Watch Market Overview
The Global Watch Market is projected to register at a significant growth rate of 6.7% from 2019 to 2024 and reach a market value of USD 75.8 billion by the end of 2024. The innovations by the watch manufacturers have enhanced the features and functions of watches to satisfy the consumer needs. Technological advancements and high spending ability of the consumers in developed nations of the world are projected to fuel the growth of the global watch market during the forecast period. The watches offered by market players come with unique designs, quality, and wide functionalities, which further fuels the demand for watches across the world.
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Key Players Analysis
Some of the key players in the global watch market are Rolex SA. (Switzerland) Titan Ltd. (India), Financière Richemont SA (Switzerland), Ralph Lauren Europe Sàrl (US), LVMH Group (France), Fossil Group, Inc. (US), The Swatch Group Ltd. (Switzerland), Apple Inc. (US), Audemars Piguet, Le Brassus (Switzerland), Seiko Watch Corporation (Japan), Casio America, Inc. (US), Patek Philippe Sa. (Switzerland), Bucherer AG. (Switzerland), Fortis Watches AG (Switzerland), and Samsung Electronics Co., Ltd (South Korea).
Segmentation
The global watch market has also been segmented by type, category, distribution channel, and end user.
By type, the global watch market has been classified as analog watches, smartwatches, chronograph watches, digital watches, and others.
By category, the Global Watch Market has been classified as quartz watches, mechanical watches, and others.
Based on end user, the global watch market has been segmented into men, women, and unisex.
Based on distribution channel, the global watch market has been segmented into store-based and non-store-based.
Regional Insights:
The Global Watch Market has been analyzed for four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The European watch market is expected to dominate during the forecast period. The major reason for the increasing sales of watches in the region is the presence of established watch manufacturers. An increasing number of retail stores and the presence of giants such as The Swatch Group Ltd. and Bucherer AG are primarily fueling the regional sales of watches. Furthermore, the advancements in e-commerce industry provide convenience in product selection, which in turn is encouraging consumers toward online purchase.
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The watch market in North America is projected to occupy a significant market share during the assessment period. North America is a prominent region for smartwatches, largely due to favorable market conditions. In terms of smartwatches in the region, Android is a highly popular operating system. However, the iOS platform is expected to outrun the Android system during the forecast period. Presence of retailers like Tourneau, LLC., owned by Bucherer AG, and many specialty stores are boosting the growth of the watch market in North America. Continuous launches of innovative products are expected to remain a major growth driver in the US and Canada during the forecast period.
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