Authored By: Sarah
11 Jul 2024

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

According to a research report “ Wristwatch Market” by Distribution Channel (Offline, Online) Type (Quartz, Digital, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, 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 significant growth due to the increasing demand for high-end timepieces. In response, vendors in the apparel, accessories, and luxury goods sector are intensifying their research and development efforts and introducing innovative products to remain competitive. Premiumization is a key trend in the market, driven by advancements in technology, performance, features, and design. Consumers are increasingly seeking watches with luxurious finishes, leading vendors to utilize various raw materials such as magnesium, PEEK, ceramic, CMC, ferrite, and carbon fiber to create superior, premium watches. These innovations are expanding product lines and catering to evolving consumer preferences.

Browse market data tables, figures, and in-depth TOC on “Wristwatch Market” by Distribution Channel (Offline, Online) Type (Quartz, Digital, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Distribution Channel, the Offline segment is projected to dominate the market size in 2024

The quartz segment of the wristwatch market is projected to experience continuous expansion throughout the forecast period. The significant market penetration and high consumer preference for quartz timepieces can be attributed to their cost-effective pricing compared to mechanical watches. Quartz watches are available in both digital and analog formats, catering to diverse consumer preferences. Notable vendors such as Casio, Citizen, and Fossil dominate the quartz market. The majority of the market share is held by analog quartz watches, which are offered in a multitude of styles, price points, and designs. The growing fashion trends and increasing disposable income of consumers worldwide will fuel the market's expansion during the forecast period.

By Type, Quartz  segment is expected to hold the largest market size for the year 2024

The wristwatch market represents a significant business sector, characterized by continuous growth and innovation. Key players in this industry prioritize product development, focusing on advanced features such as smartwatch technology, fitness tracking, and sleek designs. Consumer preferences lean towards functional and aesthetically pleasing timepieces, driving competition among manufacturers. The market size is projected to expand, offering lucrative opportunities for businesses and investors.

North America is forecasted to hold the largest market size by region in 2024

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.

The Wristwatch Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Apple Inc.
  • CASIO Computer Co. Ltd.
  • Le petit fils de L.U. Chopard and Cie SA
  • Citizen Watch Co. Ltd.
  • Compagnie Financiere Richemont SA
  • DIFFUSIONE ITALIANA PREZIOSI S.P.A
  • Fossil Group Inc.
  • LVMH Moet Hennessy Louis Vuitton SE
  • Magnus Brand
  • Patek Philippe SA
  • Rolex SA
  • Samsung Electronics Co. Ltd.
  • Seiko Holdings Corp.
  • SUED Watches
  • Talley and Twine Watches LLC
  • The Swatch Group Ltd.
  • Titan Co. Ltd.
  • Breitling SA
  • Jaeger LeCoultre
  • ASOROCK Watches LLC
.

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Research Analysis Overview

The watch market has experienced significant growth in recent years, driven by various factors including the rise of smartphones, the internet, and changing consumer preferences. With the increasing use of smartphones for timekeeping, traditional wristwatches have had to adapt to remain relevant. The watch market can be segmented into several price ranges, including luxury, mid-range, and low-range watches. The luxury segment continues to be dominated by Swiss and other high-end manufacturers, offering mechanical watches with intricate designs and precision craftsmanship. However, the mid-range and low-range segments have seen significant growth, driven by the popularity of smartwatches and fitness trackers. The smartwatch subsegment, in particular, has gained traction due to features like artificial intelligence, automation, and smartphone connectivity. Digital watches with features like heart rate monitors and fitness trackers have also gained popularity among the younger generation. Online stores and specialty stores have emerged as major players in the watch market, offering a wide range of options for consumers. Brands like Apple and Seiko have been at the forefront of this trend, with their offerings in both traditional and smartwatch segments. The use of technology, such as 3D printing, has also led to innovation in watch design and production. Overall, the watch market continues to evolve, offering consumers a wide range of options to suit their needs and preferences.

Market Research Overview

The watch market is a diverse and dynamic industry, encompassing various segments including the Smartwatches segment, Chronograph watches, Analog watches, and Specialized watches. The Smartwatches segment is currently leading the market trend with advanced features such as water temperature sensors, depth gauges, and diving computers. The Apple Watch Ultra, for instance, is a popular choice for professional scuba divers, with Oceanic+ software integration. In contrast, Chronograph watches and Analog watches cater to those seeking a classic, status statement timepiece. Handcrafted luxury watches made of unique materials continue to be a desirable expense in the luxury watch market. The Watch market revenue is driven by the increasing demand for smartwatches, fueled by smartphone connectivity, artificial intelligence, automation, and 3D printing. The mid-range and low-range segments also contribute significantly, with digital watches and fitness trackers gaining popularity among the younger generation. Online merchants offer discounted secondhand watches, while specialty stores and retail stores cater to specific watch themes, strap designs, and dial colors. Swiss manufacturers and luxury watch manufacturers dominate the luxury segment, with mechanical watches like Seiko and Quartz watches remaining popular choices. The watch market is continually evolving, with trends influenced by the developed world's fashion accessories and the internet's accessibility. Overall, the watch market is a fascinating blend of technology, artistry, and personal expression.

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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