Watch Market Size, Share, Growth, and Industry Analysis by Type (Quartz Watch, Mechanical Watch & Automatic Watch), By Application (E-commerce & Traditional Store) Regional Forecast To 2031

Updated On: 01 April 2024

WATCH MARKET REPORT OVERVIEW

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global watch market size was USD 61785.61 million in 2021 and market is projected to touch USD 138509.9 Million By 2031, exhibiting a CAGR of 8.41% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with industry experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

A watch is a small, portable clock that has a strap, dial, case, crystal, lugs, and hands. It can be worn around the wrist or kept in a pocket. Additionally, it can be crafted from priceless metals like gold, silver, and platinum and embellished with gems like rubies and diamonds. The demand for upscale watches that complement a person's style and personality with a sophisticated and elegant look is currently being driven by rising disposable incomes and rising living standards. With their wide variety, watches are regarded as the most popular accessories worldwide. The variety of watches varies depending on their features, functions, uses, and trends. As a result, consumers have a lot of options thanks to the industry.

The constant advancements in wristwatch technology have improved the functions of watches, making them useful accessories. These watches can be made into bracelets to produce a variety of looks. Watches are available in a wide range of designs and materials, such as metal, plastic, and leather. Early in the 20th century, the mechanical quartz watches, a battery-powered invention, was created. It is an electronic timepiece with a crystal quartz movement that ensures precision timekeeping. In contrast to quartz watches, the mechanical watches are a wristwatch that is powered by mechanical means. The main distinction between the two is that a mechanical type of watches uses springs or gears to function, whereas a quartz type of watches relies on electronic mechanisms.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

For consumer goods companies, the COVID-19 outbreak resulted in issues like unstable markets, a decline in client confidence, and challenges with import and export business. The global supply chain includes the sourcing of raw materials, packaging, and distribution. Moving commodities, chemicals, and other items has become challenging due to lockdowns. It had a financial impact on the markets for consumer in addition to having an immediate impact on markets, supply chains, supply and demand, and all of these other things. Producers of consumer are focusing on protecting their workforce, operations, and supply networks in order to handle this urgent situation. The pandemic impacted the industry dynamics, forcing organizations to revamp their entire operation structures to maintain stability amid the disruptions. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall consumer industry. This has partially impacted the watch industry.

LATEST TRENDS

"New Fashion Trend to Boost the Market Growth"

The new fashion trend on the market is the main trend driving the market. One of the main drivers of the demand for watches is the growing fast fashion trend, which is accompanied by the rising use of high-end accessories as a status symbol. In addition, the increasing use of smart and connected devices, the penetration of the internet, and the reliance on smartphones are all having a positive impact on the sales of smartwatches. The rising incidence of chronic and lifestyle diseases is driving the market growth because these watches track a person's nutritional intake and offer insightful information about their overall health. In addition, industry players are introducing touch-sensitive tactile watches so that people with vision impairments can accurately tell the time. Additionally, they are selling luxury boxes with customized variations through online retail channels. In conjunction with the thriving e-commerce sector, this is anticipated to boost whole sales and support market growth in the upcoming years. Thus, during the forecast period, the aforementioned factors are anticipated to fuel market growth. The global market will benefit from these factors. Thus, a key trend that is opening up potential for the industry to grow is the growing fashion in the market. These new developments are mostly to blame for the market's overall growth.

WATCH MARKET SEGMENTATION

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• By Types 

Based on type, the market is classified into Quartz Watch, Mechanical Watch & Automatic Watch.

• By Application

Based on the market is categorized into E-commerce & Traditional Store.

DRIVING FACTORS

"Advanced IoT Features that Gives the Market Extra Boost"

IoT-related watches are the main factor driving market growth. The portability of the Internet of Things enables users to interact wirelessly with coworkers during video conferences and make informational decisions. Smartwatches are equipped with Internet of Things (loT) capabilities that enable data collection and transmission to a remote server, enabling the accurate tracking of individual behavior. In order to track users' physical activity, loT-based smartwatch bands & smartwatches can be connected to loT devices. Applications for loT-enabled smartwatches include advanced analytics, computational unloading, the sports industry, biometric observations, fully automated device connection, and others. Global consumer spending on health monitoring devices has increased as a result of rising health awareness among consumers. Due to the inclusion of various health monitoring features in such watches, this has also resulted in an increase in the sales of smartwatches. The market growth of smartwatches is aided by a wide range of monitoring features that allow users to control music, notifications, walk tracks, heartbeat rates, and other functions. Since smartwatch bands and watches have developed successful IoT applications, the industry as a whole is anticipated to benefit from the expansion of smartwatch applications. As a result, the growth, and the increasing use of IoT watches will boost the market. It will contribute to the expansion of the consumed goods industry and it will improve the overall watch market growth.

"Supermarket & Malls to Encourage Market Expansion"

Supermarkets and malls are another factor influencing the market to increase sales. Among the businesses in the application segment are a supermarket, a mall, a watches store, and others. Due to their presence in the most fashionable locations, including areas with high foot traffic, watches shops made up the largest portion of the market. Additionally, there are stores like these in well-known malls where customers can browse different brands and models before buying jewelry or a wristwatch. This boosts the market's value and overall expansion. The second segment consists of physical and online retail outlets that sell expensive watches. This market's expansion can be attributed to consumers' growing preference for purchasing pricey watches from online merchants who provide convenience and cost savings on transportation by doing away with the need for delivery personnel. Over the course of the forecast period, the market is anticipated to grow as a result of all these advanced features.  As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, above mentioned factors will help the market to boost.

RESTRAINING FACTORS

"High Cost of Product to Impede Market Expansion"

The high price of the product is the restraint impeding market expansion. Some market restraints prevent the market from expanding. The market as a whole is hampered by the rise of unorganized product players and the accessibility of products. During the anticipated period, the market's revenue and growth rate will be hampered by changing technology and various high-priced, opulent watches types. These factors collectively pose difficulties for the market's expansion. This factor is impeding market expansion. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.

WATCH MARKET REGIONAL INSIGHTS

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"North America Dominating the Market Across the Globe"

The market for watch is in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the watch market share is the growing demand of product in e-commerce & traditional store is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

•  Tiffany (U.S.)
•  Burberry (U.K.)
•  Ralph Lauren (U.S.)
•  Timex (U.S.)
•  Chanel (U.K.)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost watch market share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.