The global Watch Market is anticipated to grow at an impressive Compound Annual Growth Rate (CAGR) during the forecast period. As per the report, the market is expected to grow by around USD 32 billion during the forecast period, i.e., from 2018 to 2022. Growing fashion trends and an increase in the disposable incur of people across the world are some of the significant factors which will propel the market growth in the future. Besides, the rising number of new products is also driving the factors.
The branding strategy used by watchmakers to drive the consumer decision for purchasing the products is one of the major factors propelling the market. It is a fact that watches are a significant style statement, and people are ready to spend money on this. Brand positioning let various watch brands to effectively position the products and sell those products be using their brand names. Some key players are now developing unique raw-materials and designs to attract more customers. All these factors are set to drive the market in the coming years.
Looking at the demand and consumer’s willingness to spend money, some brands have launched their subsidiary brands. And they only deal with the ultra-luxury segment. However, some other companies have introduced low-priced products to expand their base. Besides, top brands are introducing mid-level designer watches. These significant branding activities are anticipated to trigger the growth of the global Watch Market in the following years. The new statistical data shows that the CGAR from 2019 to 2022 will be around 4.8 percent.
Global Market Segmentation Analysis
The world Watch Market is segmented on the basis of product type, end-users, and regions. Talking about product type-based market segment, it includes Luxury watches and Normal watches. The report suggests that the luxury watches segment is expected to dominate the product segment during the forecast period. The reason behind this is many watch brands are now launching their mid-level luxury products, which are getting popular among people. Besides, rising income levels of them have enabled them to buy such watches. Now coming to end-users’ segment, it covers In-store and Online. It is expected that the online segment will dominate the end-user segment during 2019 and 2025.
Geographical Market Segmentation Analysis
The global Watch Market, regionally, divided into the Middle East and Africa, Europe, South America, Latin America, and others. Apart from this, the report also includes a market analysis of different countries. Some of the countries included in this report are India, the United States, the UK, Russia, Italy, Germany, China, Japan, Korea, South Africa, GCC Countries, and more. As per the report, the Asia Pacific region is expected to dominate the market in the coming years. The expanding population and introduction of new watches in the market are account for the highest market growth in future. On the other side, this region also houses some leading watchmakers.
In September 2019, Casio launched its new watches, adding a new product to the G-SHOCK brand. The model number of the new shock-resistant watches is GMW-B5000TB. This is the first watch to have the titanium interior in the square-shaped series. The company is planning to launch another new product soon in the market to expand its customer base.
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