According to the latest report by IMARC Group, titled “Watch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global watch market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global watch market size reached US$ 66.76 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 93.85 Billion by 2027, exhibiting a CAGR of 5.20% during 2022-2027.
A watch is a portable timepiece containing a case, dial, crown, strap, crystal, lugs, and hands, which is carried in a pocket or worn around the wrist. It is assembled using precious metals, such as silver, gold, and platinum, and ornamented with jewels, including rubies and diamonds. Watches can be of various kinds, such as quartz, mechanical, solar, kinetic, chronometer, spring drive, analog, digital, etc. These devices add a sophisticated and elegant look to the style and personality of an individual. As a result, watches are extensively available in online or offline retail stores and are worn by men, women, children, etc., across the globe.
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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Watch Market Trends and Drivers:
The emerging fast fashion trends and the growing popularity of premium accessories as a status symbol are primarily driving the watch market. Besides this, the escalating demand for smart connected devices and the increasing consumer reliance on smartphones are further augmenting the market growth. Apart from this, the introduction of luxury pilot watches among aviation professionals to assist them with mid-flight aeronautical calculations, such as wind correction angle and fuel consumption, is also catalyzing the global market.
Moreover, the development of custom-made watches and the expanding e-commerce industry are acting as significant growth-inducing factors. Furthermore, the elevating product utilization to provide insightful information about the overall health of the user and track the nutritional intake of individuals, on account of the inflating prevalence of chronic and lifestyle diseases, is expected to bolster the watch market in the coming years.
|Watch Market Report Scope|
|Market size value in 2021||US$ 66.76 Billion|
|Market forecast in 2027||US$ 93.85 Billion|
|Growth Rate||CAGR of 5.20% from 2022 to 2027|
|Base year for estimation||2021|
Global Watch Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these top key players include:
- Apple Inc.
- Casio Computer Co. Ltd.
- Citizen Watch Co. Ltd.
- Fossil Group Inc.
- LG Electronics Inc.
- Movado Group Inc.
- Rolex SA
- Samsung Electronics Co. Ltd.
- Seiko Holdings Corporation
- The Swatch Group Ltd.
- Titan Company Limited
- Xiaomi Corporation.
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The report has segmented the market on the basis of region, type, price range, distribution channel and end user.
Breakup by Type:
Breakup by Price Range:
Breakup by Distribution Channel:
- Online Retail Stores
- Offline Retail Stores
Breakup by End User:
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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