New York, US, May 03, 2022 (GLOBE NEWSWIRE) -- Watch Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Watch Market Information by Type, Category, Distribution Channel, and End-User - Forecast till 2030”, the market is all set to capture a healthy growth rate of around 4.45% during the evaluation timeframe, between 2020 and 2030, says Market Research Future (MRFR). MRFR further states that the worldwide market could acquire a strong valuation of more than USD 73.56 billion by 2030.
Market Scope:
Watches are often considered to be a highly important accessory worldwide. The watch ranges vary based on purpose, features, functionalities, and trends. Therefore, the worldwide industry offers numerous choices to consumers. Continuous advances in the field of wristwatches help enhance the functions.
Watches are often developed with high water resistance capacity, which enhances their appeal among swimmers. The watch market can witness enormous growth in the coming years, given the constantly changing consumer lifestyle across the globe.
Market Competitive Analysis:
The prominent brands in the watch market include:
- 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)
- Citizen Watch Co., Ltd. (Japan)
- Bucherer AG. (Switzerland)
- Samsung Electronics Co. (South Korea)
- Seiko Watch Corporation (Japan)
- Fortis Watches AG (Switzerland)
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Market USP Covered
Market Drivers
Rise in fashion trends worldwide along with the surging disposable incomes of the working-class populace worldwide will be quite favorable for the watch market in the years to follow. Besides, accelerated number of product launches in the fitness and smartwatch segments by the telecom companies such as Xiaomi and Apple Inc. will also bolster the expansion rate of the watches market in the next couple of years.
Rise in disposable incomes across emerging countries like China and India has kicked off the purchasing capacity of the middle-class income groups. This could further enable them to buy a variety of watches according to their requirements and needs. Other than this, soaring popularity of cutting-edge smartwatches as a gift on special occasions should foster the market demand.
COVID-19 Analysis
The COVID-19 pandemic has been unfavorable for the majority of the sectors worldwide, giving rise to a number of public health measures, and disrupting the supply chains of the manufacturers. The spread of the pandemic has led to a shutdown of various operational facilities across the globe.
However, the companies active in the market are trying to safeguard the wellbeing and health of their employees while backing government goals with respect to the maintenance of vital business activities in food production, consumer goods, healthcare, and power generation. Reduction in cash flow has been another major concern, with most of the customers falling behind on payments or unable to make purchases, while inventory is canceled owing to disrupted supply chains. On the bright side, many of the watch brands are working on strategizing operations to remain resilient during the pandemic with minimum economic losses.
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Segment Overview
The watch industry has been classified with respect to type, with the main segments being analog watches, smartwatches, chronograph watches, digital watches, and more. Out of all these, the analog watches segment will head the worldwide market from 2020 to 2027, given its classic design, perfection and simplicity. With the changing technological landscape, the smartwatches market is experiencing faster growth rate as well, augmenting the popularity of smartwatches. Smartwatches boast of a number of appealing features including long battery, cellular connection, tracking facility, pulse and heart rate tracking and unique design. The segmental growth in the watch market is also in response to the surging consciousness level among consumers and their high interest in fitness and health.
The watch industry, depending on category, caters to mechanical watches as well as quartz watches. Among these, the quartz watch segment could take the lead in the near future, given its low price and easy-to-maintain properties.
Watches are sold via two key distribution channels, namely store-based as well as non-store-based. The store-based distribution channels can be segregated into supermarket and specialty store. The store-based channels could note significant growth, earning substantial revenues compare to the non-store-based distribution channel segment. The non-store-based segment, however, can expect growth at the highest pace over the appraisal period, owing to the surging number of e-commerce companies as well the soaring consumer interest in online products.
The watch market, depending on end-user, has been considered for women, men, along with unisex. The men segment currently heads the worldwide market in view of the rising number of men opting for a variety of watches and their accessories. Besides, the unisex segment accounts for a sizeable share in the global market.
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Market Restraints
Easy and high availability of counterfeit products coupled with the heightened number of unorganized players obstructs the market growth.
Regional Analysis
North America is at present, the market leader and will remain at the top throughout the evaluation period. A strong presence of some of the leading brands like Fossil, Hager and Apple will be a favorable trend in the years to come. Other than this, surging awareness and interest in fitness among the working-class populace, especially in the United States in the wake of rising obesity rate will raise consumer spending on a variety of gadgets, such as fitness watches.
Asia Pacific can anticipate growth at the fastest rate between 2020 and 2027, considering the changes in consumers’ lifestyle, surging urbanization rate, and mounting disposable incomes of the middle-class income groups in emerging countries like China, India and South Africa. These factors are touted to elevate the demand for a variety of watches over the coming few years.
Europe will also have a sizeable share in the worldwide market, owing to new launches by brands like Omega, Tag Heuer and Rolex. High consumer purchasing capacity and high brand awareness among people could further augment market demand in the region.
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