Watch Market Share Will Hit US$ 98.6 billion By 2028 | Growth With Recent Trends & Demand

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 timepiece embodies a portable timekeeping instrument, comprised of components such as a case, dial, crown, strap, crystal, lugs, and hands. It can be carried in a pocket or worn on the wrist. These horological devices are crafted from valuable materials like silver, gold, and platinum, often adorned with precious gemstones like rubies and diamonds. Watches are manufactured in various styles, encompassing quartz, mechanical, solar, kinetic, chronometer, spring drive, analog, and digital types. They not only refine an individual's style but also exude sophistication, contributing to their distinctive personality. Watches are widely accessible through both online and offline platforms and are worn across nations by individuals of all age groups.

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

The expanding fast fashion sector and the increasing demand for premium accessories as status symbols are primarily driving the watch market. Additionally, the escalating popularity of smart connected devices and elevating levels of smartphone usage among consumers are also bolstering the market growth. Besides this, the introduction of luxury pilot watches, designed to assist aviation professionals with in-flight calculations, such as wind correction angle and fuel consumption, is also fueling the global market. Furthermore, the customization of watches and the growth of the e-commerce sector are acting as significant growth-inducing factors. Moreover, the advent of smart watches to provide health insights and track nutritional intake and the escalating prevalence of chronic and lifestyle diseases are expected to augment the watch market in the coming years.

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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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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