Watch Market to Reach Over USD117 Billion By 2026
Growing number of
working population, increasing consumer awareness towards fitness products with
new technologies are expected to drive the growth of the global watch market.
According
to TechSci Research report, “Global Watch
Market
By Product Type (Digital Watch, Analog Watch, Fitness Watch), By Distribution
Channel (Online, Offline), By End User (Male, Female, Unisex), By Region,
Competition, Forecast & Opportunities, 2026”,
the global watch market is expected to reach over USD117 billion by 2026 and is
forecast to grow at a rate of over 12% during 2021E-2026F. Growth in the market
can be attributed to the growing working population and changing consumer
lifestyle. Thus, the demand for watches has witnessed higher demand across the
globe during the forecast period. The global watch market is segmented based on
product type, distribution channel, end user, company, and region.
In terms of product type, the market is segregated
into digital watch, analog watch and fitness watch. Out of these, fitness watches
registered a market share of around 27% in 2020 owing to a surge in the demand post
lockdown, as people started focusing more on their health and fitness. Also, fitness
watches are relatively convenient to use and provide information about a person’s
activity level and exercise as well as track sleep duration and quality, which
is often recommended by medical professionals. In a study, it is also found
that people wearing fitness watches are less sedentary and more active than
those who do not wear the devices. The youth is adapting the technology at a
rapid rate which is further driving the sales of fitness watches. Moreover,
people are becoming health conscious due to rising health issues and obesity
for which fitness watches provide the best solution as they are well equipped
with fitness trackers. Some digital and fitness watches are less expensive, user
friendly and have an excellent battery life which is pulling more customers.
Nowadays, the use of smartwatches is
escalating rapidly amongst athletes, swimmers, gym-goers, runners, and
cyclists. In addition to this, an increase in government initiatives in various
countries denotes improvement in sports participation, which is playing a key
role in driving the watch market across the globe. The global watch market is
expected to witness significant growth over the forecast period, due to wider
adoption of various marketing strategies by leading players such as product
innovation, expansion of distribution network, and branding of the products
using social media, with a goal to attract customer.
In
terms of regional analysis, the market is segmented into Asia Pacific, North America,
Europe, South America, and Middle East & Africa. North America dominated the
global watch market due to the presence of major brands such as Apple Inc., and
Fossil in the region and high personal disposable income. Asia Pacific is the
fastest-growing region in the global watch market and is anticipated to
maintain its growth rate over the next five years as well.
To sustain
in the growing market, companies are continuously investing in research & development
and mergers & acquisitions. For instance, Fossil acquired Misfit in 2015, which
specialized in wearable technology and helped fossil to bring scalable cloud
and application platforms. This has helped the company in providing both traditional
timepieces and fashionable connected accessories. Brands like Apple recently
launched Apple Watch Series 6, which can monitor blood oxygen for general
fitness and wellness purposes, ECG, high
and low heart rate notifications and irregular heart rhythm notifications.
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In
terms of end user, the market is segmented into men, women and unisex. Men’s
watch segment has grown significantly across the globe followed by the women watch
segment. With the rising working population, changing consumer lifestyle,
people’s preferences to stay fit and healthy, and increasing fashion
consciousness among people have led to a rise in the demand for watches. Brands
such as Fossil, Casio, Citizen, and many others have already launched couple watches,
which increases the demand for such watches as gift items.
The availability and cost effectiveness of significant watch brands makes
them a popular option among shoppers across the globe.
In terms of distribution channel,
offline stores accounted for more than 60%. However, the online channel is the
emerging distribution channel in the global watch market. The advent of online
channel has allowed consumers to easily surf through products without visiting
the stores, thus making shopping extremely convenient. Moreover, owing to the rising
digital and social media penetration, combined with rising penetration of
smartphones have led to increasing awareness and aspirations for latest trends
in the product offerings.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
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“Global Watch
Market By Product Type (Digital
Watch, Analog Watch, Fitness Watch), By Distribution Channel (Online, Offline),
By End User (Male, Female, Unisex), By Region, Competition, Forecast &
Opportunities, 2026” has evaluated the future growth
potential of the global watch market and provides statistics and information on
market structure, size, share, and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities
present in the global watch market.
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