However, with the increasing rate of female participation in the workforce, the demand for female and unisex watches increased. Moreover, the Indian watch market was initially targeted solely at men. These swiss watches are loved across the world in 2021, they witnessed a growth of 3.5% in watch exports compared to 2019. Rolex, Omega, Patek Philippe, Cartier, Channel, Longines, Tissot, Rado, Blancpain, and Piaget are some of the prominent luxury watch manufacturers having a presence in the region. China accounted for over half of the watch exports in the world in 2020, as per ITC Trademap. China is one of the most competitive markets in the world, as it offers a huge potential for manufacturers of luxury watches to acquire and compete. Click here.Īsia-Pacific Holds the Largest Share in the Watch MarketĬhina, Japan, and India are significantly contributing to the sheer market value of watches in the Asia-Pacific region. Product TypeĬustomized per your requirements. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million). The study also covers the global level analysis of the major regions, such as North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. In terms of distribution channel, the market is segmented into offline retail stores and online retail stores. By end user, the market is segmented into women, men, and unisex. By price range, the market is segmented into low range, mid range, and luxury. The digital watch is further segmented into smart and others. The watch market is segmented by product type into quartz watches and digital watches. Watch is a portable timepiece intended to be carried or worn by a person. However, the growth of the watch market has been affected by the presence of these counterfeit products, and customers may not be able to differentiate such products, thereby affecting the revenue stream for the organized players. The demand for smartwatches in the digital watch segment is getting stronger among young consumers, as they are more aware of smartphone technology. The lower-priced and mid-priced watches are increasingly gaining market traction due to the increasing demand for value-for-product watches and accessories among women. The disposability and affordability of value watch brands make them a popular fashion choice among consumers across the world. Smart wearables and smartwatches have become 10% more expensive compared to 2019 due to the increase in the prices of chipsets used to manufacture watches. ![]() launched the Apple Watch Series 7, which incorporates features such as heart rate and blood oxygen sensors, as it detects early signs of respiratory conditions like influenza and COVID-19. For instance, in September 2021, Apple Inc. The watch market was valued at USD 92.75 billion in 2021, and it is projected to register a CAGR of 5.02% during the forecast period (2022-2027).Ĭonsidering the COVID-19 pandemic, smartwatch companies have upgraded and launched products to detect the early symptoms of COVID-19 in individuals.
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