Watches Market Size, Share, Growth, Trends and Industry Analysis Report
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.
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.
Access
full research report on global watches market:
www.grandviewresearch.com/industry-analysis/watches-market
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