India Luxury Watch Market Size was valued at USD 0.58 Billion in 2022. The Luxury Watch market industry is projected to grow from USD 0.59 Billion in 2023 to USD 0.65 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 1.20% during the forecast period (2024 - 2032). Consumer Predilection for Expensive Watches, Adoption of Healthy Lifestyles, and the New Generation's Preference for Maintaining Fitness are the main market drivers expected to drive the Indian luxury watch market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Luxury is becoming more and more popular throughout Asia-Pacific's emerging nations, as it is no longer just found in wealthy nations. Since watches are seen as fashion accessories in India, buyers there are moving from traditional timepieces to luxury brands with cutting-edge styles. Additionally, the demand for luxury timepieces in India is being driven by the rising disposable income of Indian consumers. Based on data from the World Bank, India's GDP per person was USD 2,277 in 2021, up 17.81% from 2020. It is anticipated that these factors will lead to growth in the Indian watch market in the future years. In addition, the presence of royal lineage and the availability of technological assets make India an attractive market for a variety of luxury brands.
Major brands like Rolex, Omega, Rado, and Tissot are among those that sell high-end timepieces in India. Other businesses have seen the opportunity presented by the rising demand and made investments to bolster their market positions by diversifying their product offerings. For example, Franck Muller debuted a limited-edition watch in October 2022 that was inspired by Indian art. The luxury watch business will only sell the watches at its retail stores, Kapoor Watch business, all over India. There are two versions of the watch available: 50 pieces in rose gold and 100 pieces in steel and gold. The watch casing has an etched map of India, and each component has a unique number. Included in its iconic Vanguard series, the timepieces feature a green leather band.
The India Luxury Watch market segmentation, based on Type, includes Analog Watch and Digital Watch. The Analog Watch segment dominated the market mostly. India is a nation that values both modernization and its legacy. Most people who value classic aesthetics choose analog wristwatches over digital ones. Digital watches can't quite match the sophistication of an analog watch with their traditional hour and minute hands. Additionally, this style of watch can easily fit in on formal occasions.
Figure 1: India Luxury Watch Market, by Type, 2023 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The India Luxury Watch market segmentation, based on End User, includes Women, Men, and Unisex. The Men category generated the most income. In India, watches have traditionally been associated with prestige, style, and masculinity. Men's watches are more than just tools for telling time; they represent a statement of accomplishment, professionalism, and personal style. Men's watches typically satisfy a variety of tastes with their eye-catching designs, fine craftsmanship, and extensive functionality. The male demographic values timepieces as practical tools and stylish accessories, appreciating anything from robust sports watches to elegant chronographs and traditional dress watches.
The India Luxury Watch market segmentation, based on distribution channel, includes Online Stores and Offline Stores. The Online Stores category generated the most income. Because there are advanced e-commerce platforms in India, the country's online distribution channel is expanding at the highest rate. The Indian luxury watch market has grown significantly as a result of consumers finding online buying to be more comfortable.
The growing middle-class and upper-middle-class populations in India, who have more disposable income, are the main drivers of the market. The luxury watch market is expanding as a result of people's desire to buy upscale, special timepieces that represent their achievement and social standing and as India's economy grows. In addition, the changing fashion and lifestyle choices of Indian customers are impacting market trends. These days, many view luxury timepieces as fashion accessories and statement pieces that accentuate their individuality and go well with their outfits. Luxury timepieces are now a crucial component of Indian customers' wardrobe selections due to the growing emphasis on individualism and personal branding. The desire to buy watches with history and a colorful past is also being fueled by the increased understanding of and admiration for premium watch companies.
Leading market players are putting a lot of money into R&D to expand their product lines, which will spur additional expansion in the luxury watch market. Additionally, market players are engaging in a range of calculated actions to increase their presence, with important market developments involving the release of new products, contracts, mergers and acquisitions, larger investments, and cooperation with other institutions. To grow and endure in an increasingly cutthroat and dynamic market, the Luxury Watch industry must provide reasonably priced goods.
Major players in the Luxury Watch market are engaging in research and development activities in an effort to boost market demand, including The Tata Group (Titan Group), Casio Computer Co. Ltd, The Swatch Group Ltd., Seiko Holding Corporation, Fossil Group Inc., Timex Group B.V., Citizen Watch Co. ltd, BBK Electronics Corporation, Samsung Group, Apple Inc., and Xiaomi Corporation.
Luxury Watch Industry Developments
September 2022: The Indian debut of OnePlus's "Nord" smartwatch series was announced by the subsidiary of BBK Electronics Corporation. A 1.78-inch AMOLED screen with a 60Hz refresh rate is featured on the OnePlus Nord Watch. It has 500 nits of peak brightness. The wristwatch has 105 distinct sports modes. Monitoring blood pressure, stress, and heart rate are among the device's primary functions.
September 2022: Realme, a subsidiary of BBK Electronics Corporation, introduced the Realme Watch 3 Pro in India. On September 6th, the watch was made available for purchase through Flipkart and other Realme India retailers.
December 2021: Titan introduced a number of goods with robust tech features to support the debut of its new smartwatch, which boasts best-in-class capabilities. It has long been anticipated that Bangalore and Karnataka will see its entry into the smartwatch market.
Luxury Watch Market Segmentation
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.58 Billion |
| Market Size 2023 | USD 0.59 Billion |
| Market Size 2032 | USD 0.65 Billion |
| Compound Annual Growth Rate (CAGR) | 1.20% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End User, Distribution Channel, and Region |
| Countries Covered | India |
| Key Companies Profiled | The Tata Group (Titan Group), Casio Computer Co. Ltd, The Swatch Group Ltd., Seiko Holding Corporation, Fossil Group Inc., Timex Group B.V., Citizen Watch Co. Ltd, BBK Electronics Corporation, Samsung Group, Apple Inc., and Xiaomi Corporation |
| Key Market Opportunities | The market is expanding due to changing consumer preferences and rising disposable income. A broader audience may now afford luxury timepieces due to the internet's expanding prevalence and the rise of e-commerce. |
| Key Market Dynamics | Indian consumers are becoming more brand-aware and aspirational. Growing Heritage and Craftsmanship, along with the emergence of Fashion and Lifestyle Influencers, are propelling the market expansion. |
Frequently Asked Questions (FAQ) :
In 2023, the size of the Indian luxury watch market was estimated to be USD 0.58 billion.
Over the projection period of 2024-2032, the market is expected to develop at a compound annual growth rate of 1.20%.
The leading companies in the market include Timex Group B.V., Citizen Watch Co. Ltd., BBK Electronics Corporation, Samsung Group, Apple Inc., Xiaomi Corporation, Casio Computer Co. Ltd., The Swatch Group Ltd., Seiko Holding Corporation, Fossil Group Inc., and The Tata Group (Titan Group), among others.
In 2023, the market was dominated by the Analog Watch category.
The market's largest proportion belonged to the Online Stores segment.
Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.
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