Global Watch Market Report by Type (Quartz Watches, Electronic Watches, and Mechanical Watches), Gender (Men, Women, and Unisex), Price Range (Luxury and Non-Luxury), Distribution Channel (Hyper Market/Super Market, Convenience Stores, and Online), Region and Company Analysis 2024-2032

Global Watch Market Analysis

Global Watch Market share was worth US$ 73.82 Billion in 2023. Renub Research predicts a 5.03% CAGR from 2024 to 2032. The market is expected to be worth US$ 114.81 Billion by 2032.

A watch is a small, portable timepiece that can be worn or carried in one's pocket. Its movement can be powered by electricity or a spring. Watches are the most widely used timepieces, along with clocks. A wristwatch is intended to be worn around the wrist and is fastened with a watch strap or any other sort of bracelet, such as leather, metal, or other bands. A pocket watch is meant to be carried in one's pocket and is frequently fastened to a chain. Spring-powered clocks first appeared in the 14th century, and these were the models from which watches were built in the 17th century. For the majority of its existence, the watch was a mechanical apparatus that used an oscillating balance wheel to keep time and a clockwork to drive it. The battery-operated electronic quartz watch, which used a vibrating quartz crystal to keep time, was created in the 1960s. Smartwatches are sophisticated electronic gadgets that resemble computers and are worn on the wrist. They are one of the innovations of the 2010s. Although they usually have timekeeping features, this is only a tiny portion of what the smartwatch may offer. 

Global Watch Market Trends

•    Increasing Number of Wealthy Individuals Worldwide

• According to the Global Wealth Report 2023, there were 59.4 million billionaires worldwide in 2022, with an average adult's worth of 84,718 USD. Forecasts indicate that by 2027, global wealth is predicted to reach USD 629 trillion. The world watch market is driven by the growing number of wealthy individuals worldwide.
• Globally, the wealthiest individuals possessed around 50% of net household wealth as of 2022. $208.3 trillion, or 45.8% of the total worldwide wealth, is under the hands of the wealthiest tier. Only 1.1% of adult people worldwide fit this description. The number of millionaires worldwide is expected to reach 86 million over this time. When current global inflation estimates and GDP projections are taken into account, it is predicted that overall global wealth will grow by an average of 6.7% year by 2027.
• The demand for luxury goods (expensive watches), is rising as wealth increases across a wide range of demographics, mostly in developing economies. 
• The International Monetary Fund projects that when policy tightening takes hold, advanced economies would contract from 2.6 percent in 2022 to 1.5 percent in 2023 and 1.4 percent in 2024. The growth of developing and emerging market economies is expected to moderately fall from 4.1 percent in 2022 to 4.0 percent in 2023 and 2024.

•    Substantial Technological Progress

The global watch market is driven by technological advancements that improve the usefulness and aesthetics of watches. The use of cutting-edge materials (sturdy metals and coatings) that resist scratches, increases durability. More people are drawn to smartwatches with features like health tracking and smartphone connectivity.

• In November 2023 - Zepp Health Corporation declared that the much-awaited Amazfit Balance would be available in India. The popularity of the Amazfit GTR and GTS smartwatches served as inspiration for the design of the Amazfit Balance, which combines cutting-edge features and technology with a user base that is spread around the globe. The Amazfit Balance is positioned to become the flagship model of Amazfit is Lifestyle Series, driven by Zepp Health's developing AI ecosystem.
• In October 2023 - Garmin has released the feature-rich wristwatch known as the D2 Mach 1 Pro to the global market. The integrated illumination is one special feature of the Mach series, which is targeted at people in the aviation industry. The new Garmin D2 Mach 1 Pro is the replacement for the D2 Mach 1, which was released last year. The wearable aviator with a 51mm titanium bezel. The flashlight has an adjustable brightness and a pulse Ox sensor.
• In September 2023 -The Apple Watch Ultra 2, a tough wristwatch made for outdoor and fitness aficionados, was presented by Apple. It has new fitness and health features, a sturdy build, and a brighter display. The Apple Watch Ultra 2 can track aquatic activities and is robust, swim-proof, and water-resistant. Additionally, Apple is launching FineWoven, a new sustainable material that will take the place of leather in watch bands.
• In traditional mechanical timepieces, accuracy is ensured via precision engineering. As technology advances, watchmakers must innovate to meet the shifting needs of their customers. This drives up market prices.

•    Evolving Fashion and Lifestyle Choices

The global watch market is driven by evolving trends in fashion and lifestyle. This is a result of the ongoing need for contemporary designs that can accomodate varied lifestyles. Athleisure and minimalist design trends have an impact on consumer choices. Influencers and social media both increase people's desire for fashionable timepieces. In response, watchmakers create new styles, materials, and features.

• In July 2023 - Longines unveiled the Conquest Chronograph watches for men. This exhibits a sophisticated sports style that is appropriate for daily wear. These changes are driving the development of the worldwide watch market.
• In July 2023 - The mechanical timepieces of the Citizen Series 8 collection are renowned for their sleek and contemporary design. The Japanese watchmaker is currently introducing three new stainless steel GMT models, each with a maximum resistance of 16,000 A/m. The new in-house GMT Caliber 9054 movement has an independent hour hand and a 50-hour power reserve, with an average accuracy of -10/+20 seconds each day.

