Rockville, May 02, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global watch market is anticipated to achieve a valuation of US$ 113 billion by 2033, advancing at 5.5% CAGR from 2023 to 2033.
One of the primary elements contributing to the global demand for watches is the developing fast fashion trend, as well as the increased use of quality accessories as a status symbol. Aside from that, the increased use of smart and connected gadgets, as well as the growing use of the internet and reliance on smartphones, are boosting the sales of smartwatches. Smartwatches are garnering popularity worldwide as they offer comprehensive information about an individual's general health and track intake of nutrients.
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Watches have grown in popularity as a fashion accessory rather than a timepiece over the previous decade. This recognition can be ascribed to millennial customers' heightened brand consciousness, celebrity endorsements, and aggressive marketing techniques used by various fashion brands.
Demand for mid-priced and luxury watches is also growing due to increasing disposable income in developed and developing countries. Moreover, many market participants are producing touch-sensitive tactile timepieces that visually impaired persons can utilize to perceive time precisely. Furthermore, the expanding e-commerce industry is expected to provide lucrative opportunities to market players during the forecast period.
Key Takeaways from Market Study
- The global watch market is valued at US$ 66 billion in 2023.
- Worldwide demand for watches is forecasted to rise at a CAGR of 5.5% during the forecast period (2023 to 2033).
- The watch market is set to hit a value of US$ 113 billion by 2033.
- Asia Pacific is expected to account for around 50% share of the global watch market by 2033.
Rising living standards, increasing disposable income, and soaring demand for smartwatches are the main factors driving the growth of the global watch market, says a Fact.MR analyst.
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Competitive Landscape
Key players in the watch market are pursuing tactics such as collaborations, investments, and technological innovations to grow and fortify their overseas footprint.
- Casio released a G-shock watch with complete metal, solar tough, alarm, Bluetooth, and a slew of other functions in July 2022. The watch is similar to the Royal Oak watch.
- The Swatch Group Ltd revealed a collaboration between two of its brands, Omega and Swatch, to introduce its new product, Bioceramic MoonSwatch, in March 2022. All designs in the collection are made of Swatch's unique Bioceramic, a material composed of one-third castor oil and two-thirds ceramic.
- Presage, a Seiko Holdings Corporation brand, introduced a new feminine collection in the form of three automatic watches with enamel dials in December 2021. The first in a collection is a limited edition with a dial designed to look like a crescent moon on a winter night. All three dials were designed by Mitsuru Yokosawa and his team of talented craftsmen. Yokosawa has been designing enamel dials for Seiko for a decade, and his work can already be seen on a variety of Presage watches.
Key Companies Profiled
- Seiko Holdings Corporation
- Compagnie Financière Richemont SA
- The Swatch Group
- Rolex
- Casio
- Fossil Group Inc
- Citizen Watch Co. Ltd
- Movado Group Inc
- Ralph Lauren Corp
Regional Analysis
Asia Pacific is projected to lead the global watch market during the forecast period. India, China, Japan, and South Korea are assisting the growth of the regional market. Increasing disposable income in these countries is generating the demand for mid-priced watches. North America is contributing significantly to the global market due to the rising acceptance of smartwatches in the United States. The European market is experiencing substantial growth due to the presence of prominent players in the region.
Key Segments of Watch Industry Research
- By Type:
- Analog Watches
- Smartwatches
- Chronograph Watches
- Digital Watches
- By Category:
- Quartz Watches
- Mechanical Watches
- Electronic Watches
- By Price Range:
- Low Range
- Mid-Range
- Luxury
- By Distribution Channel:
- Offline Retail Stores
- Online Retail Stores
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global watch market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on type (analog watches, smartwatches, chronograph watches, digital watches), category (quartz watches, mechanical watches, electronic watches), price range (low range, mid-range, luxury), and distribution channel (offline retail stores, online retail stores), across five major regions of the world.
Key Questions Covered in the Watch Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Watch sales grow until 2033?
- Which are the factors hampering the Watch demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Watch Market during the forecast period?
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