According to a report, “Watches Market Size, Share & Trends Analysis Report By Product (Smart, Fitness), By Distribution Channel (Hypermarket/Supermarket, Online), By Operation, And Segment Forecasts, 2019 - 2025”, published by Grand View Research, Inc. The global watches market size is expected to reach USD 117.8 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 13.0% over the forecast period. Rising importance of smart watches as a key wearable device that provides exceptional functionality to paired up with Bluetooth and near field characteristics (NFC) is expected to prompt the product’s consumption among the buyers. Furthermore, growing popularity of weight management among sports enthusiasts and gym professionals as a result of increasing concerns over heart diseases and obesity is expected to fuel the demand for smart watches for body activity monitoring.
Among all the regional markets for watches, some of them are galloping ahead with massive growth rate. Asia Pacific is one of them. It is expected to expand at a CAGR of 13.9% from 2019 to 2025, on account of increasing disposable income and urbanization in the countries including China, India, and Malaysia. Also, mushrooming of supermarkets in these regions due to favorable government policies is leading to an increase in investments in manufacturing and retail sectors at domestic level. These factors ensure the products’ access in the near future and helps in boosting market growth rate for the upcoming years.
Watches market and the industry has observed some of the new trends in the market as it grows rapidly. New features like GPS, distance tracker, health tracker, speakers, and bluetooth connectivity are playing a major role in making watches more attractive and beneficial to the users. There has been a growing demand for smartwatches and this shifting trend is being capitalized on by the key players by boosting the technical innovations in the product. Riding on all these factors, watches market is expected to continue growing in the years to come.
Further key findings from the study suggest:
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New product launches create a buzz in the market and are crucial in boosting the market growth. For example, in September 2020, Apple launched Apple Watch SE, an affordable model of the world's most selling smartwatch that has the potential to sell even more.
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Innovation is the key is staying ahead of the competition curve in the market and key players indulge in it frequently. For instance, in September 2020, Titan Company launched its first contactless payment watches.
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On the basis of region, North America accounted for more than 30.0% share of the overall revenue in the year 2018
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On the basis of product type, the fitness product segment generated a revenue of more than USD 10.0 billion in 2018
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By operation, quartz accounted for 70.8% share of the overall revenue in 2018
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On the basis of distribution channel, Online channel is expected to expand at a CAGR of 14.0% from 2019 to 2025
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Key manufacturers in watches market include Rolex SA, Oakley, Inc.; Omega SA; Apple Inc.; Patek Philippe SA; and Titan Company Limited. Product launches are expected to remain a critical success factor over the next few years
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In March 2018, Citizen launched two new products from CAMPANOLA with product name NZ0000-15F and AH7060-53F featuring traditional Japanese “Urushi” lacquerware dial created by master artisans.
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Grand View Research has segmented the global watches market on the basis of product, operation, distribution channel, and region:
Watches Product Outlook (Revenue, USD Billion, 2015 - 2025)
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Smart
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Fitness
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Luxury
Watches Operation Outlook (Revenue, USD Billion, 2015 - 2025)
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Quartz
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Mechanical
Watches Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
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Hypermarket/Supermarket
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Convenience Stores
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Online
Watches Regional Outlook (Revenue, USD Billion, 2015 - 2025)
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North America
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U.S.
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Europe
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U.K.
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Germany
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Asia Pacific
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China
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India
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Central & South America
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Brazil
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Middle East & Africa
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South Africa
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Luxury Watch Market – https://www.grandviewresearch.com/industry-analysis/luxury-watch-market
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