Authored By: Sarah
20 Aug 2024

Wristwatch Market Size to grow by USD 22880.9 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Wristwatch Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

  • Market Research Overview: According to Technavio, the global wristwatch market is a segment of the broader textiles, apparel, and luxury goods market. This market encompasses businesses involved in the manufacturing and marketing of textiles, apparel, accessories, and luxury goods, including wristwatch manufacturers and rental service providers. Excluding footwear manufacturers, the market's size is determined by the consolidated revenues generated by these entities. Key growth drivers for the textiles, apparel, and luxury goods market include the expanding population of working women, leading to increased disposable income and consumer spending on these items. - The Wristwatch Market is experiencing significant growth, fueled by the Rising demand for premium watches. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

  • Major Findings:
    • Rising demand for premium watches
    • Recent developments in the wrist watch industry
    • Increased availability of wrist watch counterfeit products
    • Decline in profit margins of vendors and retailers
  • Growth Projections

The market size is estimated to grow by USD 22880.9 million, at a CAGR of 5.94% during the forecast period. The global wristwatch market is experiencing a significant surge due to the increasing fashion consciousness among the youth demographic. This group, known for their keen sense of style and image, considers fashion an essential expression of their identity. A key driving factor behind this trend is the emergence of smartwatches. These innovative timepieces offer advanced features such as fitness and health tracking, phone connectivity, and the ability to receive calls, messages, and notifications, making them a must-have accessory for the fashion-forward youth.

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  • Regional Insights

The North American wristwatch market is projected to experience consistent expansion throughout the forecast period, with the United States serving as the primary market driver. Factors fueling this growth include the introduction of designer timepieces, the increasing popularity of online marketplaces for purchasing fashion accessories, and the rising preference for customized watches. Despite the US economy approaching saturation, the region's wristwatch market is witnessing a surge in demand, driven by the aforementioned trends. These factors are expected to bolster the growth of the North American wristwatch market during the forecast period.

About Technavio                                                                        

Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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