India Watch Market Valuation to Reach USD 10.2 Billion by 2033 - Expanding at a CAGR of 5.1%

According to the latest report by IMARC Group, titled "India Watch Market Report by Type (Quartz, Mechanical), Price Range (Low-Range, Mid-Range, Luxury), Distribution Channel (Online Retail Stores, Offline Retail Stores), End User (Men, Women, Unisex), and Region 2024-2032," the report presents a thorough review featuring the India Watch Market growth, share, trends, and research of the industry.

Market Size & Future Growth Potential:

The India watch market size reached USD 6.4 Billion in 2024 and expects the market to reach USD 10.2 Billion by 2033, exhibiting a growth rate (CAGR) of 5.1% during 2025-2033.

India Watch Market Trends:

The Indian watch market is experiencing a significant transformation driven by several dynamic factors. The surge in e-commerce penetration has revolutionized how consumers discover and purchase timepieces, with platforms accounting for 63.4% of wearable shipments. Major platforms like Amazon, Flipkart, and Myntra have expanded access to both domestic and international brands across the country. In January 2025, Amazon rolled out its innovative "Watch and Shop" feature, enabling customers to purchase products directly from interactive video content, further enhancing the online shopping experience.

Smartwatches have emerged as the fastest-growing segment, reshaping consumer preferences in the watch industry. The rise of health consciousness and fitness tracking has fueled demand for wearables that offer advanced features like heart rate monitoring, SpO2 tracking, ECG, and sleep analysis. Domestic players like Noise and boAt have captured substantial market share by offering feature-rich smartwatches at competitive price points. Government support through production-linked incentive schemes has significantly boosted local manufacturing, with domestic assembly of smartwatches surging from 4% of shipments in Q3 2022 to 82% in Q3 2023. This manufacturing push has made smartwatches more affordable, with nine out of every ten smartwatches shipped in Q1 2025 retailing below INR 5,000.

The luxury watch segment is witnessing remarkable momentum as India's affluent population expands. According to UBS estimates, the affluent population in India is projected to double by 2028 to 88 million individuals, significantly boosting demand for premium timepieces. The EFTA trade agreement, which came into force on October 1, 2025, is set to eliminate the 22% customs duty on Swiss watches over seven years, making luxury watches more accessible to Indian consumers. Swiss watch exports to India grew by 25.2% to reach CHF 274 million in 2024, with growth continuing at 10.5% in Q1 2025.

Traditional analog watches continue to maintain strong appeal, particularly in formal and professional settings. Brands are innovating with hybrid smartwatches that combine classic aesthetics with modern features like fitness tracking and smartphone notifications, appealing to both traditionalists and tech enthusiasts. Additionally, sustainability in watchmaking is gaining traction, with brands introducing eco-friendly materials such as recycled metals, vegan leather straps, and solar-powered mechanisms.

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India Watch Market Scope and Growth Factors:

The market scope is expanding rapidly as watches transition from being purely functional devices to essential fashion accessories and status symbols. Rising disposable incomes play a crucial role in market growth. McKinsey projections indicate that average household disposable income in India is expected to reach INR 318,896 (approximately USD 7,740) in 2025, representing a compound annual increase from INR 113,744 in 2005. This financial empowerment is driving consumers to invest in branded and luxury watches as markers of personal success and style.

The proliferation of organized retail and expansion into Tier-II and Tier-III cities is unlocking new growth opportunities. Brands are establishing a stronger physical presence in smaller cities, recognizing consumers' desire for tactile try-on experiences before purchasing. This omnichannel approach, combining digital convenience with physical trust-building, has led to over half of senior retail appointments in 2024 focusing on omnichannel strategies.

Technological advancements continue to shape the market. In February 2025, Lava's smartwatch brand Prowatch launched the Prowatch X at INR 4,499, featuring comprehensive health monitoring and navigation in the affordable segment. In July 2025, Samsung unveiled its Galaxy Watch 8 with enhanced Galaxy AI capabilities, while Apple debuted the Apple Watch Series 10 in September 2024 with sleep apnea notifications and advanced health insights. Indian brand Noise introduced its ColorFit Pro 6 Series in January 2025, featuring AI-powered personalization and adaptive watch faces.

