Watch Market by Product, Distribution Channel, and Geography - Forecast and Analysis 2020-2024
Global Watch Market: About this market
Technavio’s watch market analysis considers sales from both quartz and mechanical watches. Our study also finds the sales of the watch in APAC, Europe, MEA, North America, and South America. In 2019, the quartz watches segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as less maintenance, high durability, and low manufacturing cost will play a significant role in the quartz watches segment to maintain its market position. Also, our global watch market report looks at factors such as rising demand for premium watches, celebrity endorsement, and the growing number of fashion-conscious consumers. However, the presence of counterfeit products, long product life cycles, and limited product awareness in developing regions may hamper the growth of the watch industry over the forecast period.
Global Watch Market: Overview
Growing number of fashion-conscious consumers
Rising urbanization and the evolving fashion-consciousness among the people, particularly, men are supporting the growth of the apparel, accessories, and luxury goods industry. In addition to women, men have also started participating actively in personal styling and dressing as they are becoming increasingly beauty- and image-conscious. Moreover, watches are increasingly being perceived as a fashion accessory instead of just a timekeeping device. Thus, the growing number of fashion-conscious consumers coupled with the rising spending power of the people from the middle-income group will lead to the expansion of the global watch market at a CAGR of almost 7% during the forecast period.
Increase in the introduction of smart connected watches
The demand for smartwatches has been increasing in recent years. Factors including the increasing adoption of smart products and accessories among people, rising participation of people in sports, growing concerns about fitness from an early age, and the surging engagement of people in fitness and sports activities are expected to drive the smart connected watches market growth. Smartwatches allow users to track their day-to-day activities while controlling their smartphones by enabling access to camera and music player, read messages and emails, and attend or decline calls. Furthermore, vendors operating in the global watch market are introducing smartwatches equipped with an activity tracker, app alerts, multiple time zones, and calendar alerts. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global watch market during the forecast period 2020-2024, click here.
With the presence of several major players, the global watch market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading watch manufacturers, that include Casio Computer Co. Ltd., Citizen Watch Co. Ltd., Compagnie Financière Richemont SA, Fossil Group Inc., LVMH Moët Hennessy - Louis Vuitton, Movado Group Inc., Ralph Lauren Corp., Rolex SA, Seiko Holdings Corp., and The Swatch Group Ltd.
Also, the watch market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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