Watches Market To Hit Value 7.8 Billion By 2025

Posted by Mrudula Anil Karmarkar on May 19th, 2022

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 smartwatches 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.

Rising disposable income in emerging economies such as China and India is projected to increase the purchasing power among middle-class income groups. This will further allow them to use different types of watches as per their needs and requirements. Furthermore, growing popularity of smartwatches as gifting options on special occasions is expected to remain a favorable factor in the near future. Demand for these watches is witnessing high growth due to the launch of new innovative products by renowned companies including Apple, Fitbit Inc., and Samsung. Easy availability of smart watch variants with respect to various age groups is promoting the product penetration in the market. Moreover, rising inclination of people towards luxury watches, especially Swiss made, is boosting the industry growth. Use of fitness watches by sportspersons or any other fitness oriented person is drawing in more demand for these products and aiding the global market expansion.

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Some smart and fitness watches are cost-effective, user-friendly, and have excellent battery life, which is attracting more customers. Attractive features and fashionable accessories are creating awareness among the customers regarding the benefits offered by these products. Furthermore, presence of all the display features including timing and body mass percentage through various applications in smartphones is projected to limit the use of watches.

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.

Major manufacturers include Rolex SA; Oakley, Inc.; Omega SA; Apple Inc.; Patek Philippe SA; and Titan Company Limited. Apple holds a major share in the smart watches segment accounting for almost 75.0%. G-Shock GWF 1035F-1 and EDIFICE ECB900DB-1A are some of the new product launches by CASIO. Edifice is solar powered and comes with Bluetooth connectivity and 100m water resistant. In the smart watch segment, Apple launched its one of the awaited products, Apple Watch 4, which is available in new larger screen, motion-tracking software, heart-rate monitor, and new speakers with 50pc louder.

The quartz segment accounted for the largest share of 70.8% in 2018 due to its increasing utility in checking the body activities including heart rate and number of walking steps. Rising awareness regarding health fitness among working class adults on a global level is projected to promote the utility of quartz watches in the near future.

Mechanical watches are usually not precise as compared to modern electronic quartz watches since they need regular maintenance and cleaning by professionals. Mechanical application is mostly found in high-end luxury watches, which are bought for aesthetic reasons by the buyers. These products are expected to expand at a CAGR of 13.7% from 2019 to 2025.