Global Watch Market Outlook to 2027

Global Watch Market Outlook to 2027

Market Overview:

The preference for luxury watches among consumers across the globe has witnessed an up growth owing to the influence of the Swiss watch industry. Although the luxury market for watches is quite mature or settled, the predicted growth of any brand across the global market can witness a sudden change at any given moment as a result of a shift in consumer purchase behavior and patterns.

As per Retail Dive, USD 5 Mn alone was spent on Rolex watches at Heathrow Airport in August 2017, and the sales in the luxury watches and jewelry category was up a staggering 74%. Additionally, the sales of luxury watches in the United Kingdom rose by 53.5% in October 2017.Additionally, the increase in brand awareness, the influence of Western trends, and the inherent desire for exclusivity are some of the factors that have been contributing to the increased demand for luxury watches over the review period. These factors are projected to influence the demand for luxury watches over the forecast period, thereby propelling the growth of the Global Watch Market.

Global Watch Market is catered by the domestic and international players and domestic players.

The major players in the market are indulging strategies, like product innovations, partnerships, and merger & acquisitions, to establish a strong consumer base and gain an esteemed position in the market.

Among all, product innovation is the most adopted strategy by the key players operating in the global watch market, accounting for a share of approximately 68.0% of the key strategies adopted by the key players.

Product innovation is a key factor for any company that has plans to increase its market share in the future.With the increasing number of brand-conscious consumers across the world, the major players are adopting strategies to draw the attention of consumers by introducing watches with advanced features, innovative designs, elegant style, etc.

Global Watch Market Analysis

Backed by the strength of its luxury watch business, Switzerland continues to reign as a world leader in the production of watches. Countries in Asia, especially Japan and Singapore, have established themselves as key markets for Swiss watches due to the high consumer spending levels in these regions

The players operating in the market have been focusing on expanding their presence to developing economies to tap the potential of the market. For instance, Garmin Company has expanded its presence in India by launching its premium luxury watch collection called the Marq.

The company’s line of products offers preloaded features such as built-in storage for music, Garmin Pay integration, smart notifications, and daily activity tracking. The new products also feature wrist-based heart rate and Pulse Ox2 sensors.

Key Trends by Market Segment:

By Product Type: By product type, the Quartz/Mechanical segment held the maximum share in the market studied in 2021. However, the Digital segment was the fastest-growing segment over the forecast period.

By Distribution Channel: By distribution channel, the Offline Retail Stores segment holds a major share of the market, while the Online Retail Stores segment is the fastest-growing segment, The convenience, increased product variety, availability, and ease of payment have been fueling the growth of online modes of distribution.

Competitive Landscape:

The major players in the market are indulging strategies, like product innovations, partnerships, and merger & acquisitions, to establish a strong consumer base and gain an esteemed position in the market.

Among all, product innovation is the most adopted strategy by the key players operating in the global watch market, accounting for a major share of the key strategies adopted by the key players.

Product innovation is a key factor for any company that has plans to increase its market share in the future. With the increasing number of brand-conscious consumers across the world, the major players are adopting strategies to draw the attention of consumers by introducing watches with advanced features, innovative designs, elegant style, etc. For instance, in 2022, Casio Computer Co. Ltd announced the release of a new addition to the MR-G series, the flagship line of the G-SHOCK brand of shock-resistant watches. The new MRG-B5000 is the first MR-G timepiece to feature the iconic design of the very first G-SHOCK.

Recent Developments:

For instance, Samsung released its Samsung Galaxy Watch 4 in the United States and the United Kingdom in August 2021. The product claimed to offer a host of health and fitness features, including GPS for tracking runs, an optical heart rate sensor, and ECG support. The watch also showcases the company’s new 3-in-1 Bio Active Sensor that enables the device to monitor heart rate, blood oxygen levels, and body composition.

It was reported that nearly 21% of the American population was obese or overweight. This factor has increased the usage of smartwatches to help consumers track their steps every day, the calories burnt, the miles they run or swim, the time they spend sleeping, and their pulse rate, all of which have boosted the sales of smartwatches in the United States.

The growth of the wearables market in North America is highlighted by figures that expect 25% of the adult population in the United States to be using a wearable device by 2022.

Future Outlook:

Global Watch Market is expected to show increasing and is expected to grow at a CAGR of 7.67% from 2022 to 2027.High net worth individuals have a preference to use luxury products and with changing technological era traditional watches do not fit in their everyday activities. Along with the functionality of time in a timepiece they want it to do more every now and they don’t.

prefer to use smartphones. As per an online survey conducted in 2020, more than one-third of the luxury watch users in major markets prefer to use smartwatches, and obviously, those using both smart and traditional luxury watches are higher.

For instance, in January 2022, Louis Vuitton increased its smartwatch portfolio with the introduction of the Tambour Horizon Light Up. The Louis Vuitton Tambour Horizon Light Up is devoid of Google's Wear OS, instead of running on a custom-designed operating system. The Tambour Horizon Light Up also has the distinctive Louis Vuitton Monogram ring around the edge of its display, which has 24 LED lights to alert users to notifications. The operating system also includes four modes to meet different needs and usage. These are namely Blossom, Explorer, Submarine, and Saver.Smart watches are a growing threat to those players catering to the low and mid-priced luxury watch in the market. However, those catering to the high-end mechanical watches, are less vulnerable due to their disruptive adoption by the consumer.

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