The Global Market is Projected to Exceed US$50 Billion for Watches and US$6.5 Billion for Clocks by 2022

Rising Demand for Luxury Watches and Smartwatches Drives the Global Watches and Clocks Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Watches and Clocks market. The global market in terms of value sales is projected to exceed US$50 billion for watches and US$6.5 billion for clocks by 2022, driven by growing demand for luxury watches due to the increasing number of high net worth individuals, and rising popularity of smartwatches in today’s digital, connected, and mobile world.

The global watch market is currently going through a transformative phase as the market witness transitions in terms of newer technologies, fluctuating currencies, digital advancements, ever-changing economic status of developed and developing countries, shift in power from brands to consumers, from baby boomers to millennials, from western world to the eastern countries, and from traditional print and television media to social media. Various attributes that are aiding traditional watches in withstanding the growing competition from smartwatches include function, movement design, place of manufacture, craftsmanship, brand value and credibility, and price. Also, smartwatches are still perceived as too expensive and redundant when an individual already own a smartphone. Other important factors that are driving growth in demand for watches include rising fashion consciousness, recovering economies, continued innovation by manufacturers, fashionable designs, competitively priced products, rising disposable incomes, and expanding product offerings. Affluent aging baby boomers and women represent the two most lucrative demographic consumer clusters.

Robust demand for luxury watches, particularly in China and other developing countries will continue to benefit market growth. Swiss-made luxury watches dominate the global watch market supported by superior technology, quality, design, tradition and craftsmanship. Favorable trends in the overall luxury goods market will also help spur demand. Vintage watches represent a booming market worldwide driven by rising demand from billionaires, private museums and watch investment funds. Innovative and advanced wristwatch models poised to benefit the market in the near term include ‘luxury-smartwatches’ such as Tag Heuer, Tissot, Mondaine, Swatch, Frederique Constant, Breitling, and Bulgari, among others; the first-of-its-kind high water resistant watch model from Mauron Musy that is direct-seal, gasket-free, and remains dry for a relatively longer time when compared to existing water resistant models; the digital and dual-display designed luxury watches; and innovative smartwatches that are thin, light, big-screened, mood reading, GPS-enabled, with extended battery life, and are used as sports, physical activity, and fitness trackers. Increasing use of the mobile technology in watch retailing also bodes well for the market supported by rising penetration of smartphones. Traditional stores are expected to leverage the potential of social media, mobile apps and multimedia aids for delivering an enriching experience to consumers.

As stated by the new market research report on Watches and Clocks, Europe represents the largest market worldwide, followed by the United States. Asia-Pacific ranks as the fastest growing market with a CAGR of 6.0% over the analysis period. Spiraling demand for Swiss-made luxury watches, increasing number of high net worth individuals, burgeoning middle class population, rising income levels, rapid urbanization, improving retail infrastructure, growing brand awareness, Westernization, and preference for lifestyle products among the affluent middle class represent key growth drivers in the region.

Key players in the market include Apple Inc., Audemars Piguet, Breitling SA, Bulgari S.p.A., Bulova Corporation, Cartier SA, Casio Computer Co. Ltd., Chelsea Clock Company, Chopard, Citizen Holdings Co. Ltd., Citychamp Watch & Jewellery Group Limited, Compagnie Financière Richemont International, Fossil Group Inc., Frederique Constant S.A., Garmin Ltd., Google Inc., Gucci Group, Hermes International S.A., Howard Miller, Junghans Uhren GmbH, Kering, LVMH Moet Hennessy Louis Vuitton SA, Montblanc International GmbH, Movado Group Inc., Omega, Patek Philippe SA, Pebble Technology Corporation, Rhythm Watch Co., Rolex SA, Samsung Electronics Co., Seiko Holdings Corporation, Tag Heuer International SA, The Swatch Group Ltd., Timex Group India Ltd., Timex Group USA Inc., Tissot S.A., and Titan Industries Ltd., among others.

The research report titled “Watches and Clocks: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, mergers, acquisitions, and other strategic activities of major companies. The report provides market estimates and projections for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), the Middle East & Africa, and Latin America (Brazil, Mexico and Rest of Latin America). Product categories analyzed include Mass Watches (Under $50), Mid-Priced Watches ($50 - $299), Upper Priced Watches ($300 - $999), and Luxury Watches ($1000 - $5000). Key product types analyzed for the global market include Quartz, and Mechanical. The global watch market is further analyzed by the following material types – Steel, Precious Metal, Bi-Metal, and Others.

For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.

To connect with us, visit our LinkedIn page.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.