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Watches are one of the most popular accessories worldwide due to the immense variety available. The range of watches differs in features, purpose, trends, and functionality. The constant innovations in wristwatches have made them more functional as accessories. However, the COVID-19 pandemic has had a negative impact on the watch market, reducing demand and sales day by day. To counter this, the global market has adopted new technologies and sales strategies. This has resulted in increased sales rates.
What is the Expected Growth of the Global Watch Market in 2030?
According to MRFR analysis, the global Watch Market is expected to register a CAGR of 4.45% from 2022 to 2030 and hold a value of over USD 73.56 Billion by 2030.
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Regional Analysis
The European market dominates the industry with the largest share, as people in this region have high spending power and are more aware of premium watch brands. The Watch Market of Asia pacific countries holds the second largest share, due to the growing popularity of luxury watches and an increase in awareness among people in this region. Some other countries like China, Japan, Hong Kong, South Korea, and Australia also contribute to market growth. In the recent period, the increasing adoption of luxury watches and superior quality watches drive the Industry Growth.
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Market Segmentation
The global Watch market has been segmented into Type, Category, End-User, and Distribution Channel.
Based on type, the market has been segmented into smartwatches, analog watches, digital watches, chronograph watches, and others. Analog watches are expected to dominate the market as smartwatches become more popular due to their amazing features like cellular connection, unique design, tracking facility, and pulse and heart rate tracking.
Based on category, the market has been segmented into mechanical watches and quartz watches. The quartz watch segment is expected to dominate the market due to its low price and easy maintenance.
Based on Distribution Channel, the market has been segmented into store-based and non-store-based. The non-store-based segment is expected to grow at the highest CAGR during the assessment period due to the increasing number of e-commerce companies and the growing interest of consumers in buying online products.
Based on end-user, the market has been segmented into men, women, and unisex. The men’s segment is expected to dominate the market because of the increasing demand for watches and accessories.
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Key Players
Some of the key market players are Fossil Group, Inc. (US), Titan Ltd. (India), LVMH Group (France), Apple Inc. (US), Financière Richemont SA (Switzerland), Ralph Lauren Europe Sàrl (Switzerland), Rolex SA (Switzerland), Casio America, Inc. (US), The Swatch Group Ltd. (Switzerland), Patek Philippe Sa. (Switzerland).
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