How Big is The Watch Market?
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 study provides a detailed analysis of the industry, including the global watch market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
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 wristwatch is a timekeeping device that is generally worn on the wrist or carried in a pocket. It employs mechanical, automatic, quartz, or digital mechanisms for precise timekeeping. It comprises a dial, hands, and a series of numbers or markers that display the passage of time. It can be powered by traditional wind-up mechanisms, batteries, solar power, or even kinetic energy from the movements of the wearer. It has a case and band that are made from stainless steel, titanium, leather, and synthetic materials. It features scratch-resistant sapphire crystals and durable materials for long-lasting use. Moreover, it offers extra functionalities, such as date display, alarms, stopwatches, global positioning system (GPS), and health tracking.
Request for a Free Sample Copy of This Report: https://www.imarcgroup.com/watch-market/requestsample
What are the growth prospects and trends in the Watch Industry?
At present, watches are evolving from mere timekeeping devices to fashionable accessories. People are seeking watches that not only tell time but also enhance their personal style. As fashion trends are changing, the desire for new watch designs and styles is propelling the growth of the market. Besides this, high-end luxury watches are often seen as status symbols, reflecting one’s success and prestige. This perception is fueling the demand for luxury timepieces among affluent consumers, especially in emerging markets. In addition, the integration of advanced technology, such as smartwatches with health monitoring and connectivity features, is strengthening the growth of the market. Tech-savvy customers are drawn to these innovative functionalities, which, in turn, is catalyzing the demand for advanced watches. Apart from this, the rising number of e-commerce platforms is making watches more accessible to a global audience. Online platforms are providing a wide range of choices and convenient purchasing options, which is impelling the market growth. Moreover, the increasing awareness about environmental and ethical concerns is leading to a demand for watches made with sustainable materials and responsible sourcing practices. Furthermore, customization options that allow individuals to create unique watches are bolstering the growth of the market.
Who are the key players operating in the industry?
- Apple Inc.
- CASIO COMPUTER CO., LTD.
- 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.
Browse Other Latest Research Report 2023-2028:
About Us:
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.
Contact Us:
IMARC Services Private Limited.
134 N 4th St.
Brooklyn, NY 11249, USA
Email: [email protected]
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