Government initiatives supporting domestic electronics manufacturing through Production-Linked Incentive schemes and the Electronics Component Manufacturing Scheme have created a conducive environment for growth. The government approved a INR 22,919 crore PLI scheme for electronic components in April 2025, aimed at strengthening the supply chain for displays, batteries, and circuit boards. The Phased Manufacturing Programme introduced in the Union Budget 2022-23 specifically targets wrist wearables and hearable devices, providing graded customs duty structures to facilitate domestic manufacturing.

The gifting culture in India represents another significant growth driver, with watches being a preferred choice for occasions like weddings, graduations, festivals, and corporate gifting. The increasing participation of working women in the workforce has expanded the women's watch segment, with projections showing the fastest growth rate of 9.31% for this demographic. Brands are responding with dedicated collections featuring elegant designs, delicate detailing, and versatile styles that transition from professional to casual settings.

India Watch Industry Report Highlights & Segmentation Analysis:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest India watch industry share. It includes forecasts for the period 2025-2033 and historical data from 2019-2024 for the following segments.

Segmentation by Type:

• Quartz
• Mechanical

Segmentation by Price Range:

• Low-Range
• Mid-Range
• Luxury

Segmentation by Distribution Channel:

• Online Retail Stores
• Offline Retail Stores

Segmentation by End User:

• Men
• Women
• Unisex

Segmentation by Region:

• South India
• North India
• Central and West India
• East India

Competitor Landscape:

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

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Recent News and Developments:

• October 2025: India-EFTA trade agreement came into force, committing USD 100 billion investment over 15 years and eliminating customs duties on Swiss watches over seven years, expected to create one million direct jobs in India.
• August 2024: Breitling, the Swiss luxury watchmaker, opened a boutique at Phoenix Mall of Asia, Bengaluru, expanding its retail presence in India's growing luxury market.
• July 2025: Samsung launched the Galaxy Watch 8 in India with Galaxy AI enhancements, available in 44mm and 40mm variants with Super AMOLED displays, targeting tech-savvy consumers.
• April 2025: Government approved a INR 22,919 crore Production-Linked Incentive scheme for electronic components manufacturing, expected to attract investment inflows of over INR 59,000 crore and generate 91,600 direct jobs.
• March 2025: Garmin launched the Enduro 3 series GPS smartwatches in India, priced from INR 1,05,990, featuring solar charging and 110 hours of battery life in GPS mode.
• February 2025: Apple Watch sales surged by 141% in India during 2024 as consumers shifted towards premium smartwatches for advanced health insights and smartphone integration.
• February 2025: Lava's Prowatch brand announced the Prowatch X smartwatch at INR 4,499, featuring comprehensive health monitoring and navigation capabilities in the affordable segment.
• January 2025: Noise introduced its ColorFit Pro 6 Series smartwatches with AI-powered personalization, adaptive watch faces, and an AI Companion providing personalized health insights.
• January 2025: Amazon India rolled out "Watch and Shop," an innovative interactive feature enabling customers to shop while watching video content, revolutionizing product discovery across multiple categories.
• 2025: Titan unveiled the Nebula Jalsa Tourbillon limited to 10 pieces, following their landmark 2024 achievement of presenting India's first indigenous tourbillon movement in the "40 Years of Joy" edition, marking India's entry into fine watchmaking.
• 2024: Titan sells 15 million watches annually across seven brands, more than the entire Swiss watch industry combined, operating five manufacturing sites producing cases, movements, and complete watches.

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Key highlights of the Report:

• Historical Market Performance
• Future Market Projections
• Impact of COVID-19 on Market Dynamics
• Industry Competitive Analysis (Porter's Five Forces)
• Market Dynamics and Growth Drivers
• SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
• Market Ecosystem and Value Creation Framework
• Competitive Positioning and Benchmarking Strategies

Major Advantages of the Report:

• This report provides market leaders and new entrants with accurate revenue estimates for the overall market and its key subsegments.
• Stakeholders can leverage this report to gain a deeper understanding of the competitive landscape, enabling them to strategically position their businesses and develop effective go-to-market strategies.
• The report provides stakeholders with valuable insights into the market dynamics, offering a comprehensive analysis of key drivers, restraints, challenges, and opportunities.

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