Watch market revenue is expected to grow by USD 7.74 billion from 2024 to 2028, driven by rising demand for premium watches and AI's impact

NEW YORK, Oct. 14, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape- The global watch market  size is estimated to grow by USD 7.74 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  2.1%  during the forecast period.  Rising demand for premium watches is driving market growth, with a trend towards enhanced vendor engagement through social media and other entertainment channels. However, presence of counterfeit products  poses a challenge. Key market players include ASOROCK Watches LLC, Breitling SA, CASIO Computer Co. Ltd., Citizen Watch Co. Ltd., Compagnie Financiere Richemont SA, Daniel Wellington AB, DIFFUSIONE ITALIANA PREZIOSI S.P.A, Fossil Group Inc., Le petit fils de L.U. Chopard and Cie SA, LVMH Moet Hennessy Louis Vuitton SE, Magnus Brand, Movado Group Inc, Patek Philippe SA, Ralph Lauren Corp., Rolex SA, Seiko Holdings Corp., SUED Watches, Talley and Twine Watches LLC, The Swatch Group Ltd., and Titan Co. Ltd..

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Key Market Trends Fueling Growth

The global watch market is witnessing a significant shift towards social media and digital platforms for marketing campaigns. Vendors, such as Titan, are utilizing social media channels like Facebook, Twitter, LinkedIn, Google+, WhatsApp, and YouTube for product promotion. They engage with their audience through these platforms directly and also collaborate with celebrities and vloggers for increased reach. Social media analytics tools, such as Simplify 360, are used to assess brand performance and audience engagement. This trend is expected to continue driving growth in the watch market. Additionally, partnerships with entertainment media are also becoming common for product marketing. 

The Swiss watch industry is witnessing a shift in trends with NATO straps and ECONYL yarn gaining popularity among luxury watch buyers. Rolex, a key player in the luxury market, reported an increase in sales of vintage-inspired design watches. Affluent millennials are driving the demand for exclusivity and innovative designs, pushing prices up. Heathrow Airport reported a growth in watch sales, indicating strong brand awareness in Western trends. Smartwatches are making inroads into the market, appealing to health-oriented consumers. However, their limited functionality, screen size, and battery life hinder mass adoption. The middle-class income group is exploring both offline retail stores and online retailers for their watch purchases. Brands are focusing on sensory experiences, personalization, and craftsmanship to add value. The smartwatch market is growing, with fitness tracking, notifications, and smartphone integration being key features. High-quality raw materials and production technologies are essential for maintaining brand value. Physical retail stores, specialty stores, and brand boutiques are adapting to e-commerce, offering visibility and convenience. Shipping charges remain a concern for online buyers. The assortment of watches and price range continue to be crucial factors in consumer decision-making. 

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Market Challenges

• The global watch market faces a significant challenge from the proliferation of counterfeit products. These imitations infringe on the intellectual property rights of established brands by using similar trademarks, logos, and brand names. Counterfeiters capitalize on the popularity and high consumer demand for authentic watches, offering lower-priced alternatives. The expanding watch market increases opportunities for counterfeit sales. Vendors struggle to compete and take legal action against counterfeiters, resulting in lost revenue and damage to brand reputation. Luxury brands, in particular, are affected by the availability of counterfeit limited-edition and special-edition watches. The market for counterfeit watches is thriving due to low production costs and high-profit margins. APAC is the major market for counterfeit watches due to weak regulations and a lack of standards in the region. The sales of counterfeit watches could hinder the growth of the global watch market during the forecast period.
• In the watch market, personalization and craftsmanship remain key drivers for consumers. Brands face challenges in delivering unique designs and high-quality products that resonate with health-oriented buyers. Smartwatches, with features like fitness tracking, notifications, and smartphone integration, have gained popularity among working population and recreational consumers. Leading companies like Garmin and Titanium exterior brands offer advanced monitoring functionalities, music control, and even bone density and body fat percentage tracking. E-commerce and online retailers compete with physical retail stores and brand boutiques, while sustainability and eco-friendly materials become increasingly important. Vintage designs and collaborations with fashion brands also attract consumers. Watchmakers and celebrities continue to influence consumer spending on new products, with innovations in health monitoring gadgets, GPS, ECG support, and more.

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Segment Overview 

This watch market report extensively covers market segmentation by

1. Product 
• 1.1 Quartz
• 1.2 Mechanical
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Quartz-  The quartz watch segment is expected to experience consistent growth during the forecast period. The significant market share and high adoption rate of quartz watches can be attributed to their affordability compared to mechanical watches. Quartz watches are offered in both digital and analog modes, catering to diverse consumer preferences. Major players in the market include Casio, Citizen, and Fossil. Analog quartz watches dominate the market, available in various styles, price ranges, and designs. New product launches and technological advancements are driving the growth of the quartz watch market. For instance, Citizen's Promaster Skyhawk A-T Blue Angels and Casio's MRG-B2000SH Shougeki-Maru showcase innovative features like long battery life, water resistance, and limited edition designs. Quartz watches offer several advantages, such as precise timekeeping, low maintenance, affordability, durability, and manufacturing cost efficiency. These factors, coupled with new product launches and technological advancements, are expected to fuel the growth of the quartz watch market during the forecast period.

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Research Analysis

The watch market is thriving, with a focus on personalization and craftsmanship that resonates with consumers. Smartwatches are leading the charge, offering not only timekeeping but also fitness tracking, notifications, and smartphone integration. Health-oriented consumers are drawn to monitoring functionalities such as heartbeat rates, body composition, and walk tracks. High-quality raw materials and advanced production technologies are essential for creating durable and aesthetically pleasing timepieces. Watches come in various forms, from vintage designs to high-tech smartwatches. Physical retail stores, online retailers, brand boutiques, e-commerce, and shopping websites cater to diverse consumer preferences. Sustainable materials and eco-friendly production methods are increasingly important. Watchmakers and fashion brands collaborate to create new products, while celebrities lend their influence to the industry. Garmin, with its titanium exterior and advanced monitoring capabilities, is a key player. Smartwatches now offer music control, making them versatile companions for an active lifestyle. The future of the watch market lies in continuous innovation and catering to the evolving needs of consumers.

Market Research Overview

The watch market is thriving, with a focus on personalization, craftsmanship, and brand value. Smartwatches are popular, offering fitness tracking, notifications, and smartphone integration for health-oriented consumers. High-quality raw materials and production technologies are essential for producing watches that cater to both the working population and recreational activity seekers. Physical retail stores, online retailers, brand boutiques, e-commerce websites, and shopping platforms all play a role in the market. Vintage designs and sustainable materials, such as titanium exteriors and eco-friendly strap materials, are in demand. Watchmakers and fashion brands collaborate to release new products, with Garmin leading the way in monitoring functionalities, music control, and walk tracks. Health awareness and consumer spending on health monitoring gadgets continue to grow, with innovations in GPS, ECG support, and body composition monitoring. The luxury market, including brands like Breitling and Rolex, remains exclusive, with consumers willing to pay a premium for sensory experiences and visibility. The middle-class income group seeks affordable options, with limited functionality, screen size, and battery life considerations. Innovative designs, strap colors, and digital watches cater to affluent millennials, while vintage-inspired designs appeal to a wider audience. The watch industry continues to evolve, with eco-friendly materials and specialty stores driving visibility and assortment of watches.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Product
• Quartz
• Mechanical
• Distribution Channel
• Offline
• Online
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/

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SOURCE Technavio