Watch Market Size, Share 2023-2028: Growth, Industry Analysis, Trends and Forecast Report

According to the latest report by IMARC Group, "Global Watch Market 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.

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A watch is a portable timepiece device comprising of the dial, strap, lugs, crystal, crown, hands, case, and signature, which is worn around the wrist or carried in the pocket. Some commonly known materials used for producing watches are stainless steel, gold, titanium, silver, ceramic, carbon fiber, tungsten, glass, leather, quartz, and elastomers which can be ornamented with jewels like diamonds, sapphire, and rubies. They are convenient and reliable, provide built-in functions and versatile style accessories, and minimize phone use for checking time. As a result, watches are gaining immense popularity among individuals and are easily available in online and offline retail stores across the globe.

Market Trends:

The market is primarily driven by the growing popularity of premium watches as a status symbol. In addition, the escalating demand for handcrafted luxury watches with the addition of precious elements such as ruby, diamond, and sapphire is contributing to the market growth. Moreover, the widespread adoption of smart and connected devices, the increasing penetration of the internet and growing reliance on smartphones, are accelerating the demand for smartwatches as it offers insightful information about overall health and tracks the nutritional intake of individuals representing another major growth-inducing factor.

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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Watch Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the global watch market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

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

Key Market Segmentation:

The report has segmented the global watch market based on type, price range, distribution channel, end user and region.

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

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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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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.

This release was published on openPR.