Covering: This report covers the growth prospects of the global watches market with segmentations based on product types and distribution. Market shares for key regions include APAC, Europe, North America, and ROW. It also includes an insightful analysis of the leading vendors in this market, such as Fossil, LVMH, Richemont, Rolex, and Swatch Group.
Outlook of global watches market
High demand for Swiss luxury watches is boosting sales and the market is expected to reach a CAGR of more than 7.6% during the forecast period. Rise in disposable income and a burgeoning upper middle class in emerging countries such as India, China, and Brazil is contributing to market growth.
Manufacturers are also entering the e-commerce scenario by setting up their own e-boutiques. Online sales of watches has witnessed considerable growth and the trend is expected to continue during the forecast period.
Market segmentation of global watches market by product type:
The quartz segment of the market was valued at $39.56 billion in 2014. According to a report based on global research, the maintenance cost of quartz watches is low and they are preferred for daily use. The quartz segment is further classified into analog and digital. Analog quartz watches are considered a fashion accessory, while digital watches are gaining popularity in emerging countries.
Segmentation by distribution channel and analysis of the watch market
- Specialist retailers
- Departmental stores
- Internet retailing
This research report estimates the specialist retailers segment to account for around 46% of the global market share.
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Geographical segmentation of global watches market
- North America
APAC accounted for the largest share of the market. Growing number of HNWIs, rapidly growing upper middle class, growing interest of consumers in luxury products, large portfolio of products, innovations, and new product launches are expected to fuel the growth of the market in APAC during the forecast period.
APAC is expected to experience considerable growth during the forecast period and continue its dominance in the global watches market, accounting for a 48.66% share in 2019. Europe and North America are expected to experience slow growth.
Vendor landscape of global watches market
The global watches market is witnessing intense competition. Pricing strategies and innovative services offered by leading companies are playing a significant role in driving the growth of the market. The market is dominated by a few leading players and there is a high level competition based on product differentiation, portfolio, and pricing. The competition is expected to further intensify during the forecast period with increase in product extensions.
The top five leading vendors in the market include:
- Swatch Group
The other prominent vendors in the market include Audemars Piguet, Burberry, Casio, Chanel, Chopard, Citizen, Dolce & Gabbana, Giorgio Armani, Patek Philippe, Timex, Titan, and Seiko.
Key questions answered in the report
- What are the key factors driving the global watches market?
- What are the key market trends impacting the growth of the global watches market?
- What are the various opportunities and threats faced by the vendors in the global watches market?
- Growth forecast for the key segments of the global watches market?
- Trending factors influencing the market shares for APAC, Europe, North America, and ROW?
- Key outcome of the market analysis of the leading countries in the global watches market?
- Key outcome of the five forces analysis on the global watches market?
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