Global Watch Market will be US$ 3.11 Billion by 2032
Neha Singh
Marketing Manager at Renub Research || Corporate intelligence || Market Research Reports ||
Global Watch Market Analysis
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The global watch market is projected to reach US$ 114.81 billion by 2032, showing an increase from US$ 73.82 billion in 2023. Renub Research forecasts a 5.03% CAGR growth from 2024 to 2032 for the worldwide watch market.
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Market Definition
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Watches have been a symbol of status for centuries. They represent precision, elegance, and convenience. Sometimes, people buy them merely for their aesthetic appeal, while at other times, people buy them for their technical features, such as being precise to the last second or even milliseconds. This is what makes watches such a desirable collectible. In some cases, they can even command high sums of money.
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The watch market is experiencing growth due to a combination of factors. These include increasing economic prosperity, evolving fashion and lifestyle preferences, significant technological innovations in watchmaking, a rising population of middle-class consumers, a growing demand for premium accessories, effective marketing and branding strategies, and the rapid expansion of online retail and e-commerce.
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Driving Factor in the Worldwide Watch Market
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Changing fashion trends and a growing inclination towards luxury goods drive demand.
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Changing fashion trends and an increasing preference for luxury goods are significant drivers of demand in the global market. Watches, once essential for telling time, have evolved into statement pieces that reflect personal style and status. As fashion preferences shift towards minimalist designs, vintage styles, or high-tech innovations, consumers seek watches that not only keep time but also make a fashion statement. Luxury brands capitalize on this by offering exclusive designs, limited editions, and collaborations with fashion icons, catering to the growing demand for watches as symbols of taste and sophistication.
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Technological Advancements: The integration of advanced technologies in watches, such as smart features, fitness tracking capabilities, and smartphone connectivity, transforms them from timekeeping devices into versatile tools. This convergence appeals to tech-savvy consumers who seek both functionality and style in their accessories. By combining traditional craftsmanship with modern innovations, watchmakers cater to a broader market segment interested in health monitoring, notifications, and seamless connectivity with digital devices. This trend not only enhances the appeal of watches but also expands the market by attracting a new generation of users who value both the aesthetic appeal and practical utility of technologically advanced timepieces.
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Increasing disposable incomes and growing middle-class populations in emerging markets: Increasing disposable incomes and growing middle-class populations in emerging markets are pivotal factors driving the expansion of global consumer markets, including the watch industry. Countries in Asia-Pacific, Latin America, and Africa are experiencing rising consumer spending power, leading to greater demand for luxury and lifestyle products like watches. This demographic shift creates opportunities for watch brands to tap into new markets, introduce innovative products, and establish a strong presence. As these economies continue to develop and urbanize, the demand for premium watches as symbols of status and fashion is expected to rise, contributing to sustained growth in the industry.
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The shift towards online shopping and omnichannel retailing: The shift towards online shopping and omnichannel retailing has revolutionized the watch industry, offering consumers greater convenience, variety, and accessibility. E-commerce platforms allow watch brands to reach global audiences, offering a seamless shopping experience with diverse product ranges and competitive pricing. Omnichannel strategies integrate physical stores with digital platforms, enhancing customer engagement through personalized experiences and efficient service. This transformation enables consumers to research, compare, and purchase watches across multiple channels, catering to evolving preferences for convenience and choice. As digital platforms continue to evolve, the watch industry adapts, fostering growth and expanding market reach worldwide.
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China Watch Market
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The Chinese watch market is experiencing a shift in consumer behavior, particularly among younger generations. Gen Z and millennials are becoming increasingly valuable consumer groups for luxury products. There is a growing familiarity with international luxury brands among local consumers, and they are now seeking watches that reflect their personal style, meet their emotional needs, and showcase their social status. Importantly, Swiss watch imports into China have been steadily increasing since September 2023, with an average growth rate of 8.7 percent since 2021, as reported by the Federation of the Swiss Watch Industry.
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The Huawei Watch 4 and Huawei Watch 4 Pro series, launched in August 2023, were highly popular, while the Xiaomi S2 watch, released in November 2022, is expected to rival the Apple Watch and Samsung Galaxy Watch 5.
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Watch Market Company Analysis
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The global watch market comprises significant companies such as Fossil Group Inc., Titan Company Limited, LVMH Group, Apple Inc., Compagnie Financière Richemont S.A, The Swatch Group Ltd, Citizen Watch Co. Ltd., and Seiko Group Corporation.
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Watch Market Company News
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In November 2023, Titan Watches launched its Stellar collection of space-themed watches, which was unveiled by Wing Commander Rakesh Sharma, India's first astronaut.
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In August 2023, Bucherer, a Swiss retailer that specializes in watches and jewelry, was acquired by Rolex.
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In June 2023, Saint Laurent and Girard-Perregaux collaborated to create the Casquette, a limited-edition digital watch with an LED display and quartz movement technology.
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In May 2023, Timex Group acquired Just Watches, including its physical stores and online platform.
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In March 2023, Rolex introduced nine new models, ranging from a refined dress watch to a surprising timepiece with colorful bubbles on the dial. The collection also includes the latest iteration of a renowned racing clock that's been iconic for six decades.
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Type – Market breakup in 3 viewpoints:
1.?? Quartz Watches
2.?? Electronic Watches
3.?? Mechanical Watches
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Gender – Market breakup in 3 viewpoints:
1.?? Men
2.?? Women
3.?? Unisex
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Price Range – Market breakup in 2 viewpoints:
1.?? Luxury
2.?? Non-Luxury
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Distribution Channel – Market breakup in 3 viewpoints:
1.?? Hyper Market/Super Market
2.?? Convenience Stores
3.?? Online
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Country – Market breakup of 25 Countries:
North America
1.?? United States
2.?? Canada
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Europe
1.?? France
2.?? Germany
3.?? Italy
4.?? Spain
5.?? United Kingdom
6.?? Belgium
7.?? Netherlands
8.?? Turkey
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Asia Pacific
1.?? China
2.?? Japan
3.?? India
4.?? Australia
5.?? South Korea
6.?? Thailand
7.?? Malaysia
8.?? Indonesia
9.?? New Zealand
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Latin America
1.?? Brazil?????
2.?? Mexico???
3.?? Argentina
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Middle East & Africa
1.?? South Africa
2.?? Saudi Arabia
3.?? United Arab Emirates
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All the Key players have been covered from 3 Viewpoints:
? Overview
? Recent Developments
? Revenue Analysis
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Company Analysis:
1.?? Fossil Group Inc.
2.?? Titan Company Limited
3.?? LVMH Group
4.?? Apple Inc.
5.?? Compagnie Financière Richemont S.A
6.?? The Swatch Group Ltd
7.?? Citizen Watch Co. Ltd.
8.?? Seiko Group Corporation
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Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 7000 syndicated reports and worked on more than 500 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.
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