Dublin, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The "Watches and Clocks - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global watches and clocks market is poised for substantial growth, with a forecasted expansion to $81.5 billion by 2030. In 2022, the market was valued at $60.5 billion, and this upward trajectory is anticipated to continue at a CAGR of 3.8% from 2022 to 2030. Key segments, including Quartz and Mechanical, are instrumental in driving this growth.
Quick Summary
In the exceedingly competitive and fluctuating global market of Watches and Clocks, acquiring validated, and future-ready market analysis has never been more crucial. The detailed research report aids to simplify critical decisions, highlights emerging market opportunities, and offers extensive insights into sector trends. The dynamism of the industry, mixed with the shifting preferences of consumers, necessitates a comprehensive understanding and actionable data to propel ahead of competitors.
The report provides content-rich coverage of both established economies such as the U.S. and innovative players like China emerging as vital market contributors. Segment-wise analysis, informative breakdowns of the Mechanical and Quartz segment performances, and a competitive analysis of industry giants such as Rolex SA and Casio Computer Co., Ltd. augment the report's value. Additionally, discussions on global economic climate, market sentiments, and access to digital content, including YouTube transcripts of influential market voices comprise the diverse data resources offered with this report. This meticulously curated report is designed to equip you with a competitive edge, furnishing you with vital data to navigate and thrive in the global Watches and Clocks marketplace.
Market Dynamics
The luxury watch market is experiencing strong growth, with the high millionaire population driving demand. Swiss watches continue to be the primary category in the luxury watch segment. Affluent millennials are transforming the market, especially in developing countries. Pre-owned luxury watches witness robust demand worldwide, while the broader luxury goods market presents a significant opportunity for luxury watch sales. Intelligent wristwear and smartwatches are gaining popularity among digitally connected individuals. In contrast, mechanical watches are gradually gaining momentum, and sports watches are thriving due to increased focus on health and fitness. Vintage watches represent a lucrative market with substantial potential.
Watch design trends include the growing appeal of colors, such as blue and green, the return of two-tone and bronze shades, gender-neutral timepieces, and the rise of sustainability. Demographic and economic trends, including urbanization and improving standards of living, further strengthen market prospects.
However, the industry faces challenges, including the persistent issue of counterfeiting, the threat of design copying, and competition from smartwatches. To stay competitive, traditional watch companies are embracing innovation, leading to advancements in mechanical watchmaking and digital and dual-display designs in the luxury watch segment.
Quartz and Mechanical Segments Lead the Charge
The Quartz segment, an integral component of the watches and clocks market, is expected to grow steadily with a projected CAGR of 3.2%. This segment is set to reach a market value of $52.5 billion by the end of the analysis period. Meanwhile, the Mechanical segment is anticipated to experience even stronger growth, with an estimated CAGR of 5% over the next eight years.
The U.S. and China Markets in Focus
In 2022, the United States represented a significant share of the watches and clocks market, with an estimated value of $12.1 billion. China, the second-largest global economy, is poised for remarkable expansion, projecting a market size of $9.2 billion by 2030, at a CAGR of 5.1% from 2022 to 2030. Other noteworthy geographic markets include Japan and Canada, both forecasted to experience steady growth at rates of 2.9% and 3.5%, respectively, over the 2022-2030 period. In Europe, Germany is expected to grow at an approximate CAGR of 3.2%.
Prominent Competitors in the Watches and Clocks Industry
The watches and clocks market boasts a competitive landscape, with several prominent players vying for a significant market share. Key competitors include:
- Alpina Watch International SA
- Audemars Piguet
- Casio Computer Co. Ltd.
