Watch Market

Watch Market Outlook (2023 to 2033)

The global watch market is predicted to expand at a CAGR of 5.5% and touch a valuation of US$ 113 billion by the end of 2033, up from US$ 66 billion in 2023.

A wristwatch has evolved beyond the attached belt with the time dial. It has become a part of a person's personality and fashion culture. Watches were first employed by the military to synchronize activities on the battlefield in the nineteenth century. Since then, technological innovations have taken over, altering the appearance of timepieces.

Consumer spending on health monitoring devices has increased as health awareness among consumers worldwide has risen. As a result of the incorporation of numerous health monitoring capabilities in such watches, sales of smartwatches have surged. Smartwatches include a variety of monitoring functions that allow users to control notifications, music, heartbeat rates, walk tracks, and other functions.

• For example, in 2021, Samsung released a new smartwatch that boasted of monitoring a person's whole body composition, such as BMR, BMI, body fat percentage, bone density, and much more.

Adoption of a healthy lifestyle and a desire to stay active have raised consumer participation in numerous sports activities. Due to their extensive monitoring features, smart sports fitness trackers are becoming increasingly popular among runners, cyclists, swimmers, and fitness-conscious customers. Furthermore, rising government programs in various countries aimed at increasing sports participation have played a significant influence in growing the industry in recent years.

• For example, the Sports Authority of India (SAI) developed the Khelo India Girls League with technical and organizational help from the AIFF (All India Football Federation).

As a result of the growing rate of female involvement in sports, market players have also created sports watches specifically intended for women to encourage them to participate in sports and lead active and healthy lifestyles.

Heart rate monitor watches witnessed significant demand amid the COVID-19 pandemic. During the pandemic, several market players improved and introduced products to identify early COVID-19 symptoms in individuals.

• For example, Apple Inc. released the Apple Watch Series 7 in September 2021, which includes heart rate and blood oxygen sensors to identify early indicators of respiratory illnesses such as influenza and COVID-19.

These factors raised the demand for smartwatches, propelling the global market forward. Moreover, popular businesses, including Fitbit, Apple Inc, and Fossil Group Inc, are launching innovative products year after year to stay competitive in this lucrative market.

Report Attributes	Details
Watch Market Size in 2023	US$ 66 billion
Projected Market Value (2033)	US$ 113 billion
Global Market Growth Rate (2023 to 2033)	5.5% CAGR
Asia Pacific Market Share (2033)	>50%
Leading Distribution Channel	Offline Retail Stores
Key Companies Profiled	Seiko Holdings Corporation Compagnie Financière Richemont SA The Swatch Group Rolex Casio Fossil Group Inc Citizen Watch Co. Ltd Movado Group Inc Ralph Lauren Corp

Why is Demand for Watches Growing at a Brisk Pace?

“Increasing Disposable Income across the World”

Growing disposable income in both developed and emerging countries is driving the sales of smart and luxury watches. Luxury is no longer exclusive to affluent countries but is increasingly gaining popularity, especially in emerging countries in Asia Pacific. Watches are deemed fashion accessories in India; therefore, buyers are turning away from traditional timepieces and toward premium brands with new designs. The rising disposable income of Indian consumers is propelling the market for luxury watches and mid-priced watches throughout the country.

• As per World Bank estimates, India's GDP per capita in 2021 was up 17.61% from 2020.

The increasing female workforce is also raising the demand for mid-range and premium watches. Women have been seen to be more interested in upgrading their timepieces than males, which is prompting companies to increase their product range for the women's market.

“Celebrity Endorsements Driving Sales of Watches”

Companies selling watches use ads and product promotion by influential public personalities to promote their unique brands and drive sales.

• For example, in July 2022, TAGG, an Indian native watch manufacturer, showed Rohit Sharma, the Captain of the Indian cricket team, wearing a TAGG smartwatch in their commercial print campaign.
• Likewise, the well-known Indian brand "Boat" features cricketers such as K L Rahul and others to market their wearables, which include smartwatches.

“Start-ups Focusing on Technologically Advanced Smartwatches”

Many start-ups are focusing on introducing technologically advanced smartwatches to compete with established players and gain market share.

• For example, Skeeter, a Swiss start-up, makes a smartwatch for voice dictation that records and converts everything for physicians. The AI-based smartwatch records 8 hours each day, includes a web app, integrates with EHR, and all data is protected end to end. Hospitals waste a large portion of their resources due to bureaucracy; however, using Skeeter, time spent on management and administrative tasks can be decreased, and doctors' schedules can be improved by spending more time with patients. Cutting-edge technologies, such as smart wearables, enable healthcare providers to put patients at the center of services, allowing practitioners to focus on their primary responsibilities.

