The global watch market is in midst of a flux with the traditional watches giving way to smart electronic devices owing to technological advances, the growing capacity and capability of electronic devices, emergence ofsmart algorithms and the falling price of traditional watches. According to Market Research Future (MRFR), the global watch market is expected to garner a valuation of USD 75.8BN by the end of 2024. In its recently published analysis, MRFR also asserts that the market would register a CAGR of over 6.7% over the assessment period (2016-2024).
The high-end traditional watch is being disrupted by cheap digital watch manufacturers such as Seiko. The development of trade agreements and falling shipping rates has threatened the high priced swiss watch industry. Technological convergence is another trend favouring the electronic watch segment. Growing functionality is another trend in the market. Traditional watch makers adapted to the electronic watch market segment by incorporating features such as illuminateddisplays, chronograph, stopwatch, calendar, geographical direction and others. Some watch brands have also incorporated water proofing so as to attract the athlete customer segment.
However smart watches are attracting a large following owing to development of artificial intelligence, and the falling cost of electronic manufacturer. Mobile connectivity hand bands have attracted the attention of customers. The growing battery capacity and miniaturization has further exaggerated the attractiveness of smart watch. Additional factors that are substantiating the market growth include adoption of smart watches by the healthcare and fitness industry and the growing per capita income.
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Global Watch Market – Competitive Landscape
The watch market reflects a bimodal nature divided into a consolidated high-end luxury and smart watch and a fragmented low-endtraditional watch market. Manufacturers rely on bulk advertisements and marketing for the low-end segment while the high-end segment targets a small but influential customer base. Thus, the marketing channels employed are very different depending on the product.
Manufacturers of low-end watch brands use a variety of distributions and retail strategies so as to engage the customers. The emergence of ecommerce is another trend which is likely to change the market landscape. The players in the ecommerce segments are using bundling strategies so as to provide greater product units to suit different situations. Outsourcing of manufacturing to low cost locations such as China is another strategy being followed.
The companies are also rebranding the watch as a necessary accessory to ward off the loss of sales owing to the adoption of mobiles.
Players leading the global watch market include The Swatch Group Ltd. (Switzerland), Bucherer AG. (Switzerland), Fossil Group, Inc. (US), Fortis Watches AG (Switzerland) Titan Ltd. (India), Citizen Watch Co., Ltd. (Japan),Apple Inc. (US), Ralph Lauren Europe Sàrl (Switzerland), LVMH Group (France), Rolex SA (Switzerland), Casio America, Inc. (US), Seiko Watch Corporation (Japan), Financière Richemont SA (Switzerland), Patek Philippe Sa. (Switzerland), Samsung Electronics Co. (South Korea), among others.
Global WatchMarket – Segments
The report is segmented into five dynamics to widen the scope of understanding,
By Type : Analog Watches, Smartwatches, Chronograph Watches, Digital Watches among others.
By Category : Quartz Watches, Mechanical Watches, among others.
By Distribution Channel : Store-Based (Supermarkets and Hypermarkets, Specialty Stores, and Others) and Non-Store-Based, among others.
By End-use : Men, Women, And Unisex, among others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global WatchMarket – Regional Analysis
Europe dominates the global watch market with the largest market share owing to the traditional luxury watch industry and the presence of large players. Factors such as the traditional foothold of Swiss watch in the region and the adoption of smart watchis driving a large growth of the regional market. The large devices industry especially in Germany, Italy, Switzerland and others is fostering the growth of the Europeanwatch market.
The watch market in North America is led by the U.S. owing to the rapid adoption of smart watches and the expanding medical and fitness devices industry. The proliferating healthcare and fitness industry in the region coupled with the emergence of internet of things and ubiquitous computing is driving the market growth.
The Asia Pacific watch market is the largest in terms of volume. The regional market is very price sensitive and low end brands find the largest appeal to the customers.
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Industry/ Innovation/ Related News:
November06, 2019 —- Xiaomi launched its Mi Smart Watch in China with a starting price of 1299 Yuan marking the first time Xiaomi has a smartwatch. The Mi Smart Watch has two variants with smart and fitness features. The Mi Smart Watch has a larger 1.78-inch AMOLED screen offering 326 PPI than its competitor Apple Watch. Other features include support for eSIM, sapphire glass protection, a 570mAh battery GPS, Wi-Fi, and near field communication. The Mi Watch also enables to engage calls, messages, emails, playing music, tracking activities like swimming, running heart rateamong other.
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