Watch Market 2023-2028: Size, Trends, Top Brands Share, Forecast Report 2023-2028

How Big is The Watch 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 watch refers to a portable timepiece that usually consists of a dial, strap, crystal, crown, case, lugs, and hands and is worn around the wrist or carried in a pocket. It can also be manufactured by using precious metals, such as silver, gold, platinum, etc., and ornamented with jewels, including rubies and diamonds. A watch is also utilized to make phone calls and receive and send text messages. It is commonly available via online retail channels across the globe. Presently, exclusive watches are gaining extensive traction, as they add an elegant and sophisticated look to the style and personality of an individual.

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What are the growth prospects and trends in the Watch Industry?

The widespread adoption of premium accessories as a status symbol and the emerging fast fashion trend are primarily driving the watch market. Additionally, the increasing penetration of the internet and the growing adoption of smartphones are propelling the demand for connected devices, which is further bolstering the market growth. Besides this, the inflating popularity of smartwatches that provide insightful information regarding overall health and track the nutritional intake of individuals is acting as another significant growth-inducing factor. Moreover, the rising usage of luxury pilot watches by aviation professionals and airline pilots to help them with mid-flight aeronautical calculations, such as fuel consumption and wind correction angle, is positively influencing the global market. Apart from this, the introduction of touch-sensitive tactile product variants that visually impaired individuals can use to sense time accurately is anticipated to fuel the watch market over the forecasted period.

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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.

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This release was published on openPR.