- Timex Group USA
- Tissot SA
- Zodiac Watches
- Tiffany & Company
- Tag Heuer International SA
- Rolex SA
- Rhythm Watch Co.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 795 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $60.5 Billion |
| Forecasted Market Value (USD) by 2030 | $81.5 Billion |
| Compound Annual Growth Rate | 3.8% |
| Regions Covered | Global |
Key Topics Covered
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- An Introduction to Clocks and Watches
- Clocks
- Watches
- Time: An Important Requirement for Mankind Since Time Immemorial
- Watches & Clocks Market in a Nutshell
- Global Watches and Clocks Market: Prospects and Outlook
- Global Watches Market by Price Category (in %) for 2019
- Luxury Watches and Smartwatches Support Growth of Watches Market
- Global Swiss Watch Market: Percentage Breakdown of Value and Unit Sales by Material for 2019
- While Developed Regions Lead Revenue Generation, Developing Regions Emerge as Hot Spots of Future Growth
- Prevailing Economic Conditions Impact Watches and Clocks Market Dynamics
- Global Economic Outlook: Real GDP Growth Rates in % by Country/Region for the Years 2019-2021
- Import Export Data
- Leading Exporters of Swiss Watches Worldwide Ranked by Export Volume in Units for 2019
- Leading Watch Importing Nations Worldwide: Ranked by Import Value in US$ Billion for the Year 2019
- Impact of COVID-19 and Looming Economic Recession
- Luxury Wristwatches Market Set to Decline amidst COVID-19 Crisis
- Online Channels: A Possible Way Out for Luxury Watchmakers
- Smartwatch Industry and COVID-19 Crisis
- Competitive Landscape
- Watches: A Highly Competitive Marketplace
- Top Global Watch Brands
- Key Competitors in the Luxury Watches Domain
- Swiss Watches Global Competitor Share Positioning for 2019
- Smartwatches: Apple Continues to Lead the Market
- Global Smartwatch Market: Percentage Breakdown of Unit Shipments by Company for 2019
- Sports & Fitness Watches Market
- Global Sports Watches Market: Percentage Breakdown of Sales by Leading Companies for 2019
- Global Swim Watches Market: Percentage Breakdown of Sales by Leading Companies Brand for 2019
- Social Media Evolves into Core Business Tool for Vendors
- Watch Brands Expand Presence into Online Retail Channel
- Mobile e-Commerce: A Game Changer
- Collaborations on the Rise
- M&A Activity: Strategy to Expand Business Activities
- Recent Market Activity
- Watches and Clocks - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Luxury Watches
- High Millionaires' Population Steers Demand for Luxury Watches
- Luxury Watch Market in the US
- Global Luxury Watch Market
- Swiss Watches
- Global Swiss Watch Exports
- Global Swiss Watch Exports
- Affluent Millennials Transform Luxury Watches Market
- Global Millennial Population Facts & Figures
- Global Millennials Population Spread by Region (in %)
- Millennial Population as a Percentage (%) of Total Population in Developing Countries
- High Potential for High-End Classic Watches Market
- Pre-owned Luxury Watches Market Witnesses Robust Demand Worldwide
- Luxury Goods Market
- Global Personal Luxury Goods Market
- Global Luxury Goods Market
- Luxury Brands Differentiate Even in Digital Transition Efforts
- Popularity of Intelligent Wristwear for Digitally Connected and Mobile Individuals Augurs Well for Smartwatches Market
- Global Smartwatches Market
- Growth Drivers & Challenges in a Nutshell
- A Comparison of Select Popular Smartwatches
- While Quartz Watches Continue to Lead, Mechanical Watches Market Gradually Gains Momentum
- Sports Watches
- Global Sports Watches Market
- Popular Sports Watch Models
- Popular GPS-based Sports Watches
- Vintage Watches
- Multiple Advantages Offered for Designers in Creating Prototypes Promotes Demand for 3D Printing in Watchmaking
- Notable Trends Influencing Watch Designs
- Growing Appeal of Colors
- Blue
- Green Draws Color Experimentation
- Return of Two-Tone Watches and Bronze Shade
- Versatility
- Timepieces Become Gender Neutral
- Retro Style and Small Vintage Watches in Fashion
- Small Watches Make a Comeback
- Use of Sophisticated Composites on the Rise
- Sustainability Gains Importance
- Classic Three-Hand Watches
- Watches with Dazzling Gems
- Favorable Demographic and Economy Trends Strengthen Market Prospects
- Urbanization Trend Boosts Market Prospects
- World Urban Population in Thousands
- Degree of Urbanization Worldwide
- Improving Standards of Living
- Issues & Challenges
- Counterfeiting
- Traditional Watch Companies Face the Rising Threat of Design Copying
- Innovation & Advancements Drives Watches & Clocks Market
- Design Innovations in Watches
- Innovations in Mechanical Watchmaking
- An Insight into Top Innovative Watches of Recent Times
- Luxury Watch Innovations
- Innovation Becomes Imperative Amid Growing Threat from Smartwatches
- Luxury Watches Embrace Digital and Dual Display Designs
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
UNITED STATES
- Watches and Clocks Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (E)
- United States: A Major Market for Watches and Clocks
- United States Watches Market: Percentage Breakdown of Value Sales by Price Category: 2019
- Key Watch Purchasing Trends in the US
- Luxury Watches Market: COVID-19 Brings to Halt the Segment's Recovery
- Number of Millionaire Households in the US (in Millions) by Wealth for 2019
- Millennials Emerge as a Promising Consumer Category for Luxury Watches
- Fine Jewelry & Watches Sales Aid Luxury Watches Market
- Swiss Make Luxury Watches Remain the Top Choice
- Quartz Analog and Mechanical Watches Sustain Market Growth
- Bigger-Sized Watches Enjoy Rising Popularity in the US
- Growing Prominence of E-Commerce and Company-owned Retail Benefit Luxury Watch Sales
- Distribution Channels
- US Sports Watch Market: Percentage Breakdown of Value Sales by Distribution Channel for 2019
- US Clocks Market: Percentage Breakdown of Value Sales by Distribution Channel for 2019
AND MANY OTHER REGIONS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/t3yva1
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