Asia-Pacific Watch Market Outlook, 2029

Asia-Pacific Watch Market Outlook, 2029

Due in large part to the millennial generation's high level of fashion consciousness and disposable wealth, Asia Pacific has continued to hold a leading position in the world market for watches. The region's mid watches have grown at the fastest rate. This is mostly because, as their expectations rise, many of the customers who previously bought basic watches are now eager to upgrade to mid watches. Additionally, young people in emerging nations who are starting to work are emerging as a new market for mid-range watches since they want to buy fashionable timepieces with reputable brands without going over budget. Regarding the distribution route, the biggest contributors to watch sales in the area were specialty merchants of jewellery and watches. This channel has grown thanks in large part to the support of these shops and their well-trained staff. But in order to reach the younger demographic that looks for ease of use, simpler pricing comparisons, and customer reviews before making a purchase, they are now establishing a strong online presence. Over time, smart wearables have grown positively and are now a viable alternative to watches. In response, watch makers have redefined themselves as a fashion item according to different contexts, such casual and office wear. To further enter this market, watch companies have introduced their own line of smart wearable’s, such as the Louis Vuitton Tambour Horizon and the Montblanc Summit Smartwatch. Rising urbanization, discretionary incomes, and the middle class are the main drivers of this expansion, especially in nations like China, India, Luxury brands like Patek Philippe, Omega, and Rolex, as well as more reasonably priced brands like Casio, Timex, and Citizen, dominate the market. Local competitors that offer reasonable costs and cater to certain cultural preferences, such as Orient (Japan) and Titan (India), are likewise becoming more and more popular. For genuine brands, the ubiquity of fake timepieces is a major obstacle, especially in China and Southeast Asia.

According to the research report ""Asia Pacific Watch Market Outlook, 2029,"" published by Bonafide Research, the Asia Pacific Watch market is expected to grow more than 5% CAGR from 2024 to 2029. The increase in professional scuba diving participants is driving the need for specialized, high-priced watches. These watches are designed with diver-friendly features including corrosion resistance and waterproofness that function in ocean water. Furthermore, the intricacy of aviation is propelling the utilization of high-end clocks designed especially for pilots to assist with mid-flight aeronautical calculations such as wind correction angle and fuel consumption. China is one of the world's most demanding markets because of the vast potential for luxury watch manufacturers to compete and gain market share. The demand for luxury sports watches grew dramatically along with the rate of sports activity and the fashion trend. Similar to this, QNet, an online direct sales organization, launched the vintage Swiss watch brand Mugnier in India in February 2021 in response to the needs and expansion of the market. Since then, QNet has introduced three new categories—Mode (fashion), Semper (classic), and Invictus (sports)—to the Indian market under the revived Mugnier brand. Accessibility to high-end watches with unique themes, dial colors, strap patterns, and materials is also growing. These days, a few industry players provide discounted secondhand luxury timepieces for sale online. Because they are more accessible and affordable, used luxury watches—also known as pre-owned luxury watches—have become more and more popular. This has especially helped young people who find these goods appealing.

Major Drivers

Growing Need for Exquisite, High-End Watches to Produce Profitable Product Output: The growing demand for exquisite and luxurious watches is driving the worldwide luxury watch market. The market is expanding rapidly because to consumers' increasing respect for brand exclusivity, precision, and craftsmanship. Luxury timepieces are becoming more and more sought-after since they are seen as status symbols. Consequently, in order to satisfy the changing demands of discriminating consumers, well-known watchmakers are concentrating on producing remarkable designs and adding cutting-edge functions. The market environment is lucrative due to the spike in demand for opulent watches, drawing in both established brands and up-and-coming companies eager to satisfy consumers' growing need for sophisticated timepieces around the world.

Expanding Wealthy Customer Base to Drive Market Expansion: The global affluent consumer base is expected to continue growing, propelling the luxury watch industry forward. With rising disposable incomes, customers see luxury timepieces as more distinguished accessories as the world's economies grow. The market gains from this increased demand as luxury watches become into status and sophistication markers. Well-known companies are leveraging this trend by providing unique features and designs. The market is poised for continuous growth as a result of the affluent consumer segment's growing fondness for luxury timepieces. Manufacturers are concentrating on catering to the changing demands of discriminating consumers who value both fine craftsmanship and a statement of luxury.

Major Challenges

Limiting market expansion by exclusively focusing on the affluent segment of the populace: Limiting the market for luxury watches to just the wealthy could stunt the industry's potential growth. By offending a larger segment of the consumer base, exclusive pricing schemes may impede market expansion. Expanding the market reach could involve launching more accessible collections, forming strategic partnerships, or diversifying marketing strategies to cater to middle-class and aspirational consumers. Stressing the fine craftsmanship, history, and distinctive qualities of high-end timepieces can generate perceived value and attract interest from a wider range of consumers. A well-rounded marketing approach that blends exclusivity and inclusivity could open up unrealized market potential and promote steady growth in the market for high-end watches.

