New York, USA, April 28, 2023 (GLOBE NEWSWIRE) -- Watch Market Research Report Information by Type, By Category, By Distribution Channel, and By Region –Market Forecast Till 2030, the watch industry Anticipated Reach to USD 73.5 million by 2030, exhibiting a CAGR of 4.45% By 2022 - 2030.
Market Scope
Value watch brands are a common fashion option all around the world due to their disposability and cost. Due to women's rising desire for high-quality timepieces and accessories, lower- and mid-priced watches are progressively gaining market momentum. As young customers become more familiar with smartphone technology, the demand for smartwatches in the digital watch market is growing.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | 2030: USD 73.5 Million |
| CAGR | 4.45% CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Category and Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Changing lifestyle of the people Growing customization in the watch industry |
Get Free Sample PDF Brochure @ https://www.marketresearchfuture.com/sample_request/8027
Competitive Dynamics
The watch industry will keep growing since the top market players are investing a lot of money in research & development to diversify their product lines. In reaction to significant market events, market participants engage in a variety of strategic initiatives to expand their footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the watch business must provide their products at fair prices if they want to grow and succeed in a competitive market.
Local manufacture to cut operating costs is one of the main business methods used by the watch industry to satisfy customers and develop the market sector. Recently, the watch business has provided some of the most important medicinal advantages.
Key Companies 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)
Market USP
Market Drivers
The growing fast fashion trend and the developing usage of expensive accessories as a status signal are two major factors affecting the demand for handmade luxury watches globally. The primary market factor boosting watch market growth is also the rising usage of smart and connected devices, the proliferation of the internet, and reliance on smartphones.
Recent technical developments, such as the development of smartwatches by companies like Apple and Samsung with features like fitness trackers, heart rate monitors, and smartphone connectivity, have become the major watch industry trends for 2021. Examining the watch industry indicates that more companies are beginning to enter the smartwatch sector, which will help the industry throughout the course of the anticipated time. It is projected that the availability of wristwatches at different price points and the growing number of alternatives available to consumers would further boost watch market revenue.
The market is expanding as a result of the accessibility of luxury timepieces in distinctive materials, dial colors, strap styles, and themes. Additionally, a lot of industry participants sell luxury watches at a discount through internet retailers. Due to their accessibility and cost, used luxury products are becoming more and more popular, especially among young people. As a result, market CAGR has increased in recent years due to trends in luxury watches.
Buy Now: https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=8027
One of the key factors boosting the market for handcrafted luxury watches is the current fashion trend of dressing expensively as a status symbol. In addition, the increase in individuals participating in professional scuba diving feeds the need for specialist, expensive watches.
COVID-19 Analysis
Due to various travel restrictions and people's changing spending habits, the market for luxury watches experienced a decline in demand and slowed growth as the COVID-19 pandemic affected the United States and other significant countries in Europe and Asia, which are the major consumers of these products.
Market Segmentation
Type Insights
In 2021, the revenue from watches was dominated by the smartwatch category. Along with consumer awareness of health-related concerns and the quick technological advancements achieved by industry participants, it is anticipated that demand for wireless sports and fitness equipment would rise. Analog watches are the second fastest-growing subset of the watch market. It will have substantial development in terms of beauty, simplicity, and classic design. Thus, increasing analog watch applications contribute to the expansion of the watch market.
Category Insights
More than 69.15% of the income from the watches market was generated by the electrical product category, which also dominated the market. During the projection period, the market segment is expected to expand at a consistent CAGR and keep its dominance. Leading companies are expanding their smartwatch product lines to include cutting-edge technologies like heart rate monitors, GPS, and multisport monitoring. Customers who use these watches may keep track of their distance and pace.
Distribution Channel Insights
The non-store-based sector is predicted to expand the fastest. Consumers prefer to purchase luxury goods online because these channels offer beneficial value-added services including cash-on-delivery, a simple return option, secure transactions, and integrated and centralized customer services. Additionally, the sector based in stores grew significantly. The key factor fueling the growth of this watch industry is the rising customer demand to purchase high-end goods through retail establishments.
Browse In-depth Market Research Report (90 Pages) on Watch Market: https://www.marketresearchfuture.com/reports/watch-market-8027
Regional Analysis
The market for watches in Europe is expected to develop significantly throughout the research period, with a CAGR of 41.3 percent, reaching USD 21.4 million in 2021. The region's watch industry is expanding as a result of government initiatives that directly and indirectly promote enterprises that use cutting-edge technology. As a result, the regional government's initiatives boost the total income of the watch sector. Additionally, the UK watch market grew at the quickest rate in the European area, while the German watch market had the biggest market share.
The second-largest market share belongs to the watch industry in Asia Pacific. With changing customer preferences and rising disposable money, especially in developing nations like China and Japan, the business is expected to expand. Additionally, the increased disposable income of Indian customers is a major factor in the demand for luxury timepieces. In addition, the Indian watch market had the quickest rate of growth in the Asia-Pacific area, while China's watch market had the greatest market share.
It is anticipated that the watch market in North America would expand significantly. North America is home to some of the most innovative wristwatch firms, and through making large financial expenditures in R&D, the continent maintains its position as a global leader in technical development. Due to companies like Fitbit Inc. and Apple Inc., which generate sizable profits from the United States, the North American area is predicted to have a sizeable market share for watches.
Discover more research Reports on Consumer and Retail Industry, by Market Research Future:
Camera Tripods Market Research Report: Information By Product Type (Travel, Studio, Pocket and Others), Distribution Channel (Store-Based [Supermarkets & Hypermarkets, Specialty Stores and Others] and Non-Store-Based) and Region (North America, Asia-Pacific, Europe and the Rest of the World) - Forecast till 2027
Laptop Skins Market Research Report: Information By Product Type (Wrist Palm Rest Skin, TouchPad Skin, Top & Bottom Cover Skin, and Full Body Skin), Laptop Size (12.5 in & Smaller, 13 in - 15 in, and Larger than 15 in), Distribution Channel (Offline and Online) and Region (North America, Asia-Pacific, Europe and the Rest of the World) - Forecast till 2027
Antiperspirants and Deodorants Market Research Report: Information by Form (Spray, Roll-On, Sticks and others), Distribution Channel (Store-Based [Supermarkets and Hypermarkets, Convenience Stores and others] and Non-Store-Based) and Region (North America, Europe, Asia-Pacific and the Rest of the World) - Forecast till 2027
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact Us:
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: sales@marketresearchfuture.com
Website: https://www.marketresearchfuture.com
Follow Us: LinkedIn | Twitter
