Global Watch Market Size, Trends, Outlook to 2027- Ken Research

 What Is The Market Size Of Global Watch Industry?

Global Watch Market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027.

The preference for luxury watches among consumers across the globe has witnessed an up growth owing to the influence of the Swiss watch industry.

Although the luxury market for watches is quite mature or settled, the predicted growth of any brand across the global market can witness a sudden change at any given moment as a result of a shift in consumer purchase behavior and patterns.

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Backed by the strength of its luxury watch business, Switzerland continues to reign as a world leader in the production of watches. Countries in Asia, especially Japan and Singapore, have established themselves as key markets for Swiss watches due to the high consumer spending levels in these regions.

The players operating in the market have been focusing on expanding their presence to developing economies to tap the potential of the market. For instance, Garmin Company has expanded its presence in India by launching its premium luxury watch collection called the Marq.

Global Watch Market Segmentation By Product Type

The Global Watch Market is segmented by product type into contractual and non-contractual. By product type, the Quartz/Mechanical segment held the maximum share in the market studied in 2021. However, the Digital segment was the fastest-growing segment over the forecast period.

Global Watch Market Segmentation By End User

Based on end user, the Unisex segment held a major share, and this segment is also the fastest-growing, registering a robust CAGR during the forecast period.

Consumers are more likely to be more observant and selective while investing in consumer goods like watches, as the products placed in the shelves can be tested and tried in terms of sample.

Global Watch Market Segmentation By Region

The Global Watch Market is segmented by region into North America, Europe, South America, Asia- Pacific and Global & Africa. The UAE has the largest share in all the region owning to hectic lifestyle, urbanization, taste and preferences.

Competition Scenario In Global Watch Market

The major players in the market are indulging strategies, like product innovations, partnerships, and merger & acquisitions, to establish a strong consumer base and gain an esteemed position in the market.

Among all, product innovation is the most adopted strategy by the key players operating in the global watch market, accounting for a major share of the key strategies adopted by the key players. Product innovation is a key factor for any company that has plans to increase its market share in the future.

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What is the Expected Future Outlook for the Global Watch Market Across the world?

The Global Watch Market was valued at USD ~billion in 2022 and is anticipated to reach USD

~billion by the end of 2027, witnessing a CAGR of ~% during the forecast period 2022-2027. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

Global Watch Market is expected to show increasing and is expected to grow at a CAGR of ~% from 2022 to 2028.

1. High net worth individuals have a preference to use luxury products and with changing technological era traditional watches do not fit in their everyday activities. Along with the functionality of time in a timepiece they want it to do more every now and they don’t.
2. Prefer to use smartphones. As per an online survey conducted in 2020, more than one-third of the luxury watch users in major markets prefer to use smartwatches, and obviously, those using both smart and traditional luxury watches are higher.
3. For instance, in January 2022, Louis Vuitton increased its smartwatch portfolio with the introduction of the Tambour Horizon Light Up. The Louis Vuitton Tambour Horizon Light Up is devoid of Google's Wear OS, instead of running on a custom-designed operating system. The Tambour Horizon Light Up also has the distinctive Louis Vuitton Monogram ring around the edge of its display, which has 24 LED lights to alert users to notifications. The operating system also includes four modes to meet different needs and usage. These are namely Blossom, Explorer, Submarine, and Saver.
4. Smart watches are a growing threat to those players catering to the low and mid-priced luxury watch in the market. However, those catering to the high-end mechanical watches, are less vulnerable due to their disruptive adoption by the consumer.

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Global Watch Market Outlook to 2027

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Unveiling the Global Rise of Luxury Watches and Evolving Consumer Trends- Ken Research

 Storyline

• Global luxury watches sales soar, driven by factors like brand awareness and the desire for exclusivity, propelling the growth of the market.
• Switzerland remains a leader in watch production, with Asia emerging as a key market. Market players expand in developing economies to tap into their potential.
• Consumers prioritize quality and branding over price, and technological advancements maintain the demand for luxury watches.
• An emerging trend sees collectors purchasing stylish non-functional timepieces, emphasizing style over substance. The luxury watch market continues to evolve, driven by the Swiss watch industry and changing consumer preferences.

Introduction:

The preference for luxury watches among consumers across the globe has witnessed an up growth owing to the influence of the Swiss watch industry. Although the luxury Market for Watches is quite mature or settled, the predicted growth of any brand across the global market can witness a sudden change at any given moment as a result of a shift in consumer purchase behaviour and patterns.

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1. High End watches sale around the world

As per Retail Dive, USD 5 Mn alone was spent on Rolex watches at Heathrow Airport in August 2017, and the sales in the luxury watches and jewellery category was up a staggering 74%. Additionally, the sales of luxury watches in the United Kingdom rose by 53.5% in October 2017.

Additionally, the increase in brand awareness, the influence of Western trends, and the inherent desire for exclusivity are some of the factors that have been contributing to the increased demand for luxury watches over the review period. These factors are projected to influence the demand for luxury watches over the forecast period, thereby propelling the growth of the Global Watch Market.

2. Switzerland continues to reign as a world leader in the production of watches

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Backed by the strength of its luxury watch business, Switzerland continues to reign as a world leader in the production of watches. Countries in Asia, especially Japan and Singapore, have established themselves as key markets for Swiss watches due to the high consumer spending levels in these regions

 The players operating in the market have been focusing on expanding their presence to developing economies to tap the potential of the market. For instance, Garmin Company has expanded its presence in

India by launching its premium luxury watch collection called the Marq. The company’s line of products offers preloaded features such as built-in storage for music, Garmin Pay integration, smart notifications, and daily activity tracking. The new products also feature wrist-based heart rate and Pulse Ox2 sensors

3. Key factors considered by consumers while making purchase

The key factors considered by consumers while making purchase decisions include the quality and branding rather than the price of the products, as these purchases tend to be status-driven. In the luxury watch industry, improvements in technology and quality without a compromise on durability and comfort have helped maintain the demand for these products. A new trend observed among collectors is the purchase of stylish timepieces which do not work, owing to the prioritization of style over substance.

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According to Ken Research: The luxury watch market continues to thrive globally, with the influence of the Swiss watch industry and evolving consumer preferences shaping its growth. High-end sales, Switzerland's watch production dominance, and consumer considerations contribute to the dynamic landscape of the luxury watch industry.