Watch Market to be Worth $ 75.8 BN by 2024 Due to Changing Lifestyles

Pune, India, September 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Watch Market.

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.

Market Segmentation

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.

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.

Browse Full Report Details @ https://www.marketresearchfuture.com/reports/watch-market-8027

Regional Segmentation

A geographical outlining of the global watch market covers North America, Asia Pacific, Europe, and rest of the world (RoW).

North America is a powerful market due to high disposable income, technological advancement, and high demand. Smartwatches originated in the USA. In North America, maximum revenue comes from USA, Canada, and Mexico.

Europe is another market due to advancements in technology, the high spending power of consumers, a large number of retail stores, and presence of major watch manufactures. The most powerful country-specific markets in Europe are France, Germany, Italy, Spain, and the UK. An inspection of the remaining countries in Europe featured in this report speculate the huge contribution to market revenue from many other countries in this region.

The Asia Pacific region can be the fastest-growing regional market due to expanding middle-class population, increasing awareness of people regarding the latest fashion trends, and the rising popularity of digital devices. The important country-specific markets in this region are China, India, and Japan. In this report, Australia and New Zealand have been clubbed into one segment. An evaluation of the remaining countries in the Asia Pacific region featured in this report calculates the huge market revenue supply from some other countries.

The RoW segment covers South America, Africa, and the Middle East. Compared to Africa and the Middle East, South America is a bigger market due to economic stability. In the Middle East, the market is decent as rich people can afford luxury watches. In Africa, the market is small due to low disposable income and lack of technology to manufacture watches.

Key Players

Big players in the global watch market Apple Inc. (USA), Bucherer AG. (Switzerland), Casio America Inc. (USA), Citizen Watch Co. Ltd. (Japan), Financière Richemont SA (Switzerland), Fortis Watches AG (Switzerland), Fossil Group Inc. (USA), LVMH Group (France), Patek Philippe Sa. (Switzerland), Ralph Lauren Europe Sàrl (Switzerland), Rolex SA (Switzerland), Samsung Electronics Co. (South Korea), Seiko Watch Corporation (Japan), The Swatch Group Ltd. (Switzerland), and Titan Ltd. (India).

Latest Industry News

• Apple Inc. has patented a sensor-equipped wristwatch band that can identify a user from his/her wrist skin. 4 SEP 2019