Country-wise Insights

Which Countries are Supporting Asia Pacific's Dominance in the Global Market?

“China, South Korea, India, and Japan – Key Pillars of Regional Market”

As per Fact.MR, a market research and competitive intelligence provider, Asia Pacific is expected to hold 52% of the worldwide market for watches during the forecast period. The demand for watches is rapidly growing in the region owing to a huge millennial population base that is fashion savvy and has the spending power to make purchases.

Mid-priced watches are exhibiting strong demand growth in the region due to increased expectations among consumers who previously purchased simple timepieces and are now eager to upgrade to mid-range watches. Also, customers in emerging markets who are young and entering the workforce are turning out to be a new client base for mid-priced and luxury watches since they want to buy stylish watches with a solid brand reputation.

China, South Korea, India, and Japan are significantly supporting the regional market growth as a result of robust economic conditions, a rising female workforce, constantly changing fashion trends, and shifting customer tastes and preferences in these countries. Furthermore, rising disposable income in China, India, South Korea, and Japan is raising the sales of mid-priced and luxury watches.

Which is the Most Popular Type of Watch in the United States?

“Smartwatches Gaining Immense Popularity in the Country”

North America is making a substantial contribution to the worldwide market. The demand for smartwatches is increasing exponentially in the United States. Apple, Inc.'s smartwatch series' popularity has played a big role in increasing demand for smartwatches in the United States.

Early availability of newly announced items, as well as strong acceptance of technology, have been key market driving factors. Furthermore, the proliferation of connected gadgets and the incorporation of IoT in smartwatches, which increases user convenience, is contributing to rising sales in the country.

What is Germany's and United Kingdom's Role in the European Market?

“Germany and United Kingdom to Play Major Roles in Regional Market Growth”

Europe is witnessing considerable growth in the worldwide market due to the presence of global giants such as Audemars Piguet, Rolex, A. Lange & Söhne, and others. The United Kingdom and Germany are playing major roles in the regional market due to growing sales of mid-priced and luxury watches.

Category-wise Insights

Why Do Most Customers Prefer Buying from Offline Retail Stores?

“Ability to Physical Check Products and Compare”

Offline retail stores are projected to lead the global market during the forecast period. Retail outlets, such as hypermarkets and specialized shops, have traditionally been the favored model of purchase since they allow customers to physically view and inspect the watch before purchasing. Retail establishments reward customer loyalty and frequently give discounts, making them excellent for customers.

Online retail stores are expected to experience significant growth over the next ten years. The flourishing global e-Commerce business has expanded the reach of many companies into new markets. Online businesses frequently have more brands and models than brick-and-mortar establishments. The convenience of online shopping and services such as same-day delivery is projected to be important drivers of the online market.

Competitive Landscape

Key players in the watch market are pursuing tactics such as collaborations, investments, and technological innovations to grow and fortify their overseas footprint.

• Casio released a G-shock watch with complete metal, solar tough, alarm, Bluetooth, and a slew of other functions in July 2022. The watch is similar to the Royal Oak watch.

• The Swatch Group Ltd revealed a collaboration between two of its brands, Omega and Swatch, to introduce its new product, Bioceramic MoonSwatch, in March 2022. All designs in the collection are made of Swatch's unique Bioceramic, a material composed of one-third castor oil and two-thirds ceramic.
• Presage, a Seiko Holdings Corporation brand, introduced a new feminine collection in the form of three automatic watches with enamel dials in December 2021. The first in a collection is a limited edition with a dial designed to look like a crescent moon on a winter night. All three dials were designed by Mitsuru Yokosawa and his team of talented craftsmen. Yokosawa has been designing enamel dials for Seiko for a decade, and his work can already be seen on a variety of Presage watches.

Key Segments of Watch Industry Research

• By Type :

  • Analog Watches
  • Smartwatches
  • Chronograph Watches
  • Digital Watches

• By Category :

  • Quartz Watches
  • Mechanical Watches
  • Electronic Watches

• By Price Range :

  • Low Range
  • Mid-Range
  • Luxury

• By Distribution Channel :

  • Offline Retail Stores
  • Online Retail Stores

• By Region :

  • North America
  • Latin America
  • Europe
  • Asia Pacific & China
  • Middle East & Africa