Global Watches Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Watches Market 2021 (Includes Business Impact of COVID-19)
Global Watches Market Growth Rate, Trends, Industry Insights, Applications, and Growth Forecast to 2028 report has been recently tracked by research team of Trusted Business Insights. The global watches market has been divided on the basis of product type, operation, sales channel, and region & country.
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The global Watches market size was valued at USD $59.48 billion in 2020 and is projected to reach USD $94.51 billion by 2030, and is anticipated to expand at a CAGR of 4.74% over the forecast period from 2020 to 2030.

About Watches

A watch is a timepiece to be worn around the wrist by an individual to keep a check on time and is designed in such a way that its motion is not affected by human movements. Over the time, watches have become more than just mechanical time-machines, and are being considered as one of the important accessories. Watches are available in various designs, belt materials, shapes and sizes, and price ranges. In comparison to previous number of watch manufacturers, the presence of watch manufacturers has become stronger across the globe. Just as jewelry, luxury watches are also being considered as a symbol of royalty, richness, and classic style. There are also various types of healthcare watches available in the global market such as fitness watches or activity trackers and smart bands that can be differentiated on the basis of their additional functionalities apart from indication of time.


Watches Market: Trends, Product Developments, Drivers and Threats


Increasing focus of manufacturers on development on new and innovative watches using high-end technology is a key factor expected to continue to drive growth of the global watches market. In addition, growing base of the middle-class population, especially in countries such as India and China, and increasing disposable income of consumers, coupled with rising inclination towards high-tech wearables are some of the major factors driving growth of the global market. In addition, development and launch of innovative and technologically advanced watches that offer functionality more than just indicating time such as fitness tracking is another factor expected to support revenue growth of the global watches market. Increasing demand for fitness watches among sportspersons, and individuals engaged in any kind of workout, trekking, etc. is expected to result in higher demand for watches. Increasing awareness regarding ongoing fashion trends, especially among the young population, which can be attributed to the increasing penetration of smartphones and the Internet is a factor expected to propel the global market growth over the few years. Growing popularity of smartwatches and fitness watches as an ideal gifting option for specific occasions or festivals is one of the key trends observed in the global market currently. Moreover, demand for smartwatches with Bluetooth and other features could surpass demand for smartphones to a certain extent and drive target market growth.

However, high cost of smartwatches, fitness watches, and luxury watches is a major factor that could hamper growth of the global market to a certain extent. In addition, availability of watches at reasonable costs by smaller players could hinder market growth.


Segment Analysis By Product Type:


Among the product type segments, the smartwatches segment is expected to contribute significant revenue share in the global market. This can be attributed to various advanced features offered by smartwatches including GPS tracking, Bluetooth, and others.

By Operation:

Among the operation segments, the quartz segment is projected to register significant growth rate over the 10-years forecast period, owing to minimal cost of maintenance and higher accuracy features offered by quartz.

By Sales Channel:

Among the sales channel, the online segment is anticipated to register substantial CAGR, attributed to easy availability of multi-branded products at a discounted price and other value-added services offered by retailers such as free home delivery which enables hassle-free shopping experience.

Region Analysis

The North America market is projected to register significant growth rate, owing to higher and early adoption of technologically advanced products, especially among younger generation, coupled with high spending capacity. In addition, strong existence of various leading manufacturers of watches and smartwatches such as Apple, Fossil, etc. is another major factor expected to support revenue growth of the watches market in the region. The Asia Pacific market is expected to register considerable growth rate in the global watches market, attributed to increasing urbanization, improving standards of living, coupled with increasing inclination towards luxurious products are some additional factors propelling growth of the market in APAC. Furthermore, increasing preference for healthy lifestyle is resulting in higher demand for stylish fitness watches that offer various health-related functionalities such as sleep tracking, heart rate monitoring, etc., and is a factor anticipated to fuel growth of the APAC market.

Global Watches Market Segmentation:

Segmentation by Product Type:

  
Smart Watches
  
Luxury Watches
  
Fitness Watches

Segmentation by Operation:

  
Mechanical
  
Quartz

Segmentation by Sales Channel:

  
Hypermarket/ Supermarket
  
Convenience Stores
  
Online


Key Market Players included in the report:


  
Apple Inc.
  
Casio Computer Co., Ltd.
  
Citizen Watch Co., Ltd.
  
Fitbit, Inc.
  
Fossil Group, Inc.
  
Oakley, Inc. (Luxottica Group SpA)
  
Omega SA
  
Rolex SA
  
Seiko Holdings Corporation
  
TAG Heuer S.A.
  
Titan Company Limited


Below are the key development related to Watches Market in 2020 and 2021.


February 2021: HODINKEE Acquires Leading Pre-Owned Luxury Watch Specialists Crown & Caliber. HODINKEE, the preeminent destination for all things watches, is pleased to announce its acquisition of the leading online pre-owned luxury watch specialists Crown & Caliber. The deal further solidifies HODINKEE’s mission of making the world of watches better by investing in and developing products that cater to enthusiasts. Source

February 2020: Titan Acquires Hyderabad Wearables Startup HUG Innovations. Titan Acquires Hyderabad Wearables Startup HUG Innovations. HUG manufactures smart watches embedded with safety features in collaboration with Foxconn and fitness bands. Source