Global Watches Market Insights, Trends, Driving Factors, Focus Points, Potential Markets, Developments, Company Share Analysis, and Forecast 2023 – 2033

Global Watches Market Overview

Global Watches market size reached USD 81.1 Billion in 2022. to reach USD 145.6 Billion by 2033, exhibiting a growth rate (CAGR) of 5%

A watch is a timepiece worn around the wrist by an individual to keep a check on time and is designed so that its motion is not affected by human movements. Over time, watches have become more than just mechanical time machines and are being considered as one important accessory. Watches are available in various designs, belt materials, shapes and sizes, and price ranges.

Compared to the previous number of watch manufacturers, the presence of watch manufacturers has become stronger globally. Just as jewelry, luxury watches are also considered a symbol of royalty, richness, and classic style. There are also various types of healthcare watches available in the global market, such as fitness watches or activity trackers and smart bands that can be differentiated based on their additional functionalities apart from time indication.

Watches Market: Trends, Product Developments, Drivers, and Threats

The increasing focus of manufacturers on developing new and innovative watches using high-end technology is a key factor expected to continue to drive the growth of the global watches market. In addition, the growing base of the middle-class population, especially in countries such as India and China, and the increasing disposable income of consumers, coupled with the rising inclination toward high-tech wearables, are some of the major factors driving the growth of the global market.

In addition, the development and launch of innovative and technologically advanced watches that offer functionality more than just indicating time, such as fitness tracking, is another factor expected to support revenue growth of the global watches market. Increasing demand for fitness watches among sportspersons and individuals engaged in any kind of workout, trekking, etc., is expected to result in higher demand for watches.

Increasing awareness regarding ongoing fashion trends, especially among the young population, which can be attributed to the increasing penetration of smartphones and the Internet, is expected to propel the global market growth over the few years. The growing popularity of smartwatches and fitness watches as ideal gifting options for specific occasions or festivals is one of the current key trends in the global market. Moreover, demand for smartwatches with Bluetooth and other features could surpass demand for smartphones to a certain extent and drive target market growth.

However, the high cost of smartwatches, fitness watches, and luxury watches is a major factor that could hamper the growth of the global market to a certain extent. In addition, the smaller players' availability of watches at reasonable costs could hinder market growth.

Segment Analysis

By Product Type:

Among the product type segments, the smartwatches segment is expected to contribute a significant revenue share in the global market. This can be attributed to smartwatches' advanced features, including GPS tracking, Bluetooth, and others.

By Operation:

Among the operation segments, the quartz segment is projected to register a significant growth rate over the 10-years forecast period, owing to the minimal maintenance cost and higher accuracy features offered by quartz.

By Sales Channel:

Among the sales channel, the online segment is anticipated to register substantial CAGR, attributed to the easy availability of multi-branded products at a discounted price and other value-added services offered by retailers such as free home delivery, enabling hassle-free shopping experience.

Region Analysis

The North American market is projected to register a significant growth rate, owing to higher and early adoption of technologically advanced products, especially among the younger generation, coupled with high spending capacity. In addition, the strong existence of various leading manufacturers of watches and smartwatches, such as Apple, Fossil, etc., is another major factor expected to support revenue growth of the watches market in the region. The Asia Pacific market is expected to register a considerable growth rate in the global watch market, attributed to increasing urbanization, improving living standards, and increasing inclination toward luxurious products. These are some additional factors propelling the growth of the market in APAC. Furthermore, increasing preference for a healthy lifestyle results in higher demand for stylish fitness watches that offer various health-related functionalities such as sleep tracking, heart rate monitoring, etc. It is a factor anticipated to fuel the growth of the APAC market.

Global Watches Market Segmentation:

Segmentation by Product Type:

• Smart Watches
• Luxury Watches
• Fitness Watches

Segmentation by Operation:

• Mechanical
• Quartz

Segmentation by Sales Channel:

• Hypermarket/ Supermarket
• Convenience Stores
• Online

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa