Watches are used as an important accessory, both in terms of utility as well as fashion. A new report on the global watch market, published by Market Research Future (MRFR), concludes that this market can advance at 6.7% CAGR between 2019 and 2024. In terms of money value, the market can be worth USD 75.8 Bn by the end of the forecast period.
The vital market driving factors for the global watch market growth include changing lifestyles, changing market trends, and growing customization of personal accessories. Other factors contributing to the global watch market growth include rising craze for fashionable watches, availability of multipurpose watches, increasing disposable income, investment from many big accessory brands on watch manufacturing, and the growing number of watch retailers. The trend of smartwatches that can be synced with smartphones is also surging the demand for smartwatches. However, factors that can hamper the market growth include easy availability of counterfeit products and increase in the presence of unorganized players.
The global watch market segmentation encompasses category, distribution channel, end-user, and type. MRFR’s take on the market surveys various facets of the market in-depth.
The category-based segmentation of this market covers mechanical watches, quartz watches, and others. During the forecast period, the quartz watches segment can dominate the market due to the low price and easy maintenance of quartz watches. Quartz watches segment can also be the fastest-growing market due to the popularity of quartz watches among consumers. The qualities that make the quartz watches popular include accuracy, durability, and precision.
Regarding the distribution channel, the market has been segmented into store-based distribution channel and non-store-based distribution channel. The store-based distribution channel segment can be sub-segmented into specialty stores, supermarkets & hypermarkets, and others. Non-store-based distribution channels include e-commerce portals and online retailers. The store-based distribution channel segment can dominate the market by generating the highest revenue due to high product appeal and strong vendor networks. However, non-store-based distribution channels can experience faster growth due to growing consumer preference for online purchase and technological advancements in the e-commerce industry.
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Based on end-user, the market has been segmented into men watches, women watches, and unisex watches. During the forecast period, the men watches segment can dominate the global market due to increasing demand for watches as a wearable accessory and the availability of a wide collection of men’s watches. Unisex watches segment can become the fastest growing market segment as it has the potential of generating the larger consumer base due to its gender-neutral nature that includes carefully chosen appearance, colors, and features.
By type, the market has been segmented into analog watches, chronograph watches, digital watches, smartwatches, and others. During the forecast period, the analog watches segment can dominate the market due to the classic design, easy maintenance, perfection in style, and simplicity. However, the smartwatches can witness fastest growth due to their increasing popularity. Smartwatches are popular due to their features that include activity tracking applications, cellular connectivity, infrared sensors, long battery life, and unique designs. Activity tracking applications in smartwatches include features like a fitness tracker that functionalities to conduct heart rate tracking and pulse tracking. This is useful for health-conscious consumers.