Smart Watch Market Outlook

The MRFR research report suggests that the global Watch Market Size Forecast is estimated to record a healthy CAGR of approximately 4.45% during the review timeframe from 2020 to 2030. The report further predicts that the market will acquire a size of over USD 73.56 billion by 2030.

Watches are considered the most used accessories globally with a huge variety. The range of watches varies upon the features, purpose, trends, and functionalities. So, overall, the industry offers a wide number of choices for consumers. The constant innovations in the field of wristwatches have enhanced the functions of watches, which become functional accessories. These watches can be cast out in bracelets and create several looks. They are particularly designed with high water resistance capacity. The global watch market has witnessed enormous growth in recent times. The market's growth is mainly accredited to the changing lifestyle of people across the globe.

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The proliferation of the internet and miniaturization of cells and processors can bring forth new avenues to explore in the watch market. A huge need for basic and mid digital watches in Singapore can augur favorably for the market. But the availability of counterfeit products and unorganized players can hamper the market growth. The COVID-19 pandemic has led to many potential customers opting for online channels for the procurement of watches.

Segmentation

The global watch Industry has been segmented based on type, category, distribution channel, and end-user.

By type, it is segmented into digital watches, analog watches, chronograph watches, smartwatches, and others.

By category, the market is segmented into mechanical watches, quartz watches, and others.

Distribution channels discussed in the market report are divided into store-based and non-store-based. The store-based segment has been further divided into supermarkets and hypermarkets, specialty stores, and others.

End users catered by the global watch market comprise men, women, and unisex.

Regional Analysis

The global watch market has been analyzed for four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).

Europe is anticipated to lead in the global watch market Size due to changes in the lifestyles of consumers and demand for smartwatches. The preference for luxury watches and the rise in online shopping are other growth drivers of the market. The decline in quartz watches sales in France, the U.K., and other countries in the region is likely to lead to new manufacturing strategies to revive the segment. The rise in disposable income levels of customers can act as a catalyst for growth in the market.

APAC is expected to exhibit a huge growth rate during the forecast period due to the rise in expendable income levels of citizens, marketing campaigns, awareness of technology, and the organized retail sector. Sales of mechanical watches in Singapore are likely to pave the way for a niche segment by catering to a younger audience.

Competition Outlook

Financière Richemont SA, Bucherer AG, Patek Philippe Sa., Samsung Electronics Co., Citizen Watch Co., Ltd., Rolex SA, Titan Ltd., The Swatch Group Ltd., Ralph Lauren Europe Sàrl, Apple Inc., LVMH Group, Casio America, Inc., Seiko Watch Corporation, Fossil Group, Inc., and Fortis Watches AG are key players of the global watch market.

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What is Global Watch Market Size?

According to the MRFR research study, the worldwide watch market forecast is anticipated to grow at a respectable CAGR of roughly 4.45% from 2020 to 2030. By 2030, the industry is expected to grow to a size of over US$73.56 billion, according to the analysis.

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