health and Crash Detection for catastrophic car accidents. The watch industry’s potential for expansion has been considerably expanded by this invention.

“Amongst sales channel, the online category held a significant share of the market in 2021”

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. Offline sales channels, such as brick-and-mortar stores and watch boutiques, are growing the market for watches by providing consumers with the opportunity to see and try on watches in person. This can be especially important for high-end watches, which are often sold through exclusive boutiques and department stores. In addition, offline sales channels can provide consumers with a more personalized shopping experience, as they can receive advice and guidance from knowledgeable sales associates. This can help to build trust and loyalty with consumers, which can lead to repeat business and positive word-of-mouth recommendations.

“Asia Pacific is expected to hold the maximum share during the forecasted period”

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.

Watch Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The watch market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Watch Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the watch market were the three major steps undertaken to create and analyze the adoption of watch in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global watch market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the watch market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the watch market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as watch type and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the watch market. Further, we conducted factor analysis using dependent and independent variables such as watch type and sales channel of the watch market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the watch market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global watch market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the watch market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the watch market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global watch market data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product and sales channel in the global watch market.

The main objective of the Watch Market Study

The current & future market trends of the global watch market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the watch market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the watch type and sales channel
• Define and analysis of the regulatory framework for the watch industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the watch market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the watch market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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