How Big is The Watch Industry?

IMARC Group, a leading market research company, has recently releases report titled “Watch Market: Global Size, Share, Growth, Industry Trends, Opportunity and Forecast 2023-2028“, the global watch market size reached US$ 71.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 98.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5% during 2023-2028.

A watch represents a portable timekeeping device that consists of a case, dial, crown, strap, crystal, lugs, and hands. It can be carried in a pocket or worn around the wrist. These timepieces are made using valuable materials like silver, gold, and platinum, and are often adorned with precious gems like rubies and diamonds. Watches come in various types, including quartz, mechanical, solar, kinetic, chronometer, spring drive, analog, and digital. They enhance the style and personality of an individual, giving them a refined and sophisticated appearance. Watches are widely available both online and offline, and are worn by people of all ages across countries.

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What are the growth prospects and trends in the Watch Industry?

The expanding fast fashion sector and the increasing demand for premium accessories as status symbols are primarily driving the watch market. Additionally, the escalating popularity of smart connected devices and elevating levels of smartphone usage among consumers are also bolstering the market growth. Besides this, the introduction of luxury pilot watches, designed to assist aviation professionals with in-flight calculations, such as wind correction angle and fuel consumption, is also fueling the global market. Furthermore, the customization of watches and the growth of the e-commerce sector are acting as significant growth-inducing factors. Moreover, the advent of smart watches to provide health insights and track nutritional intake and the escalating prevalence of chronic and lifestyle diseases are expected to augment the watch market in the coming years.

Besides this, the introduction of touch-sensitive tactile watches, which visually impaired people can use to sense time, is providing a positive thrust to the market growth. Furthermore, the expanding e-commerce industry and easy availability of custom-made variants in luxury boxes through offline or online channels are creating a favorable market outlook.

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Who are the key players operating in the industry?

  • Apple Inc.
  • Citizen Watch Co. Ltd.
  • Rolex SA
  • Samsung Electronics
  • Seiko Holdings Corporation
  • The Swatch Group Ltd.
  • Fossil Group, Inc.
  • LG Electronics Inc.
  • Movado Group, Inc
  • Titan Company Limited
  • Xiaomi Corporation.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

  • Quartz
  • Mechanical

Breakup by Price Range:

  • Low-Range
  • Mid-Range
  • Luxury

Breakup by Distribution Channel:

  • Online Retail Stores
  • Offline Retail Stores

Breakup by End User:

  • Men
  • Women
  • Unisex

Breakup by Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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