Increased economic expansion propelled the Growth of the Watch Market in the Asia Pacific Region!
- Himanshu Patni
- November 14, 2023
- CONSUMER GOODS, NEWS
- Watch Market, Watch Market Forecast, Watch Market Share, Watch Market Size, Watch Market Trends
- 0 Comments
With changing customer preferences and rising disposable income, especially in developing nations like China and Japan, the business is expected to grow. Additionally, the increased disposable income of Indian customers is a major factor in the demand for luxury timepieces. For instance, according to the United Nations Population Fund, Asia Pacific is home to 4.3 billion people, or 60% of the world’s population. Asia Pacific is one of the key regions that the luxury watch firm is focusing on because of the region’s extremely high growth potential. Increased economic expansion, particularly in China and India, leads to a higher standard of living, which causes a concentration of many rich individuals in the area, among other things, and is one of the contributing elements to the market growth in this region. Additionally, more luxury watch firms, particularly those from Europe, are establishing themselves in this region, acting as one of the key drivers of demand for the market’s expansion.
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Further, the Asia Pacific Watch Market is expected to grow at a strong CAGR during the forecast period (2023-2030). 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.
FIG. 1 Asia Pacific Watch Market Revenue (2020-2030)- USD Mn
• Based on watch type, the market is segmented into analog, smart, chronographic, and digital. Analog Watches is expected to hold a significant CAGR during the forecasted period. Analog watches are often considered to be more classic and timeless than digital watches. Additionally, tend to be more accurate and reliable, as they do not rely on batteries or electronic components that can malfunction or run out of power. Furthermore, analog watches are often more affordable than digital watches, which can be a significant factor for many consumers.
• 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.
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Global Watch Market Segmentation
Market Insight, by Product
· Analog
· Smart
· Chronograph
· Digital
Market Insights, by Sales Channel
· Online
· Offline
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe
· APAC
o China
o Japan
o India
o Rest of APAC
· Rest of the World
Top Company Profiles
· Seiko Watch Corporation
· Fossil Group Inc.
· Titan Ltd.
· LVMH Group
· Apple Inc.
· Fortis Watches AG
· Bucherer AG
· Casio America Inc.
· Citizen Watch Co.
· Rolex SA
