As per the MRFR reports, the global watch market is estimated to acquire a size of over USD 73.56 billion by the end of 2030.
Watches are considered the most used accessories across the globe that are available in the market with a wide variety. The range of watches depends upon the purpose, trends, functionalities, and features. The industry offers a range of options for consumers. The global watch market has recorded remarkable growth in recent years. The market’s growth is primarily attributed to the innovation in the field of wristwatches over the past decade. Furthermore, the factors such as changing lifestyle of the people, blend of traditional and modern watch styles, growing customization, and growing trends across the market are also likely to catalyze the growth of the watch market over the forecasted timeframe. On the other hand, the increasing number of unorganized product players and easy availability of products are projected to impede the market’s growth over the assessment era.
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The global watch market is studied across five major regions, including South America, Europe, Asia-Pacific, North America, and the Middle East & Africa.
The MRFR report suggests that the European region will likely lead the global watch market over the forecasted era. The regional market’s growth is being driven by the factors such as the presence of major watch manufacturers and the high spending power.
The reports by MRFR further states that the Asia-Pacific region is anticipated to secure the second position in the global watch market over the review timeframe. Countries such as Hong Kong, Japan, China, Australia, and South Korea are also projected to boost the regional market’s growth over the coming years. Furthermore, the factors such as the increasing adoption of luxury watches and superior quality watches and the launch of innovative design, superior quality watches are also estimated to enhance the market performance over the forecasted era.
The global watch market has been fragmented into numerous segments based on distribution channel, end-user, category, type, and region.
Based on type, the global watch market is split into chronograph, digital, analog, smartwatches, and others.
The global market for watches is divided into quartz and mechanical watches based on category.
The global market for watches is fragmented into non-store-based and store-based channels based on distribution channels.
The global market for watches is split into unisex, women, and men based on end-users.
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The global watch market is known for having a concentrated competitive landscape. The players in the global market are making heavy investments to launch new models, and superior quality watches to the market. The global market players implement several growth policies such as joint ventures, partnerships, and product launches to grow their global market reach. The list of leading players in the global watch market includes Patek Philippe Sa. (Switzerland), Casio America, Inc. (the US), Ralph Lauren Europe Sàrl (Switzerland), Apple Inc. (US), Titan Ltd. (India), Fortis Watches AG (Switzerland), Samsung Electronics Co. (South Korea), Citizen Watch Co., Ltd. (Japan), Fossil Group, Inc. (the US), The Swatch Group Ltd. (Switzerland), LVMH Group (France), Financière Richemont SA (Switzerland), Rolex SA (Switzerland), Bucherer AG. (Switzerland), Seiko Watch Corporation (Japan), and several others.
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