How Watches Market will Grow in the Upcoming Year?
22-Oct-2019: The global watches market
size is expected to reach USD 117.8 billion by 2025, according to a new report
by Grand View Research, Inc., expanding at a CAGR of 13.0% over the forecast
period. Rising importance of smart watches as a key wearable device that provides
exceptional functionality to paired up with Bluetooth and near field
characteristics (NFC) is expected to prompt the product’s consumption among the
buyers. Furthermore, growing popularity of weight management among sports
enthusiasts and gym professionals as a result of increasing concerns over heart
diseases and obesity is expected to fuel the demand for smart watches for body
activity monitoring.
Asia Pacific is
expected to expand at a CAGR of 13.9% from 2019 to 2025. Improvement in
economic indicators including increasing disposable income and urbanization in
the countries including China, India, and Malaysia is projected to upscale the
requirement of watches. Furthermore, increasing number of supermarkets in these
countries in light of favorable government policies for promoting investments
in the manufacturing and retail sectors on a domestic level is expected to
ensure the product’s access in the near future.
The industry is
growing rapidly as the vast features offered by these products is attracting
more customers. Features including GPS, distance tracker, health tracker,
speakers, and Bluetooth connectivity are giving smart watches an upper hand in
terms of preference among the customers. The majority of watches are available
in the form of quartz product types. In October 2017, Tag Heuer announced its
partnership with Enjoy, a startup company by Ron Johnson that specializes in
custom tailored and home delivery watches called Personal Atelier.
In
depth research report on Watches Market
Further key findings from the study suggest:
·
North America accounted for more than 30.0% share of the
overall revenue in the year 2018
·
The fitness product segment generated a revenue of more than
USD 10.0 billion in 2018
·
By operation, quartz accounted for 70.8% share of the overall
revenue in 2018
·
Online channel is expected to expand at a CAGR of 14.0% from
2019 to 2025
·
Key manufacturers in watches market include Rolex SA, Oakley,
Inc.; Omega SA; Apple Inc.; Patek Philippe SA; and Titan Company Limited.
Product launches are expected to remain a critical success factor over the next
few years
·
In March 2018, Citizen launched two new products from
CAMPANOLA with product name NZ0000-15F and AH7060-53F featuring traditional
Japanese “Urushi” lacquerware dial created by master artisans.
Grand View Research
has segmented the global watches market on the basis of product, operation,
distribution channel, and region:
Watches Product Outlook (Revenue, USD Billion, 2015 - 2025)
·
Smart
·
Fitness
·
Luxury
Watches Operation Outlook (Revenue, USD Billion, 2015 - 2025)
·
Quartz
·
Mechanical
Watches Distribution Channel Outlook (Revenue, USD Billion,
2015 - 2025)
·
Hypermarket/Supermarket
·
Convenience Stores
·
Online
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About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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