The global Watch Market size is expected to reach USD 85.00 Billion in 2028 and register a revenue CAGR of 4.0% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is primarily driven by rise in the disposable income of the working population and launch of new, more advanced, and innovative products in the market and increasing focus on wearable devices with features that enable monitoring a variety of aspects and functionalities. In addition, growth of the affluent middle class is resulting in increasing spending on premium quality products such as luxury watches, fitness watches, and smartwatches, which in turn, is expected to continue to drive revenue growth of the market during the forecast period. A trend in the market is luxury watch manufacturers are increasingly investing in development of more advanced and innovative products and increasing their presence and visibility on online platforms for marketing and branding of products. Companies are also offering a wider range of aesthetically appealing advanced products with long-lasting battery life in order to enhance consumer experience and build brand image and preference. Rising inclination of consumers towards luxury watches, especially Swiss-made products, as luxury watches are a reflection of a wearer’s status symbol and personal taste, and it also indicates affluence of the wearer. These factors are expected to boost market growth to a significant extent during the forecast period.
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Rising health concerns among consumers is a key factor augmenting sales of fitness watches globally. Fitness watches help in tracking footsteps, calories burned, distance traveled, workout aspects and related data, sleep patterns, and heart rate. Some more advanced fitness watches even display stress level measurements and blood oxygen saturation as well as advanced Rapid Eye Movement (REM) during sleep monitoring.
Some Key Highlights From the Report
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For the purpose of this report, Reports and Data has segmented the global watch market based on product type, operation, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
Operation Outlook (Revenue, USD Billion; 2018-2028)
o Quartz Watches
o Mechanical Watches
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
o U.S.
o Canada
o Mexico
o Germany
o UK
o France
o Italy
o Spain
o Sweden
o BENELUX
o Rest of Europe
o China
o India
o Japan
o South Korea
o Rest of APAC
o Brazil
o Rest of LATAM
o Saudi Arabia
o UAE
o South Africa
o Israel
o Rest of MEA
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Key highlights of the Global Watch Market Report:
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