The latest research study “Watch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global watch market size reached US$ 66.76 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 93.85 Billion by 2027, exhibiting a CAGR of 5.20% during 2022-2027.
Watches are small, portable timepieces with a strap, dial, case, crystal, lugs, and hands. They can be worn around the wrist or carried in a pocket. They are usually manufactured using valuable metals, such as gold, silver, and platinum, and ornamented gems like rubies and diamonds. They add a sophisticated and elegant look to the style and personality of an individual. As a result, watches are gaining immense traction due to the increasing demand for value-for-product accessories.
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Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report. The industry is segmented by size and region. The report provides an analysis of the key trends in each sub-segment of the market, along with forecasts at the global and regional level from 2022-2027. The report also includes competitive landscape of major key players in the industry along with emerging trends in the market.
Global Watch Market Trends and Drivers:
The global watch market is primarily driven by the increasing adoption of premium accessories as a status symbol and emerging fashion trends. Besides this, the surging adoption of smartwatches due to increasing reliance on smartphones and growing internet penetration has augmented the product demand. These smartwatches track the nutritional intake of individuals and provide information about their overall health. Due to this, the increasing prevalence of chronic and lifestyle diseases is also positively influencing the market growth.
Furthermore, the escalating demand for smartwatches due to the rising number of individuals participating in recreational activities, including sports and fitness, is another major growth-inducing factor. In addition, the launch of touch-sensitive tactile watches for visually impaired people to sense time accurately has accelerated the product adoption rate. Other factors, including the emerging e-commerce industry, the surging popularity of luxury pilot watches, easy availability of watches through online retail channels, and the rising working population, are also anticipated to drive the market further.
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Watch Market Report Scope |
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Report Coverage |
Details |
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Market size value in 2021 |
US$ 66.76 Billion |
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Market forecast in 2027 |
US$ 93.85 Billion |
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Growth Rate |
CAGR of 5.20% from 2022 to 2027 |
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Base year for estimation |
2021 |
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Historical data |
2016-2021 |
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Forecast period |
2022-2027 |
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
- Quartz
- Mechanical
Breakup by Price Range:
- Low-Range
- Mid-Range
- Luxury
Breakup by Distribution Channel:
- Online Retail Stores
- Offline Retail Stores
Breakup by End User:
- Men
- Women
- Unisex
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Major Key Players:
The major players in the market are Apple Inc. (NASDAQ: AAPL), Casio Computer Co. Ltd., Citizen Watch Co. Ltd., Fossil Group Inc., LG Electronics Inc., Movado Group Inc., Rolex SA, Samsung Electronics Co. Ltd., Seiko Holdings Corporation (TYO: 8050), The Swatch Group Ltd., Titan Company Limited and Xiaomi Corporation.
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