How Big is The Watch Market?
IMARC Group, a leading market research company, has recently releases report titled “Watch Market: Global Size, Share, Growth, Industry Trends, Opportunity and Forecast 2023-2028“, the global watch market size reached US$ 71.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 98.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5% during 2023-2028.
A watch is a timekeeping device that is worn on the wrist or kept in a pocket and consists of a display or dial that shows the current time, along with various features such as hour, minute, and second hands. It is available as mechanical, quartz, and digital watches, which display the time digitally using an electronic display and often come with additional features such as alarms, timers, and backlighting. It helps to provide accurate timekeeping and allows individuals to track time conveniently without relying on external devices. It is often worn as fashion accessories to enhance personal style and make a fashion statement.
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What are the growth prospects and trends in the Watch Industry?
At present, the increasing demand for watches, as they come in various designs, materials, and colors, catering to different fashion preferences, represents one of the crucial factors impelling the growth of the market. Besides this, the rising emergence of smartwatches offering advanced functionalities such as fitness tracking, smartphone notifications, and contactless payments is propelling the growth of the market. In addition, the increasing resurgence in demand for vintage and retro-inspired watches with classic designs and vintage aesthetics is supporting the growth of the market. Apart from this, the growing availability of watches that are produced using ethical and eco-friendly practices is offering a favorable market outlook.
Who are the key players operating in the industry?
- Apple Inc.
- CASIO COMPUTER CO., LTD.
- Citizen Watch Co. Ltd.
- Rolex SA
- Samsung Electronics
- Seiko Holdings Corporation
- The Swatch Group Ltd.
- Fossil Group, Inc.
- LG Electronics Inc.
- Movado Group, Inc
- Titan Company Limited
- Xiaomi Corporation.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Quartz
- Mechanical
Breakup by Price Range:
- Low-Range
- Mid-Range
- Luxury
Breakup by Distribution Channel:
- Online Retail Stores
- Offline Retail Stores
Breakup by End User:
- Men
- Women
- Unisex
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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