Published on: December 04, 2019
The global watch market is categorized as a part of the global consumer electronics market. During watch market size has the potential to grow by $3.31 billion during 2020-2024. The adoption of smart products and accessories and the rising participation in fitness and sports activities are driving the demand for watches. APAC is one of the largest market for watches and about 63% of the market’s growth will originate from APAC during the forecast period.
Global watch market reports provide a holistic analysis, the current size and the growth potential of the market and its sub-segments market size and forecast, trends, growth drivers, and challenges. Our reports also provide a scenario-based analysis of the market taking into consideration of the macro and micro factors by studying around 25 vendors.
The global watch market has been analyzed across key geographical regions to identify region level market dynamics and developments for the forecast period. The regional level watch market analysis identifies the market share, growth momentum, and key leading countries in the regions:
The evolving consumer tastes and preferences, lifestyles, and the rising urbanization and fashion-consciousness among people have led to increasing demand for apparel, accessories, and luxury goods. This is leading to an increase in the sales of watches.
During 2020-2024, the global market size will increase by $3.31 billion. APAC will contribute to the maximum growth of this market where the introduction of global brands and products and the rising adoption of premium watches will drive watch market growth. Countries such as China, Hong Kong (SAR), and Japan are the key markets for watches in APAC.
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During 2020-2024, the luxury watch market will grow by over $1.6 billion. The growing focus on product premiumization is a major factor driving luxury watches market growth. Manufacturers have started focusing on offering watches with advanced capabilities and are also using hi-tech coatings and advanced materials such as ceramics and titanium.
APAC will offer the maximum growth opportunities for luxury watch manufacturers and during the forecast period, about 43% of the market’s growth will originate from this region.
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As a result of the early adoption of advanced technology and the presence of leading smartwatch manufacturers such as Apple, Fitbit, and Garmin, North America is a major market for smartwatches. Moreover, the increase in disposable income, the emergence of built-in LTE smartwatches, and the rise in health and fitness-focused features in smartwatches also influence smartwatch market growth in the region. Our smartwatch market analysis has estimated that North America will account for about 54% of the smartwatch market growth.
Manufacturers have also started integrating smartwatches with NFC. With players across various sectors focusing on partnering with payment solution providers to accept contactless payments, there will be a growing preference for smartwatches for contactless payments. Such factors will drive smartwatch market growth at a CAGR of 11%.
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There is a growing availability of multisport GPS-enabled smartwatches with swimming, running dynamics, and connected features. Manufacturers are introducing multifunctional smart sports watches that are equipped with connected features and support swimming and running dynamics.
Vendors are also increasingly offering smartwatches equipped with a wide range of advanced functionalities such as heart rate monitor, multisport tracking, and GPS capabilities at affordable rates to cater to the mass segment. Companies such as Garmin Vivoactive already offer built-in sports apps such as GPS-enabled running, biking, and golfing along with swimming and workout activity tracking. The introduction of new products with advanced features and the decreasing price of technology that makes the products more affordable will drive swim and multisport watch market growth.
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In our watch market analysis, the revenue of the major vendors are identified from various secondary sources to estimate the market. Our research gathers information related to vendor revenue and offerings from multiple sources such as company websites, annual reports, whitepapers, subscription & in-house databases, industry journals, publications & magazines, and other relevant sources. The reports identify vendors who have pure play, category focused, or diversified offerings.
Watch market reports provide a detailed vendor landscape to identify the strengths and strategies of vendors operating in the market. Vendor landscape identifies key and contributing players across the value chain based on the influence index developed in-house based on industry and market parameters.
In this market analysis, we cover and analyze the revenue and offerings of around 25 vendors in the global watch market including:
Backed with competitive intelligence and benchmarking, our research reports on the global Watch market are designed to provide entry support, customer and merger and acquisition assessment, as well as go-to-market strategy support.
Our reports identify high-value opportunities across industries that are being revolutionized by technology and research advancements. Our market reports highlight the impact of innovations and the integration of advanced technologies and the potential revenue opportunities created for the stakeholders across the market value chain.
Our reports are designed to offer go-to-market support and assist in strategic decision making for the key stakeholders in the watch market ecosystem.
Need a report tailored to your specific requirements? We can help! From Customer Assessment to Entry Barriers and Risk Factors, our Custom Research Solutions can help you gain insights on several niche segments
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