Luxury price range could be positioned for expansion in the global watch market

There may be room for expansion in the luxury watch market abroad. This is due to the fact that collectors value them as investments and status symbols. Their exclusivity and prestige associated with high-end producers and limited editions increase their appeal. Customer choices are being shifted to emphasize experience value, workmanship, and happiness while maintaining enchantment with cutting-edge materials and design. The healthy pre-owned market offers affordability, attracts new consumers, and piques interest in the main market.

• In December 2023 - Nebula by Titan debuted its new "bracelet" watch collection. The four diamond-studded designs in the collection correspond to different bracelet styles, fusing modern beauty and lifestyle.
• In September 2023 - In honor of New York, Panerai unveiled its first city-exclusive watch. Naturally, the Luminor BiTempo New York Edition is exclusively offered at the luxury watchmaker's freshly inaugurated global flagship store, Casa Panerai, on Madison Avenue. It is available in all black.

North America Watch Market

The prospective leadership of North America within the global watch market is clear. The region hosts a significant client demographic with tremendous purchasing impact. This attracts the eye of luxury and high-end watch brands. World Economic Research anticipated Canada's GDP at US$ 1.928 Trillion in 2023. This underscores its financial strength. North America additionally harbors a full-size affluent population that perceives luxury timepieces as symbols of status and valuable investments.

The region also benefits from a robust retail infrastructure comprising luxury boutiques and branch shops. This helps distribute and sell watches. Citizen Watch America's multi-brand boutique at 605 Fifth Avenue, near Rockefeller Center, exemplifies this. It has three ranges and 7000 square feet and is a curated collection from the Citizen Group. This caters to various consumer preferences and budgets. The boutique offers superb timepieces, like Frederique Constant's difficult tourbillons and calendar watches. This highlights North America's considerable impact on the global watch market.

Global Watch Market News

The significant businesses present in the global watch market are Fossil Group Inc., Titan Company Limited, LVMH Group, Apple Inc., Compagnie Financière Richemont S.A, The Swatch Group Ltd, Citizen Watch Co. Ltd., and Seiko Group Corporation.

• In November 2023 - Titan Watches launched its latest collection of space-themed watches, Stellar, with the unveiling ceremony graced by Wing Commander Rakesh Sharma, India's pioneering astronaut and the first Indian to journey into space.
• In August 2023 - Rolex, the renowned luxury watchmaker, revealed its acquisition of Bucherer, a Swiss retailer specializing in watches and jewelry.
• In June 2023 - Saint Laurent Paris and Girard-Perregaux collaborated to introduce the Casquette, a limited-edition digital watch. This timepiece is equipped with an LED display and is powered by quartz movement technology.
• In May 2023 - Timex Group finalized acquiring the watch retail brand Just Watches. As part of this agreement, Timex India will assume ownership of all Mumbai-based Just Watches' physical stores and online platform, Justwatches.com.
• In March 2023 - Rolex introduced its latest collection, presenting an impressive showcase. The Crown unveiled nine new models, from a refined dress watch to a surprising timepiece featuring colorful bubbles on the dial, along with the latest iteration of a renowned racing chronograph that has been iconic for six decades.

Type – Market breakup in 3 viewpoints:

1.    Quartz Watches
2.    Electronic Watches
3.    Mechanical Watches

Gender – Market breakup in 3 viewpoints:

1.    Men
2.    Women
3.    Unisex

Price Range – Market breakup in 2 viewpoints:

1.    Luxury
2.    Non-Luxury

Distribution Channel – Market breakup in 3 viewpoints:

1.    Hyper Market/Super Market
2.    Convenience Stores
3.    Online

Country – Market breakup of 25 Countries:

1.    North America

1.1    United States
1.2    Canada

2.    Europe

2.1    France
2.2    Germany
2.3    Italy
2.4    Spain
2.5    United Kingdom
2.6    Belgium
2.7    Netherland
2.8    Turkey

3.    Asia Pacific

3.1    China
3.2    Japan
3.3    India
3.4    South Korea
3.5    Thailand
3.6    Malaysia
3.7    Indonesia
3.8    Australia
3.9    New Zealand

4.    Latin America

4.1    Brazil
4.2    Mexico
4.3    Argentina

5.    Middle East & Africa

5.1    Saudi Arabia
5.2    UAE
5.3    South Africa

All the Key players have been covered from 3 Viewpoints:

•    Overview
•    Recent Development
•    Revenue Analysis

Company Analysis:

1.    Fossil Group Inc.
2.    Titan Company Limited
3.    LVMH Group
4.    Apple Inc.
5.    Compagnie Financière Richemont S.A
6.    The Swatch Group Ltd
7.    Citizen Watch Co. Ltd.
8.    Seiko Group Corporation

Report Details: