LONDON--(BUSINESS WIRE)--The watch market size is poised to grow by USD 3.31 billion during 2020-2024, progressing at a CAGR of almost 1% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The growing number of fashion-conscious consumers will be a significant factor in driving the growth of the watch market size. The apparel, accessories, and luxury goods industry is witnessing significant growth owing to factors such as evolving consumer tastes, preferences, and lifestyles, rising urbanization, and increasing fashion-consciousness among people, especially men. Men are increasingly becoming beauty and image-conscious and are actively participating in personal styling and dressing. This has encouraged market vendors to offer various products for the male customer segment who perceive watches as a fashion accessory for both formal and casual occasions. Moreover, factors such as the rising awareness about the availability of different watches and their features, a growing number of fashion-conscious consumers, and increasing spending power of the middle-income group are expected to fuel the growth of the watch market during the forecast period.
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Report Highlights:
- The major watch market growth came from the quartz watch segment. Quartz watches offer several benefits, including precise timekeeping, less maintenance, high durability, and low manufacturing cost. The low cost of quartz watches as compared to mechanical watches is one of the major factors driving the growth of the watch market in this segment.
- APAC was the largest watch market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the introduction of global brands and products, the rising adoption of premium watches, changing customer tastes and preferences, and rising disposable income will significantly drive the watch market growth in this region over the forecast period.
- The global watch market is fragmented. CASIO Computer Co. Ltd., Citizen Watch Co. Ltd., Compagnie Financière Richemont SA, Fossil Group Inc., LVMH Moet Hennessy - Louis Vuitton, Movado Group Inc., Ralph Lauren Corp., Rolex SA, Seiko Holdings Corp., and The Swatch Group Ltd. are some of the major market participants. To help clients improve their market position, this watch market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the watch market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Increasing Use of Smartwatches will be a Key Market Trend
The increasing adoption of smart products and accessories, rising participation in sports, growing concerns about fitness, and increasing engagement in fitness and sports activities are some of the factors boosting the demand for smartwatches. Smartwatches offer various features that allow users to perform their day-to-day activities without any hassle. Apart from tracking day-to-day activities, such as heart rates and sleep rates, smartwatches also allow users to access the camera and music player on their smartphones, read messages and emails, and attend or decline calls. The increasing use of smartwatches, which is one of the critical watch market trends, has encouraged market vendors, such as Fossil, to offer a wide range of smartwatches.
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Watch Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist watch market growth during the next five years
- Estimation of the watch market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the watch market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of watch market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Quartz - Market size and forecast 2019-2024
- Mechanical - Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by Distribution channel
- Market segments
- Comparison by Distribution channel
- Offline - Market size and forecast 2019-2024
- Online - Market size and forecast 2019-2024
- Market opportunity by Distribution channel
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- CASIO Computer Co. Ltd.
- Citizen Watch Co. Ltd.
- Compagnie Financière Richemont SA
- Fossil Group Inc.
- LVMH Moet Hennessy - Louis Vuitton
- Movado Group Inc.
- Ralph Lauren Corp.
- Rolex SA
- Seiko Holdings Corp.
- The Swatch Group Ltd.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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