Culture of Counterfeit: For genuine brands, the ubiquity of fake timepieces is a major obstacle, especially in China and Southeast Asia. These knockoffs frequently entice budget-conscious buyers with comparable aesthetics at much reduced costs, undermining the earnings of legitimate producers. Fake watches frequently imitate the designs of high-end brands at a significantly lower price, appealing to buyers on a tight budget who otherwise couldn't purchase these timepieces. Modern manufacturing methods enable counterfeiters to create nearly exact duplicates, often making it difficult for inexperienced eyes to distinguish between the real thing and a fake. This makes the issue even worse.

Based on movement market is divided into smart watch, Quartz, mechanical, solar & other.

Quartz segment is leading among them. Because quartz movements are much less expensive to make than mechanical ones, a greater variety of brands and designs are available at more affordable price points. Because of their low cost, watches are now more accessible to a wider range of people across Asia, especially in developing nations. When it comes to precision and dependability, quartz watches outperform mechanical ones. They are perfect for daily wear in the varied climates and lifestyle circumstances of APAC since they require little upkeep and are less susceptible to outside influences like temperature and gravity. Quartz watches often only need their batteries changed every few years, as opposed to mechanical watches, which need to be wound and serviced on a regular basis. The reduced upkeep needed is attractive to people who are busy or looking for convenience.

> Based on the product range of the market is divided into low- range, Mid-range, luxury.

Mid-range watches are very popular and attract a lot of consumer interest because of their attractive value proposition, diversity, and accessibility. This serves a substantial and growing segment of the population in APAC. One common objective shared by consumers is value for money. As they mix quality and affordable costs, mid-range watches are thought to offer good value and appeal to a wide spectrum of buyers. The majority of people in Asia can afford mid-range watches, which provide consistent timekeeping, decent build quality, and brand awareness at a price point that falls between affordability and luxury. Mid-range retailers offer a broad selection of styles, such as fashionable sports watches, classic designs, and cutting-edge merchandise.

Based on the End user the market can be categorized by male, female, unisex.

The male demographic is predominating. If historical factors continue to contribute to a higher percentage of male watch buyers, it would be simplistic to say that the ""male"" demographic is the only one that leads. In many civilizations, watches are seen as essential accessories having social and cultural significance. Timepieces worn by men have always been associated with prestige, skill, and punctuality. Professionalism and attention to detail are highly valued in APAC's strong business culture. It's claimed that professionals should always carry a watch, and men's watches, with their understated and timeless designs, would look better paired with more formal business attire.

> Based on type of Distribution Channel the market can be categorized by retail store, speciality store, online retail.

The top one is the specialty store. Specialty stores often stock a broad range of brands, from independent watchmakers with particular skills to well-known luxury labels. This diversity appeals to a larger customer base than single-brand businesses since it accommodates a range of spending levels and tastes. Many specialty stores build trusting relationships with their customers by offering watch repair, servicing, and authentication services. Their all-inclusive experience sets them apart from other networks. Businesses that specialize in watches provide an elegant environment that accentuates the status and creativity of the timepieces. Luxury watch buyers are lured to this ambiance while searching for an exclusive experience.

Based on country report is majorly divided into various major countries, China, Japan, Australia, South Korea.

Chinese watch manufacturers are gaining recognition for their creative designs, superb craftsmanship, and affordable prices. Chinese watch manufacturers including Seagull, FIYTA, Rossini, and Ebohr have a sizable fan base. These businesses offer a wide range of watches, from traditional mechanical clocks to state-of-the-art smartwatches. These Chinese watch manufacturers have advanced significantly in recent years, gaining more recognition around the globe and increasing presence in global markets. Though there are many local watch brands available in Mainland China, there is still a sizable market for luxury timepieces, especially among younger buyers who think that foreign brands especially Swiss watches offer the highest quality. As a status and prestige symbol, high-end timepieces are becoming increasingly sought after by Chinese clients due to a growing economy and burgeoning middle class. A huge number of boutiques and authorized dealers have opened up shop all around the country, offering a great assortment of high-end brands like Audemars Piguet, Patek Philippe, and Rolex, in response to the rising demand for luxury watches. One could argue that Japan is a microcosm of the watch business worldwide. They offer microbrands, luxury, small independents, affordable watches, and some of the largest watch groups globally. In order to put together a collection of watches that blends budget, microbrand, and luxury pieces, you will have to shop in multiple countries, across multiple brand names, and at different price ranges for different regions of the world. In addition to creating fantastic timepieces for every budget, Japanese watchmakers have cemented their legacy in the annals of timepiece design by being the pioneers of the quartz movement, spring drive technology, unique lacquer and polishing methods, and possibly even the first automatic chronograph.

The watch market is highly competitive, with the presence of both global and domestic players. Some of the major players in the market include Seiko Holdings Corporation, The Swatch Group, Casio, Fossil Group Inc., and Rolex. Major players focus on leveraging the opportunities to expand their product portfolios and cater to the requirements of various product segments, especially within the integrated analog and smart-watches category. These players are also targeting social media platforms and online distribution channels for the online marketing and branding of their products to capture the maximum attention of customers.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Watch market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Movement
• Smart Watch
• Quants
• Mechanical
• Others

By Product Range
• Low- Range
• Mid-Range
• Luxury

By End User
• Male
• Female
• Unisex

By Distribution Channel
• Hypermarket/Supermarket
• Retail Store
• Speciality Store
• Online Retail

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Watch industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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