How Big is The Watch Market?
IMARC Group, a leading market research company, has recently releases report titled "Watch Market: Global Size, Share, Growth, Industry Trends, Opportunity and Forecast 2023-2028", The global watch market size reached US$ 71.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 98.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5% during 2023-2028.
A watch is a compact device that is worn on the wrist and serves the dual purpose of displaying the current time and often date, alongside being a fashion accessory. It comprises additional features, such as date displays, stopwatch functions, and even smart capabilities. It is manufactured from a wide variety of materials, such as stainless steel, precious metals, ceramic, leather, rubber, fabric, and even innovative materials like carbon fiber. It ranges from traditional analog watches with hour and minute hands to modern digital watches with numerical displays. It is cost-effective and convenient and is designed to offer enhanced accuracy and reliability, and is widely available in different styles, designs, and color patterns. It is less distracting as compared to checking time on the phone and convenient during meetings, conversations, and social gatherings. It also allows individuals to further customize their timepieces to suit different occasions and preferences. It assists in offering enhanced durability and water resistance and reducing the need for frequent charging. Besides this, it is beneficial for tracking appointments and measuring elapsed time. As it is considered fashionable accessories that can enhance the overall look, the demand for watches is increasing across the globe.
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What are the growth prospects and trends in the Watch Industry?
At present, the rising need to check the time during working hours without distractions while saving time for individuals represents one of the major factors supporting the growth of the market. Besides this, the increasing adoption of smartwatches that are integrated with digital displays and sensors to offer features beyond traditional timekeeping, such as fitness tracking, notifications, and wireless connectivity to smartphones, is strengthening the growth of the market. Additionally, there is a rise in the demand for high quality, attractive, and convenient watches with enhanced battery life among individuals across the globe. This, coupled with the increasing focus on physical appearance among the masses, is propelling the growth of the market. Apart from this, the growing demand for innovative watches due to changing consumer tastes and preferences is positively influencing the market. In addition, the rising adoption of smart devices that can easily track the health and fitness levels of individuals is contributing to the growth of the market. In line with this, the increasing adoption of luxury watches that enhance the appearance of individuals is offering lucrative growth opportunities to industry investors. Furthermore, the wide availability of watches through online and offline distribution channels around the world is impelling the growth of the market.
Who are the key players operating in the industry?
- Apple Inc.
- CASIO COMPUTER CO., LTD.
- Citizen Watch Co. Ltd.
- Rolex SA
- Samsung Electronics
- Seiko Holdings Corporation
- The Swatch Group Ltd.
- Fossil Group, Inc.
- LG Electronics Inc.
- Movado Group, Inc
- Titan Company Limited
- Xiaomi Corporation.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Quartz
- Mechanical
Breakup by Price Range:
- Low-Range
- Mid-Range
- Luxury
Breakup by Distribution Channel:
- Online Retail Stores
- Offline Retail Stores
Breakup by End User:
- Men
- Women
- Unisex
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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